The Automatic Millionaire in an Automated World with David Bach (ep.106)

Welcome to Boldin Your Money podcast! In episode 106, host Steve Chen sits down with 10x New York Times bestselling author David Bach (The Automatic Millionaire) to talk about the next chapter of retirement planning: how to actually use the money you’ve worked so hard to save. David shares why he believes decades of “automation” helped millions become wealthier -- yet many retirees still struggle with the mindset shift from saving to spending. Then he explains his newest big idea: the “IRA Flat Tax,” a proposal designed to encourage earlier retirement withdrawals at a simple flat tax rate - so retirees can improve quality of life, help family, and put idle dollars back into the economy (instead of waiting until Required Minimum Distributions). They also unpack why “spend and enjoy” is harder than it sounds, how to think about Social Security timing, and where AI is changing financial planning (without replacing human guidance). 🔍 Key Topics Discussed ✅ IRA Flat Tax proposal + why David thinks it could unlock retirement spending ✅ Why many retirees delay withdrawals until RMDs ✅ The shift from accumulation to decumulation ✅ Social Security timing (and the role of personal goals) ✅ Automation: “pay yourself first” in the modern era ✅ AI in financial planning: what’s real, what’s hype 🕒 Timestamps: 00:04 Welcome + meet David Bach 00:45 Why David moved to Florence, Italy (and stayed) 04:14 The IRA Flat Tax: what it is and why it matters 08:08 “Save & invest” vs “spend & enjoy” in retirement 11:05 Why “die with zero” is hard in real life 15:03 Social Security timing: the human side of the decision 17:12 Why David wrote The Automatic Millionaire (and what changed) 22:07 Automation today: easier to save… and easier to overspend 35:25 Common mistakes (and the “get rich quick” trap) 41:41 The next 10 years: optimism, risks, and what you can control 45:01 How AI is reshaping financial planning 52:40 Boldin’s approach: planning tools for real-life decisions 56:01 Resources + where to learn more 📌 Start building your financial plan for free at Boldin: https://go.boldin.com/podcastep106 🔔 Subscribe for more retirement planning, taxes, Social Security, and real-world money decisions. 🔗 Links: Official Site of David Bach: https://davidbach.com/ IRA Flat Tax: https://davidbach.com/ira-flat-tax/ 📖 The Automatic Millionaire: https://a.co/d/dU2Mac4 #RetirementPlanning #IRAs #401k #RMD #Taxes #PersonalFinance #FinancialPlanning #DavidBach #AutomaticMillionaire #PayYourselfFirst #SocialSecurity #RetirementIncome #WealthBuilding #AIinFinance #FinancialIndependence #MoneyMindset #Decumulation #TaxPlanning #Boldin