The Roadmap of Financial Disaster: How to Go Broke in Under One Year [PODCAST 20]

This week, hosts Tim Regan and Katie Umland flip the script – telling listeners what they should not do in the process of retirement planning. Explore how several non-obvious costs could impact your long-term funds, as well as how to avoid lifestyle inflation that could run your accounts dry.

Many people can fall into one of two categories of retirement spending: those who are overly frugal, afraid to spend any of their retirement money, and those who feel they have been given a large sum of Monopoly money and feel the urge to spend it all quickly.

Regardless of which category you identify with most, it’s important to understand that when a retiree’s income increases, their taxes and Medicare premiums will also increase. This can be a huge drag on the entire portfolio, leading to a situation in which the retiree (i.e., you) runs out of money before they would have otherwise. 

When considering how to withdraw retirement income, it’s important to consider the full costs and risks associated with the decision, including taxes, Medicare premiums, and any other associated costs. Working with a financial advisor can also be beneficial in understanding these costs and making a plan that works best for the individual.

Through this episode, you will:

  • Understand the role of taxes and Medicare premiums when it comes to retirement income.
  • Consider the total cost when making decisions about debt repayment.
  • Make sure to plan for potential long-term care costs.
  • Be aware of the potential cost of supporting adult children.

With the right planning and understanding of the potential costs associated with retirement income, you can ensure that you have the financial security you need to enjoy your golden years and avoid financial disaster. Tune in to the full episode to hear all our top tips from hosts Tim Regan and Katie Umland, or check out our other episodes to learn more about how to optimize your retirement plan.

Key Timestamps and Topics

  • [1:06] How people often approach spending their retirement funds
  • [4:30] The effects of taxes on retirement spending and saving
  • [5:45] The drag of Medicare costs
  • [10:16] Helping your kids launch their lives can be expensive and affect your retirement money
  • [12:41] How to prepare for healthcare costs
  • [15:43] Conservative investments won’t work after you’ve reached retirement
  • [17:40] How much should you spend in retirement

Key Takeaways

  1. What are some common mistakes people make in retirement planning that leads to disaster?
  2. There are two common approaches to spending retirement money: the overly frugal and the spender. 
  3. Conservative investments likely won’t work after you’ve hit retirement age – because things like CDs don’t keep pace with inflation.


  1. PrairieView Wealth
  2. PrairieView’s Youtube

Avoid Financial Disaster with PrairieView Wealth 

Your long-term financial security matters, and we can help ensure you’re on the right track for the retirement of your dreams. Click here to connect with a financial planner at PrairieWealth Partners and get started today. 





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Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. PrairieView Wealth Partners and Thrivent Advisor Network, LLC are not affiliated companies. Information in this message is for the intended recipient[s] only. Please visit our website for important disclosures. Securities offered through Purshe Kaplan Sterling Investments(“PKS”), Member FINRA/SIPC. PKS is headquartered at 80 State Street, Albany, NY 12207. PKS and PrairieView Wealth Partners are not affiliated companies. The material presented includes information and opinions provided by a party not related to Thrivent Advisor Network. It has been obtained from sources deemed reliable; but no independent verification has been made, nor is its accuracy or completeness guaranteed. The opinions expressed may not necessarily represent those of Thrivent Advisor Network or its affiliates. They are provided solely for information purposes and are not to be construed as solicitations or offers to buy or sell any products, securities or services. They also do not include all fees or expenses that may be incurred by investing in specific products. Past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. You cannot invest directly in an index. The opinions expressed are subject to change as subsequent conditions vary. Thrivent Advisor Network and its affiliates accept no liability for loss or damage of any kind arising from the use of this information.  


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