The Long View

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.Here are the complete episodes that are referenced in this week’s episode."Daniel Crosby: ‘If You’re Excited About It, It’s Probably a Bad Idea,' " The Long View podcast, Aug. 31, 2021. "Manisha Thakor: Beware of ‘Junk Personal Finance,' " The Long View podcast, July 20, 2021. "Daniel Egan: Noisy Successes and Silent Failures,” The Long View podcast, Dec. 7, 2021. "Lynnette Khalfani-Cox: ‘There’s a Huge Wealth Gap in America,’ ” The Long View podcast, Sept. 28, 2021. "Sarah Newcomb: ‘I Love Rules of Thumb,’ ” The Long View podcast, Aug. 10, 2021. "Hal Hershfield: People Treat Their Future Self As If It’s Another Person,” The Long View podcast, Sept. 21, 2021. “Ramit Sethi: How Can Couples Make Peace Over Money?” The Long View podcast, Nov. 30, 2021. “Fritz Gilbert: Early Retirement Made Simple,” The Long View podcast, Oct. 26, 2021. “Mike Piper: Delaying Social Security Not Always a Great Deal,” The Long View podcast, April 27, 2021. “Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Dec. 14, 2021. “Teresa Ghilarducci: To Fix Retirement, Expand Social Security,” The Long View podcast, May 18, 2021. “Andrew Biggs: Create a Thrift Savings Plan for the Masses,” The Long View podcast, May 25, 2021. “Meg Bartelt: ‘More Money Does Not Make You Happier,’ ” The Long View podcast, March 2, 2021. “Laura Carstensen: ‘I’m Suggesting We Change the Way We Work,’ ” The Long View podcast, Sept. 14, 2021. “Carl Richards: It Should Be OK to Relax Out Loud,” The Long View podcast, July 27, 2021. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

John Rekenthaler, an expert at Morningstar Research Services, joins Christine Benz to dive into retirement withdrawal strategies. They discuss a pivotal study that suggests retirees may need to adjust their withdrawal rates lower than in the past due to current market conditions. The duo explores various strategies for sustainable spending during retirement, the risks of relying only on bonds, and the importance of adapting to shifting capital markets. Their insights equip listeners with strategies to enhance financial stability and quality of life in retirement.

Our guest on the podcast today is William Bengen. Bill has been a prolific researcher of retirement planning matters over his career, and he pioneered the exploration of safe withdrawal rates with his groundbreaking 1994 research that gave birth to what's now called the 4% rule. Bill is the former owner of Bengen Financial Services, an independent Registered Investment Advisor that he launched in 1989, after his family sold the soda-bottling business that he had helped manage. He received his Bachelor of Science degree in aeronautics and astronautics from MIT. Bill retired from his financial planning practice in 2013 but continues to conduct research on retirement planning and withdrawal rates. We're excited to have him here today.BackgroundBioIn-Retirement Withdrawal Rates and Asset Allocation“The Originator of ‘the 4% Rule’ Thinks It’s Off the Mark. He Says It Now Could Be Up to 4.5%,” by Neal Templin, barrons.com, Jan. 23, 2021.“The Planner’s Toolkit for Managing Retirement Withdrawal Plans,” by William Bengen, financialplanningassociation.org, April 2021.“Resolving the Paradox--Is the Safe Withdrawal Rate Sometimes Too Safe?” by Michael Kitces, kitces.com, May 2008.“Bill Bengen Revisits the 4% Rule Using Schiller’s CAPE Ratio, Michael Kitces’s Research,” by Bill Bengen, fa-mag.com, Dec. 17, 2020.“Can We Raise Our Safe Withdrawal Rate When Inflation Is Low?” earlyretirementnow.com, Oct. 26, 2020.“Economic Outlook: Still Rising,” by Preston Caldwell, Morningstar.com, Oct. 3, 2021.“Jonathon Guyton: What the Crisis Means for Retirement Planning,” The Long View Podcast, Morningstar.com, June 17, 2020.“Determining Withdrawal Rates Using Historical Data,” by William Bengen, retailinvestor.org.“The Rules of Retirement Spending Are Changing,” by Anne Tergesen, wsj.com, Nov. 26, 2021.“Choosing the Highest Safe Withdrawal Rate at Retirement,” by William Bengen, fa-mag.com, Oct. 1, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Dan Egan. Egan is the director of behavioral finance and investing at Betterment, and he has researched behavioral finance topics extensively over his career. Prior to joining Betterment, he was a behavioral finance specialist for Barclays Wealth. He received his bachelor's degree in economics from Boston University and his Master of Science degree in decision science from the London School of Economics.BackgroundBioResearch Frictions and 'Free'"Closing the Behavior Gap," Betterment.com, Dec. 11, 2018."'Most People Don’t Want to Be Called Average,' Says Betterment's Dan Egan, Who Designs Financial Tools for Them Anyway," by Andrea Riquier, MarketWatch, June 16, 2020."How Checking Performance Might Hurt Your Performance," by Dan Egan, Betterment.com, May 20, 2019."The Myth of the Panicky Individual Investor," by Dan Egan, dpegan.com, March 14, 2020."Memestonks: What's Different About This Market," by Dan Egan, Betterment.com, Jan. 29, 2021."5 Red Flags to Look out for in Your Favorite Investing App," by Liz Knueven, Insider, Feb. 17, 2021."Low Cost Is Better Than Free," by Dan Egan, dpegan.com, March 23, 2021."Are Commission-Free Investing Apps Encouraging Reckless Behavior?" by Robert Farrington, Forbes, Dec. 3, 2019.Betterment"Using Investment Goals at Betterment," by Dan Egan, Betterment.com, July 27, 2021."How Much to Save: Our Advice Guides You Toward Your Goals," by Dan Egan, Betterment.com, Jan. 24, 2019.“Betterment's 401(k) Investment Approach," by Dan Egan, Betterment.com, Feb. 2, 2021."Q&A: What's the Future of Investing?" Betterment.com, Feb. 17, 2021."When It Comes to ESG, Investors Want Specifics—and They Should," by Elizabeth Thompson, Spark Network, Feb. 4, 2021."'Robo' Advisers Betterment, Wealthfront Get in on Socially Responsible Investing," by Anne Tergesen, The Wall Street Journal, July 19, 2017. Retirement"Lifestyle Creep: The Biggest Threat to Financial Planning," by Dan Egan, Betterment.com, Feb. 28, 2019."Tiny Changes Can Help You Achieve Savings Goals for Retirement," by Anne Tergesen, The Wall Street Journal, Dec. 28, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast this week is personal finance expert and author, Ramit Sethi. His first book I Will Teach You to Be Rich, published in 2009, was a best-seller. A second edition of the book came out in 2019. Ramit is the founder of IWillTeachYouToBeRich.com, and he is also the host of a new podcast called, I Will Teach You to Be Rich, which features in-depth conversations with couples about money. BackgroundBioI Will Teach You to Be Rich, Second Edition: No Guilt. No Excuses. No BS. Just a Six-Week Program That Works, by Ramit SethiI Will Teach You to Be Rich PodcastIWillTeachYoutoBeRich.comIn-Depth Conversations With Couples “Ramit Sethi Launches Groundbreaking Podcast,” Yahoo.money.com, Aug. 4, 2021.“Conscious Spending Plan: How to Budget by Looking Into the Future,” by Kara Copple, Iwillteachyoutoberich.com, Nov. 23, 2020.“Is Renting a Waste of Money? Ramit Sethi Explains,” by Ramit Sethi, Iwillteachyoutoberich.com, Sept. 22, 2021.“Episode 17: I Think He Should Pay for Everything Because He’s the Man,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Nov. 9, 2021.“Episode 18: He’s the Man & He Should Pay. We Can’t Go on Like This Anymore,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Nov. 16, 2021.“Episode 14: I Hide My Spending From My Husband,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Oct. 19, 2021.“Episode 16: We’re Worth $8 Million but I Comparison Shop for Strawberries,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Nov. 2, 2021.“Money Dials: The Reason You Spend the Way You Do According to Ramit Sethi,” by Ramit Sethi, Iwillteachyoutoberich.com, Oct. 22, 2021. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Phil Huber. He is chief investment officer at Savant Wealth Management, a fee-only registered investment advisor. Previously, Huber worked for Huber Financial Advisors, which Savant acquired in 2020. Huber is active in the financial blogosphere with his blog bps and pieces.com. He has a bachelor's degree in finance from the Kelley School of Business at Indiana University and has earned both the Certified Financial Planner and Chartered Financial Analyst designations. Huber is also the author of a new book, The Allocator's Edge: A Modern Guide to Alternative Investments and the Future of Diversification.BackgroundBioSavant Wealth ManagementBps and piecesThe Allocator's Edge: A Modern Guide to Alternative Investments and the Future of DiversificationTrade Allocations and the Case for Alternatives"Evidence-Based Investing: Application and Monitoring," by Phil Huber, savantwealth.com, March 22, 2021."In Defense of Complexity," by Phil Huber, bpsandpieces.com, March 16, 2019."The Four C's of Investment Costs," by Phil Huber, bpsandpieces.com, Nov. 3, 2021."Inflation: Temporary or Here to Stay?" by Daniel G. Noonan, savantwealth.com, Sept. 15, 2021."Ask Meaningful Questions: Bonds and Alternatives," by Phil Huber, savantwealth.com, March 21, 2021.“The Elements of Diversification," by Phil Huber, bpsandpieces.com, Nov. 19, 2018.Retirees "Three Tips for Evidence-Based Retirement Plans," by Isaac Presley, cordantwealth.com, Nov. 29, 2017.Practice and Behavioral"Diversification Means Always Having to Say You're Sorry," by Brian Portnoy, forbes.com, March 9, 2015.Liquid Alts"Liquid Alts Revival?" by Phil Huber, bpsandpieces.com, April 7, 2021."Inside the Morningstar Style Box for Alternatives," by Jason Kephart, Morningstar.com, Oct. 30, 2017.Indexing and ETFs"Patrick O'Shaughnessy: 'Custom Indexing Unlocks a Lot of Benefits'," The Long View, Morningstar.com, May 12, 2021.Canvas"For a While, Bond Funds Were an Exception to the Indexing Rule," by Carla Fried, nytimes.com, Jan. 11, 2019."Around the ETF World in 80 Hours," by Phil Huber, bpsandpieces.com, Feb. 14, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Robin Wigglesworth. Robin is the Financial Times' global finance correspondent based in Oslo, Norway. He covers investing in markets with a focus on technological disruption and quantitative investing. He joined the FT as a Gulf correspondent in June 2008. Before that, he was a Nordic economics and politics correspondent for Bloomberg News. Robin is a graduate of City, University of London and received his master's in history of international relations from the London School of Economics and Political Science. Robin is here to discuss his new book, Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever.BackgroundBioTrillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance ForeverHistory of Indexing“Louis Bachelier: An Underappreciated Revolutionary,” historyofdatascience.com, June 3, 2021.Paul SamuelsonEfficient Market HypothesisRex SinquefieldDean LeBaronMac McQuownJack BogleJohn BrennanDimensional Fund Advisors Dan WheelerLarry FinkEugene FamaHarry MarkowitzBill SharpeBaby BellsTechnologyCowles Foundation for Research in Economics“Can Stock Market Forecasters Forecast?” by Alfred Cowles, yale.edu, 1933.The Beginning of ETFs“Passive Attack: The Story of a Wall Street Revolution,” by Robin Wigglesworth, FT.com, Dec. 19, 2018.“All That Drama About Fixed-Income ETFs Was Overplayed,” by Robin Wigglesworth, FT.com, April 21, 2020.Nate Most Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Charles Rotblut. Charles is vice president at the American Association of Individual Investors, and he's also editor of the AAII Journal. Charles wrote the book Better Good Than Lucky, which was published in 2010. And he's a CFA charterholder.BackgroundBioAAII JournalBetter Good Than Lucky: How Savvy Investors Create Fortune With the Risk-Reward Ratio, by Charles RotblutAAIIPRISM Wealth-Building Process “Always Leave Home Without It: A Further Investigation of the Credit-Card Effect on Willingness to Pay,” by Drazen Prelec and Duncan Simester, Marketing Letters, NYtimes.com, June 8, 2000.“Aging’s Adverse Impact on Decision-Making,” by Charles Rotblut, aaii.com. AAII Investor Sentiment Survey“Meb Faber: ‘To Be a Good Investor, You Have to Be a Good Loser,’” The Long View Podcast, morningstar.com, Sept. 7, 2021.Investor Behavior“A Rules-Based Approach to Managing a Portfolio,” by Charles Rotblut, aaii.com, April 6, 2017.“A Process for Creating Your Own Investing Plan,” by Charles Rotblut, aaii.com. “Using the Power of the Written Word to Improve Your Returns,” by Charles Rotblut, cannonfinancial.com, September 2018.The National Weight Control Registry“Save More Tomorrow:™ Using Behavioral Economics to Increase Employee Saving,” by Richard H. Thaler and Shlomo Benartzi, journals.uchicago.edu, February 2004.“There’s a Brilliant Reason Why Van Halen Asked for a Bowl of M&Ms With all the Brown Candies Removed Before Every Show,” by Julie Zeveloff, businessinsider.com, Sept. 7, 2016.“Avoid the Psychological Traps of the Market With The Dreman Screen,” by Charles Rotblut, forbes.com, Oct. 6, 2021.Investing at Level 3, by James Cloonan“The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone,” by Michael Kitces, kitces.com, Oct. 5, 2016.“Managing Sequence of Return Risk With Bucket Strategies Vs. a Total Return Rebalancing Approach,” by Michael Kitces, kitces.com, Nov. 12, 2014. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Bob Seawright. Bob is chief investment and information officer at Madison Avenue Securities, a Registered Investment Advisorand broker/dealer based in San Diego, California. Bob has received a number of accolades through the years but is perhaps best known for his popular newsletter, "The Better Letter," where he writes about a wide range of topics, including human behavior, decision-making, and investing. Before coming to the finance industry, Bob was a practicing lawyer. He later joined Merrill Lynch, where he worked as a financial advisor until joining Madison in 2010. Bob earned his bachelor's degree from the State University of New York at Fredonia, his J.D. from Duke University, and is a CFA charterholder. BackgroundBioThe Better LetterHow I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest, by Joshua Brown and Brian PortnoyUbiquity: Why Catastrophes Happen, by Mark BuchananTerrance Odean: “The Average Investor Is His Own Worst Enemy,” Forbes.com, June 10, 2010.Confirmation Bias and Addition by Subtraction“The Better Letter: Believing Is Seeing,” by Bob Seawright, betterletter.substack.com, May 21, 2021.The Geometry of Wealth: How to Shape a Life of Money and Meaning, by Brian Portnoy“A Hierarchy of Advisor Value,” by Bob Seawright, RPSeawright.wordpress.com, Feb. 12, 2016. “The Better Letter: Addition by Subtraction,” by Bob Seawright, betterletter.substack.com, July 30, 2021.Error Avoidance“Investors’ 10 Most Common Behavioral Biases,” by Bob Seawright, RPSeawright.wordpress.com, July 16, 2012.“Not Stupid Wins,” by Bob Seawright, RPSeawright.wordpress.com, Dec. 20, 2019.“The Better Letter: Crash Protection,” by Bob Seawright, betterletter.substack.com, Sept. 24, 2021.“Forecasting Follies 2020,” by Bob Seawright, RPSeawright.wordpress.com, Jan. 2, 2020.Skill Versus Randomness“The Better Letter: Randomness Rules,” by Bob Seawright, betterletter.substack.com, July 16, 2021.“The Better Letter: Process, Probability, and Power,” by Bob Seawright, betterletter.substack.com, Aug. 14, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is author and blogger Fritz Gilbert. Fritz spent more than 30 years in corporate America, before retiring at age 55. He and his wife moved to a cabin in the Georgia mountains, where they enjoy community involvement and charity work. Fritz has been writing about the experience and giving advice at his blog, theretirementmanifesto.com. He also wrote a book about retirement, called Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years.BackgroundBioTwitter: https://twitter.com/RetireManifestoWhat I've Learned From 2 Years of Retirement, by Fritz Gilbert; June 3, 2020Wise Advice for a Successful Retirement, by Fritz Gilbert; April 22, 2020Freedom for Fido, by Fritz Gilbert; May 7, 2019Freedom for Fido websiteThe Dark Side of Retirement, by Fritz Gilbert; Nov. 19, 2019The One Retirement Question Project, by Fritz Gilbert; May 18, 2018The Wall Street Journal. Complete Retirement Guidebook: How to Plan It, Live It and Enjoy It Karsten Jeske/Early Retirement NowThe Safe Withdrawal Rate SeriesKarsten Jeske: Cracking the Code on Safe Withdrawal Rates. The Long View podcast. Oct. 13, 2020. Retirement Readiness10 Steps to Make Sure You Have Enough Money to Retire, by Fritz Gilbert; May 26, 202120 Steps to Take in the Year Before Retirement, by Fritz Gilbert; Jan. 2, 2019The Ultimate Pre-Retirement Checklist, by Fritz Gilbert; March 27, 2018How To Build a Retirement Paycheck From Your Investments, by Fritz Gilbert; Oct. 4, 2016Retirement: Decumulation and InvestmentsHow to Manage the Bucket Strategy, by Fritz Gilbert; Jan. 15, 2020A Step-By-Step Guide for Your Annual Financial Update, by Fritz Gilbert; Jan. 1, 2020Our Retirement Investment Drawdown Strategy, by Fritz Gilbert; June 20, 2017How to Move Your Retirement From Good to Great in 7 Days, by Fritz Gilbert; May 31, 2017 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.