HerMoney with Jean Chatzky: Ep 515 — Stability Over Stress: Building A Retirement Plan For Uncertain Times

Date: February 18, 2026
Host: Jean Chatzky
Guests: Jason Fichtner (LIMRA Retirement Institute), David Blanchett (Prudential/PGIM & LIMRA)

Episode Overview

This episode tackles how women approaching retirement can build a plan that brings stability and peace of mind during economic uncertainty. With ongoing market swings and worries around Social Security, Jean Chatzky and her guests focus on avoiding panic, creating predictable income, and designing plans that withstand volatility. The conversation busts myths, dives into research, and offers actionable steps for anyone nearing retirement or already there—especially women facing unique challenges.

Key Discussion Points & Insights

1. Why Planning Beats Panic

• Personal Retirement Decisions:
  • Retirement age and when to claim Social Security are distinct, personal choices. (04:01)
• Don’t Ride the Emotional Roller Coaster:
  • “Wall Street doesn't care if you're retiring next year…” — Jean, 01:44
• Always Have a Plan:
  • “People don't plan to fail, they fail to plan.” — Jason Fichtner, 04:17
  • Work with a financial professional or start with an initial consultation.

2. Managing Market Uncertainty

• Optimism vs. Realism:
  • “Maybe I'm a realist. I'm stuck between being an optimist and a pessimist...” — David Blanchett, 05:28
• Proximity Increases Anxiety:
  • Near-retirees feel market swings more acutely and tend to overreact (06:14).
• Behavioral Risks:
  • Even experienced investors feel vulnerable approaching retirement due to the “one shot” nature of the decision (07:42).
• Protecting Essential Expenses:
  • Protect vital expenses so that market drops don’t derail safety.

3. Understanding Retirement Risks

• Risks in Retirement: Longevity, inflation, market swings, sequence of return (09:07).
• Sequence of Return Risk Explained:
  • The order of positive and negative returns matters most around the retirement date (10:35).
  • “If you retire today and get a 50% drop, all of a sudden your resources are in half.” — Jason, 10:51

4. The Evolving Retirement “Stool”

• Protected Income Sources:
  • Three-legged stool: Social Security, personal savings, (rare) pensions (11:16).
• Creating Your Own Pension:
  • Use delayed Social Security or annuities to generate guaranteed income, even as employer pensions fade (12:08).
• Social Security Myths & Realities:
  • System won’t “go bankrupt,” even in a worst-case scenario (20% cut, not zero); plan for 80% just in case (13:46).

5. Claiming Social Security: Strategies & Psychology

• Delay If You Can:
  • “Waiting as long as you possibly can is likely to result in the highest available income.” — David, 17:54
• The Math of Delayed Claiming:
  • Claiming at 62 gets you 70% of the full benefit. Waiting to 70 gets you a much higher monthly payout (18:58).
  • “That age 70 monthly benefit amount is 77% higher than the age 62 amount…” — Jason, 19:20
• Bridge Annuities:
  • Temporary annuity payouts can “fill the gap” for those retiring early but wanting to delay Social Security (20:46).

6. Spending in Retirement: Research versus Reality

• Spending Doesn’t Always Track Inflation:
  • Most retirees don’t increase spending fully with inflation as they age (26:33).
• People Like to Spend “Paychecks,” Not Principal:
  • “People hate to spend anything other than lifetime income… People love to spend lifetime income.” — David, 28:21
• Mental Accounting:
  • Retirees are often reluctant to draw down their principal, even when they could spend more comfortably (29:06).

Memorable Moment:

“My mother… She did not want to spend that principal in that account… she held so tight to that. As a result, I worry maybe she didn’t have as much joy as she potentially could have had in retirement.” — Jean, 30:03

7. Right-sizing the Portfolio for Retirement

• “Protection” as an Asset Class:
  • Think in terms of a portfolio split between stocks, bonds, and protected income (32:36).

8. Special Considerations for Gen X

• Fears of No Paycheck and Inflation (33:09):
  • 80% of Gen Xers fear losing their paycheck in retirement.
  • Inflation anxiety is increasingly top-of-mind.
  • Holistic planning is vital; stress-test plans for various risks.

9. Finding Professional Guidance

• How to Pick the Right Planner (35:00):
  • Leverage online tools and try planners on an hourly, retainer, or consultation basis (“test drive” them first).
  • “Meet as many as you can to find one that you’re comfortable working with.” — David, 35:20
  • HerMoney.com has a vetted planner directory.

Notable Quotes & Timestamps

• “Income is the outcome in retirement.” — Jason, 04:54
• *“You don't have to ride the roller coaster. There's things you can do to reduce the highs and lows.” — David, 05:33
• *“Everyone’s got a plan till they get punched in the mouth.” — Jason (quoting Mike Tyson), 09:07
• *“Social Security is not going bankrupt… Even in a worst-case scenario you’d get 80% of benefits.” — Jason, 13:46
• *“Waiting as long as you possibly can is likely to result in the highest available income.” — David, 17:54
• *“That age 70 monthly benefit amount is 77% higher than the age 62 amount…” — Jason, 19:20
• *“People hate to spend anything other than lifetime income… people love to spend lifetime income.” — David, 28:21
• *“We train people to save money… and then all of a sudden… you’re supposed to just turn on withdrawals. That’s just not realistic.” — David, 32:06
• *“Start thinking about protection as an asset class.” — Jason, 32:36

Actionable Tips (36:25–38:45)

Jason’s Top 3:

1. Plan, Plan, Plan:
   • “Talk to a financial professional; create a spending and income plan for retirement.”
2. Delay Social Security:
   • “Plan to delay claiming Social Security for as long as possible, up to age 70.”
3. Create a Personal Pension:
   • Use an annuity or convert 401k assets into protected, distributed income.

David’s Top 3:

1. Save Early and Often:
   • Work toward financial independence, not just “retirement.”
2. Holistic Planning, Not Just Portfolios:
   • “If a planner talks only the portfolio, not lifetime income and protection, it’s not enough.”
3. Do What Feels Right:
   • “Lots of right answers… Retirement success is income in a way you’re comfortable with.”

Timestamps for Key Segments

• Emotional Roller Coaster & Why Not to Panic: 03:00–06:38
• Retirement Risks & Sequence of Returns Explained: 09:07–11:16
• Social Security’s Future: 13:13–15:32
• Claiming Strategies & The Value of Delay: 16:35–20:40
• Spending Patterns in Retirement: 26:05–31:42
• Behavioral Money Habits: 29:06–32:36
• Gen X Retirement Concerns: 33:09–34:23
• How to Find the Right Financial Planner: 35:00–36:00
• Guest Action Steps: 36:25–38:45

Summary Takeaways

• Retirement planning is about achieving stability, not chasing every market high.
• It’s never too late—or too early—to set a plan with built-in flexibility.
• For most, the best lever for a worry-free retirement is building up guaranteed income (especially Social Security, possibly supplemented with annuities).
• Spending down your nest egg is psychologically tougher than many research models assume; a “paycheck” approach (protected income streams) eases the transition.
• Gen X faces unique anxieties around inflation, missing pensions, and health care costs. The solution: a holistic, risk-aware plan.
• Finding trustworthy advice is like finding a good mechanic—take the time to shop around and don’t be afraid to “test drive” more than one advisor.

If you want more research-backed guidance, head over to Limra.com, and check HerMoney.com for vetted planning resources and tools.