Lacking a withdrawal plan, retirees aren't living their best lives

Danielle Labotka, behavioral scientist at Morningstar, discusses her research into how retirees withdraw money from their lifetime savings accounts and found that about half rely exclusively on simple approaches, like calculating expected expenses or taking required minimum distributions. As a result, she says, retirees are short-changing themselves, leaving money in accounts and cutting back on needs and wants rather than doing the math to come up with something more tailored to their situation. Worse, she says, 98 percent of retirees say they have no intention of changing their strategy.

Speaking of spending strategies, Brian Vines, an analyst at Consumer Reports and co-host of the Talking Carts podcast about shopping, discusses their comparison of the most and least expensive supermarket chains. Chuck, who considers himself a careful shopper, learns that his preferred chain finishes next-to-last in the study, so the conversation turns to how consumers can do more and better with their money if they are careful, shop around and know pricing.

In the Book Interview, Brett Steenbarger, an educator and authority on trading, discusses his new book, "Positive Trading Psychology: Turning personal strengths into trading strengths."

Plus, Chuck answers a listener's question on sequence-of-inflation risk, why it has just recently been coming to the fore and how it could be impacting retirees and near-retirees now.