The Long View

Our guest on the podcast today is Jim Dahle, also known as The White Coat Investor. A practicing board-certified emergency physician, Jim also focuses on helping other healthcare professionals get smarter about managing their money. He founded the White Coat Investor website in 2011 and it rapidly grew into the most widely read physician-specific website in the world. Jim's first book, The White Coat Investor: A Doctor's Guide to Personal Finance and Investing came out in 2014. The White Coat Investor's Financial Boot Camp: A 12 Step High-Yield Guide to Bring Your Finances Up to Speed was released in February 2019. In addition, Jim has a podcast and videocast, online courses, and runs a live conference. Jim earned his Bachelor of Science degree in molecular biology from Brigham Young University and then attended the University of Utah School of Medicine. He trained at the University of Arizona Emergency Medicine Residency Program and then served four years with the Air Force and the Navy.BackgroundJim Dahle bio The White Coat Investor Jim Dahle books WCI podcastPhysician FinancesThe Student Doctor NetworkSermo “Physician Debt and Net Worth Report 2016,” Medscape.com, April 20, 2016.  “The Physician Net Worth Rule Part 2,” by Jim Dahle, whitecoatinvestor.com, Nov. 10, 2011. “The Right Way to Use Debt in Medical School,” by Jim Dahle, whitecoatinvestor.com, Aug. 24, 2020. “Financial Burdens and Physician Burnout,” by Jimmy Turner (The Physician Philosopher), Thephysicianphilospher.com, Nov. 13, 2019. “7 Ways to Reduce Medical School Debt,” by Ken Budd, aamc.org, Oct. 9, 2018. “5 Financial Planning Tips Every Young Physician Should Know,” by Michael Winters, ama.org, May 10, 2016.The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by Thomas J. Stanley and William D. Danko, Amazon.com, Nov. 16, 2010.Finding a Financial Advisor“How to Find a Good Financial Advisor at a Fair Price,” by Jim Dahle, whitecoatinvestor.com, March 8, 2019.“The Perfect Financial Advisor,” by Jim Dahle, whitecoatinvestor.com, May 18, 2015.“How to Tell a Good Financial Advisor From the Rest,” by Jimmy Turner (The Physician Philosopher), whitecoatinvestor.com, Aug. 10, 2019.“What you Need to Know About Financial Advisers,” by Jim Dahle, whitecoatinvestor.com. Asset Allocation and Portfolio Management“150 Portfolios Better Than Yours,” by Jim Dahle, whitecoatinvestor.com, Jan. 21, 2020.“Rules for Asset Allocation Implementation,” by Jim Dahle, whitecoatinvestor.com, Oct. 28, 2019.Bogleheads“Three-Fund Portfolio,” Bogleheads.org. The Bogleheads’ Guide to the Three-Fund Portfolio: How a Simple Portfolio of Three Total Market Index Funds Outperforms Most Investors With Less Risk, by Taylor Larimore, July 3, 2018. “Review of Bogleheads Guide to the Three Fund Portfolio,” by Jim Dahle, whitecoatinvestor.com, Aug. 3, 2018.“Top 10 Things Bogleheads Get Wrong,” by Jim Dahle, whitecoatinvestor.com, June 19, 2020.Retirement Planning“Investing in Retirement,” by Jim Dahle, whitecoatinvestor.com, July 21, 2015.The Bogleheads’ Guide to Retirement Planning, by Taylor Larimore, Mel Lindauer, Laura F. Dogu, and Richard A. Ferri, Feb. 22, 2011. “Cracking the Nest Egg--Decumulation Strategies in Retirement,” by Jim Dahle, whitecoatinvestor.com, May 30, 2014.Healthcare“Long Term Care Insurance,” by Jim Dahle, whitecoatinvestor.com, Sept. 6, 2013.“The Best Ways To Use an HSA,” by Jim Dahle, whitecoatinvestor.com, Dec. 10, 2019.“7 Reasons an HSA Should be Your Favorite Investing Account,” by Jim Dahle, whitecoatinvestor.com, Jan. 18, 2019.“The Four Keys to Health Care Reform,” by Jim Dahle, whitecoatinvestor.com, Sept. 28, 2018. 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 Steve Romick. Steve is a portfolio manager at First Pacific Advisors, or, as it's probably better known, FPA. Steve comanages several FPA strategies, including the FPA Crescent Fund as well as the Source Capital closed-end fund. Steve joined FPA in 1996. Before that, he was chairman of Crescent Management and an analyst for Kaplan, Nathan & Co. For his work managing FPA Crescent, Steve was the recipient of the Morningstar U.S. Allocation Fund of the Year Award in 2013 and was previously a nominee for the Morningstar Fund Manager of the Decade Award. Steve earned his bachelor's in Education from Northwestern University and is a CFA charterholder.Bio and BackgroundSteve Romick and FPA team bios FPA Crescent Morningstar “Quicktake” reportFPA Crescent home page FPA Crescent Q2 2020 commentary FPA Crescent historical asset allocation FPA Crescent historical performance attribution ReferencesBerkshire Hathaway letter from the chairman; 1996 “Active Share” High-yield spreads 10-year breakeven inflation rates 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 is retirement and tax expert, Ed Slott. He is president and founder of Ed Slott and Company, which provides retirement and tax planning education to investment advisors and financial institutions. Ed has written several books including the recently published Ed Slott's Retirement Decisions Guide: 2020 Edition and Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s. PBS viewers may know Ed from his frequent appearances on public television. He also hosts the popular website irahelp.com, where The Slott Report blog regularly dispenses wisdom about retirement, tax, and estate planning. He provides a monthly Q&A column to AARP and is also a contributing columnist and media resource to Financial Planning, Financial Advisor, and InvestmentNews magazines. Ed is a certified public accountant.BackgroundEd Slott bio The Slott Report blog Books by Ed Slott Ed Slott AARP articles Ed Slott InvestmentNews articles Ed Slott Financial Planning articlesIRAs and ConversionsTax-deferred definition A Comprehensive Guide to Tax Treatment of Roth IRA Distributions Roth IRA Conversion Rules “New Tax Law Provides the Opportunity for Tax-Rate Arbitrage on Roth IRAs,” by Ed Slott, InvestmentNews, Feb. 15, 2018. “Seize the Opportunity to Convert to Roths,” by Christine Benz and Ed Slott, Morningstar.com, April 1, 2020. “Rothification?” by Sarah Brenner, Irahelp.com, Oct. 16, 2017. Backdoor Roth IRA definition“The Definitive Guide to the Back-Door Roth,” by Jeffrey Levine, Irahelp.com, Aug. 12, 2015. “Backdoor Roth IRA Conversions Alive and Well,” by Christine Benz and Ed Slott, Morningstar.com, Aug. 14, 2018. “Am I Too Old for an IRA Conversion?” by Christine Benz and Ed Slott, Aug. 21, 2018. “When IRA Conversions Don’t Add Up,” by Christine Benz, Morningstar.com, June 1, 2020. Required Minimum DistributionsRequired minimum distribution definition“The CARES Act and 2020 RMDs,” by Ian Berger, Irahelp.com, Aug. 6, 2020. “The 411 on RMDs for 2020,” by Christine Benz, Morningstar.com, April 22, 2020. “SECURE Act Targets Minimum Distribution Rules,” by Natalie Choate, Morningstar.com, Jan. 8, 2020. Charitable Giving“QCDs: Still Available in 2020 and Still a Good Strategy,” by Sarah Brenner, irahelp.com, April 20, 2020. “How Charitable Giving Is Changing in 2020,” by Christine Benz, Morningstar.com, April 20, 2020. "Morningstar’s Guide to Donor-Advised Funds," Morningstar.com, Nov. 20, 2018. Modified adjusted gross income (MAGI) definition Estate Planning“Did the SECURE Act Kill the Stretch IRA?” by Ed Slott, AARP.com, Feb. 27, 2020. “10 Things to Know about the SECURE Act’s 10-Year Rule,” by Sarah Brenner, IRAhelp.com, Feb. 26, 2020. Step-up in Basis definition Stretch IRA definition 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 is Pramod Atluri. He is a fixed-income portfolio manager at Capital Group. Atluri began in the investment business more than two decades ago and has been at Capital Group since 2016. Before joining Capital Group, Atluri was a bond portfolio manager at Fidelity Investments, where he also worked as a fixed-income strategist and credit analyst. He began his career as a management consultant at McKinsey & Company. Atluri earned his bachelor's degree from the University of Chicago and his Master of Business Administration from Harvard Business School, and he is a CFA charterholder.BackgroundPramod Atluri bioAmerican Funds Bond Fund of America American Funds Income Fund of AmericaAmerican Funds American Balanced Commentary"Four Actions to Take in Bond Portfolios," by Pramod Atluri, Mike Gitlin, and Karl Zeile, Capital Group, June 17, 2020. "Answers to Your 5 Biggest Fed Rate Cut and Bond Questions," by Mike Gitlin and Pramod Atluri, Capital Group, March 17, 2020. "Fixed-Income Outlook: Meet Uncertainty With Balance," by Pramod Atluri, Mike Gitlin, and Margaret Steinbach, Capital Group, Dec. 11, 2019. Fund ManagementThe Capital System"Capital Group: Multimanager System the 'Best of Both Worlds'," by Alec Lucas and Brad Vogt, Morningstar.com, June 16, 2018. 2020 Market TurbulenceNonbank financial companies"Enormous De-Leveraging in Bond Market Smacks of Margin Calls," by Stephen Spratt, Bloomberg.com, March 19, 2020. "Treasury Bonds Sold Off as the Dow Sank Into a Bear Market. That's Not Supposed to Happen," by Alexandra Skaggs, Barron's, March 11, 2020. Role of Bonds in a Portfolio"Why Fixed Income: 4 Roles Your Bond Portfolio Should Play," by Kelly Campbell and Mike Gitlin, Capital Group, February 2019. "U.S. Fund Flows in June Cap a Wild First Half of 2020," by Tony Thomas and Nick Watson, Morningstar.com, July 17, 2020. "How the Great Inflation of the 1970s Happened," by Leslie Kramer, Investopedia, April 29, 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 Dr. Burton Malkiel. Dr. Malkiel is the Chemical Bank chairman's professor of economics at Princeton University. And he's also author of the widely influential investment book, "A Random Walk Down Wall Street." He's also the Chief Investment Officer at Wealthfront. He's a longtime professor in economics at Princeton, where he was also chairman of the economics department. Before that, he was the dean of the Yale School of Management, and William S. Beinecke Professor of Management Studies there from 1981 through 1988. Dr. Malkiel has served on boards of directors of several firms, including the Vanguard Group and on the investment committees of Active Investment Advisors, and the American Philosophical Society. Dr. Malkiel began his career in the investment banking department of Smith Barney & Co. He holds a BA and MBA degrees from Harvard and a PhD from Princeton University.Bio and BackgroundDr. Malkiel's bio Malkiel. B.G. 2020. “A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing” (Twelfth Edition).” (New York: W.W. Norton & Co.).Dr. Malkiel’s WealthFront blog Retirement IncomeThe 4% spending rule 10-year Treasury yieldAsset AllocationRiquier, A. 2020. "Investing legend Burton Malkiel on day-trading millennials, the end of the 60/40 portfolio and more.” MarketWatch. July 15, 2020.Wealthfront portfolio construction methodologyMalkiel, B.G. 2015. “How Much Should We Invest in Emerging Markets?” WealthFront blog; April 14, 2015.Equity ValuationCyclically adjusted price/earnings ratio Malkiel, B.G. 2020. “It’s a Good Time to Stock Up.” The Wall Street Journal; April 7, 2020. Finke, M. 2020. "The Remarkable Accuracy of CAPE as a Predictor of Returns.” Advisor Perspectives. July 20, 2020Equity risk premium data; Damodaran OnlineGlobal CAPE ratio data; Star CapitalActive/PassiveMorningstar Active/Passive Barometer Rekenthaler, J. 2018. "The Paradox of Skill.” Morningstar. Dec. 17, 2018.Factor InvestingGoldman Sachs ActiveBeta US Large-cap EquityVanguard US Multifactor ETFRisk ParityWealthFront Risk Parity ESGKinder Morgan; Morningstar analysisKinder Morgan; Sustainalytics analysis Facebook; Morningstar analysis Facebook; Sustainalytics analysis 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 is Ben Inker. Ben is GMO's head of asset allocation. In that capacity, he leads GMO's asset-allocation team and is a member of the firm's board of directors. He joined GMO in 1992 after obtaining his bachelor's in economics from Yale University. Prior to assuming his current role, Ben was an analyst on GMO's quantitative equity and asset-allocation teams, a portfolio manager of various equity and asset-allocation portfolios the firm offers, co-head of international quantitative equities, and CIO of quantitative developed equities. Ben is a CFA charterholder.BackgroundBen Inker bio Ben Inker articles GMO’s Research Library GMO Global Asset AllocationAsset AllocationGMO 7-Year Asset-Class Return Forecast, 2Q 2020 “Uncertainty Has Rarely Been Higher; Oddly, Neither Has the Stock Market,” by Ben Inker and Jeremy Grantham, June 4, 2020. “Stocks Are Too Risky. What GMO’s Inker Says to Buy Instead,” by Jack Otter, Barron’s, May 24, 2020. Mean reversion definition, Investopedia.GMO Mean Reversion Strategy “GMO’s Mean Reversion Strategy Is Tested in Today’s Market,” by Bailey McCann, Institutional Investor, July 25, 2016. “60/40 Portfolios Face Double Trouble Ahead,” by Rick Friedman, GMO Insights, Feb. 26, 2020. ESG InvestingGMO’s ESG Capabilities “Climbing the ESG Learning Curve: Lessons Learned in Emerging Markets,” by Amit Bhartia, Binu George, and Hardik Shah,” GMO Insights, Nov. 4, 2019. “ESG Managers Say Pandemic Is a Stress Test That Proves Their Point,” by Alastair Marsh, Bloomberg.com, April 9, 2020. Emerging Markets“Emerging Markets: Tamed Child O’ Mine,” by Amit Bhartia, Mehak Dua, and Alvaro Pascual, GMO White Papers, July 7, 2020. “COVID-19: Risk and Resilience in Emerging Markets,” by Amit Bhartia, Tiger Tong, and Uday Tharar, GMO White Papers, April 16, 2020. “GMO: 5 Reasons to Own Emerging Market Stocks Now,” by Bernice Napach, ThinkAdvisor, July 13, 2020. “Emerging Markets Value: A Rare Ray of Sunshine from GMO’s Strategists,” by David Snowball, Mutual Fund Observer, Dec. 1, 2018. Value Investing"The Trouble with Value," by Ben Inker. “Risk and Premium: A Tale of Value,” by John Pease, GMO White Papers, July 30, 2019.“During the Coronavirus Crisis, Does Value Investing Still Make Sense?” by Robin Wigglesworth, Financial Times, May 14, 2020. "GMO Is Feeling Pain Reminiscent of the Late 1990s,” by Christine Idzelis, Institutional Investor, Oct. 10, 2019. Portfolio Construction and Strategy"How to Lose Your Job in Asset Allocation," by Jeremy Grantham and Ben Inker. GMO Benchmark-Free Allocation FundGMO Alternative Allocation Fund GMO’s Systematic Global Macro Strategy  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 is Jerome Clark. He is the portfolio manager of the asset-allocation target-date strategies and oversees the college savings plan portfolios in T. Rowe Price's multi-asset division. He's also a member of the firm's asset-allocation committee and serves on the multi-asset steering committee. Clark joined T. Rowe's fixed-income division in 1992 as a portfolio manager of the firm's U.S. Treasury Long Term Bond strategy. He began managing multi-asset portfolios in 2001. Before joining T. Rowe Price, Clark was a captain in the United States Marine Corps and a mathematics instructor at the U.S. Naval Academy. He earned his bachelor's degree in mathematics from the U.S. Naval Academy, his master's in operations research from the Naval Postgraduate School, and his Master of Business Administration from Johns Hopkins University. Clark is also a CFA charterholder. For his accomplishments during his tenure, Morningstar analysts recently named Clark the winner of the Outstanding Manager Award at the 2020 Morningstar Awards for Investing Excellence. He's slated to step down from his current role in early 2021.BackgroundJerome Clark bio "Winners of the 2020 Morningstar Awards for Investing Excellence,"  by Sarah Bush, June 22, 2020. "Meet the U.S. Winners of Our Awards for Investing Excellence," by Christine Benz and Sarah Bush, Morningstar.com, June 22, 2020. "Pioneer of Target-Date Funds Looks to the Future: Hedging and 'Tail-Risk' Strategies," by Howard Gold, MarketWatch, July 16, 2020. Target-Date FundsTarget-date fund Liability matching Pension Protection Act of 2006"The Pension Protection Act's Impact on Defined-Contribution Plans," T. Rowe Price, May 2016. "Success Story: Target-Date Fund Investors," by Jeffrey Ptak, Morningstar.com, Feb. 19, 2018. "Mind the Gap 2019," by Russel Kinnel, Morningstar.com, Aug. 15, 2019. "Brigitte Madrian: 'Inertia Can Actually Be a Helpful Thing'," Morningstar.com, April 22, 2020. Glide Paths/Asset AllocationT. Rowe Price Target-Date Glide-Path Design "Beyond Averages: A More Robust Approach to Glide-Path Design," by Lorie Latham, Zachary Rayfield, and Kathryn Farrell, T. Rowe Price, Jan. 16, 2020. "Enhancing the T. Rowe Price Glide Paths," by Jerome Clark, Kim DeDominicis, and Wyatt Lee, T. Rowe Price, February 2020. Retirement Decumulation Sequence risk "The Art and Science of Developing Retirement Income Strategies," by Jerome Clark, Kim DeDominicis, and Wyatt Lee, T. Rowe Price, 2019. Qualified default investment alternative (QDIA)Monte Carlo simulation 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 is retirement expert Jamie Hopkins, who is managing director of Carson Coaching and the director of retirement research at wealth management firm Carson Group. He's also a finance professor of practice at Creighton University's Heider College of Business. Hopkins wrote the book Rewirement: Rewiring the Way You Think About Retirement!, and he's a regular contributor to Forbes, InvestmentNews, and MarketWatch. Prior to joining Carson Group, he was with The American College of Financial Services, most recently serving as director of retirement research. He received his bachelor's degree from Davidson College, his law degree from Villanova University, and his Master of Laws from Temple University. He's also a certified financial planner, a chartered financial consultant and a chartered life underwriter. Hopkins cohosts a podcast that launched earlier this year. It's called Framework.Disclosure: CWM, LLC, an affiliate of Carson Group, licenses and/or offers products and services of Morningstar and its affiliates.BackgroundJamie Hopkins bio Jamie Hopkins' Forbes articles Jamie Hopkins' InvestmentNews articles Framework With Jamie Hopkins podcast Rewirement: Rewiring the Way You Think About RetirementThe American College of Financial Services Behavioral Coaching"How the Human-to-Human Connection Helps Facilitate Positive Behavior Change," by Derek Tharp, Kitces.com, Aug. 16, 2017. "Using Behavioral Finance Principles to Behaviorally Coach Clients to Make Better Decisions," by Jay Mooreland, Kitces.com, May 13, 2020. Your Mental Wealth, Klontz Consulting GroupShlomo Benartzi bio Save More Tomorrow "Help Clients Overcome These 3 Common Emotional Biases," by Jamie Hopkins, InvestmentNews, June 3, 2020. "The Neuroscience of Decision-Making Explained in 30 Seconds," by Christian Jarrett, Wired, March 18, 2014. "The Social Security Mistake Risk-Averse Folks Make," by Jamie Hopkins, Kiplinger's, July 9, 2019. The Pandemic's Effects on Retirement Planning and Older Workers"Jonathan Guyton: What the Crisis Means for Retirement Planning," by Christine Benz, Jeff Ptak, and Jonathan Guyton, Morningstar.com, June 16, 2020. Paychecks and Playchecks: Retirement Solutions for Life, by Tom Hegna, 2011. "4 Reasons to Work Longer," by Rebecca Koenig, U.S. News & World Report, June 1, 2018. "Working Longer and Other Ways to Optimize Retirement Income," T. Rowe Price. "The Pandemic Paradox for Older Workers," by Richard Eisenberg, NextAvenue.org, May 19, 2020. "A Coronavirus Recovery: How to Ensure Older Workers Fully Participate," by Monique Morrissey, Economic Policy Institute, April 16, 2020. "A Pandemic Problem for Older Workers: Will They Have to Retire Sooner?" by Mark Miller, The New York Times, June 26, 2020. Retirement Portfolio Planning"Cutting Interest Rates Hurts Retirees the Most," by Jamie Hopkins, Forbes, Aug. 3, 2019. "7 Ways an Interest Rate Cut From the Fed Can Impact Retirees," by Matthew Goldberg, Bankrate.com, March 15, 2020. "How's Your Bond Fund Holding Up?" by Miriam Sjoblom, Morningstar.com, March 18, 2020. "How Short-Term Bond Funds Went Wrong (Again)," by Miriam Sjoblom, Morningstar.com, July 1, 2020. "4 Ways to Manage Sequence of Returns Risk," by Jamie Hopkins, Forbes, Oct. 30, 2019. "The 4 Percent Rule Is Not Safe in a Low-Yield World," by Michael S. Finke, Wade D. Pfau, and David Blanchett, Journal of Wealth Management, Jan. 15, 2013. "Is the '4% Rule' Broken?" by Christine Benz and Wade Pfau, Morningstar.com, July 10, 2020. "Decision Rules and Maximum Initial Withdrawal Rates," by Jonathan T. Guyton and William J. Klinger, Journal of Financial Planning, March 2006. "3 Reasons Annuities Are the Unsung Heroes of Retirement Income Planning," by Jamie Hopkins, Forbes, June 14, 2019. "Can Annuities Become a Bigger Contributor to Retirement Security?" by Martin Neil Baily and Benjamin H. Harris, Brookings, June 2019. "Fixed Index Annuities: Consider the Alternative," by Roger Ibbotson, Zebra Capital Management, January 2018. "3 Advantages of Using Fixed Indexed Annuities in Retirement," by Jamie Hopkins, InvestmentNews, Oct. 23, 2019. "Mitigating the 3 Common Conflicts of AUM Fiduciaries," by Jamie Hopkins, InvestmentNews, Jan. 10, 2020. The CARES Act and Retirement Planning "5 Ways the CARES Act Impacts Retirement Planning," by Jamie Hopkins, Forbes, April 10, 2020. "3 Roth Conversion Traps to Avoid After the SECURE Act," by Jamie Hopkins, Forbes, Jan. 21, 2020. "Why the SECURE Act Makes 2020 the Year of Missed RMDs from IRAs," by Jamie Hopkins, Forbes, Dec. 18, 2019. "How You Can 'Undo' 2020 Retirement Distributions and RMDs," by Jamie Hopkins, Forbes, May 1, 2020. "Advancing the Study of Using Future-Self Images to Alter Behavior," by Carla Fried, UCLA Anderson Review, Sept. 26, 2018.  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 Social Security and retirement planning expert Mary Beth Franklin. Mary Beth is president of RetirePro and a contributing editor to InvestmentNews. She's a frequent public speaker and she also has her own podcast, "Retirement Repair Shop." In addition to her deep knowledge about retirement planning, Mary Beth is a virtual encyclopedia on the ins and outs of Social Security, especially beneficial claiming strategies. Her most recent book is Maximizing Social Security Retirement Benefits: Everything You Need to Know to Get the Most Out of Complicated New Claiming Rules. Prior to joining InvestmentNews, Mary Beth was tax editor at Kiplinger’s Personal Finance and a Capitol Hill reporter at United Press International. She has also earned the Certified Financial Planner designation.BackgroundMary Beth Franklin bio  Mary Beth Franklin InvestmentNews article archive  Mary Beth Franklin on Twitter Mary Beth Franklin Retirement Repair Shop podcast Pandemic Impact on Retirement, Social Security Planning“Rethinking Retirement Amid the COVID-19 Crisis,” by Mary Beth Franklin, InvestmentNews, May 10, 2020.  “Americans Remain Confident about Their Retirement Prospects,” by Mary Beth Franklin, InvestmentNews, April 29, 2020.  Withdrawing Your Social Security Application, SSA.gov.  Suspending Your Retirement Benefits Payments, SSA.gov.  “Pandemic Prompts Some to Rethink Social Security Claiming Strategy," by Mary Beth Franklin, InvestmentNews, April 7, 2020.  “Escape Hatch for Workers Claiming Social Security Early,” by Mary Beth Franklin, Investment News, April 22, 2020.  “Taking Social Security in the Pandemic: What to Know,” by Mark Miller, The New York Times, April 17, 2020.  “Social Security Has a Quick Cash Solution,” by Mary Beth Franklin, Investment News, May 19, 2020.  “Coronavirus-Related Relief for Retirement Plans and IRAs: Questions and Answers,” IRS.gov.  “Few Use CARES Act to Tap Retirement Savings,” by Mary Beth Franklin, InvestmentNews, June 10, 2020.  “How to Fund a Social Security Delay,” by Mary Beth Franklin, Investment News, Aug. 11, 2017.  “Wade Pfau: The 4% Rule Is No Longer Safe,” by Wade Pfau, Christine Benz, and Jeff Ptak, The Long View podcast, April 29, 2020.  “Using Reverse Mortgages in a Responsible Retirement Income Plan,” by Wade Pfau, Retirement Researcher.com. “Senior-Housing Communities Face Higher Vacancy Rates Amid Coronavirus,” by Peter Grant, The Wall Street Journal, May 12, 2020.  Tax Planning and Retirement“Stimulus Package Has Helpful Provisions for Retireees,” by Mary Beth Franklin, InvestmentNews, April 1, 2020.  “RMD Rollover Relief Granted Under CARES Act,” by Jeff Stimpson, Accounting Today, June 23, 2020. “Now Is the Time to Convert Your Traditional IRA to a Roth,” by Rodney Brooks, U.S. News & World Report, April 3, 2020.Social Security Claiming“Coronavirus Is Closing Social Security Offices: Here’s How to Get Benefit Help,” by Mark Miller, The New York Times, March 17, 2020.  My Social Security  Social Security Retirement Estimator  "Your Retirement Benefit: How It’s Figured," SSA.gov.“Social Security and Survivor Benefits,” by Mary Beth Franklin, InvestmentNews, Feb. 27, 2020. “Social Security Claiming Strategies for Married Couples,” by Mary Beth Franklin, InvestmentNews, Feb. 21, 2020.  “Social Security Strategies for Singles,” by Lynnette Khalfani-Cox, AARP.org.  “Social Security Surviving Divorced Spouse Benefits,” Benefits.gov.  “Social Security Widow(er)’s Insurance Benefits," Benefits.gov.  Social Security Financial Health“Social Security Funding Still Set to Run Out in 2035,” by Mary Beth Franklin, InvestmentNews, April 22, 2020. "No, You Won't Lose All of Your Social Security Benefits," by Steve Vernon, Forbes.com, April 22, 2020. The 2020 OASDI Trustees Report 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 personal finance columnist and author Michelle Singletary. Singletary writes the nationally syndicated column "The Color of Money," which appears in The Washington Post, as well as in dozens of other newspapers nationwide. She's also the author of three personal finance books. The most recent was called The 21-Day Financial Fast: Your Path to Financial Peace and Freedom. Singletary is a frequent guest on TV and radio, and she was host of her own national television program, "Singletary Says," on TV One. She is a graduate of the University of Maryland at College Park. She has received the Distinguished Alumni Award from Johns Hopkins University, where she earned a master's degree in business and management.BackgroundMichelle Singletary's bio and Washington Post columns Michelle Singletary's website Michelle Singletary's books Financial Impact of Pandemic"Michelle Singletary Answers Viewer Questions About Pandemic Finances," PBS NewsHour, April 30, 2020. "What Coronavirus Fears Could Mean for Personal Finance," by Audie Cornish and Michelle Singletary, NPR, March 9, 2020. "Didn't Get Your Stimulus Payment? Here's How to Find It," by Michelle Singletary, The Washington Post, June 2, 2020. Get My Payment, IRS.gov. "IRS Stimulus Checks Are Going to Dead People, While Needy Go Without," by Michelle Singletary, The Washington Post, April 21, 2020. "Stimulus Prepaid Debit Card Is Causing a Lot of Confusion," by Michelle Singletary, The Washington Post, June 1, 2020. "No, the IRS Should Not Try to Claw Back $1.4 Billion Sent to Dead People," by Michelle Singletary, The Washington Post, June 26, 2020. "The IRS Just Made It Easier to Take Out a Loan or Withdraw Money From Your Retirement Account," by Michelle Singletary, The Washington Post, June 23, 2020. “Trust Me: You Need to Start Saving Now So You Can Fly Last-Minute to Be There for Someone You Love When the Time Comes," by Michelle Singletary, The Washington Post, Nov. 9, 2019. "Rent, Mortgage, Car Loans, Utilities and Child Support. The Other Bills Can Wait," By Michelle Singletary, The Washington Post, April 4, 2020. Racial Wealth Gap"The Racial Wealth Gap in America," by Michelle Singletary, Alanna McCargo, and Michael Neal, The Washington Post, June 18, 2020. "Coronavirus Could Widen Black Wealth Gap," by Michelle Singletary, The Washington Post, June 13, 2020.  "The Black-White Economic Divide Is as Wide as It Was in 1968," by Heather Long and Andrew Van Dam, The Washington Post, June 4, 2020. "75 Must-Know Statistics About Race, Income, and Wealth," by Christine Benz, Morningstar.com, June 8, 2020. "Income and Wealth Inequality in America: 1949-2016," by Moritz Kuhn, Moritz Schularick, and Ulrike I. Steins, Federal Reserve Bank of Minneapolis, June 14, 2018. "New Data Suggest COVID-19 is Widening Housing Disparities by Race and Income," by Solomon Greene and Alanna McCargo, Urban Institute, June 2, 2020. Diversity in Financial Services"Wall Street Says It Cares About Diversity. But Most Big Banks Won't Share Complete Workforce Data," by Renae Merle and Jena McGregor, The Washington Post, Dec. 6, 2019. "Diversity and Inclusion: Holding America's Large Banks Accountable," U.S. House Committee on Financial Services, February 2020. "Six Charts That Illustrate the Financial Advice Industry's Lack of Diversity," by John Kador, WealthManagement.com, July 19, 2017. "Three Reasons You Don't See People of Color in the Financial Services Industry—and How to Fix It," by Alessandra Malito, MarketWatch, June 23, 2020. Paying for College "Community College Should Be a First Choice, Not a Last Resort," by Michelle Singletary, The Washington Post, July 16, 2019. "The Worst Thing You Can Do for Your College-Bound Teen Is Saddle Them With Student Debt," by Michelle Singletary, The Washington Post, Nov. 16, 2019. "How to Pay for College During a Pandemic," by Michelle Singletary, The Washington Post, May 16, 2020. Budgeting"Here's One Way to Stop Living Paycheck to Paycheck," by Michelle Singletary, The Washington Post, Jan. 13, 2019. "It's Still Crucial to Budget, Even When Your Money Meets Your Needs," by Michelle Singletary, The Washington Post, June 25, 2019. "When Family and Friends in Your Social Network Lack Good Financial Judgment, Do You Butt In or Butt Out?" by Michelle Singletary, Deseret News, Oct. 23, 2019.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.