Jane Bryant's new thinking on making your money last:
As someone who has been writing and editing personal-finance stories for over four decades, I have a few idols in my field. At the top of the list is Jane Bryant Quinn. So, I was delighted to have the chance to ring her up in Rome, where Quinn and her husband Carll Tucker have begun living La Dolce Vita during their first year of retirement.
When your paycheck income stops, it’s a terrifying moment. You look around and say: ‘Now what?’ When people are working, it’s like climbing a mountain with a [retirement savings] dollar value in mind or maybe it’s just saying ‘I want more money.’ But when the paycheck stops, you have a whole different view of money; now it’s a decumulation mind, not an accumulation mind.
You wrote in your book that your views have changed on a few things regarding making money last in retirement. What have you changed your mind about and why? The law changed. Now, if you apply for a reverse mortgage and the lender’s analysis is that you might be unable to pay your bills after ten or fifteen years, you don’t get all the money to spend. The lender keeps some aside to pay for the property taxes and keep the house going. So, there are fewer risks for people who don’t have much money.
The stock market had a terrific year in 2019 and has been on a pretty good run in recent years. What’s your advice to people nearing retirement or in retirement who have money in the stock market? Interest rates are still very low. What do you advise people looking for safe and steady retirement income?
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