Episode Details

What if the real danger in retirement isn't running out of money, but spending so cautiously that you accidentally work too long, live too small, and die with a portfolio that never got a chance to do its job? In part two with Aubrey Williams, we go deeper into the "fog of FI" (that weird, anxious place where the spreadsheet says you're free, but your nervous system absolutely does not believe it).

This episode covers:

• Why the 4% rule can make FI people overwork and underspend
• How future income streams like Social Security can move your FI date forward
• Why flexible spending is more realistic than flat, inflation-adjusted withdrawals
• How risk-based guardrails help you know when to cut or increase spending
• Why many FI people need more help increasing spending than reducing it
• How personal inflation can differ from CPI and affect retirement planning
• Why historical analysis may be more useful than Monte Carlo for some FI decisions
• How small amounts of income in retirement can meaningfully reduce portfolio pressure
• Why engineers and analytical types often need better data to trust they're "done"
• How Bill is using these ideas to finally get clearer about leaving work sooner

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RESOURCES MENTIONED ON THE SHOW

Open Path Financial

Aubrey's EconoMe Talk (2026): Coming soon!

Income Lab

FIREproof (Lauren Boland)

Projection Lab

Open Source Guardrails Simulation (Roger Cost)

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⏰ Related Episodes

Part 1: Why Your Brain is Hardwired to Keep You Working (and How to Fix It) | Aubrey Williams | 214

A Richer Retirement: The 4.7% Rule | Bill Bengen | 169

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