Today, I'm speaking with William Bernstein. Bill is a renowned investment advisor, author, and retired neurologist. He's the co-founder of Efficient Frontier Advisors, a leading voice in the world of personal finance, and the author of several acclaimed books, including The Four Pillars of Investing, The Investor's Manifesto, and The Intelligent Asset Allocator.

With a unique background in neurology and finance, Bill brings a practical and evidence-based perspective to long-term investing, risk management, and financial behavior—especially for retirees and those nearing retirement. You'll hear why Bill believes the purpose of money isn't to buy things—it's to purchase autonomy, time, and peace of mind.

In our conversation, we explore what it really means to "win the game" of investing—and why continuing to play after you've won could jeopardize your retirement security. Bill breaks down the risks investors often overlook, including deep risk versus shallow risk, the need versus capacity and tolerance framework, and why having a basic understanding of financial history is an underrated skill set.

They also discuss how aging affects investment decisions, how burn rate should influence equity allocation, and why a purposeful retirement plan extends far beyond growing net worth.

GET FREE ACCESS TO WILLIAM BERNSTEIN’S BOOK TITLED, THE FOUR PILLARS OF INVESTING

Here's all you have to do...

Step 1.) Subscribe to the podcast and leave an honest rating & review over on iTunes.
Step 2.) Text the word BOOK to 866-599-4491 and we’ll make sure you get signed up for free. It’s that simple!

In this podcast interview, you’ll learn:

Why investors should reduce risk once they've “won the game”—and what that means in real terms.
The critical differences between deep risk and shallow risk, and how to guard against both.
How age and withdrawal rate should shape your stock-to-bond ratio in retirement.
Why Treasury Inflation-Protected Securities (TIPS) can play a key role in risk management.
The emotional traps investors fall into—and why historical financial knowledge is a great asset.
What purpose in retirement really looks like—and why forging connections may be more valuable than money.

Show Notes: HowardBailey.com/510

📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu

📅SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3T6oNDB

ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process

Research Insights - Special Edition - SOA Annual Meeting Preview