Beyond Money Personality: A Better Way to Plan Your Retirement Income

“My wife wonders what kind of world I’m living in with our money; I’m honestly confused about how her world works sometimes.” 

Sound familiar?

A common scenario I see all the time in my office: Two spouses are entering retirement with very different approaches to money. One loves experiences and the other values security. One sees spending as an opportunity, but the other sees it as a worry to be managed.

These conflicting money personalities can derail even the best retirement plans. But there’s a better way to approach retirement planning that works regardless of your money style.

Inside this article, I’m going to show you a framework that helps create harmony in your retirement planning, even when you and your spouse see money differently:

Concept #1: Why Money Personalities Create Planning Challenges 

Concept #2: The Needs/Wants/Wishes Framework 

Concept #3: Creating Confidence in an Uncertain World

The Money Personality Challenge

Let me introduce John and Maria, clients who came to me with a common problem: They were struggling to create their retirement strategy and timeline because they had fundamentally different approaches to money.

Like many “Experiencers,” John wanted to spend freely on travel and new adventures. Maria was more of a “Security Seeker” and worried about making their money last, feeling pressure to research every decision extensively.

Their different money personalities were creating tension and frustration in their retirement planning. Every conversation about their future turned into a debate about spending versus saving.

This conflict in money personality is so common, and I see it over and over. Research has identified distinct “money worlds” that people inhabit—from big spenders to careful savers, from those who value experiences to those who prefer material security.

The problem? Traditional retirement planning doesn’t account for these differences. It assumes everyone approaches money the same way.

A Better Framework: Needs/Wants/Wishes

I’ve found in my years of experience working with clients that a more sophisticated approach is needed to retirement income planning – one that transcends money personality differences and creates common ground for both spouses.

When couples first come to my office, they often bring spreadsheets full of numbers but struggle to have productive conversations about what those numbers mean for their future. That’s because traditional retirement planning jumbles everything together – essential expenses, lifestyle choices, and dream goals all competing for the same dollars.

Instead of getting stuck in debates about spending versus saving, we break retirement planning into three clear categories:

1. Needs: Your essential expenses – things like your mortgage, utilities, groceries, healthcare, and basic living expenses
2. Wants: Quality of life choices that enhance your retirement – perhaps a golf membership, regular dining out, or visits to the grandchildren
3. Wishes: Those dream goals that could make retirement extraordinary – like that trip to Tuscany you’ve always imagined or the vacation home you’ve dreamed about

Creating Confidence in an Uncertain World

When Maria and John first came to my office, Maria admitted to staying up at night worrying. “I keep running the numbers over and over,” she confessed.

“What if the market crashes right when we retire? What if we need long-term care? What if inflation keeps rising?” Her security-seeking personality meant she saw potential risks everywhere.

John, sitting next to her, looked deflated. His dreams of walking the Camino de Santiago or taking their grandkids to the Grand Canyon seemed to be slipping away in the face of Maria’s valid concerns.

When I introduced this framework to John and Maria, something shifted in the room. Instead of Maria gripping her notepad of concerns while John crossed his arms, they started having a different kind of conversation. For the first time, they weren’t arguing about their different money styles. They were working together to sort their retirement vision into these three buckets.

Here’s why our approach resonated with both of them:

First, we focused on the income needed to cover their essential needs – things like any remaining mortgage, utilities, healthcare, and basic living expenses.

With that foundation in place, we could talk about their wants – the things that would make retirement more comfortable and enjoyable. For Maria, this included a housekeeping service and regular visits to their children in Colorado. For John, it meant a golf club membership he’d been hesitant to even mention before.

Only then did we discuss their wishes – those bigger dreams that could enhance their retirement when circumstances allowed. John’s eyes lit up when we talked about potentially funding that Camino trek.

“I never realized how much of what I was worried about fell into the ‘wishes’ category,” Maria admitted later. “Once I could see our needs clearly laid out, I felt more comfortable talking about John’s travel ideas.”

This structured approach helped them find common ground. Maria felt heard about her concerns for their financial security, while John could see a path to some of his retirement dreams. Instead of their different money personalities causing conflict, they had a framework for productive discussions about their future.

Let’s Create Confidence (And Common Ground) in Your Retirement Income Strategy

Ultimately, retirement planning isn’t about forcing both spouses to see money the same way. It’s about creating a framework that gives both partners confidence in their future.

I’ve created a simple 3-step process to create clarity around your retirement income needs. It’s one of the foundations of my Lifetime Wealth Blueprint^SM.

Here’s how it works:

1. Envision your ideal retirement together (no arguments or 
2. Price out your needs, wants, and wishes
3. Create an investment strategy that matches each category

I’ve found that this approach works because it’s not about changing your money personality – it’s about creating a framework that works regardless of how you view money.

If you’re looking ahead to retirement and:

• You and your spouse have different approaches to money
• You want to create confidence in your essential expenses
• You have at least $1 million in investable assets
• You’re seeking a framework that balances security and lifestyle

Then we should talk.

I’d like to invite you to an intro meeting with my team. It’s the fastest way to get personal answers to your questions and learn how this framework could work for your retirement.

It’s free to meet, and there’s no obligation to do anything else.

Just click the link and schedule your call.

Risk Disclosure: Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance does not guarantee future results.

This material is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The content is developed from sources believed to be providing accurate information; no warranty, expressed or implied, is made regarding the accuracy, adequacy, completeness, legality, reliability, or usefulness of any information. Consult your financial professional before making any investment decision.

For illustrative use only.