Supercharge Your Retirement with Paul Merriman

Nov 19, 2025

Paul Merriman, a veteran investor and educator with over 60 years of experience, shares valuable insights on successful retirement investing. He emphasizes that costs and emotional decisions, rather than fund selection or market timing, are the real threats to retirement success. Paul advocates for simple, diversified portfolios and stresses the importance of education in fostering calm, long-term investing. He also discusses flexible withdrawal strategies and the need to assess client goals and risk tolerances for optimal planning.

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INSIGHT

Expenses Compound Against You

High investment expenses compound against you and dramatically reduce lifetime wealth.
Paul Merriman shows a 1% extra cost can cost about $3.5 million over a lifetime for regular savers.

INSIGHT

Behavior Often Costs More Than Fees

Investor behavior can cost more than higher fees because people sell in downturns.
Selling locks in losses and causes missed recoveries, worsening long-term returns.

ADVICE

Educate To Prevent Costly Mistakes

Teach investors clearly so they can stick to sensible strategies and avoid costly mistakes.
Paul shifted from advisor to nonprofit educator to reach more people with low-cost, diversified guidance.

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Paul Merriman brings 60+ years of investing experience to the Retire Today podcast, breaking down what really determines retirement success. Most investors think it’s about picking the right fund or timing the market—but Paul says the biggest threats aren’t headlines. They’re costs and emotions.

In the 1960s, investors routinely paid 8.5% to buy a mutual fund. Today fees are far lower, but the impact is still huge. Paul notes that even a 1% difference in expenses “can cost you about $3.5 million over a lifetime” because compounding works both for you and against you.

Behavior can cost even more. “When the market goes down, people panic,” Paul explains. Selling in a downturn—the “I just can’t take it anymore” moment—means locking in losses and missing the recovery. His advice: don’t time the market. Build a plan you can actually stick to.

When asked what separates retirees who thrive from those who struggle, Paul’s answer is simple: education. What you learn and who you learn it from shapes your decisions—and helps you stay calm when markets get rough. That’s why his nonprofit work focuses on teaching diversified, simple, low-cost strategies through guides like Sound Investing Portfolios and We’re Talking Millions!

Paul once promoted a 10-fund “Ultimate Buy-and-Hold” portfolio, but even John Bogle told him it was too complex. After testing simpler versions, Paul found that two-, four-, and six-fund portfolios often matched or beat the original. You can explore these models at PaulMerriman.com/portfolios. The takeaway: simplicity makes discipline easier.

We also discussed retirement withdrawals. Paul recommends a flexible approach: take a bit less after down years and a bit more when markets are strong. This can reduce stress and help your portfolio last. “If you know how long you’re likely to live and how much you have,” he says, “that knowledge gives you freedom—not fear.”

If you’re approaching retirement, here’s Paul’s short list:

Diversify with low-cost index funds. Focus on the right mix, not the perfect pick.
Match risk to reality. Choose a stock/bond split you can live with in bad markets.
Use flexible withdrawals. Adjust spending based on market conditions.
Keep behavior boring. Automate rebalancing and ignore predictions.
Invest in education. Knowledge keeps emotions from running the show.

You’ve worked hard to build your savings. Now build a plan that works just as hard—quietly, efficiently, and with confidence. Watch the full conversation on YouTube for more on fees, behavior, portfolio design, and practical withdrawal strategies.