Podcast appearances and mentions of christine benz

Our guest on the podcast today is Don Phillips. Don is a managing director for Morningstar. He joined the company in 1986 as its first mutual fund analyst and soon became editor of the flagship print publication Morningstar Mutual Funds, establishing the editorial voice for which the company is best known. He helped to develop the Morningstar Style Box, the Morningstar Rating, and other distinctive proprietary Morningstar innovations that have become industry standards. Don has served in a variety of leadership roles at Morningstar, most recently head of global research, before paring back his schedule to take on a part-time nonmanagement role. He holds a bachelor's degree from the University of Texas and a master's degree from the University of Chicago. Episode Highlights 00:01:57 Viewing Investing From 100,000 Feet Up 00:08:20 The Role of the Manager, From Salesmanship to Stewardship 00:11:18 What Indexing and AI Make Easier—and What They Risk 00:17:50 Private Credit and Private Equity Risks for Retail Investors 00:28:01 Finding the Unmet Needs in Asset Management 00:35:47 Fixed-Income Funds as the Industry's Achilles' Heel 00:43:42 The Value of a Liberal Arts Education and the Power of Storytelling More From Morningstar Morningstar's Why Don Phillips: We're All in the Behavior Modification Business Private Equity Funds Step Into the Spotlight If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 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 Adam Grossman. Adam's the founder of Mayport, a fixed-fee wealth management firm. He's also a regular contributor to Humble Dollar, the website founded by late financial writer Jonathan Clements. Before founding Mayport, Adam worked as an investment advisor or analyst at several firms, including Middleton & Company, Ballentine Partners, and MFS Investment Management. He also founded About Face Software, a social networking software firm. Adam received his undergraduate degree from Williams College and his MBA from MIT Sloan School of Management, and he's also a CFA charterholder. Episode Highlights Writing for Humble Dollar and Jonathan Clements (00:01:16) How Flat‑Fee Advice Beats AUM Pricing (00:05:15) Helping Investors Stay Calm in Market Stress (00:10:29) Simple Stock/Bond Portfolios Still Work (00:17:30) How to Protect Your Portfolio Before Retirement (00:22:58) Social Security Timing: Math Versus Emotions (00:27:20) How AI Is Changing Financial Advice (00:34:19) More From The Long View Bill Bengen: ‘Inflation Is the Greatest Enemy of Retirees' Jim O'Shaughnessy: Investing Lessons From a Lifelong Learner Harry Margolis: How to Confront Aging Challenges Head-On If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Listen Now: Listen and subscribe to Morningstar's The Long View from your mobile device: Apple Podcasts | Spotify 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. His new book, A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More was published in August 2025. 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. Episode Highlights Why the 4% Rule Needed a Rethink Inflation as the Biggest Retirement Risk Different Approaches to Finding Your Withdrawal Rate Factoring in Longevity, Taxes, and Legacy Managing Your Asset Allocations, and Outsourcing the Rebalancing Process The 4% Rule Is Not for Everyone More From Morningstar Bill Bengen: Revisiting Safe Withdrawal Rates How to Find Your Perfect Withdrawal Rate Strategy How Much Should You Allocate to Safer Assets? If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Listen Now: Listen and subscribe to Morningstar's The Long View from your mobile device: Apple Podcasts | Spotify Today on the podcast, we welcome back Ben Carlson, who's the author of a new book called Risk and Reward. Ben is the director of institutional asset management for Ritholtz Wealth Management. In addition, Ben's a prolific creator of content. His blog is called A Wealth of Common Sense. He also co-hosts the podcast Animal Spirits with Michael Batnick. Ben is the author of four books about investing and money, and he's a CFA charterholder. Episode Highlights 00:00:00 Understanding Market History Is About Preparation, Not Prediction 00:02:00 Lessons From Japan's Asset Bubble and Mean Reversion 00:06:54 The Different Ways Investors Respond to Crashes 00:08:36 The Automatic Investing Revolution Has Changed Behavior 00:15:22 Why Patience Is Harder to Come By in an On‑Demand World 00:19:32 The Importance of Education in Private Asset Investing 00:21:35 Inflation Psychology and How to Respond 00:28:15 Two Different Kinds of Bear Markets 00:35:40 Using Alpha to Deliver Better Aftertax Outcomes for Clients More From Ben Carlson Everything You Need To Know About Saving For Retirement Don't Fall For It: A Short History of Financial Scams Invest Your Way to Financial Freedom Risk and Reward More From Morningstar Ben Carlson: How Not to Get Scammed What We've Learned From 150 Years of Stock Market Crashes The 60/40 Portfolio: A 150-Year Markets Stress Test If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today's guest on The Long View is Amit Wadhwaney, portfolio manager and co-founder at Moerus Capital Management. Amit has over 30 years of experience researching and analyzing investment opportunities in developed, emerging, and frontier markets worldwide. Prior to co-founding Moerus, Amit was a portfolio manager and partner at Third Avenue Management, where he worked alongside his Moerus co-founding partners. Amit founded the international business at Third Avenue and was the founding manager of the Third Avenue Global Value Fund, the Third Avenue Emerging Markets Fund, and the Third Avenue International Value Fund. Earlier in his career, Amit worked at MJ Whitman LLC, a New York-based broker/dealer. Prior to joining M.J. Whitman, Amit was a paper and forest products analyst at Bunting Warburg, a Canadian brokerage firm. He began his career at Domtar, a Canadian forest products company. Amit holds an MBA in finance from the University of Chicago. He also holds a BA with honors and an MA in economics from Concordia. Episode Highlights Investing Versus the Business of Investing Why Macroeconomic Forecasting Often Fails Investors Survivability as the Core of Risk Management Why “Trouble” Creates Opportunity for Value Investors Exploring Value-Accretive Corporate Activity Is Today's Market Setting Up a Value Comeback? More From Morningstar How the Iran War Is Shaping Markets 3 Well-Regarded Large-Value Funds for Investors Seeking Balanced Portfolios The Value Stock Comeback Is Messy. Here's Why Investors Shouldn't Turn Away If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

What if the biggest shift in your FI journey isn't hitting the number—but finally realizing you need a life plan, a tax plan, and maybe even a fiduciary teammate to help you spend it? Bill steps into the guest chair with Morningstar's Christine Benz for a thoughtful, surprisingly candid conversation about going from financially illiterate "rich doctor syndrome" to fully conscious wealth stewardship. He walks through the entire arc. But this episode goes deeper than a standard "how I retired" story. This episode covers:  ➡️ Bill's path from paycheck-to-paycheck physician to financially independent late starter ➡️ How childhood money scripts and "rich doctor syndrome" shaped his early financial mistakes  ➡️ Why the Great Financial Crisis and burnout became a wake-up call ➡️ What changed when Bill moved from financial consumer to conscious wealth steward ➡️ Why accumulation can be DIY—but decumulation often gets more complex  ➡️ How Bill searched for a fiduciary, flat-fee, life-planning-oriented advisor ➡️ Why risk parity appealed to him for retirement and sequence-of-returns protection  ➡️ The role of a modern advisor as behavioral buffer, tax strategist, and cognitive-risk safeguard ➡️ Why FI gave Bill leverage to redesign work instead of just quit cold turkey  ➡️ How Bill is thinking about legacy, living giving, and helping the next generation now, not just later . === SUPPORT  THE  SHOW ===

Our guest on the podcast today is Claudia Sahm. Claudia is chief economist at New Century Advisors, the founder of Sahm Consulting, and a regular contributor at Bloomberg Opinion. She has policy and research expertise in macroeconomics, consumer spending, and household finance. She created the Sahm rule, an automatic trigger for stimulus payments in recessions. Previously, she was a section chief at the Federal Reserve, where she oversaw the Survey of Household Economics and Decisionmaking. Before that, she worked for 10 years on the staff's macroeconomic forecast. She was a senior economist at the Council of Economic Advisers. She holds a Ph.D. in economics from the University of Michigan and a bachelor's degree in economics, political science, and German from Denison University. Episode Highlights 00:00:00 Lessons From the Fed During the Global Financial Crisis 00:04:56 Making Sense of Fed-Speak 00:09:29 The “Whiplash Economy” and Understanding Risk 00:14:21 Rising Gas Prices, Geopolitical Uncertainty, and Consumer Sentiment 00:18:03 Interest Rates, AI, and Fed Leadership Changes 00:29:48 Undoing the Effects of Trump's Tariffs 00:33:34 The Sahm Rule and Recession Risk Today 00:43:56 Costs of Underfunding US Economic Data 00:49:57 “Economics Is a Disgrace” More From Morningstar Risk, Not Volatility, Is the Real Enemy for Investors Michael Gates: Why More Advisors Are Migrating to Model Portfolios Q2 Market Outlook: Why a Stock Barbell Strategy Is Ideal for Today's Market If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

There is roughly a ten-year window centered around your retirement date, five to ten years before, and five to ten years after called "The Retirement Risk Zone". This is when you're most vulnerable to sequence-of-returns impacting the longevity of your withdrawal strategy. We cover this idea brought up by Wade Pfau in an episode of "The Long View", a show hosted by Christine Benz, Amy C. Arnott, and Ben Johnson - specifically: The Retirement Risk Zone  The Rising Equity Glide Path The Social Security Delay Bridge  After that, I answer a listener question: Frank is planning to delay Social Security and wants to know — does it make sense to take bigger withdrawals from the portfolio in your 60s and then scale back in your 70s once Social Security kicks in? Short answer: yes — but how you do it matters a lot. We'll walk through it. Finally, in our "Retire to Something" segment: After 50 years in the workforce, a former Senior of VP in Manufacturing inspires us with ideas he is doing in his retirement. Resources: Episode of The Long View from Morningstar, featuring Wade Pfau: What Is the 'Retirement Risk Zone?' The Retirement Starts Today Blueprint   Connect with Benjamin Brandt: Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart  

This special two-part session opens with Paul Merriman solo — paying tribute to Tim Ranzetta of Next Generation Personal Finance, sharing the latest numbers on state-mandated financial literacy, and walking through Daryl Bahls' quilt charts to show annual earnings invested in the S&P 500, large-cap value, small-cap blend, and small-cap value since 1928.Then Paul sits down with Christine Benz — Morningstar's Director of Personal Finance and Retirement Planning, and author of How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement — for a wide-ranging conversation on how to actually make a retirement portfolio last.Christine lays out her five-step plan for anyone retiring in 2030 or 2035: turbocharge savings, rethink household spending, build seven to ten years of "safer assets" for portfolio withdrawals, diversify globally, and use TIPS to protect purchasing power. She and Paul dig into how to structure fixed income (short, intermediate, TIPS), why she's cooler on REITs than she used to be, when a simple income annuity makes sense, and why alternatives rarely earn their keep.They also cover performance-chasing the S&P 500, balanced funds vs. building your own portfolio (including Paul's Wellesley/Wellington pairing for hands-off investors), how AI is starting to change the financial advice landscape, and the honest answer to "have you planned out to the day you die?" — even from a Morningstar executive.The audience Q&A covers bonds vs. T-bills, down-payment savings, the four-fund portfolio, Vanguard asset allocation for retirees, tax-efficient withdrawal sequencing, TIAA annuities, managed futures, and gold.Part of the Spring Financial Education Series hosted by the Bainbridge Community Foundation in partnership with the Merriman Financial Education Foundation.Coming up in this series: Mike Piper (April 21) and Bill Bernstein (April 28).

Today's guest on The Long View is Michael Gates. Gates is the head of model portfolio solutions for the Americas and the lead portfolio manager for target-allocation models at BlackRock. BlackRock's target-allocation models have been adopted by a large and growing contingent of advisors in the US. Four of the model families within BlackRock's target-allocation suite have been awarded Morningstar Medalist Ratings of Gold. In 2025, Morningstar's manager research team nominated Gates for a Morningstar Award for Investing Excellence in the Outstanding Allocation Portfolio Manager category. Gates' time at BlackRock dates to 1999, including his years with Barclays Global Investors, which merged with BlackRock in 2009. Before founding the model portfolio solutions group, Gates conducted quantitative trading research for equities in BlackRock's global trading group. At Barclays Global Investors, Gates led the development and implementation of the firm's quantitative approach in fixed-income and alternative asset investing. Gates earned a master's degree in economics and a bachelor's degree with honors from the University of California, Davis. He is a CFA charterholder. Episode Highlights 00:00:00 What Are Model Portfolios and How Do They Work? 00:08:19 How Tax-Loss Harvesting and Other Offerings Reshape Model Design 00:15:50 AI‑Driven Productivity and the Market Outlook 00:17:57 Rebalancing With Risk in Mind 00:24:56 Building AI Exposure Into Equity Models 00:35:39 Thematic Investing and Active vs. Passive Investing 00:42:07 How Technology May Shape Portfolios' Future More From Morningstar Alpha Isn't Dead. You've Just Been Measuring It Wrong Tax-Efficient Model Portfolios for Retirees and Retirement Savers Can AI Chatbots Build a Retirement Portfolio? We Tested Them If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Why is it so hard to spend the money you spent a lifetime saving? This is a question from Janet Bodnar in a Kiplinger article. She admits that one of her guilty pleasures in retirement is treating herself to a casual lunch while she's out running errands. Why does she feel so guilty? Christine Benz from Morningstar is quoted in the article, which we discuss at length in this episode. Then a listener asks a question I think a lot of you are wondering: "How am I supposed to figure out what I want to do in retirement when I can barely find time to do laundry while I'm still working?" Great question! And in our "Retire To Something" segment, Lois from the Southeast turned a lifelong love of animals into a retirement packed with purpose — volunteering at a zoo, working part-time at an aquarium, and spending half the year with manatees! Resource: Article by Janet Bodnar in Kiplinger: Stop Sweating the Small Stuff When You Spend Your Retirement Money
   Connect with Benjamin Brandt: Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart  

Our guest on the podcast today is Harry Margolis. Harry has been representing seniors, individuals with special needs, and their families since he started ElderLaw Services, the predecessor of Margolis Bloom & D'Agostino in June 1987. His firm helps clients pay for long-term care, manage the incapacity of a family member, and plan for safe and productive futures for their children and grandchildren. Harry served as editor of the ElderLaw Report, a monthly newsletter for attorneys, for three decades. He has been selected as a fellow of both the National Academy of Elder Law Attorneys and the American College of Trust and Estate Council. He has founded two websites and answers consumer questions online at www.askharry.info. In addition, Harry writes about eldercare issues on his Substack, Risking Old Age in America, also known as okayboomer.substack.com, and has a podcast with the same name. Episode Highlights 00:00:00 Margolis' Path to Elder Law 00:04:15 Aging Clients, Estate Planning, and Long-Term Care 00:08:29 Aging In Place and Medicare Misconceptions 00:15:45 Estate Planning Paperwork and DIY Planners 00:21:26 Power of Attorney Mistakes, Living Wills, and Healthcare Coordination 00:27:06 Caregiving, Money Conversations, and Common Financial Mistakes 00:31:51 Benefits of NORCs 00:34:07 Special Needs Planning: Housing, Trusts, and Expectations More From The Long View Sally Balch Hurme: Getting Your Affairs in Order as You Get Older Joy Loverde: Planning Ahead for Care Needs as You Get Older Beth Pinsker: Lessons From ‘My Mother's Money' If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 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 retirement researcher Wade Pfau. Wade is the founder of Retirement Researcher, an educational resource on retirement planning for individuals and financial advisors. He's co-founder of the Retirement Income Style Awareness Tool and a co-host of the Retire With Style podcast. He's a professor of practice at the American College of Financial Services and a research fellow with the Limra Retirement Income Institute. And he's also a principal and director of retirement research for McLean Asset Management. Wade has written several books, including his most recent, a third edition of his Retirement Planning Guidebook. He holds a doctorate in economics and a master's degree from Princeton University and Bachelor of Arts and Bachelor of Science degrees from the University of Iowa. He's also a chartered financial analyst. Episode Highlights 00:00:00 Updates to the Retirement Planning Guidebook 00:00:29 Do Retirees Today Have a Stronger Starting Spending Rate? 00:04:03 Asset Allocation, Annuities, and Target-Date Funds 00:08:11 Retirement Income Styles 00:15:07 Non-US Safe Withdrawal Rates and Flexible Spending Strategies 00:23:55 Probability of Success and Estimating Longevity 00:27:47 Underspending, Organic Income, and Mortgage Payoff 00:35:46 Exploring the Retirement Risk Zone 00:39:20 Equity Glide Paths, Sequence Risk, and Delaying Social Security 00:46:43 Annuities: Private Equity Concerns and Due Diligence More Retirement Research From Wade Pfau Exploring the Retirement Risk Zone Reducing Retirement Risk with a Rising Equity Glide Path More From Morningstar What's Your Retirement Income Style? 8 Reasons You Might Need to Tweak Your Portfolio Wade Pfau: The Risks of Retirement Today If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today's guest on The Long View is Pat Dorsey. Pat is the founder of Dorsey Asset Management, a boutique asset manager serving institutional clients. From 2000 to 2011, Pat was the director of equity research for Morningstar, where he led the growth of Morningstar's equity research group from 20 to 90 analysts. Pat was instrumental in the development of Morningstar's economic moat ratings, as well as the methodology behind Morningstar's framework for analyzing competitive advantage. Pat is also the author of two books, The Five Rules for Successful Stock Investing, and The Little Book That Builds Wealth. Pat holds a master's degree in political science from Northwestern University and a bachelor's degree in government from Wesleyan University. Pat is a CFA charterholder. Episode Highlights 00:00:00 Defining Economic Moats and Moat Source Mistakes 00:05:34 Shifting Landscape for Returns on Invested Capital as a Metric 00:07:52 Inevitable vs. Noninevitable Moats 00:09:36 Moat Durability, Network Effects, and Lessons From PayPal 00:13:46 Management Quality, Founders, and Pricing Discipline 00:24:02 High-Quality Companies, “Too Hard” Bucket, and AI Uncertainty 00:29:29 Premortem, Behavioral Edge, and Opportunity Cost More From Morningstar AI Isn't an Economic Moat Killer, but It Will Disrupt Industries Lawrence Lam: ‘The Types of Companies That Attract Me Are Founder-Led and Profitable' How to Measure a Company's Competitive Advantage If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 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 Bill Yount. Bill is a practicing emergency physician. He's also co-host of a podcast called Catching Up to Fi, where he and Jackie Cummings Koski discuss pursuing financial independence later in life. Bill received his bachelor's degree from Duke University, his doctor of medicine degree from the University of North Carolina at Chapel Hill, and completed his residency in emergency medicine at Northwestern University. Episode Highlights 00:00:00 From a Scarcity Mindset to the Hedonic Treadmill 00:10:04 The Wake-Up Call: Burnout, Lawsuits, and Turning 50 00:11:05 Finding FIRE Late: Catching Up to Financial Independence 00:13:44 Budgeting, Downsizing, and Boosting Savings Rates 00:20:56 Landmarks on the Way to Financial Independence 00:25:50 Life Planning, Risk Parity, and Calibrating Safe Withdrawals 00:34:51 Achieving FI and Knowing When It's Time to Retire 00:43:44 Building Generational Wealth, Giving Early, and Advice to Late Starters More From Morningstar My Baptism by FIRE: Lessons on Financial Independence The Best Retirement Strategies for Leaving Money Behind Cliff Asness: ‘The Problem Was Never Beta. The Problem Was Paying Alpha Fees for Beta' If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 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 Emily Guy Birken. Emily's the author of The Five Years Before You Retire. She also co-authored Stacked: Your Super-Serious Guide to Modern Money Management, with Joe Saul-Sehy. Other books include End Financial Stress Now, Making Social Security Work for You and Choose Your Retirement: Find The Right Path to Your New Adventure. Emily received her master's degree in education from the Ohio State University and her undergraduate degree in English from Kenyon College. Episode Highlights 00:00:00 Emily Guy Birken's Path to Money and Retirement Writing 00:04:26 Why the Five Years Before Retirement Are Crucial and How Much Is “Enough” Savings 00:10:31 How Expectations Can Shape Happiness in Retirement 00:13:14 Key Moves for Preretirees to Cover Retirement Savings Shortfalls 00:15:58 Social Security: Benefits of Delaying and Advice for Young Workers 00:27:06 Budgets in Retirement and Irregular Expenses on a Fixed Income 00:33:14 Why Long‑Term‑Care Insurance Rarely Pays Off Today 00:36:10 Pre-Medicare Health Insurance Options 00:40:17 Early Mortgage Payoff vs. Investing in Retirement 00:42:26 How Writing About Retirement Changed Guy Birken's Own Planning More From Morningstar 5 Things to Do Today If You Want to Retire in 5 Years Dan Haylett: ‘The Retirement You Didn't See Coming' The Best Strategies for Consistent Retirement Spending If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Questions? Comments?Broadcast from RetireMeet 2026 in Bellevue, Don and Tom reflect on the evolution of retirement planning—from a narrow focus on investments to a broader conversation about purpose, relationships, and life after work. They interview Paul Merriman, who discusses portfolio construction, the role of small-cap value stocks, risk tolerance, and long-term investing discipline. The conversation also explores withdrawal strategies, market history, and how investor behavior during downturns often determines success more than asset allocation itself. The episode closes with a major announcement: the Talking Real Money radio show will end in April and transition fully to a podcast format with five weekly episodes.0:27 Reflections on the event and praise for speakers like Christine Benz and Paul Merriman.1:54 Growing focus on purpose and lifestyle in retirement, not just money.3:11 Audience turnout and attendees traveling from across the country for RetireMeet.3:51 The importance of a holistic approach to retirement planning including relationships and lifestyle.5:25 Estate planning conversation and the uncomfortable reality of thinking about life after we're gone.6:01 How to listen to the podcast and transition from radio listening to podcast apps.6:41 Introduction of Paul Merriman and discussion of portfolio construction and asset classes.8:15 Understanding risk tolerance and balancing portfolios for different ages.9:41 Investor behavior during crises like 2008 and the tech crash of 2000–2002.10:32 Cap-weighted vs equal-weighted S&P 500 and tax implications.11:48 Why investors should document how they feel during market highs and lows.12:06 Using nearly 100 years of market data to understand future volatility.14:42 The evolution of financial planning from investment management to comprehensive planning.16:19 Financial education gaps and rising bankruptcy rates among retirees.18:00 Debate over whether 401(k)s replaced pensions successfully.20:52 Merriman explains small-cap value investing and why unpopular stocks can outperform.23:12 Why most investors don't hold small-cap value despite historical advantages.26:11 Long-term investing and the importance of patience through underperformance cycles.28:24 Withdrawal strategy research showing dramatic compounding over long periods.30:05 Whether future market returns can resemble historical returns.31:41 The danger of reacting to news headlines and wars when investing.33:52 Talking Real Money radio show ends in April and shifts to a podcast-only format with five episodes weekly.Learn more about your ad choices. Visit megaphone.fm/adchoices

Broadcast from RetireMeet 2026 in Bellevue, Don and Tom reflect on the evolution of retirement planning—from a narrow focus on investments to a broader conversation about purpose, relationships, and life after work. They interview Paul Merriman, who discusses portfolio construction, the role of small-cap value stocks, risk tolerance, and long-term investing discipline. The conversation also explores withdrawal strategies, market history, and how investor behavior during downturns often determines success more than asset allocation itself. The episode closes with a major announcement: the Talking Real Money radio show will end in April and transition fully to a podcast format with five weekly episodes. 0:27 Reflections on the event and praise for speakers like Christine Benz and Paul Merriman. 1:54 Growing focus on purpose and lifestyle in retirement, not just money. 3:11 Audience turnout and attendees traveling from across the country for RetireMeet. 3:51 The importance of a holistic approach to retirement planning including relationships and lifestyle. 5:25 Estate planning conversation and the uncomfortable reality of thinking about life after we're gone. 6:01 How to listen to the podcast and transition from radio listening to podcast apps. 6:41 Introduction of Paul Merriman and discussion of portfolio construction and asset classes. 8:15 Understanding risk tolerance and balancing portfolios for different ages. 9:41 Investor behavior during crises like 2008 and the tech crash of 2000–2002. 10:32 Cap-weighted vs equal-weighted S&P 500 and tax implications. 11:48 Why investors should document how they feel during market highs and lows. 12:06 Using nearly 100 years of market data to understand future volatility. 14:42 The evolution of financial planning from investment management to comprehensive planning. 16:19 Financial education gaps and rising bankruptcy rates among retirees. 18:00 Debate over whether 401(k)s replaced pensions successfully. 20:52 Merriman explains small-cap value investing and why unpopular stocks can outperform. 23:12 Why most investors don't hold small-cap value despite historical advantages. 26:11 Long-term investing and the importance of patience through underperformance cycles. 28:24 Withdrawal strategy research showing dramatic compounding over long periods. 30:05 Whether future market returns can resemble historical returns. 31:41 The danger of reacting to news headlines and wars when investing. 33:52 Talking Real Money radio show ends in April and shifts to a podcast-only format with five episodes weekly. Learn more about your ad choices. Visit megaphone.fm/adchoices

Our guests on the podcast today are Jamie Hopkins and Bonnie Treichel, who are co-authors of a new book, Your Retirement Sketchbook. Jamie is the CEO of Bryn Mawr Trust Advisors, Chief Wealth Officer of WSFS Bank, and founder of the FinServ Foundation. He's a professor of practice at Creighton University and the American College of Financial Services. He's also a contributor to Forbes and has been elected to the Fellows of the American Bar Foundation. Bonnie is the founder and Chief Solutions Officer of Endeavor Retirement, a consulting firm dedicated to solving problems for plan sponsors, advisors, and service providers in the retirement plan industry. She also serves as treasurer for the FinServ Foundation. Episode Highlights 00:00:00 The FinServ Foundation and Your Retirement Sketchbook 00:10:06 Understanding “Rewirement,” Mindset Shifts, and Behavioral Biases in Retirement 00:18:15 Why In‑Plan Annuities Are Emerging Inside 401(k) Plans 00:20:57 Retirement Bucket, Private Assets, and Reducing Sequence‑of‑Returns Risk 00:31:21 Risks to Social Security Benefits 00:33:17 Advisor-Client Dynamics in Retirement Planning 00:38:03 Retirement Planning Books and Podcasts Retirement Resources Mentioned Your Retirement Sketchbook Retirement Planning Guidebook Safety-First Retirement Planning Ikigai: The Japanese Secret to a Long and Happy Life Retiring Minds Podcast More From Morningstar Retirement Withdrawal Sequencing Rules of the Road Here's How You Can Spend More During Retirement Jamie Hopkins: A Framework for Financial Freedom If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Broadcast live from RetireMeet in Bellevue, Don announces that after nearly four decades of Saturday radio shows, Talking Real Money will end its live radio run on March 28 and continue exclusively as a podcast. The episode features conversations with Joe Saul-Sehy of Stacking Benjamins and Morningstar's Christine Benz about how people should approach retirement. The central theme is flipping the traditional process: design the life first and the money second. Guests emphasize “play-testing” retirement activities before leaving work, gradually transitioning into retirement rather than stopping abruptly, maintaining strong social connections, and keeping purposeful work or learning in later life. The discussion closes with Benz's practical financial steps for retirement planning, including tracking spending, accounting for Social Security and pensions, and using flexible withdrawal strategies supported by fiduciary advice. 0:04 Live broadcast from RetireMeet in Bellevue and show introduction 2:58 Don announces the end of the Saturday live radio show after nearly 40 years 3:59 Transition to a podcast-only format beginning in April 4:43 How listeners can switch to listening via podcast apps or the website 6:41 Introduction of Stacking Benjamins host Joe Saul-Sehy 8:09 Discussion of Stacking Benjamins community meetup groups 9:25 Trivia detour about the $500 bill featuring William McKinley 9:36 Joe's retirement philosophy: design the life first, then the financial plan 10:56 “Begin with the end in mind” when planning retirement 11:23 The concept of “play-testing” retirement activities before retiring 13:51 Warning about AI impersonation podcasts and fake financial shows 15:20 Joe Saul-Sehy's career change after selling his advisory firm 16:37 Discovering a passion for teaching about money through media 17:33 Continuing meaningful work rather than fully retiring 18:07 Humor about a future podcast called “Two Old White Guys Waiting to Die” 18:48 Core message: experiment with retirement interests now 19:38 Christine Benz of Morningstar joins the conversation 21:04 Retirement as more than leisure—importance of purpose 21:59 Gradually transitioning into retirement during your 50s 22:58 Shaping work to emphasize what you enjoy most 24:21 Christine's approach to scaling back work travel 26:22 Lifelong learning through podcasting and interviews 27:49 Whether it's okay not to retire if you enjoy your work 28:27 Relationships and social connection as the key to retirement happiness 29:40 Introverts and maintaining meaningful friendships 30:05 Research on aging, happiness, and social environments 31:28 Discussion about the future of retirement communities 33:56 Christine's three key financial steps before retirement 34:42 Calculating retirement spending and non-portfolio income 35:22 Safe withdrawal rates: 3.9% fixed vs flexible strategies near ~5.7% 36:09 The value of fiduciary financial advisors in retirement planning Learn more about your ad choices. Visit megaphone.fm/adchoices

Questions? Comments?Broadcast live from RetireMeet in Bellevue, Don announces that after nearly four decades of Saturday radio shows, Talking Real Money will end its live radio run on March 28 and continue exclusively as a podcast. The episode features conversations with Joe Saul-Sehy of Stacking Benjamins and Morningstar's Christine Benz about how people should approach retirement. The central theme is flipping the traditional process: design the life first and the money second. Guests emphasize “play-testing” retirement activities before leaving work, gradually transitioning into retirement rather than stopping abruptly, maintaining strong social connections, and keeping purposeful work or learning in later life. The discussion closes with Benz's practical financial steps for retirement planning, including tracking spending, accounting for Social Security and pensions, and using flexible withdrawal strategies supported by fiduciary advice.0:04 Live broadcast from RetireMeet in Bellevue and show introduction2:58 Don announces the end of the Saturday live radio show after nearly 40 years3:59 Transition to a podcast-only format beginning in April4:43 How listeners can switch to listening via podcast apps or the website6:41 Introduction of Stacking Benjamins host Joe Saul-Sehy8:09 Discussion of Stacking Benjamins community meetup groups9:25 Trivia detour about the $500 bill featuring William McKinley9:36 Joe's retirement philosophy: design the life first, then the financial plan10:56 “Begin with the end in mind” when planning retirement11:23 The concept of “play-testing” retirement activities before retiring13:51 Warning about AI impersonation podcasts and fake financial shows15:20 Joe Saul-Sehy's career change after selling his advisory firm16:37 Discovering a passion for teaching about money through media17:33 Continuing meaningful work rather than fully retiring18:07 Humor about a future podcast called “Two Old White Guys Waiting to Die”18:48 Core message: experiment with retirement interests now19:38 Christine Benz of Morningstar joins the conversation21:04 Retirement as more than leisure—importance of purpose21:59 Gradually transitioning into retirement during your 50s22:58 Shaping work to emphasize what you enjoy most24:21 Christine's approach to scaling back work travel26:22 Lifelong learning through podcasting and interviews27:49 Whether it's okay not to retire if you enjoy your work28:27 Relationships and social connection as the key to retirement happiness29:40 Introverts and maintaining meaningful friendships30:05 Research on aging, happiness, and social environments31:28 Discussion about the future of retirement communities33:56 Christine's three key financial steps before retirement34:42 Calculating retirement spending and non-portfolio income35:22 Safe withdrawal rates: 3.9% fixed vs flexible strategies near ~5.7%36:09 The value of fiduciary financial advisors in retirement planningLearn more about your ad choices. Visit megaphone.fm/adchoices

Good News: Life Expectancy is Going Up Episode 374 – The latest U.S. life expectancy figures from the Centers for Disease Control and Prevention offer some fantastic news. The prospect of increased longevity should make all of us smile. But does it complicate your retirement planning? More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 374 Hello, this is Bill Rainaldi, with another edition of Security Mutual's SML Planning Minute. In today's episode, good news: life expectancy is going up! According to the Centers for Disease Control and Prevention, life expectancy in the U.S. hit a record high in 2024 at age 79. It was 78.4 the previous year. In addition, death rates from things like heart disease, cancer, and Alzheimer's disease all went down. Perhaps surprisingly, the biggest drop of all occurred with deaths due to overdoses, which went down by 14.4 percent.[1] The previous peak had been 78.8 in 2019, the last year before COVID. As a result of the pandemic, life expectancy had dropped to 76.4 years in 2021. But COVID deaths have gone down by 93 percent since their 2021 peak.[2] So even though COVID is still a concern, particularly among older Americans, it's safe to say that, for the most part, the pandemic is over. It is believed that a significant portion of the improvement stems from better medications, including the introduction of GLP-1s.[3] Of course, there is no guarantee that progress will continue, that another pandemic can be avoided, or that experience and research regarding any prescribed treatment doesn't result in a change of course. But right now, the news is positive in many ways. But the good news also highlights a dilemma: many people are likely to end up living longer than they expected, especially if the recent mortality expectation improvement continues. And you might not be ready for it. Have you prepared for a long retirement? This is something we talked about extensively back in episode 330. One of the biggest fears people have going into retirement is that they'll eventually run out of money. A recent survey by Global Atlantic Financial Group indicates that a full 67 percent of people between the ages of 55 and 75 are concerned about outliving their assets.[4] So how do you plan for a long retirement? One way to start is to consider a “decumulation” strategy. That is, a retirement withdrawal plan. You need to think carefully about your preferred lifestyle in retirement, and whether your assets are likely to make it past age 90. According to a recent study by IRALOGIX, 49 percent of retirees are operating without a formal withdrawal strategy.[5] These people instead just take what they need as they go. Only 22 percent have a systematic withdrawal process. Another 17 percent are fortunate enough that they can afford living on dividends and interest alone. One possible tool to use for planning a lengthy retirement is a series of Roth conversions during the early years of retirement. Unlike a traditional IRA, a Roth IRA does not have Required Minimum Distributions or RMDs. The big disadvantage to a Roth is that you don't get a tax deduction going in. The big advantage is that while the account still grows tax-free, and if you follow the rules, any money that does come out, is tax-free. Additionally, since you took a tax deduction when you contributed to your IRA or 401(k), moving that money into a Roth would be considered a taxable transaction. RMDs generally begin at age 73, or age 75 for people born 1960 or later. But if you retire before that age, it could be a great time to start gradually converting to a Roth during those intervening years. If you're in a lower tax bracket because you're not working, it can be more tax advantaged. All that said, it's a good idea to validate your Roth IRA approach with a tax advisor, as there may be situations where withdrawals may become taxable if the Roth has not been in place and seasoned for a minimum of five (5) years. You can also check your Social Security. If you haven't started yet, there are some decisions you'll need to make. You can begin collecting as early as age 62 (age 60 if you're a surviving spouse) or as late as age 70. The benefit goes up a little bit every month you wait between the two. Generally speaking, the longer you live, the more it makes sense to wait. Yet another way to approach decumulation is to use a “bucket” method. This comes in several varieties, but one popular version has been put forward by Christine Benz at Morningstar.[6] Under this concept, you set up your retirement savings in three different retirement “buckets.” Bucket one would be invested in something liquid such as a money market fund. This bucket would be available for short-term cash needs, with maybe two or three years' worth of expenses.[7] Bucket two would be on the conservative side, with a combination of stocks, bonds and cash investments. Money in this bucket would be gradually shifted into bucket one as needed over time.[8] Bucket three would be invested in assets with high growth potential. This is the bucket that is going to have the most volatility and is going to require the bulk of your attention.[9] The hope is that by gradually shifting your assets from one bucket to the next, you'll get a better sense of how long your assets are going to last, and whether you need to make adjustments. It truly is great news that life expectancy has been going up. So many of us are looking forward to a lengthy retirement, perhaps even longer than we originally expected. But it comes with a downside: it may end up straining your finances more than you realize. The best you can do is think about it ahead of time and be ready if you're lucky enough to experience a lengthy retirement. [1] Wall Street Journal Editorial Board. “A U.S. Life Expectancy Milestone.” The Wall Street Journal. https://www.wsj.com/opinion/u-s-life-expectancy-2024-record-cdc-health-mortality-cancer-covid-60a171ee (accessed February 13, 2026). [2] Id. [3] Id. [4] Almazora, Leo. “Two-thirds of investors worried they’ll outlive their assets.” Investmentnews.com. https://www.investmentnews.com/retirement-planning/two-thirds-of-investors-worried-theyll-outlive-their-assets/259916 (accessed April 8, 2025). [5] IRALOGIX. “Nearly Half of Retirees Lack a Structured Decumulation Strategy, Raising Concerns Over Rapid Depletion of Savings, New Survey Finds.” Iralogix.com. https://iralogix.com/nearly-half-of-retirees-lack-a-structured-decumulation-strategy-raising-concerns-over-rapid-depletion-of-savings-new-survey-finds/  (accessed February 27, 2026). [6] Wohlner, Roger. “Living Past 90: How to Play the Long Game on Retirement, Tax Planning.” Thinkadvisor.com. https://www.thinkadvisor.com/2025/03/26/how-to-plan-for-clients-who-might-live-to-90-and-beyond/?recombee_recomm_id=dec3bbe9440a929183645028596b8bf4 (accessed April 9, 2025). [7] Id. [8] Id. [9] Id. More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual's legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you've enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we'll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person's needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

Tax day is quickly approaching, and it's time to get organized. New tax rules might make it worth your while to itemize rather than take the standard deduction this year. And don't just file away your 1099 forms—they can offer valuable insight into your portfolio's tax efficiency. Christine Benz, Morningstar's director of personal finance and retirement planning, discusses what you need to consider before, and after, you file. Morningstar's Tax-Planning and IRA Resources for 2026 On this episode: 00:00:00 Welcome 00:01:15 The "Procrastination Penalty" of Last-Minute IRA and HSA Contributions 00:02:35 How to Decide Whether to Itemize or Claim the Standard Deduction 00:04:18 Tips for Itemizing 00:05:37 Other Deductions You May Qualify For 00:07:45 Insights from Your 1099 Forms: Dividends  00:10:40 Insights from Your 1099 Forms: Capital Gains 00:09:39 Insights from Your 1099 Forms: Tax-Exempt Interest 00:12:35 How to Avoid Overpaying Your Taxes   Watch more from Morningstar: Avoid This IRA Distribution Error to Protect Your Retirement Cash  Elevate Your 60/40 Portfolio With These Simple Tweaks Why REIT ETFs Still Work as Real Estate Slumps   Follow Morningstar on social: Facebook https://www.facebook.com/MorningstarInc/ X https://x.com/MorningstarInc Instagram https://www.instagram.com/morningstarinc/?hl=en LinkedIn https://www.linkedin.com/company/morningstar/posts/?feedView=all 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 David Bach. David is the author of 12 national bestselling books, including The Latte Factor; Smart Women Finish Rich; Start Late, Finish Rich; and The Automatic Millionaire. He just released the 20th anniversary edition of The Automatic Millionaire. David was a longtime contributor to NBC's Today show and a featured guest on the Oprah Winfrey Show. He also produced and hosted two public television specials, Smart Women Finish Rich and The Automatic Millionaire. David started his career at Morgan Stanley where he was a senior vice president and partner of The Bach Group. Episode Highlights 00:00:00 Moving Abroad, Early Retirement, and the Shifting Media Landscape 00:11:46 The Importance of Sabbaticals and Health Expectancy 00:19:39 Saving to Spending, New Tax on IRA Withdrawals, and Long-Term Effect of Deficits 00:34:39 Key Updates to The Automatic Millionaire and Automatic Contributions 00:37:59 Why Everyone Needs Access to Being an Investor 00:42:02 How to Start Investing Young and How to Catch Up Later in Life 00:47:26 How Inflation Affects Retirement Goals and The Benefits of Homeownership More From Morningstar 6 Lessons From My 6-Week Mini-Retirement The Best Strategies for Consistent Retirement Spending 7 Steps to Estimating Your In-Retirement Cash Flow Needs If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today's guest on The Long View is Hilary Wiek. Hilary is a principal analyst at PitchBook, where she leads PitchBook's coverage of fund strategies and performance, publishing primary research on the alternative space. Hilary also leads PitchBook's coverage of the ESG and impact investing space. Hilary has over 20 years of experience in asset owner, manager, and advisory roles. Prior to joining PitchBook, she was the director of investments at the Saint Paul & Minnesota Foundations, where she handled portfolio management, impact and ESG investment, investment due diligence and monitoring, and investment operations. Before that, she worked in senior positions at Segal Rogerscasey, the South Carolina Retirement Systems Investment Commission, Buckingham Financial Group, Dayton Power & Light, and KeyCorp. Wiek received a master's degree in finance and economics from Case Western Reserve University and a bachelor's degree in business leadership and finance from the University of Puget Sound. She is based in PitchBook's Seattle office. PitchBook is a Morningstar company. Episode Highlights 00:00:00 Background in the Private Markets and Joining PitchBook 00:04:49 Drivers of Private Market Slowdown in 2026 and Pockets of Outperformance 00:14:15 Key Lessons for Investing in Private Market Funds 00:18:12 Private Market Fees, Hidden Volatility, and Valuations 00:20:38 Evergreen Investment Growth, Interval Funds, and Questions Investors Should Ask 00:32:26 Is It Worth It to Invest in Private Markets? 00:36:50 ESG, Impacting Investing, and Key Themes for 2026 00:41:05 Private Market Exposure in 401(k)s PitchBook Reports Discussed Benchmarking and Returns: Why Are There So Many Numbers? Evergreen Funds: We Have Questions The Evergreen Evolution The New Face of Private Markets in Your 401(k) US Evergreen Fund Landscape 2025 Impact Investing Update If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 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 Jim O'Shaughnessy. Jim founded O'Shaughnessy Asset Management, a quantitative investment management firm in 1993. Franklin Templeton acquired the firm in 2021. Jim is also an author of several books, including Invest Like the Best and What Works on Wall Street. His latest book, Two Thoughts: A Timeless Collection of Infinite Wisdom, is a compilation of quotations from famous artists, writers and thinkers. Jim also hosts his own podcast called Infinite Loops. In addition, Jim is the founder and CEO of O'Shaughnessy Ventures, which provides financial backing and other support to individuals and projects.Episode Highlights00:00:00 Building a New Way to Analyze the Stock Market00:07:18 How Stock Brokers Sold Stories Before Quants00:12:19 Stock Price vs. Narrative and How Quants Avoid Stock Investing Pitfalls00:20:05 Long-Term Investing, Bonds, and Keeping Emotions Out of Your Portfolio00:29:50 Pre-Seed Investments, Finding the Right Founders, and Valuations Today00:40:08 The Making of Two Thoughts: A Timeless Collection of Infinite Wisdom00:47:29 Voices on the Infinite Loops Podcast00:53:12 “Statis is Death” and Lifelong LearningMore From The Long ViewNick Maggiulli: Climbing the Wealth LadderLawrence Lam: ‘The Types of Companies That Attract Me Are Founder-Led and Profitable'More From MorningstarHow to Determine What a Stock Is WorthHow to Build a Portfolio to Reach Your Financial Goals5 Ways Emotions Sabotage Your Investment SuccessFOMO Can Lead to Lower Returns. Don't Fall For ItIf you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances.If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today's guest on The Long View is Sara Devereaux. Sara is the Chief Investment Officer of Vanguard Capital Management and Global Head of Fixed Income. She oversees the investment professionals responsible for portfolio management, trading, and research for Vanguard's internally managed fixed-income funds and ETFs, including actively managed bond and money market portfolios and bond index portfolios. Before joining Vanguard in 2019, Sara was a partner at Goldman Sachs, where she spent over 20 years in mortgage-backed securities and structured products trading and sales. Earlier in her career, she worked at HSBC, in risk management advisory and interest rate derivative structuring. She started her career as an actuary at AXA Equitable Life Insurance. Barron has named Sara to its annual list of the 100 Most Influential Women in US Finance every year since 2022.Episode Highlights00:00:00 Vanguard's Investing Philosophy and New Innovations00:06:20 Active Fixed-Income Strategy and the Alpha Waterfall00:13:34 ETF's Explosion, Active Management, and Private Credit Risk00:23:10 How Technology Is Reshaping the Bond Market00:29:51 Bond Market Performance 2025, Bonds as Ballasts, and Term Premiums00:37:27 Bond Market Risks in 202600:42:51 Shifting Policy Crosswinds, Cracks in Credit, and AI Capex Risks00:50:18 Technical Signals to Watch in 2026Books MentionedStay the Course: The Story of Vanguard and the Index RevolutionMore From MorningstarVanguard's Sara Devereux: Why It's a ‘Terrific Environment' for Bond IncomeSalim Ramji: The Industry Uses Complexity As a Mask to Charge MoreMorningstar's Guide to Fixed-Income InvestingIf you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances.If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Sometimes perfection really is the enemy of the good. Christine Benz, Morningstar's personal finance and retirement guru, has come up with some “good enough” solutions for portfolios and financial plans that work well for most of us. WEALTHTRACK episode 2232, broadcast on 2/6/26

Morningstar's personal finance guru Christine Benz shares her 2026 financial to-do list with WealthTrack. What's different this year? What needs adjusting? She has the must-do actions to take and the ones to consider.   WEALTHTRACK episode 2231, broadcast on 01/30/2026

When we plan for retirement, we tend to spend the majority of our time thinking about money, but research shows that there is much more to a happy retirement than dollars and cents. Nathan interviews Morningstar columnist Christine Benz, author of “How to Retire: 20 Lessons for a Happy, Successful and Wealthy Retirement”, to discuss perspectives from thought leaders on what contributes to a truly successful retirement. Host: Nathan Beauvais CFP®, CIMA®, CPWA®; Special Guest: Christine Benz, Morningstar; Air Date: 1/23/3026; Original Air Date: 11/1/2024. Have a question for the hosts? Leave a message on the MoneyTalk Hotline at (401) 587-SOWA and have your voice heard live on the air!See omnystudio.com/listener for privacy information.

When people think about preparing for retirement, they usually think about saving. But the real challenge? Making sure your money lasts as long as you do. Morningstar's Christine Benz joins us for a conversation about the smartest ways to prepare for retirement and make sure your money goes the distance.  This episode is part of our new, monthly retirement-focused series, brought to you by LIMRA. With practical tips and real-world conversations, these episodes will give you the tools to help you feel more confident about what comes next. In this episode, Jean and Christine break down: Why there's no one-size-fits-all retirement plan How to shift from a saving to a spending mindset in retirement The biggest retirement blind spots – and why they're more challenging for women The steps you can take today to feel less overwhelmed about retirement planning

Our guests on the podcast today are Cody Garrett and Sean Mullaney. They're both advice-only financial planners, and they're the co-authors of a new book called Tax Planning To and Through Early Retirement. Cody is a certified financial planner and the founder of Measure Twice Money, where he helped DIY investors make informed decisions aligned with their values. He also leads Measure Twice Planners, which is an educational community for financial planners. Sean Mullaney is a certified public accountant and head of Mullaney Financial & Tax. He also writes the blog, FITaxGuy.com, which is focused on the intersection between financial independence and taxes.BackgroundSean MullaneyCody GarrettMeasure Twice MoneyMeasure Twice FinancialMeasure Twice PlannersMullaney Financial & TaxFITaxGuy.comTax Planning and Early RetirementTax Planning To and Through Early Retirement, by Cody Garrett and Sean Mullaney“The Backdoor Roth IRA After an Excess Contribution to a Roth IRA,” Sean Mullaney, FITaxGuy.com, Dec 16, 2025“Why I Don't Worry Much About Sequence of Returns Risk,” Sean Mullaney, FITaxGuy.com, Jun 10, 2025“The Tax Planning World Has Changed,” by Sean Mullaney, FITaxGuy.com, Sep. 22, 2025“Bogleheads on Investing® with Cody Garrett, CFP®, and Sean Mullaney, CPA on tax planning to and through retirement: Episode 89″ by Bogleheads on Investing® podcast, BogleCenter.net, Dec. 7, 2025“Managing Taxes in Retirement with Sean Mullaney,” by the White Coat Investor Podcast, WhiteCoatInvestor.com, Nov 20, 2025.Die With Zero: Getting All You Can from Your Money and Your Life―A Revolutionary Approach to Maximizing Life Experiences Over Accumulating Wealth, by Bill Perkins“Reframing Risk In Retirement As “Over- And Under-Spending” To Better Communicate Decisions To Clients, And Finding “Best Guess” Spending Level,” by Michael Kitces, Kitces.com, Apr. 24 2024.More on Early Retirement and FIRE“My Baptism by FIRE: Lessons on Financial Independence,” by Christine Benz, Morningstar.com, May 29, 2025.“Aiming to ‘Die with Zero'? Here Are the Implications for Portfolio Construction and Retirement Spending,” by Jess Bebel, Morningstar.com, Apri. 6, 2025"Derek Tharp: An Alternative Approach to Calculating In-Retirement Withdrawals," The Long View podcast, Morningstar.com, Feb. 21, 2023 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today we sit down with Christine Benz, Author, WCICON Speaker, and Director of Mutual Fund Analysis at Morningstar, for a wide-ranging and insightful conversation. We dive into her annual retirement income research, the realities of spending in retirement, and the challenge many retirees face in giving themselves permission to spend. Christine also reflects on the stark gender imbalance in the finance world and highlights the women she believes every investor should be following, whether they invest on their own or work with an advisor. It is a thoughtful, information-rich interview you will not want to miss. Getting Going on Savings Initiative: https://boglecenter.net/gettinggoing/  Best of Jonathan Clements Book: https://www.amazon.com/Best-Jonathan-Clements-Timeless-Financial/dp/0988780348  Laurel Road is committed to serving the financial needs of doctors, including helping you get the home of your dreams. Laurel Road's Physician Mortgage is a home loan exclusively for physicians and dentists featuring up to 100% financing on loans of $1,000,000 or less. These loans have fewer restrictions than conventional mortgages and recognize the lender's trust in medical professionals' creditworthiness and earning potential. For terms and conditions, please visit https://laurelroad.com/wci Disclosures: NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All mortgage products are subject to credit and collateral approval. Mortgage products are available in all 50 U.S. states and Washington, D.C. Hazard insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice. 1. 100% financing is only available to interns, residents, fellows, doctors, dentists, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). Only available when purchasing or refinancing with no cash out on a primary residence and loan amount does not exceed $1,000,000. Retired doctors are not eligible. Additional conditions and restrictions may apply. The White Coat Investor Podcast launched in January 2017, and since then, millions have downloaded it. Join your fellow physicians and other high income professionals and subscribe today! Host, Dr. Jim Dahle, is a practicing emergency physician and founder of The White Coat Investor blog. Like the blog, The White Coat Investor Podcast is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor-or at least know enough to not get ripped off by a financial advisor. We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles. Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  TikTok: https://www.tiktok.com/@thewhitecoatinvestor  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter  00:00 WCI Podcast #454 02:31 Christine Benz Interview 04:00 The Numbers and Psychology of Retirement Spending 24:15 The State of Retirement Income

Today we're talking about the future. Not just retirement as a number on a spreadsheet, but retirement as a real phase of life—one that we're all heading toward, whether we're just opening our first 401(k) or already counting down the years.My guest is someone I've turned to for guidance for decades. Christine Benz is the Director of Personal Finance and Retirement Planning at Morningstar, and if you've ever read a smart, clear-headed piece about investing, portfolio strategy, or retirement readiness, chances are her work shaped it.Christine has helped millions of investors make sense of their money at every stage of life—but especially at the moment when the stakes feel highest: figuring out how to turn what you've saved into a sustainable, meaningful retirement. She's also the author of How to Retire, a deeply practical and human guide that goes far beyond the math to tackle the emotional, lifestyle, and health realities of aging.In this conversation, we're digging into what retirement planning looks like right now: after a long market run, amid persistent inflation concerns, longer lifespans, and big questions around Social Security, healthcare, and caregiving. We talk about safe withdrawal rates, de-risking portfolios, how women need to plan differently, and why flexibility—not perfection—is the real secret to retiring well. Hosted on Acast. See acast.com/privacy for more information.

The No. 1 financial goal for most Americans is retirement. Once they retire, their primary goal becomes not running out of money. Host Robert Brokamp discusses the pros, cons, and tradeoffs of various withdrawal strategies with Christine Benz, director of personal finance at Morningstar and co-author of a new report on retirement income. Also in this episode:-Prepare for lower taxes in 2026 by having less withheld from your paycheck and contributing more to your investments-A recent Washington Post article argues that bigger houses lead to lower levels of happiness-The percentage of the global stock market that comes from U.S. stocks is near an all-time high, but non-U.S. stocks made up for lost ground in 2025-Listeners share their tips and tricks for staying on top of their investments and spending Host: Robert BrokampGuest: Christine BenzEngineer: Bart Shannon Disclosure: Advertisements are sponsored content and provided for informational purposes only. The Motley Fool and its affiliates (collectively, “TMF”) do not endorse, recommend, or verify the accuracy or completeness of the statements made within advertisements. TMF is not involved in the offer, sale, or solicitation of any securities advertised herein and makes no representations regarding the suitability, or risks associated with any investment opportunity presented. Investors should conduct their own due diligence and consult with legal, tax, and financial advisors before making any investment decisions. TMF assumes no responsibility for any losses or damages arising from this advertisement. We're committed to transparency: All personal opinions in advertisements from Fools are their own. The product advertised in this episode was loaned to TMF and was returned after a test period or the product advertised in this episode was purchased by TMF. Advertiser has paid for the sponsorship of this episode. Learn more about your ad choices. Visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Today on the podcast we welcome back Cullen Roche. He has a new book out called Your Perfect Portfolio: The Ultimate Guide to Using the World's Most Powerful Investment Strategies. Cullen is also the founder and chief investment officer of Discipline Funds, and he heads up Orcam Group, a registered investment advisory firm he established in 2012. Cullen started his career as an advisor at Merrill Lynch and worked at an event-driven hedge fund before starting his RIA firm. He received his bachelor's degree in finance from Georgetown University's McDonough School of Business. Cullen, welcome back to The Long View.BackgroundBioDiscipline FundsYour Perfect Portfolio: The Ultimate Guide to Using the World's Most Powerful Investment StrategiesPragmatic Capitalism: What Every Investor Needs to Know About Money and FinanceArtificial Intelligence, Bubbles, Bonds, and Rate Cuts“Three Things—Weekend Reading,” by Cullen Roche, disciplinefunds.com, Oct. 11, 2025.“Three Things—Bubbles, Paradoxes & QE,” by Cullen Roche, disciplinefunds.com, Dec. 12, 2025.“Three Things—Gold, Cuts and Divorces,” by Cullen Roche, disciplinefunds.com, Sept. 19, 2025.“Three Things—Where Did the Integrity Go?” by Cullen Roche, disciplinefunds.com, Aug. 21, 2025.“Bonds: It's Still Time to Chill (For a Little Longer Though),” by Cullen Roche, disciplinefunds.com, May 22, 2025.OtherDiscipline Funds' Tariff Tracker“Cullen Roche: What Tariffs Mean for Your Portfolio,” The Long View podcast, Morningstar.com, April 22, 2025.Bill BernsteinTaylor Larimore“The Case for a ‘Good Enough' Portfolio,” by Christine Benz, Morningstar.com, Oct. 27, 2025. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Hi and welcome to The Long View. I'm Christine Benz, director of personal finance and retirement planning for Morningstar. On this week's episode, we will feature some of our favorite clips from interviews we have done with financial planners, advisors, and retirement researchers over the past year. It's a counterpart to a previously released “Best Of” episode that was all about investing. As usual, we delved into the topic of psychology and money, and the importance of tuning out the noise if you're a long-term investor.“JL Collins: The (Still) Simple Path to Wealth,” The Long View podcast, Morningstar.com, July 1, 2025.“Charley Ellis: Indexing Is a Marvelous Gift,” The Long View podcast, Morningstar.com, Aug. 5, 2025.“Larry Jacobson: ‘The Good Things in Our Life Are What Get in the Way of Great Things,'” The Long View podcast, Morningstar.com, Sept. 16, 2025.“Dan Haylett: ‘The Retirement You Didn't See Coming,'” The Long View podcast, Morningstar.com, Nov. 18, 2025.“Kerry Hannon: What Gen Xers Need to Know About Their Retirement Plans,” The Long View podcast, Morningstar.com, Sept. 30, 2025.“Carl Richards: The Case for ‘Deeply Human' Financial Advice,” The Long View podcast, Morningstar.com, Oct. 21, 2025.“Dana Anspach and Fritz Gilbert: ‘This Is What a Joyful Retirement Could Feel Like,'” The Long View podcast, Morningstar.com, Sept. 23, 2025.“Barry Ritholtz: ‘How Not to Invest,'” The Long View podcast, Morningstar.com, Oct. 7, 2025.“Nick Maggiulli: Climbing the Wealth Ladder,” The Long View podcast, Morningstar.com, July 22, 2025.“Doug and Heather Boneparth: How Couples Can Find Financial Harmony,” The Long View podcast, Morningstar.com, Oct. 28, 2025.“Ramit Sethi: ‘We Have to Make Money Fun and Connective,'” The Long View podcast, Morningstar.com, March 4, 2025.“Beth Pinsker: Lessons From ‘My Mother's Money,'” The Long View podcast, Morningstar.com, Nov. 4, 2025.“Jean Chatzky: What Women Need to Do Differently With Their Money,” The Long View podcast, Morningstar.com, April 8, 2025.“Sahil Bloom: ‘Curiosity Is the Fountain of Youth,'” The Long View podcast, Morningstar.com, Feb. 4, 2025. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Hi, and welcome to The Long View. I'm Dan Lefkovitz, strategist for Morningstar Indexes. In this episode, we'll share some of our favorite clips from 2025 interviews with portfolio managers, economists, and investment researchers. It's a companion to Christine Benz's “Best Of” episode featuring highlights from conversations with financial planners, advisors, and retirement researchers. We'll begin with some prescient words from Hendrik du Toit, co-founder of global investment manager, Ninety One, who spoke to Christine Benz and me at the start of the year from Cape Town, South Africa. Hendrik talked about the appeal of emerging-markets investments, both debt and equity, asset classes that went on to have good years in 2025.“Hendrik du Toit: ‘Small Things Can Make a Big Difference,'” The Long View podcast, Morningstar.com, Jan. 21, 2025.“Cliff Asness: ‘The Problem Was Never Beta. The Problem Was Paying Alpha Fees for Beta,'” The Long View podcast, Morningstar.com, July 29, 2025.“Vincent Montemaggiore: ‘The Two Best Defenses Against Tariffs Are a High-Gross Profit Margin and Pricing Power,'” The Long View podcast, Morningstar.com, April 15, 2025.“Louis-Vincent Gave: ‘The Future Is Being Built Over There,'” The Long View podcast, Morningstar.com, Feb. 25, 2025.“Jason Zweig: Revisiting ‘The Intelligent Investor,'” The Long View podcast, Morningstar.com, May 27, 2025.“Mike Pyle: Looking for Uncorrelated Sources of Return,” The Long View podcast, Morningstar.com, Oct. 14, 2025.“Neal Shearing: The World Isn't Deglobalizing; It's Fracturing,” The Long View podcast, Morningstar.com, Aug. 26, 2025.“Sudarshan Murthy: ‘These Countries Are in Much Better Shape Than They Were 10 Years Back,'” The Long View podcast, Morningstar.com, March 25, 2025.“Joe Davis: How to Capitalize on ‘Megatrends,'” The Long View podcast, Morningstar.com, Sept. 2, 2025.“Callie Cox: A Student Teacher of Financial Markets,” The Long View podcast, Morningstar.com, Nov. 11, 2025.“Brian Selmo: ‘Winning by Not Losing,'” The Long View podcast, Morningstar.com, July 15, 2025.“Daniel Rasmussen: ‘Be Very Wary of Illiquid Asset Classes,'” The Long View podcast, Morningstar.com, May 6, 2025.“Eric Jacobson: The Entire Face of the Bond Market Has Changed,” The Long View podcast, Morningstar.com, Nov. 25, 2025.“Barry Ritholtz: ‘How Not to Invest,'” The Long View podcast, Morningstar.com, Oct. 7, 2025.“John Rekenthaler: ‘The House Is With You When You're Investing,'” The Long View podcast, Morningstar.com, Jan. 28, 2025. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Most retirees want to spend as much as they can without having to worry about running out of money. Morningstar's State of Retirement Income research analyzes retirement spending strategies to determine the highest safe starting withdrawal rate for new retirees in 2026. Christine Benz, Morningstar's director of personal finance and retirement planning and co-host of The Long View podcast, breaks down the research and shares some ideas about how you can boost your retirement spending.What's a Safe Retirement Withdrawal Rate for 2026?On this episode:00:00:00 Welcome00:00:46 Each year, you and your colleagues producethis really comprehensive research about retirement income. And as part of that research, you try toidentify what a safe withdrawal rate will be for the year ahead. 00:01:59 What is that safe withdrawal percentage, and how did you arrive at that conclusion?00:02:41 The 4% rule often comes up in the conversation around retirement spending. How does that compare to your base case?00:03:30 I know there are some misperceptions about your retirement income research and what that safe withdrawal percentage means. What are they? 00:03:28 So, how should retirees use this research?00:04:51 The safe starting withdrawal rate that you found in your base case might feel a little low for some retirees. Are there other strategies that retirees can use to boost their spending?00:07:02 So, flexible strategies are best suited for retirees that are focused on maximizing their spending. 00:08:52 What kind of retiree would benefit from a more rigid strategy, like the fixed inflation-adjusted spending approach that you use in your base case?00:09:26 How does asset allocation come into play? Would a stock-heavy portfolio support a higher withdrawal rate in retirement?00:10:36 So far, we've focused on portfolio income strategies, but you also looked at nonportfolio income sources like annuities and Social Security. What did you find?00:13:34 It seems like there's some more nuance to the suggestion of delaying Social Security. Can you talk about that? 00:14:50 How about annuities? Can you discuss some of the key considerations that income-centric retirees should bear in mind?00:16:07 Studies have found that retirees don't actually spend the same amount over the course of their retirement. What does actual retirement spending tend to look like, and how might that affect a retiree's plans?00:17:59Let's talk about some scenarios that can throw off a retiree's plan. One might be a market downturn early in retirement. What kind of impact could that have on spending? 00:18:56 Another scenario might be retiring earlier than expected. What kind of implications would that have for safe withdrawals?00:20:26 What is one final takeaway from the research that you want retirees to come away with?  Watch more from Morningstar:How ETFs Help You Cut Your Tax BillTax-Loss Harvesting Isn't Just for Downturns. Here's WhyBond ETFs Are Surging in Popularity in 2025. Here Are 5 of the Best Follow Morningstar on social:Facebook https://www.facebook.com/MorningstarInc/X https://x.com/MorningstarIncInstagram https://www.instagram.com/morningstarinc/?hl=enLinkedIn https://www.linkedin.com/company/morningstar/posts/?feedView=all 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 our colleague, Eric Jacobson. Eric is a senior principal for fixed-income strategies on Morningstar's Manager Research team. He focuses on a variety of taxable, tax-exempt, and nontraditional managed strategies. He covers some of the key asset managers, he publishes thought leadership, and he is a member of the Morningstar Medalist Ratings Committee. Eric joined Morningstar in 1995 as a closed-end fund analyst and also had a stint on Morningstar Indexes, where he helped launch our original Bond Benchmark Suite. Before Morningstar, Eric worked at Kemper Financial Services. He is also a proud graduate of the University of Wisconsin-Madison.Show NotesBackgroundBioBond Market and Semiliquid Funds“Why the Bond Market Is Fertile Ground for Active Management,” by Eric Jacobson, Morningstar.com, Aug. 28, 2025.“6 Critical Lessons for Bond Investors,” by Eric Jacobson, Morningstar.com, Dec. 26, 2023.“How to Measure Your Fund's Liquidity Risk,” by Brian Moriarty, Morningstar.com, Oct. 21, 2025.“New Ratings Reveal Challenges for Semiliquid Funds,” by Bryan Armour, Morningstar.com, Nov. 12, 2025.Other“Eurozone Debt Crisis: Causes, Consequences, and Solutions (2008-2012),” by Daniel Liberto, Investopedia.com, Sept. 29, 2025.“Automotive Industry Crisis of the 2000s,” by Kerry Skemp, ebsco.com.“When It Comes to Bonds, Don't Be a Hero,” by Christine Benz, morningstar.com, Oct. 6, 2025.Bill GrossDan Fuss Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Questions? Comments?You and Tom spend this episode unpacking a surprisingly liberating idea for investors: that average is good enough. Kicking off with your own story about a two-star podcast rating, you two stumble into a bigger truth—most people are chasing a level of portfolio perfection that doesn't matter. Christine Benz's Morningstar piece becomes the backbone of the discussion, contrasting “maximizers” (engineers, tinkerers, over-optimizers) with “satisfizers” (simple, diversified, sane). From there you hit Tesla's trillion-dollar pay package drama, Bito's goofy “dividends,” SGOV vs. CD ladders, fears about private equity sneaking into retirement plans, and a few classic Don-and-Tom tangents. The message: stop overthinking, build a sensible portfolio, and go live your life.0:04 Don's two-star review existential crisis and the epiphany about doing things for joy1:16 Why being “average” in investing (and life) is perfectly fine1:45 Elon Musk compensation debate and ETF shareholders not getting a vote3:12 Don's “brilliant raving lunatic” take on Elon and Tesla's dominance4:38 The kings of tangentiality finally introduce the show5:55 Christine Benz and the “Good Enough Portfolio” philosophy6:36 Maximizers vs. satisfizers explained (plus Bogle bobbleheads)8:53 Why over-optimization rarely improves results9:56 Happiness and second-guessing: satisfizers win11:22 Time costs, tax worries, and the illusion of finding a perfect portfolio12:33 Two-fund vs. ten-fund portfolios and why simplicity works13:55 Working harder doesn't usually make you richer—your job does14:25 Listener letter: long-time fan from Silverdale reminisces about 198815:26 Tom recalls being put on the air after several glasses of wine16:03 Acorns user asks about BITO's wild “dividends”18:10 Why BITO's payouts are actually return of capital and cannibalization19:58 BITO's volatility roller-coaster (standard deviation 53)20:12 SGOV vs. CD ladders for short-term retirement cash22:07 Why emergency funds shouldn't sit in a Roth IRA22:58 Listener concerned about private equity creeping into 401(k)s23:52 PE risks, political pressure, and greater-fool concerns25:27 Don thanks listener “AlwaysLearning1953” for the positive review26:49 Murder of Crows, sound effects, and the power of scary crows27:36 New Tales Told update—more stories on the way28:38 Saturday live show reminder and flyover banter28:58 Don's Kansas/Leavenworth childhood story detourLearn more about your ad choices. Visit megaphone.fm/adchoices

You and Tom spend this episode unpacking a surprisingly liberating idea for investors: that average is good enough. Kicking off with your own story about a two-star podcast rating, you two stumble into a bigger truth—most people are chasing a level of portfolio perfection that doesn't matter. Christine Benz's Morningstar piece becomes the backbone of the discussion, contrasting “maximizers” (engineers, tinkerers, over-optimizers) with “satisfizers” (simple, diversified, sane). From there you hit Tesla's trillion-dollar pay package drama, Bito's goofy “dividends,” SGOV vs. CD ladders, fears about private equity sneaking into retirement plans, and a few classic Don-and-Tom tangents. The message: stop overthinking, build a sensible portfolio, and go live your life. 0:04 Don's two-star review existential crisis and the epiphany about doing things for joy 1:16 Why being “average” in investing (and life) is perfectly fine 1:45 Elon Musk compensation debate and ETF shareholders not getting a vote 3:12 Don's “brilliant raving lunatic” take on Elon and Tesla's dominance 4:38 The kings of tangentiality finally introduce the show 5:55 Christine Benz and the “Good Enough Portfolio” philosophy 6:36 Maximizers vs. satisfizers explained (plus Bogle bobbleheads) 8:53 Why over-optimization rarely improves results 9:56 Happiness and second-guessing: satisfizers win 11:22 Time costs, tax worries, and the illusion of finding a perfect portfolio 12:33 Two-fund vs. ten-fund portfolios and why simplicity works 13:55 Working harder doesn't usually make you richer—your job does 14:25 Listener letter: long-time fan from Silverdale reminisces about 1988 15:26 Tom recalls being put on the air after several glasses of wine 16:03 Acorns user asks about BITO's wild “dividends” 18:10 Why BITO's payouts are actually return of capital and cannibalization 19:58 BITO's volatility roller-coaster (standard deviation 53) 20:12 SGOV vs. CD ladders for short-term retirement cash 22:07 Why emergency funds shouldn't sit in a Roth IRA 22:58 Listener concerned about private equity creeping into 401(k)s 23:52 PE risks, political pressure, and greater-fool concerns 25:27 Don thanks listener “AlwaysLearning1953” for the positive review 26:49 Murder of Crows, sound effects, and the power of scary crows 27:36 New Tales Told update—more stories on the way 28:38 Saturday live show reminder and flyover banter 28:58 Don's Kansas/Leavenworth childhood story detour Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom open with the investor mistakes Christine Benz highlighted in Morningstar: portfolio sprawl, concentration in the same large-cap tech names, clinging to ancient active funds, ignoring reallocations, and failing at both asset allocation and asset location. The show then shifts into calls—first about fears of an “AI crash,” then a heartbreaking case of an 80-year-old widow stuck in an expensive, incoherent Schwab-built portfolio, which Don dismantles live. Later, Roth conversion strategy, smishing scams, and a closing riff on Bitcoin's extreme volatility versus gold. A packed episode on how bad habits, high fees, and fear derail investors—and how a simple, globally diversified plan avoids most of it. 0:04 Intro and Christine Benz's list of common portfolio mistakes 0:56 Portfolio sprawl and “hodgepodge-itis” 1:32 Overloaded baskets of large-cap tech stocks 2:52 The 31-year-old underperforming fund problem 3:54 Active vs. passive: the shift the industry still hasn't admitted 4:03 Asset allocation errors driven by ignoring the plan 4:51 Why rebalancing matters (and why people never do it) 5:40 Asset location mistakes and why taxes demand a smarter structure 6:15 Why these errors are easy to fix with a simple plan 7:58 Don solo; open phones 8:23 Caller: Fear of an “AI crash” and whether it can tank the market 11:16 Building a portfolio that can withstand any crash 13:01 International ballast and why planning matters more than predictions 14:27 Don solo again; open phones 15:17 Smishing scams and the rise of SMS-based fraud 16:13 How cheap scam-software makes fraud explode 17:08 Caller: 80-year-old widow with an awful Schwab portfolio 18:27 Don investigates the tickers—high fees, obscure funds, bad structure 19:57 Schwab dropped her; Don: “This advisor should be fired” 21:07 Why the portfolio lost money and what those numbers really mean 22:26 Active funds, high turnover, and tax drag 24:01 Don's verdict: unload the mess and move to simple, low-cost indexing 25:01 Why a target-date fund may be the cleanest fix 26:33 Take the risk quiz; why advisors should be boring 27:00 Don vents about industry incompetence and fee-only failures 28:23 Why advisors chase “exciting” instead of sound 30:02 Caller: Roth conversion when 70% of assets are in traditional IRAs 31:25 Why conversion benefits are minor but sometimes worthwhile 32:33 Strategy: convert up to top of the 24% bracket 33:19 Wrap-up and call for last questions 34:56 Gold vs. Bitcoin: which is actually stable? 36:09 Why Bitcoin's volatility makes it a terrible “currency” Learn more about your ad choices. Visit megaphone.fm/adchoices

Questions? Comments?Don and Tom open with the investor mistakes Christine Benz highlighted in Morningstar: portfolio sprawl, concentration in the same large-cap tech names, clinging to ancient active funds, ignoring reallocations, and failing at both asset allocation and asset location. The show then shifts into calls—first about fears of an “AI crash,” then a heartbreaking case of an 80-year-old widow stuck in an expensive, incoherent Schwab-built portfolio, which Don dismantles live. Later, Roth conversion strategy, smishing scams, and a closing riff on Bitcoin's extreme volatility versus gold. A packed episode on how bad habits, high fees, and fear derail investors—and how a simple, globally diversified plan avoids most of it.0:04 Intro and Christine Benz's list of common portfolio mistakes0:56 Portfolio sprawl and “hodgepodge-itis”1:32 Overloaded baskets of large-cap tech stocks2:52 The 31-year-old underperforming fund problem3:54 Active vs. passive: the shift the industry still hasn't admitted4:03 Asset allocation errors driven by ignoring the plan4:51 Why rebalancing matters (and why people never do it)5:40 Asset location mistakes and why taxes demand a smarter structure6:15 Why these errors are easy to fix with a simple plan7:58 Don solo; open phones8:23 Caller: Fear of an “AI crash” and whether it can tank the market11:16 Building a portfolio that can withstand any crash13:01 International ballast and why planning matters more than predictions14:27 Don solo again; open phones15:17 Smishing scams and the rise of SMS-based fraud16:13 How cheap scam-software makes fraud explode17:08 Caller: 80-year-old widow with an awful Schwab portfolio18:27 Don investigates the tickers—high fees, obscure funds, bad structure19:57 Schwab dropped her; Don: “This advisor should be fired”21:07 Why the portfolio lost money and what those numbers really mean22:26 Active funds, high turnover, and tax drag24:01 Don's verdict: unload the mess and move to simple, low-cost indexing25:01 Why a target-date fund may be the cleanest fix26:33 Take the risk quiz; why advisors should be boring27:00 Don vents about industry incompetence and fee-only failures28:23 Why advisors chase “exciting” instead of sound30:02 Caller: Roth conversion when 70% of assets are in traditional IRAs31:25 Why conversion benefits are minor but sometimes worthwhile32:33 Strategy: convert up to top of the 24% bracket33:19 Wrap-up and call for last questions34:56 Gold vs. Bitcoin: which is actually stable?36:09 Why Bitcoin's volatility makes it a terrible “currency”Learn more about your ad choices. Visit megaphone.fm/adchoices

Questions? Comments?Don and Tom unpack why even smart, financially literate people sometimes need a financial advisor — prompted by Morningstar's Christine Benz explaining why she hires one. They explore the value of second opinions, professional organization, tax guidance, spending permission, and succession planning. The conversation also draws lines around who doesn't need an advisor (DIY investors under 50 with good discipline) versus who does (retirees, disorganized investors, and anyone over 65 facing complexity). Later, they tackle listener questions about small-cap value ETFs — comparing AVUV, DFSV, and SLYV — and close with a retirement scenario review for a disciplined 77-year-old federal retiree. A lighthearted finish touches on long-term care insurance, empty nesting, and the Raiders' black hole stadium.0:04 Reintroducing the need for financial help (but not that kind of help)1:17 Christine Benz's surprising admission: she has a financial planner2:27 The value of a “responsible second opinion”3:25 Why Benz says peace of mind has real value3:50 Reasons to hire an advisor: second opinions, tax guidance, rebalancing, perspective4:54 When hourly financial advice makes sense6:38 Organization and accountability as hidden benefits8:08 The disinterested spouse problem8:40 Why succession planning matters more than you think9:32 “Permission to spend” — an underrated role of advisors10:19 Who doesn't need an advisor: young savers and disciplined investors11:27 When to get a second opinion even if you're DIY12:18 Spotting bad advice and hidden annuities13:03 Who does need an advisor: hodgepodge portfolios and over-50 investors14:09 Complexity and the need for help beyond 6514:47 The problem of small investors being preyed upon by salespeople15:52 Listener question: adding small-cap value exposure16:47 Comparing AVUV, DFSV, and SLYV performance and structure19:00 Expense ratios and diversification differences20:18 Don and Tom's ETF verdict21:10 Retirement checkup: 77-year-old with pension and LTC coverage22:06 Evaluating liquidity, income, and survivorship23:48 The vanishing quality of long-term care policies24:56 Tom's empty-nest plans and aching knee25:43 Raiders jokes and the black-painted stadiumLearn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom unpack why even smart, financially literate people sometimes need a financial advisor — prompted by Morningstar's Christine Benz explaining why she hires one. They explore the value of second opinions, professional organization, tax guidance, spending permission, and succession planning. The conversation also draws lines around who doesn't need an advisor (DIY investors under 50 with good discipline) versus who does (retirees, disorganized investors, and anyone over 65 facing complexity). Later, they tackle listener questions about small-cap value ETFs — comparing AVUV, DFSV, and SLYV — and close with a retirement scenario review for a disciplined 77-year-old federal retiree. A lighthearted finish touches on long-term care insurance, empty nesting, and the Raiders' black hole stadium. 0:04 Reintroducing the need for financial help (but not that kind of help) 1:17 Christine Benz's surprising admission: she has a financial planner 2:27 The value of a “responsible second opinion” 3:25 Why Benz says peace of mind has real value 3:50 Reasons to hire an advisor: second opinions, tax guidance, rebalancing, perspective 4:54 When hourly financial advice makes sense 6:38 Organization and accountability as hidden benefits 8:08 The disinterested spouse problem 8:40 Why succession planning matters more than you think 9:32 “Permission to spend” — an underrated role of advisors 10:19 Who doesn't need an advisor: young savers and disciplined investors 11:27 When to get a second opinion even if you're DIY 12:18 Spotting bad advice and hidden annuities 13:03 Who does need an advisor: hodgepodge portfolios and over-50 investors 14:09 Complexity and the need for help beyond 65 14:47 The problem of small investors being preyed upon by salespeople 15:52 Listener question: adding small-cap value exposure 16:47 Comparing AVUV, DFSV, and SLYV performance and structure 19:00 Expense ratios and diversification differences 20:18 Don and Tom's ETF verdict 21:10 Retirement checkup: 77-year-old with pension and LTC coverage 22:06 Evaluating liquidity, income, and survivorship 23:48 The vanishing quality of long-term care policies 24:56 Tom's empty-nest plans and aching knee 25:43 Raiders jokes and the black-painted stadium Learn more about your ad choices. Visit megaphone.fm/adchoices

Hi, and welcome to The Long View. I'm Christine Benz, director of personal finance and retirement planning for Morningstar. Today on the podcast we welcome back Carl Richards, who's the author of a new book called Your Money: Reimagining Wealth in 101 Simple Sketches. His previous books, The Behavior Gap and The One-Page Financial Plan, were both bestsellers. Carl started the Sketch Guide column in The New York Times and it ran weekly for a decade. Carl is a certified financial planner, and he started the Society of Advice, which is a community of financial planners dedicated to the craft of advice. In addition, Carl is active on the podcast circuit. He hosts Behavior Gap Radio, as well as a podcast called 50 Fires: Money and Meaning with Carl Richards. Carl also co-hosts a podcast with Michael Kitces called Kitces & Carl - Real Talk for Real Financial Advisors.BackgroundBioThe Society of AdviceBehavior Gap Radio50 Fires: A Podcast About Money and MeaningKitces & Carl – Real Talk for Real Financial Advisors“Carl Richards: ‘Less Focus on Being a Little Less Wrong Tomorrow,'” The Long View podcast, Morningstar.com, May 13, 2020.“Carl Richards: It Should Be OK to Relax Out Loud,” The Long View podcast, Morningstar.com, July 27, 2021.BooksYour Money: Reimagining Wealth in 101 Simple SketchesThe Behavior Gap: Simple Ways to Stop Doing Dumb Things With MoneyThe One-Page Financial Plan: A Simple Way to Be Smart About Your MoneySketches and PodcastsThe Magic Certainty Button“Visual Sketches as Conversation Starters to Help Clients Make Better Financial Decisions,” Kitces & Carl podcast, Episode 175, kitces.com, Oct. 16, 2025.Where to Place Your Focus“Is There a Future of Financial Planning in the AI Era?” Kitces & Carl podcast, Episode 169, kitces.com, July 24, 2025.Other“Brian Portnoy: Balancing Returns With Simplicity, Financial Independence, and Peace of Mind,” The Long View podcast, Morningstar.com, Sept. 29, 2020.“Why We Spend the Way We Do With Gretchen Rubin,” 50 Fires podcast with Carl Richards, 50fires.com, May 28, 2025.Paige Pritchard“Money, Family, and Meaningful Work With Jodi Kantor and Rob Lieber,” 50 Fires podcast with Carl Richards, 50fires.com, Sept. 18, 2024.Morgan HouselZero to One: Notes on Startups, or How to Build the Future, by Peter ThielVollebak Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Boldin Your Money, host Steve Chen talks with Andrea Solarz, a Boldin community member from Arlington, Virginia, about her lifelong journey to financial independence. Andrea shares how early lessons from her parents about saving and budgeting set her on the right path, later reinforced through self-education and following experts like Rob Berger, Christine Benz, and Andy Panko. She discusses using Boldin's financial planning platform to confirm she was ready to retire and shift from saving to spending confidently. Andrea now relies on Social Security and TIAA-CREF annuities for guaranteed income, giving her the freedom to travel and support friends and causes she cares about. A single woman with no children, Andrea highlights the importance of independent financial planning and encourages others, especially women, to start saving early, invest consistently, and plan intentionally for retirement.

Should I collect Social Security early & invest the proceeds into the stock market? This is the age-old question I see on a nearly daily basis in retirement forums. An article from Morningstar - written by Christine Benz and features a conversation with Social Security expert Mary Beth Franklin - gives me the basis for sharing six obstacles for claiming instead of waiting.  Also, we share a listener question about whether retirees should stick with the traditional 60/40 stock-and-bond portfolio or branch out into alternatives like gold, REITs, or managed futures to help with risk management and withdrawal rate. Resource: Article by Christine Benz featuring Mary Beth Franklin on Morningstar: Does It Make Sense to File Early for Social Security and Invest in the Market?   Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart  Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

Christine Benz is the director of personal finance at Morningstar and the author of “How to Retire: 20 lessons for a Happy, Successful, and Wealthy Retirement.” In this rebroadcast of an interview recorded last November, Benz joined Motley Fool financial planning expert Robert Brokamp to discuss: - Updated research on safe withdrawal rates in retirement - When and how to de-risk your portfolio as retirement approaches - The right age to claim Social Security - Whether retirement is healthy for most people - Benz's advice to “find your micro-joys” and “don't be afraid to be a weirdo" Host: Robert Brokamp Guests: Christine Benz Engineers: Dan Boyd Advertisements are sponsored content and provided for informational purposes only. The Motley Fool and its affiliates (collectively, "TMF") do not endorse, recommend, or verify the accuracy or completeness of the statements made within advertisements. TMF is not involved in the offer, sale, or solicitation of any securities advertised herein and makes no representations regarding the suitability, or risks associated with any investment opportunity presented. Investors should conduct their own due diligence and consult with legal, tax, and financial advisors before making any investment decisions. TMF assumes no responsibility for any losses or damages arising from this advertisement. Learn more about your ad choices. Visit megaphone.fm/adchoices