Ep: The Richest Corpse in the Graveyard

The Richest Corpse in the GraveyardIf you ran out of money, when would it happen? For a growing number of retirees — paid-off home, pension, Social Security, a seven-figure portfolio sitting quietly in the background — the honest answer is probably never. And yet study after study shows this exact group is still the most hesitant to spend a dollar of it.In this episode, David uses a composite family — paid-off home, $3 million invested, pension and Social Security covering nearly all of their monthly expenses — to unpack why disciplined savers keep saving long after saving has stopped being the point, what the research actually says about it, and what to do instead: fund a business start for someone who needs it, launch a scholarship, or hand your grandkid the keys to a car while you're around to watch her drive it away.Why So Many Retirees UnderspendResearch from the Employee Benefit Research Institute found that roughly one-third of retirees still have 100% or more of their original retirement assets remaining by their mid-80s. Married couples 65 and older withdraw, on average, just 2.1% of their portfolio per year — well below the roughly 5% that current research considers a safe withdrawal rate. David calls this FORO — Fear Of Running Out — the retirement version of FOMO, except what you're missing is your own life.The people this happens to aren't reckless with money — they're the most disciplined savers in the room. As advisor Zach Teutsch puts it, "Overspending is risky. But underspending is risky too."David — who holds the CLTC designation alongside his CFP® — also draws a hard line between vague, unfocused fear and one actual, named risk worth planning for: an extended long-term care event. Solve that risk on purpose, and the rest of the portfolio is free to be used.Money That Moves vs. Money That SitsDavid's core mission for the show: how we handle our money should positively impact our lives and the lives of those around us. A growing balance doesn't do that on its own — it only matters once it moves.Fund a business start. More than a quarter of people who've helped fund someone's business gave to a close family member. David's practical note: decide up front whether it's a gift, a loan, or an equity stake, and put it in writing.Start a scholarship. A scholarship is legacy you get to watch unfold now — not legacy that waits for a will to activate.Buy the car, watch them drive it. Cash left invested usually outperforms a depreciating asset financially — but if the goal is connection rather than optimization, watching your grandchild's reaction beats a line item in probate. Give with a warm heart, not a cold hand — it doesn't need a tax deduction to be worth doing.Episode Timestamps0:00 — Cold open: one grandfather, two very different versions of the same gift2:15 — The data: why one-third of retirees barely touch their savings6:30 — Why disciplined savers are the most likely to underspend10:30 — The one legitimate fear worth naming: long-term care13:30 — The mission statement, and why a growing balance isn't the goal14:15 — Funding a family member's business start17:00 — Starting a scholarship while you're alive to see it work19:30 — The car in the driveway, and the tax-deduction question, answered directly23:30 — Permission to spend: why the gap only closes with a real plan27:00 — Wrap-up and next stepsHave You Already Won the Game?If your expenses are mostly covered and your portfolio is quietly growing untouched, you don't need a guess — you need an actual answer. Book a free 20-minute Vision Call with David: weeklywealthpodcast.com/visionRelated EpisodesEp. 267: What If You Have Already Won? — the Freedom Point episode this one builds directly on.Ep. 261: Six Retirement Philosophies — a broader look at the mindsets that shape how people actually spend, or don't, in retirement.