The Long View

Our guest on the podcast today is financial and retirement planning expert Derek Tharp. Derek is an assistant professor of finance at the University of Southern Maine, and he’s also lead researcher at Kitces.com where he writes about a broad range of financial and retirement planning matters. In addition, Derek is a senior advisor at Income Lab and he’s president of a private wealth management firm called Conscious Capital. Derek received his bachelor’s degree in finance from Iowa State University and his doctorate in personal financial planning from Kansas State University. He’s a certified financial planner, and he’s also a chartered life underwriter.BackgroundBioRetirement Withdrawal Rates“The Retirement Distribution ‘Hatchet’: Using Risk-Based Guardrails to Project Sustainable Cash Flows,” by Derek Tharp and Justin Fitzpatrick, kitces.com, Nov. 24, 2021.“Using Probability-of-Success-Driven Guardrails to Manage Safe Retirement Spending,” by Derek Tharp, kitces.com, March 3, 2021.“With Retirement-Spending Plans, the Odds Are Stacked in the Investor’s Favor,” by John Rekenthaler, Morningstar.com, Jan. 13, 2023.“Justin Fitzpatrick: ‘Retirees Have a Superpower,’” The Long View podcast, Morningstar.com, July 12, 2022.“Retirement Income Guardrails Beyond Withdrawal Rates,” Webinar, incomelaboratory.com, Jan. 12, 2022.“Why 50% Probability of Success Is Actually a Viable Monte Carlo Retirement Projection,” by Derek Tharp, kitces.com, Jan. 6, 2021.“Christine Benz and John Rekenthaler: Revisiting What Is a Safe Retirement Spending Rate After a Tough Year,” The Long View podcast, Morningstar.com, Dec. 20, 2022.“What Is the ‘Retirement Spending Smile’?” by Wade Pfau, retirementresearcher.com.“The Ratcheting Safe Withdrawal Rate—A More Dominant Version of the 4% Rule?” by Michael Kitces, kitces.com, June 3, 2015.“Reframing Monte Carlo Results to Increase Trust in Dynamic Retirement Spending,” by Derek Tharp, kitces.com, June 29, 2022.“Simplifying Retirement Income Planning Visualization Using the ‘Spending Risk Curve,’” by Derek Tharp and Justin Fitzpatrick, kitces.com, April 13, 2022.“The Impact of Decreasing Retirement Spending on Safe Withdrawal Rates,” by Derek Tharp, kitces.com, Feb. 22, 2017.Portfolio Construction and Tax-Loss Harvesting“The Extraordinary Upside Potential of Sequence of Return Risk in Retirement,” by Michael Kitces, kitces.com, Feb. 20, 2019.“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022.“Tax Loss Harvesting+ Methodology,” by Boris Khentov, betterment.com, Sept. 7, 2021.“Tax-Loss Harvesting Best Practices (and How to Scale It Across a Client Base),” by Ben Henry-Moreland, kitces.com, Sept. 7, 2022.“Quantifying the Value of Tax Loss Harvesting,” by Derek Tharp, retirementprof.com, Jan. 10, 2023.ESG“The Tricky Ethics of Socially Responsible Investing,” by Derek Tharp, wsj.com, Sept. 4, 2017.Robo-Advice“The Value of Robo-Advisor Technology: A Practical Tax-Loss Harvesting Case Study,” by Derek Tharp, retirementprof.com, Jan. 9, 2023.“Why DIY Investors Should Still Use a Robo-Advisor,” by Derek Tharp, retirementprof.com, Dec. 7, 2022.

Our guest on the podcast today is Cody Garrett. He is a certified financial planner and heads up Measure Twice Financial, an advice-only financial planning firm geared toward serving do-it-yourself investors. He also created measuretwicemoney.com, an educational website for DIY investors. Before starting up Measure Twice, Garrett was a financial planner at Legacy Asset Management. He was a professional musician before beginning his career as a financial planner. He received his bachelor’s degree in music and music theory at the University of Houston.BackgroundBioMeasure Twice FinancialMeasure Twice MoneyMeasure Twice PlannersMeasure Twice MentorsTwitter handle: @MeasureTwiceMNYAdvice-Only Planning“Does Being a Fiduciary Depend on the Fee Model?” by Tracey Longo, Financial Advisor, Sept. 23, 2022.“Advice-Only Financial Advisers Don’t Touch Your Money,” by Elaine Silvestrini, Kiplinger, Nov. 17, 2022.Influences and OtherDave RamseyFinancial Peace UniversityRadical Personal Finance podcastChooseFI podcastMichael KitcesDavid Allen’s Getting Things Done“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022.“How to Use the 4 Ds of Effective Time Management,” by Bryan Collins, Forbes, June 14, 2018.

Our guest this week is Kathy Jones, the managing director and chief fixed-income strategist for the Schwab Center for Financial Research. Prior to joining Schwab in 2011, Jones was a fixed-income strategist at Morgan Stanley. Before that, she served as executive vice president of the debt capital markets division of Prudential Securities. Jones received her bachelor’s degree in English literature from Northwestern University and her Master of Business Administration from Northwestern’s Kellogg Graduate School of Management.BackgroundBioTwitter handle: @KathyJonesPractical Matters“U.S. Treasurys at ‘Critical Point’: Stocks, Bonds Correlation Shifts as Fixed-Income Market Flashes Recession Warning,” by Christine Idzelis, MarketWatch, Jan. 23, 2023.“Don’t Give Up on the 60/40 Portfolio, Says Schwab’s Jones,” Bloomberg, Aug. 9, 2022.Interest Rates and Bonds“Bond Market Mess Is a Chance to Lock In Higher Yields for Longer,” by John Manganaro, Think Advisor, Sept. 29, 2022.“For Income Investors, Bond Yields Are Looking Attractive,” by Tom Lauricella, Morningstar.com, Sept. 15, 2022.“Has the U.S. Dollar Peaked?” by Kathy Jones, Charles Schwab, Jan. 12, 2023.“Fixed Income Outlook: Bonds Are Back,” by Kathy Jones, Charles Schwab, Dec. 6, 2022.Inflation“Fed Rate Hikes: Why Are Bond Yields Falling?” by Kathy Jones, Charles Schwab, July 6, 2022.“Inflation Is Real Enough to Take Seriously,” by Jeff Sommer, The New York Times, July 28, 2021.“Kathy Jones on Monitoring Inflation Risks,” TD Ameritrade Network.Rates and Recession“Is a Recession Coming Soon? This Bond Market Indicator Is Flashing Red,” by Mallika Mitra, Money, April 11, 2022.“Liftoff: Fed Hikes Rates, Signals More to Come,” by Kathy Jones, VettaFi, March 17, 2022.“Market Perspective: Slowdown or a Recession?” by Liz Ann Sonders, Kathy Jones, and Jeffrey Kleintop, Charles Schwab, Jan. 13, 2023.“The Fed’s Policy Tightening Plan: a One-Two Punch,” by Kathy Jones, Schwab Moneywise, Jan. 11, 2022.

Our guest on the podcast today is Katie Gatti Tassin. She’s the creator of the Money with Katie blog, podcast, and newsletter, which was acquired by Business Insider’s Morning Brew in 2022. The Money with Katie Show podcast is consistently one of the best-performing finance-related podcasts. Katie started up Money with Katie after stints as a content designer and writer for other firms including Meta, Dell Technologies, and Southwest Airlines. She received her bachelor’s in Communication & Information Sciences from the University of Alabama where she was a presidential scholar.BackgroundBioMoney With KatieThe Money With Katie ShowResourcesMr. Money MustacheMad FientistWealth Planner“The Monetization of Self: Personal Brands and the Business of Influencing,” The Money With Katie Show, podcasts.apple.com, Jan. 19, 2023.“JL Collins: The Case for Simplicity,” The Long View podcast, Morningstar.com, April 5, 2022.Key Financial Lessons and Investing“4 Simple Index Fund Portfolios That Would’ve Beaten the Total Stock Market Over the Last 25 Years,” by Katie Gatti Tassin, moneywithkatie.com, Nov. 8, 2021.“How to Navigate Your Options While Setting Up Your 401(k),” by Katie Gatti Tassin, moneywithkatie.com, Oct. 19, 2022.“Achieving Success With Target Date Funds,” by Chris Pedersen, paulmerriman.com.“Making Sense of Cryptocurrency,” by Katie Gatti Tassin, moneywithkatie.com, May 17, 2022.“How to Confidently Start Investing: A Beginner’s Guide,” by Katie Gatti Tassin, moneywithkatie.com, Aug. 29, 2022.Financial Independence“Why Hitting ‘Half FI’ Is More Likely 75%,” by Katie Gatti Tassin, moneywithkatie.com, July 28, 2021.“Why You Actually Need Less to Retire Early (Than in 30 Years From Now),” by Katie Gatti Tassin, moneywithkatie.com, Aug. 2, 2021.“Why I Want to Retire Early,” by Katie Gatti Tassin, moneywithkatie.com, April 14, 2021.Saving and Debt“A Tale of Two Budgets: An Honest Look at My Lifestyle Creep,” by Katie Gatti Tassin, moneywithkatie.com, Sept. 19, 2022.“Bonus Episode: Student Loan Forgiveness, Repayment, Taxes, and Inflation With a Certified Student Loan Professional®,” The Money with Katie Show, podcast.moneywithkatie.com, Sept. 1, 2022.“How to Cut Your High-Interest Debt’s Payoff Time and Interest Paid in Half,” by Katie Gatti Tassin, moneywithkatie.com, Sept. 16, 2020.Housing“Hot Takes on Home Ownership: Keep Renting,” by Katie Gatti Tassin, moneywithkatie.com, Dec. 9, 2022.“The #1 Way to Substantially Impact Your Financial Situation,” by Katie Gatti Tassin, moneywithkatie.com, June 23, 2022.“Are Homes Actually More Expensive in 2022?” by Katie Gatti Tassin, morningbrew.com, Sept. 28, 2022.“Does the Dream of Home Ownership Rest Upon Biased Beliefs? A Test Based on Predicted and Realized Life Satisfaction,” by Reto Odermatt and Alois Stutzer, Journal of Happiness Studies, Vol. 23, Sept. 14, 2022.Financial Anxiety“How to Cope With Financial Anxiety,” by Katie Gatti Tassin, moneywithkatie.com, Nov. 1, 2021.“How Your Money Anxiety Might Actually Help Build Wealth,” The Money with Katie Show, podcast.moneywithkatie.com, Sept. 21, 2022.

Our guest on the podcast today is Ann Garcia. She is a certified financial planner and the author of the book How to Pay for College. Garcia is the managing partner of Independent Progressive Advisors, a fee-only Registered Investment Advisor in Portland, Oregon, and she’s also the author of The College Financial Lady blog. She received her bachelor’s degree from the University of California, Berkeley.BackgroundBioHow to Pay for College, by Ann GarciaThe College Financial Lady blogCollege/Rankings“The Big 6 for Well-Being in College and Beyond,” by Ann Garcia, howtopayforcollege.com, June 7, 2022.U.S. News & World Report RankingsCollegeDataCollege NavigatorFinancial Aid“Student Loan Options,” by Ann Garcia, howtopayforcollege.com.“FAFSA Resources,” by Ann Garcia, howtopayforcollege.com, Oct. 1, 2021.“The CSS Profile,” by Ann Garcia, howtopayforcollege.com, Oct. 12, 2021.Gallup-Purdue Index ReportFederal Student Aid Estimator“Student Loans: The Good, The Bad and The Ugly,” by Ann Garcia, howtopayforcollege.com, Dec. 17, 2020.College Costs/Savings“Prepaid Tuition Plans,” by Ann Garcia, howtopayforcollege.com, June 21, 2022.“Net Price Calculators,” by Ann Garcia, howtopayforcollege.com, Jan. 18, 2022.“Choosing a 529 Plan,” by Ann Garcia, howtopayforcollege.com, Dec. 15, 2021.“Budgeting for College Applications,” by Ann Garcia, howtopayforcollege.com, Sept. 30, 2021.

Our guest on the podcast today is tax and retirement planning expert, Jeffrey Levine. Jeff is the chief planning officer for Buckingham Strategic Wealth. He’s also the lead financial planning nerd at kitces.com, home of the popular Nerd’s Eye View blog. Jeff recently launched a podcast with Ed Slott called The Great Retirement Debate. He has authored several books, including The Baby Boomer’s Guide to IRA Planning, The Financial Advisor’s Guide to Savvy IRA Planning, and The Definitive Guide to Required Minimum Distributions for Baby Boomers. Jeff is a frequent public speaker and media commentator and maintains a high profile on social media and on the Nerd’s Eye View blog, where he readily shares tax and retirement planning insights. ThinkAdvisor recently named Jeff Thought Leader of the Year for 2022.BackgroundBioThe Great Retirement Debate podcastThe Baby Boomer’s Guide to IRA Planning and The Financial Advisor’s Guide to Savvy IRA Planning by Jeffrey LevineThe Definitive Guide to Required Minimum Distributions for Baby Boomers, by Jeffrey LevineNerd’s Eye View blogThe Great Retirement Debate podcast“Should I Take Social Security at Age 62?” Episode 1, greatretirementdebate.com, Nov. 10, 2022.Changes in 2023“Getting Clients Comfortable Delaying Social Security With Reversible Delays,” by Jeffrey Levine, financial-planning.com, March 14, 2022.“4 Ways Inflation Can Help Clients Cut Taxes in 2023,” by Ed Slott, thinkadvisor.com, Dec. 14, 2022.“Inflation and Rising Interest Rates Have Stressed the 60/40 Investment Portfolio Strategy—'But It’s Not Dead,’ Says Financial Advisor,” by Greg Iacurci, cnbc.com, June 24, 2022.“How the TCJA Tax Law Affects Your Personal Finances,” by Amy Fontinelle, Investopedia.com, Dec. 27, 2022.Secure Act. 2.0“The Impact of New IRS Proposed Regulations on the SECURE Act,” by Jeffrey Levine, financial-planning.com, May 17, 2022.“Secure 2.0 Act Needs a Fix: Jeff Levine,” by John Manganaro, thinkadvisor.com, Dec. 22, 2022.“Jeff Levine Answers Secure 2.0 Tax Questions From Advisors,” by John Manganaro, thinkadvisor.com, Jan. 6, 2023.“SECURE Act 2.0: Later RMDs, 529-to-Roth Rollovers, and Other Tax Planning Opportunities,” by Jeffrey Levine, kitces.com, Dec. 28, 2022.Taxes in Retirement“How Advisors Can Help Clients Get Early Retirement Account Distributions—Without Paying a Penalty,” by Jeffrey Levine, financial-planning.com, May 4, 2022.“3 Reasons the New RMD Tables for 2022 (and Beyond) Are Overrated,” by Jeffrey Levine, forbes.com, Feb. 14, 2022.Other“Jeff Levine: Cracking the New Retirement Code,” The Long View podcast, Morningstar.com, Feb. 12, 2020.“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022.

Today on the podcast we welcome back Mark Miller, who is an author, columnist, and a nationally recognized expert on trends in retirement and aging. His latest book is called Retirement Reboot: Commonsense Financial Strategies for Getting Back on Track. Miller’s work considers retirement holistically, including healthcare and Medicare, Social Security, retirement investing, midlife careers, and housing. He is a regular contributor to Morningstar.com, and he also writes about retirement matters for Reuters, The New York Times, and WealthManagement.com. In addition to Retirement Reboot, Miller has written several other books, including The Hard Times Guide to Retirement Security and Jolt: Stories of Trauma and Transformation. Additionally, Miller has his own podcast and newsletter, both of which are called Retirement Revised.BackgroundBioRetirement Reboot: Commonsense Financial Strategies for Getting Back on Track, by Mark MillerThe Hard Times Guide to Retirement Security: Practical Strategies for Money, Work, and Living, by Mark MillerJolt: Stories of Trauma and Transformation, by Mark MillerThe State of Retirement“Toward a New Social Insurance Era,” by Mark Miller, WealthManagement.com, Dec. 23, 2022.“Retirement Planning Amidst Inflation,” by Mark Miller, WealthManagement.com, Oct. 13, 2021.“The Inflation Reduction Act’s Impact on Retirees,” by Mark Miller, Morningstar, Aug. 16, 2022.“How to Cope With Medicare’s Rising Costs,” by Mark Miller, The New York Times, Dec. 21, 2021.“Social Security Benefits’ 2023 COLA: Is It Enough?” by Mark Miller, Morningstar, Nov. 9, 2022.Delaying Retirement“Kerry Hannon: Remote Work Trend Benefits Older Workers,” The Long View podcast, Morningstar, Oct. 21, 2020.“For Disabled Workers, a Tight Labor Market Opens New Doors,” by Ben Casselman, The New York Times, Oct. 25, 2022.“Returning to Work but Close to Retirement? Adjust Your Plan,” by Mark Miller, Reuters, April 21, 2022.“Why Working Till Whenever Is a Risky Retirement Strategy,” by Mark Miller, The New York Times, May 16, 2019.“How Have Older Workers Fared in the Pandemic-Induced Downturn?” by Mark Miller, Morningstar, June 2, 2021,CoGenerateMedicare, Healthcare, and Long-Term Care“Optimizing Social Security for Clients,” by Mark Miller, WealthManagement.com, Sept. 29, 2022.“Social Security’s Cost-of-Living Increase Largest in Four Decades, Estimate Says,” by Mark Miller, The Seattle Times, Sept. 14, 2022.“Social Security Doomsayers Are Wrong Again, but Reform Choices Loom,” by Mark Miller, Reuters, Sept. 16, 2021.“A Quiet Experiment Is Testing Broader Privatization of U.S. Medicare,” by Mark Miller, Reuters, Jan. 14, 2022.“Big Changes May Be Coming to Traditional Medicare,” by Mark Miller, Morningstar, April 22, 2022.“Medicare’s Private Option Is Gaining Popularity, and Critics,” by Mark Miller, The New York Times, Dec. 3, 2022.State Health Insurance Assistance Program“Medicare vs. Medicare Advantage,” by Mark Miller, WealthManagement.com, March 24, 2020.“How to Evaluate Medigap Plans,” by Mark Miller, Morningstar, March 2, 2022.“The Financial Health of Medicare and Social Security: A Closer Look,” by Mark Miller, Morningstar, June 29, 2022.“Long-Term-Care Coverage Is Trending in the Wrong Direction,” by Mark Miller, WealthManagement.com, June 13, 2022.Housing and Other Debt“Should You Pay Off Your Mortgage?” by Mark Miller, Morningstar, Oct. 8, 2021.“Waiting for the Reverse Mortgage Surge,” by Mark Miller, WealthMangement.com, Feb. 8, 2022.Retirement Complexity“‘The Cash Monster Was Insatiable’: How Insurers Exploited Medicare Advantage for Billions,” by Reed Abelson and Margot Sanger-Katz, The New York Times, Oct. 8, 2022.“U.S. Health Officials Seek New Curbs on Private Medicare Advantage Plans,” by Reed Abelson and Margot Sanger-Katz, The New York Times, Dec. 17, 2022.

Last week, we ran the “best of” our interviews with financial planners, advisors, and retirement researchers over the past year. On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with portfolio managers and investment specialists.“Jeremy Grantham: The U.S. Market Is in a Super Bubble,” The Long View podcast, Morningstar.com, Feb. 8, 2022.“Mary Childs: The Rise and Fall of the Bond King,” The Long View podcast, Morningstar.com, April 19, 2022.“Cliff Asness: Value Stocks Still Look Like a Bargain,” The Long View podcast, Morningstar.com, May 31, 2022.“Andrew Lo: Finding the Perfect Portfolio—a ‘Never-Ending Journey,’” The Long View podcast, Morningstar.com, Feb. 1, 2022.“Eric Balchunas: Assessing Jack Bogle’s Monumental Legacy,” The Long View podcast, Morningstar.com, May 24, 2022.“Wesley Gray: Perspectives on Market Efficiency, Investor Behavior, and ETFs,” The Long View podcast, Morningstar.com, Nov. 29, 2022.“Sarah Ketterer: ‘Forget Value, Think Valuation,’” The Long View podcast, Morningstar.com, Sept. 6, 2022.“Michael Santoli: Navigating Through a Foggy Market Outlook,” The Long View podcast, Morningstar.com, Aug. 9, 2022.“Jim Grant: ‘Rising Interest Rates Are the Kryptonite of Financial Assets,’” The Long View podcast, Morningstar.com, May 3, 2022.“Morgan Housel: No One Hires a Luck Manager,” The Long View podcast, Morningstar.com, May 22, 2019.“Morgan Housel: ‘Little Rules About Big Things,’” The Long View podcast, Morningstar.com, Nov. 1, 2022.

On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with financial planners, advisors, and retirement researchers over the past year. In next week’s episode, we’ll include some of our favorite excerpts from our interviews with portfolio managers and other investment specialists.“Nick Maggiulli: ‘The Biggest Lie in Personal Finance,’” The Long View podcast, Morningstar.com, April 12, 2022.“Justin Fitzpatrick: ‘Retirees Have a Superpower,’” The Long View podcast, Morningstar.com, July 12, 2022.“Dana Anspach: How to Build an All-Weather Retirement Plan,” The Long View podcast, Morningstar.com, Oct. 18, 2022.“Jamie Hopkins: A Framework for Financial Freedom,” The Long View podcast, Morningstar.com, Dec. 6, 2022.“Wade Pfau: The Risks of Retirement Today,” The Long View podcast, Morningstar.com, Aug. 2, 2022.“Jill Schlesinger: ‘What Are You Going to Do With Your Life?’” The Long View podcast, Morningstar.com, Feb. 15, 2022.“Roger Whitney: ‘Retirement Planning Is Not Financial Planning,’” The Long View podcast, Morningstar.com, Nov. 8, 2022.“Clark Howard: Financial Well-Being Starts With Being a Smart Consumer,” The Long View podcast, Morningstar.com, March 1, 2022.“JL Collins: The Case for Simplicity,” The Long View podcast, Morningstar.com, April 5, 2022.“Ilyce Glink: The State of the U.S. Residential Real Estate Market,” The Long View podcast, Morningstar.com, June 28, 2022.“Farnoosh Torabi: ‘Money Is Meaningless Without Goals,’” The Long View podcast, Morningstar.com, Sept. 13, 2022.“Paula Pant: A Different Path to Financial Independence,” The Long View podcast, Morningstar.com, Jan. 18, 2022.“Julien and Kiersten Saunders: ‘How Much Is Enough?’” The Long View podcast, Morningstar.com, Oct. 25, 2022.“Joe Saul-Sehy: What Is Your Growing Season?” The Long View podcast, Morningstar.com, Aug. 16, 2022.“Jordan Grumet: A Hospice Doctor Shares Lessons About Work, Money, and Life,” The Long View podcast, Morningstar.com, July 26, 2022.

On this week’s episode, we’ll be chatting about “The State of Retirement Income” study that Christine and I recently co-authored with our colleague John Rekenthaler, who joins us for this conversation. This is the second year we’ve conducted this study, which examines how much retirees can safely withdraw in retirement. Much has changed since last year as the stock and bond markets have sold off and inflation has risen sharply. This can create uncertainty about whether retirement assets will sustain spending over a multidecade horizon, an issue we explore in this study. In this episode, I’ll be asking Christine and John about “The State of Retirement Income” study and key takeaways. For reference, you can find a link to the study in the show notes to this episode.Safe Withdrawal Rates“Determining Withdrawal Rates Using Historical Data,” by William Bengen, Journal of Financial Planning, October 1994.“The State of Retirement Income,” by Christine Benz, Jeff Ptak, and John Rekenthaler, Morningstar.com, 2022.“What’s a Safe Withdrawal Rate Today?” by Christine Benz and John Rekenthaler, Morningstar.com, Dec. 13, 2022.“How Much Do You Know When It Comes to Preparing for Retirement? Fidelity’s Retirement IQ Survey Uncovers Significant Knowledge Gaps,” Fidelity.com, March 6, 2017.“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Morningstar.com, Dec. 14, 2021.“Jonathan Guyton: What the Crisis Means for Retirement Planning,” The Long View podcast, Morningstar.com, June 16, 2020.“What’s a Safe Retirement Spending Rate for the Decades Ahead?” by Christine Benz and John Rekenthaler, Morningstar.com, Nov. 11, 2021.Inflation“How to Build a TIPS Ladder,” by John Rekenthaler, Morningstar.com, Dec. 8, 2022.“Is It Too Late to Inflation-Proof Your Portfolio?” Christine Benz and Susan Dziubinski, Morningstar.com, Nov. 14, 2022.The Retirement Spending Smile“What Is the ‘Retirement Spending Smile’?” by Wade Pfau, retirementresearcher.com.“Estimating the True Cost of Retirement,” by David Blanchett, Morningstar.com, Nov. 5, 2013.The Required Minimum Distribution Approach“Decision Rules and Maximum Initial Withdrawal Rates,” by Jonathan Guyton and William Klinger, Journal of Financial Planning, March 1, 2006.“Yes, RMDs Can Improve Your Portfolio,” by Christine Benz, Morningstar.com, May 3, 2022.“ABCs of RMDs,” by Christine Benz, Morningstar.com, June 15, 2022.Sequence of Return“Sequence Risk During Retirement,” by John Rekenthaler, Morningstar.com, Aug. 25, 2022.“Don’t Panic on Sequence of Returns,” by Amy Arnott, Morningstar.com, May 16, 2022.“How Worried Should New Retirees Be About Market Losses and High Inflation?” by Jeff Ptak and Christine Benz, Morningstar.com, Dec. 15, 2022.