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Why Retirees Need to Adjust Their Mental Accounting

Even investors with plenty of assets for retirement still need to adjust to the reality of no longer getting a paycheck, says Michael Kitces.

Michael Kitces is a partner and the director of wealth management for Pinnacle Advisory Group, co-founder of the XY Planning Network, and publisher of the continuing education blog for financial planners, Nerd's Eye View. You can follow him on Twitter at @MichaelKitces.

Karen Wallace: Hi, I'm Karen Wallace for Morningstar. Research suggests that when we mentally account for our money, we tend to separate our income and assets into different buckets defined by our priorities. Joining me to discuss that topic is financial planning expert Michael Kitces.

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