Podcast appearances and mentions of david blanchett

Today, I'm thrilled to welcome David Blanchett back to the podcast. David is the Managing Director and Head of Retirement Research at PGIM DC Solutions and one of the most respected voices in retirement income planning today. You've likely come across his work in Morningstar, Kiplinger, and our Weekend Reading series—and for good reason. His research has earned accolades from nearly every major financial planning organization. In our conversation, we picked up where we left off back in Episode 55 with David's groundbreaking research on retirement spending patterns and adapting it to today's environment of elevated interest rates and persistent inflation. From challenging the idea of a "retirement crisis" that is making headlines everywhere to rethinking the 4% retirement income rule, David helps us distill the data and build income strategies grounded in behavioral and financial realities. In our conversation, we discuss the value and confidence that guaranteed lifetime income annuities provide retirees and how inflation concerns are impacting spending patterns. If you're planning your retirement or considering an adjustment to your current plan, this episode is packed with insights to help you spend your hard-earned dollars with confidence and design a secure and fulfilling retirement. In this podcast interview, you'll learn: Why “retirement crisis” is an overused headline—and why “challenge” is the better word. What David's research reveals about how real retirees spend—and why most don't adjust spending for inflation as expected. Why a 5% withdrawal rate may be more appropriate than 4% in today's interest rate environment. The behavioral power of guaranteed income—and how it gives retirees the freedom to actually enjoy their savings. How to build inflation hedges into your portfolio using tools like TIPS, annuities, and real assets. Show Notes: RetireWithPurpose.com/499

This is episode 75! And I'm thrilled to introduce my guest today. He is a true pioneer in the field of behavioural finance, Dr. Greg Davies. Greg is the Head of Behavioural Finance at Oxford Risk and has spent his career shaping how we understand investor psychology, financial decision-making, and the emotional complexities that come with managing money—especially in retirement. In this episode, we'll explore the behavioural traps that retirees often fall into, how to build financial resilience, and why understanding your own psychology is just as important as having a well-structured portfolio. Throughout our conversation, Greg and I explore the multifaceted aspects of retirement planning, emphasizing the importance of guaranteed income and its psychological benefits. We discuss how behavioural finance plays a crucial role in spending habits during retirement, the impact of inflation on purchasing power, and the distinction between risk and volatility in investment strategies. We also touch on future trends in retirement planning, particularly the potential need for and benefits of health insurance and a shift in focus from bequest to spending during retirement. Key Takeaways Greg Davis shares his journey from economics to behavioral finance. Behavioral finance combines psychology, economics, and finance. The importance of practical applications of behavioral science in finance. People often make poor financial decisions due to cognitive biases. Simplifying complex financial concepts is crucial for better decision-making. Emotional comfort plays a significant role in financial decisions. Retirement planning today is more complex than in previous generations. Technology can help simplify financial decision-making processes. Understanding personal values is essential for effective retirement planning. The removal of guaranteed income streams complicates retirement planning. Financial advisors often overlook the emotional aspects of retirement planning. Guaranteed income can alleviate fears of running out of money. Behavioral finance significantly influences spending habits in retirement. People with guaranteed income tend to spend more comfortably. Inflation poses a significant risk to retirement savings. Understanding the difference between risk and volatility is crucial for investors. Many retirees are too conservative with their investment strategies. Health insurance will become increasingly important in retirement planning. The focus of retirement planning is shifting from bequest to spending. Planning for retirement should consider both financial and emotional factors. Chapters 00:00 - Introduction to Greg Davis and His Journey 01:22 - The Intersection of Behavioral Science and Finance 05:45 - Building a Behavioral Finance Team at Barclays 10:53 - Understanding Behavioral Challenges in Retirement 21:57 - Navigating Retirement in a Complex World 29:50 - The Emotional and Financial Aspects of Retirement Planning 32:04 - The Role of Guaranteed Income in Retirement 36:16 - Behavioral Benefits of Guaranteed Income 40:05 - Real-Life Impacts of Guaranteed Income 44:23 - Inflation and Its Impact on Retirement Planning 48:37 - Understanding Risk vs. Volatility in Investments 57:27 - Future Trends in Retirement Planning Books & Authours Mentioned Nudge by Richard Thaler Misbeahving by Richard Thaler Thinking, Fast and Slow By Daniel Kahneman Research & Papers Referenced "A License to Spend" by David Blanchett, Michael Finke, and Wade Pfau The Jam Study (Choice Overload Study) by Shenna Lyengar and Mark Lepper Other Things to Note Oxford Risk Connect with Greg on LinkedIn Humans vs Retirement The Super Sunday Retirement Roundup Newsletter The Skill of Spending Money in Retirement Whitepaper The Humans vs Retirement Sketchstore Book in a Time For us to Chat About Your Retirement

Show Notes:Blog post from Adam Turnquist on 1/2/25 titled “Santa Claus Rally in Jeopardy - https://www.lpl.com/research/blog/santa-claus-rally-in-jeopardy.html?Tweet from Ryan Detrick on 12/31/24 - https://x.com/ryandetrick/status/1874127859624861918?s=12&t=Godkt5FzuqWcmpmvo2G5Jg Article from ThinkAdvisor by David Blanchett titled “How Retirement Age & Social Security Claiming Age are Related” with commentary from Kitces.com on 12.16.24 - https://www.thinkadvisor.com/2024/12/16/how-retirement-age-and-social-security-claiming-age-are-related/

David McKnight looks at a recent study on retirees that seems to tell a different story compared to what many people in the U.S. tend to believe.  Americans often view guaranteed lifetime income annuities skeptically – they're perceived as a drag on the growth of their stock market portfolio. According to the study by retirement researchers David Blanchett and Michael Finke, retirees with guaranteed lifetime income spend about twice as much as their counterparts who rely on stocks and bonds alone for income in retirement. Those who rely purely on investments alone in retirement end up spending less because they fear running out of money in advance of life expectancy. David explains that “retirees with annuities spend more, not because they are wealthier, but because they have a form of wealth – a guaranteed income – that encourages them to spend.” Comparing two couples, a risk-averse couple with a risk-tolerant couple, Blanchett and Finke's study found a 1.1% difference in them taking an annual withdrawal rate from their portfolio. David couldn't have been any clearer: “If you want to spend more in retirement, taking an investment-only approach is usually the worst way of going about it.”     Mentioned in this episode: David's upcoming book: The Guru Gap: How America's Financial Gurus Are Leading You Astray, and How to Get Back on Track David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code DavidMcKnight.com DavidMcKnightBooks.com PowerOfZero.com (free 3-part video series) @mcknightandco on Twitter  @davidcmcknight on Instagram David McKnight on YouTube Get David's Tax-free Tool Kit at taxfreetoolkit.com David Blanchett Michael Finke

Many of us spend decades saving for retirement. But what happens when it's time to spend those hard-earned dollars…how do you make them last?  On the most recent episode of Your Money Map, our bi-weekly show with the Alliance for Lifetime Income, we talk about all things decumulation with the pros — Christine Benz, Director of Personal Finance and Retirement Planning for Morningstar, and David Blanchett, Research Fellow with the Alliance for Lifetime Income Institute. If you like this episode and want more, check out all of our Your Money Map episodes at protectedincome.org/your-money-map/ or tune in live every other Wednesday at 12 PM ET on Facebook or LinkedIn. CHAPTERS: 00:00 Retirement worries 05:00 Why spending down our money in retirement can be so stressful 16:00 Redefining retirement as financial independence 25:00 Spending for maximum happiness TAKEAWAYS: Start by identifying your essential expenses and aligning them with guaranteed income like Social Security or annuities to cover the basics. Lifelong savers often struggle to spend their hard-earned money. To overcome this mindset, consider using strategies like “spending pots” for travel or hobbies, which allow you to enjoy your savings guilt-free. Adding guaranteed income (like annuities) to your retirement plan can provide peace of mind and allow you to spend more freely, knowing your essential needs are covered. Learn more about our Finance Fixx program here. Use code PODCAST for a $100 discount. Interested in learning more about investing alongside hundreds of other women? Join us every other Monday night on Zoom at investingfixx.com. Have a question for us? Write to us at mailbag@hermoney.com. While you're at it, join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe! Use promo code HERMONEY at the link below to get an exclusive 60% off an annual plan at https://incogni.com/hermoney. The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney. Please contact advertising@airwavemedia.com if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

#ThisMorning on #BRN #Retirement #1920 | Retirement: Expectations versus Reality - Part I  | Zhikun Liu, Ph.D., CFP®, MIssionSquare Research Institute & David Blanchett, PhD, CFA, CFP® | #Tunein: broadcastretirementnetwork.com #Aging, #Finance, #Lifestyle, #Privacy, #Retirement, #Wellness and #More - #Everyday | #Subscribe with #DiscountCode ‘BRN20'

Today Bill and Jackie are joined by another genius in the world of retirement planning research, David Blanchett, PhD, CFA, CFP. In his role at PGIM, David is responsible for Target Date Funds and Retirement Spending Portfolios. In this episode he discusses redefined retirement concepts, the myths surrounding the 60/40 portfolio and some practical adjustments of the 4% rule. He also explains the 'retirement spending smile,' and retirement strategies for late starters.  

David Blanchett discusses the survey results that reveal a building crisis among near retirees who are unprepared for retirement.

Jack Martin and David Blanchett of PGIM DC Solutions, discuss whether the U.S. is experiencing a retirement crisis or just significant challenges. The post Retirement Income: Personalizing the Risks & Solutions with David Blanchett (Ep. 71) first appeared on InsurMark.

Welcome back to our much-anticipated June 2024 edition of “Retirement Planning Headlines,” where we save you the hassle of combing through endless financial articles. Sometimes even our listeners chime in with topics for our deep-dive discussions. https://youtu.be/v182Ah4aRPA Articles Discussed in this Episode Lessons From Another ‘Faux-tirement' Christine Benz on using her sabbatical six weeks to see what retirement might be like The Money Habits I Learned From My Parents—for Better or Worse Learning by watching Unlearning some lessons "Money Scripts" - Klontz Quiet Compounding Stories of a country bumpkin with no education and a low-wage job to save tens of millions Their entire financial universe was contained to the walls of their home, which allowed them to play their own game and be guided by nothing other than their own goals. That was their superpower. It was their only financial skill, but it's the most powerful one of all. People become so nervous about what other people think of their lifestyle and investing decisions that they end up doing two things: Performing for others and copying a strategy that might work for someone else but isn't right for you. Two ways to use money. Tool to live a better life The yardstick of success is to measure yourself against other people What does quit compounding mean? Emphasis on internal vs. external benchmarks Acceptance of how different people are, and a realization that what works for me might not work for you and vice versa A focus on independence over social dunking Focus on long-term endurance over short-term comparison Don't Be a Victim: Financial Abuse of Seniors - How to Spot Scams & Protect Yourself From Sandy Adams, whom we know from Michigan FPA Good guidelines for seniors A Bucket List for Our Retirement? No Thanks I Would rather revisit places I have already been and reconnect with people I knew long ago Will You Need Permission to Spend in Retirement? Consider an annuity Research from David Blanchett and Michael Finke suggests that retirees who hold a higher percentage of their wealth in guaranteed income spend more than retirees whose wealth consists of non annuitized assets Tilt portfolio toward current income production Tie portfolio withdrawals to portfolio performance Plan for spending to trend down Ask an Advisor to Dole it Out Tightwads and spendthrifts: An interdisciplinary review Everyone experiences the pain of paying People who don't experience enough pain- Spendthrifts People who experience too much pain - tightwads Neither are happy with how they handle money Here's the deflation breakdown for June 2024 — in one chart Conclusion Have you come across any articles you have questions about or would like to hear us discuss? Send them our way at info@srbadvisors.com Remember to subscribe and follow our podcast for monthly updates packed with practical advice to guide you through your financial future with clarity and confidence. Stay tuned and stay informed!  

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In this episode recorded on the floor of AICPA Engage 2024, host Michael Finke, PhD, CFP® welcomes fellow College professor and former podcast co-host David Blanchett, PhD, MSFS, CFA, CLU®, ChFC®, CFP® to the hot seat for a discussion on one of their favorite topics: comparing what's good and bad about various retirement income planning strategies. Listen as they explore the differences between fixed and flexible approaches, and the best ways to address risks. Find all episodes at TheAmericanCollege.edu/Shares.

We're hitting pause on new episodes during this holiday week. But we wanted to resurface one of our favorite conversations of the past year—the one that Jeff Ptak and I had with author and longtime columnist Scott Burns. We hope that you'll enjoy it, and we'll be back with a fresh episode next week.Our guest on the podcast today is syndicated personal finance columnist and author, Scott Burns. Scott began his career as a newspaper columnist in The Boston Herald in 1977, where he was also the financial editor. In 1985, he joined the staff of The Dallas Morning News, where his column became one of the most widely read features in the paper. Along the way, he created what he called Couch Potato Investing, which involves buying and holding a broadly diversified portfolio of low-cost index mutual funds. Scott has authored or co-authored several books, including The Coming Generational Storm and Spend ‘Til the End, both of which he co-authored with Laurence Kotlikoff. He received bachelor's degrees in humanities and biology from the Massachusetts Institute of Technology.BackgroundBioCouch Potato InvestingThe Coming Generational Storm: What You Need to Know About America's Economic Future, by Laurence J. Kotlikoff and Scott BurnsSpend ‘Til the End: Raising Your Living Standard in Today's Economy and When You Retire, by Laurence J. Kotlikoff and Scott BurnsBonds and Retirement“Do Bonds Have a Future?” by Scott Burns, Scottburns.com, May 14, 2022.“Scott Burns: These Four Pillars of Investing Stand the Test of Time,” by Scott Burns, Dallasnews.com, July 20, 2023.Allan Roth“TIPS Ladder Funds Don't Yet Exist, but They Should,” by John Rekenthaler, Morningstar.com, June 16, 2023.“Is America Hitting Peak Consumption?” by Scott Burns, Scottburns.com, Oct. 12, 2023.“The Pudding Report, 2022,” by Scott Burns, Scottburns.com, Jan. 15, 2023.“Examining the Tax Deferral Gift Horse,” by Scott Burns, Scottburns.com, April 8, 2023.Investing in Retirement“What's a Safe Withdrawal Rate Today?” by Christine Benz, Jeff Ptak, and John Rekenthaler, Morningstar.com, Dec. 13, 2022.“The 4 Percent Rule Is Not Safe in a Low-Yield World,” by Michael Finke, Wade Pfau, and David Blanchett, papers.ssrn.com, Jan. 15, 2013.“The High Cost of Immortality,” by Scott Burns, Scottburns.com, Dec. 18, 2022.“Making a Plan to Retire Now, Not Later,” by Scott Burns, Scottburns.com, April 25, 2022.“Is Homeownership Bigger Than It Should Be?” by Scott Burns, Scottburns.com, Nov. 14, 2020.“Is Downsizing in Retirement Actually Possible?” by Scott Burns, Scottburns.com, Nov. 21, 2020.OtherPortfolio VisualizerCenter for Retirement Research at Boston CollegeEmployee Benefit Research InstituteKaiser Family Foundation

Summary David is Managing Director, Portfolio Manager, and Head of Retirement Research for PGIM DC Solutions. In this role, he develops solutions to help improve retirement outcomes for investors with a specific focus on defined contribution plans. Prior to joining PGIM he was the Head of Retirement Research for Morningstar Investment Management LLC and before that the Director of Consulting and Investment Research for the Retirement Plan Consulting Group at Unified Trust Company.  In this episode David and I discuss retirement planning and income generation. He emphasizes the importance of understanding the cost of retirement and the need to start planning early. Retirement is a complex and individualized process, and the traditional concept of retirement is evolving, David suggests using the term 'financial independence' instead.   He also challenges the 4% rule for retirement withdrawals, suggesting that a personalized approach is necessary because flexibility in retirement income planning is crucial, as it allows for adjustments in spending based on changing circumstances. He also talks about why holding cash can provide both economic and behavioural benefits in retirement portfolios.   Other highlights of our conversation are where we discuss the need for advisors and coaches in retirement planning, the importance of understanding and addressing regret risk, the value of spending money on experiences and giving during retirement, the impact of longevity risk on retirement confidence, the benefits of guaranteed lifetime income in retirement planning and Davids famous Retirement smile concept.   Takeaways Understanding the cost of retirement and starting planning early are crucial for financial security in retirement. The traditional concept of retirement is changing, and 'financial independence' may be a more appropriate term. The 4% rule for retirement withdrawals may lead to underspending and regret, and a personalized approach is necessary. Flexibility in retirement income planning allows for adjustments in spending based on changing circumstances. Holding cash in retirement portfolios can provide both economic and behavioral benefits. Advisors and coaches play a crucial role in retirement planning by providing accountability and helping individuals understand their blind spots. Regret risk, or the regret of not doing more during retirement, is an often overlooked risk that can impact the fulfillment of the second half of life. The fear of spending money in retirement and the transition from a savings mindset to a spending mindset can hinder individuals from enjoying their retirement and lead to inefficient spending. Longevity risk, or the risk of outliving one's savings, is a significant concern in retirement planning, and there is a need for greater longevity literacy. Guaranteed lifetime income can help address longevity risk and provide individuals with the confidence to spend money on experiences and give during retirement. The retirement smile, where real-time spending falls during the early years of retirement and may increase slightly in later life, challenges the assumption that spending increases with inflation every year. Sound Bites "Retirement is the most expensive purchase most people will ever make." "Retirement is radically changing for everyone, what it means to retire, what it means to keep working, how long you're gonna live, what your activity level is gonna be." "The 4% rule will lead people into a retirement of underspending and regret." "We are not the person that's receiving the advice or coaching, right?" "If we create one of those [retirement plans] that's got a hundred percent success rate, i.e. we're telling you that you're never going to run out of money. That to me is a hundred percent failure on living a fulfilled second half of life." "It's just really, really hard to spend down this pool of assets when you don't know how long you're gonna live, you know what the markets are gonna do and you don't wanna go back to work." Chapters 00:00 Introduction and Background of David Blanchett 03:02 Understanding the Cost of Retirement 08:12 The Changing Nature of Retirement 12:33 Challenging the 4% Rule for Retirement Withdrawals 19:49 The Benefits of Holding Cash in Retirement Portfolios 26:56 The Role of Advisors and Coaches 28:19 The Overlooked Risk of Regret 30:06 Overcoming the Fear of Spending 35:28 Understanding and Addressing Longevity Risk 39:39 The Benefits of Guaranteed Lifetime Income 47:01 The Retirement Smile: Challenging Assumptions

Tune in as David Blanchett, CFA, shares insights on his latest research on investment horizons, serial correlation, and better retirement portfolios. David discusses the impact of time and inflation on optimal portfolio construction and makes a case for including commodities in portfolios. Listen now to learn more about his findings and insights into retirement planning strategies. Read the full paper here: https://cfainst.is/4eW9BTp.

In this episode, The Annuity Man and David Blanchett discuss:  People's irrational preference  A gap between perceived and actual ability Is cryptocurrency going to last?  Investing when there are low yields   Key Takeaways:  In theory, people should be indifferent between spending down their portfolio and living off of it - but investors aren't always rational, they have a strong preference towards not depleting their portfolio, and they want to live off of the income.  As you age, your probability of making a poor decision increases. At the same time, the gap increases between your perceived ability to make good decisions and your actual abilities.  Blockchain technology is real, it has some potential public use but the value of cryptocurrency is effectively speculative and most investors are young people who have never seen market downturns.  Don't focus on the fact that it could drop in value, focus on how it does in creating sustainable income.    "The best thing you can do is to make 'easy buttons' and a way to enjoy retirement where you're not stressed out all the time when the market goes down." —  David Blanchett    Connect with David Blanchett: Website: https://www.davidmblanchett.com/  LinkedIn: https://www.linkedin.com/in/david-blanchett-b0b0aa2/    Connect with The Annuity Man:  Website: http://theannuityman.com/  Email: Stan@TheAnnuityMan.com  Book: Owner's Manuals: https://www.stantheannuityman.com/how-do-annuities-work YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g  Get a Quote Today - https://www.stantheannuityman.com/annuity-calculator!

How can you make your retirement plan truly bulletproof? In this episode of The Financial Quarterback, Josh interviews retirement planning expert David Blanchett. They start by discussing the importance of understanding longevity risk and how annuities can be valuable tools to provide lifetime income. They break down the different types of annuities, including MIGAs, SPIAs, and fixed index options, and emphasize the need to work with knowledgeable advisors to make informed decisions. The conversation then moves to the four percent rule, debating its viability and highlighting the importance of personalized retirement income plans that account for individual circumstances. The two also tackles the significant impact of healthcare expenses on retirement, exploring strategies like long-term care insurance and Medicaid trusts to mitigate these costs. David shares insights on constructing diversified retirement portfolios, balancing equities and bonds, and making strategic portfolio adjustments to navigate market volatility. Josh and David also explore behavioral finance and how investor behavior can impact financial outcomes. Can't get enough of the Financial Quarterback? Click 'Subscribe' to never miss a play. New episodes touchdown right here! Loving the playbook? Drop us a 5-star rating and share your thoughts in a review. Your feedback fuels the game plan!

From WealthStack at Inside ETFs, a conversation on building portfolios for the future that are built to withstand inflation, geopolitical uncertainty and volatility, with David Blanchett from PGIM, Jonathan Shelton from KraneShares and Michael Meehan from Nuveen. From farmland investing to China and Carbon Capture, professional investors are leaning into alternatives in ways that were hard to imagine just a few years ago. Plus, why last week's meme stock mania does not have the legs of the one we lived through in 2021. And, why now is such a special time to be a shareholder. LINKS FOR SHOW NOTES https://www.investopedia.com/terms/s/shortinterest.asp https://www.investopedia.com/what-to-expect-in-the-markets-this-week-may-20-2024-8650191 https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html https://www.investopedia.com/terms/d/dividendpayoutratio.asp https://kraneshares.com/# https://www.pgim.com/dc-solutions/home https://www.nuveen.com/en-us/insights https://www.ndr.com/media

In this episode we answer emails from Average Joe, Matt, Kimbrough and Jon.  We discuss goooooold, Matt's proposed portfolio, preferred shares fund PFF and how often to look at your portfolio without going insane.But first we discuss a recent article from David Blanchett recognizing that a 5% withdrawal rate ought to be the standard for financial planners and a New York Times article about financial independence and the EconoMe conference.Links:David Blanchett 5% Rule Article:  Is the 4% Rule Too Safe? | ThinkAdvisor2013 Article Saying the Opposite:  The 4 Percent Rule is Not Safe in a Low-Yield World by Michael S. Finke, Wade D. Pfau, David Blanchett :: SSRNNew York Times FIRE Article (paywall):  Meet the FIRE Savers Who Retired Early - The New York Times (nytimes.com)Matt's Proposed Portfolio:  Portfolio Matrix – Portfolio ChartsFather McKenna Center Donation Page:  Donate - Father McKenna CenterSupport the Show.

In this episode of the Inspired Money Live Stream Podcast, we explore essential strategies for securing a financially stable retirement. Joined by experts Wade Pfau, Colleen Jaconetti, David Blanchett, and Emily Guy Birken, we navigate a multifaceted approach to retirement income planning. This discussion spans from investment strategies to managing healthcare costs and the role of real estate in retirement portfolios. Navigating Retirement Planning Retirement is a significant phase of life that requires careful planning and strategy. This episode, "Effective Retirement Income Strategies: Securing Your Financial Future," covers comprehensive strategies needed to ensure financial security. Our distinguished guests provide insights and expertise, offering a robust framework for retirement planning.

In a recent episode of his own podcast, financial guru Dave Ramsey touted an 8% withdrawal rate for assets as his advice to those at or near retirement – and decried those who might disagree as “goober supernerds.” To assess the validity of Ramsey's claims, our host Michael Finke, PhD, CFP® assembled The College's resident retirement supernerds – adjunct professor of wealth management David Blanchett, PhD, MSFS, CFA, CLU®, ChFC®, CFP® and professor of practice Wade Pfau, PhD, CFA, RICP® – to discuss their printed response to Ramsey, optimal withdrawal rates, sequence of returns risk, and best-practice retirement planning. Learn more and find all episodes at TheAmericanCollege.edu/Podcasts. Any views or opinions expressed in this podcast are the hosts' and guests' own and do not necessarily represent those of The American College of Financial Services.

Defined contribution plans have been instrumental in helping people save for retirement. However, these plans often fail to protect individuals against longevity risk. Incorporating lifetime income solutions like annuities can help people prevent outliving their savings during retirement. In this episode, Jack talks with David Blanchett, Managing Director, Portfolio Manager, and Head of Retirement Research at PGIM DC Solutions. In this role, David develops solutions to help improve retirement outcomes for investors with a specific focus on defined contribution plans. He is also responsible for the portfolio management of the PGIM Target Date Funds. Before joining PGIM, David was the Head of Retirement Research for Morningstar Investment Management LLC and the Director of Consulting and Investment Research for the Retirement Plan Consulting Group at Unified Trust Company. David joins Jack to discuss various aspects of retirement planning and how the industry can operate better to improve retirement outcomes for clients, participants, and advisors. David shares his insights on three key areas: improving defined contribution plans, enhancing financial plans, and making retirement easier through lifetime income solutions. He emphasizes the importance of access to retirement savings plans, the need for comprehensive financial planning, and the role of annuities in providing longevity protection. Key Takeaways [01:55] - David's thoughts on improving defined contribution plans for retirees. [03:03] - David's role at PGIM DC Solutions. [04:04] - How to improve contribution plans and in-plan retirement solutions. [08:29] - The need for a financial plan and the different avenues for receiving advice. [10:39] - The confluence of digital and human advice. [13:17] - The shift from investment-focused planning to holistic planning. [15:56] - Understanding annuities and their potential benefits for clients. [20:50] - Overcoming operational roadblocks to utilizing annuities. [22:11] - David's key takeaways. Quotes [09:48] - "If you can't get advice and you do it yourself, you'll make mistakes. These can be very expensive mistakes. So, giving individuals access to advice the way they want will have a huge long-term success." ~ David Blanchett [11:34] - "The fundamental value of an advisor is not the investments. It's more of the behavioral financial planning coach." ~ David Blanchett [19:16] - "There are very good annuities out there your clients could use. You have to learn how they work and how to identify them. Doing that can create better client outcomes than just focusing on the portfolio alone." ~ David Blanchett Links  David Blanchett on LinkedIn David Blanchett on Twitter PGIM DC Solutions Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Does the 4% rule still work? In this episode, we welcome three esteemed experts to counter a recent controversial claim made on the Dave Ramsey Show regarding the validity of the 4% rule in retirement planning. Joining us is David Blanchett; the Managing Director and Head of Retirement Research for PGIM DC Solutions, Michael Finke; a distinguished professor of wealth management at the American College of Financial Services, and Wade Pfau; Director of Retirement Research at McLean Asset Management. In our conversation, these experts shed light on the intricate world of retirement income planning, dispelling misconceptions and advocating for a more nuanced approach. Discover the flaws in Ramsey's assertion and explore the dynamics of sequence of return risk in retirement planning. Unpack the complexities of investing in bonds for retirees and the evolving risk profiles of stocks over varying investment horizons. We also uncover the significance of variable spending rates, debunk the fallacies behind aggressive withdrawal suggestions, a safety-first approach in retirement finance, and much more. Tune in for an enlightening journey through retirement planning and equip yourself with expert insights to pave a secure path for your financial future!   Key Points From This Episode:   The motivation for addressing Dave Ramsey's 8% retirement spending rate claim. (0:07:26) Unpack the holes in Dave Ramsey's 8% claim. (0:09:48) How important sequence of return risk is for retirement planning. (0:15:08) Discover if investing in bonds is risky for a retiree. (0:17:57) Learn how the risk of holding stocks changes for longer versus shorter investment horizons. (0:21:55) Subjective risk tolerance and how it is influenced by market fluctuations. (0:24:04) Going all-in on stocks compared to strategies that involve both bonds and stocks in your investment portfolio. (0:30:10) They share their thoughts on Dave Ramsey's notion that the 4% rule is depressing. (0:35:23) Overview of the issues and misconceptions surrounding the 4% rule. (0:37:28) Alternative approaches to spending money from a riskier investment portfolio. (0:40:06) Dynamic spending strategies to improve the initial withdrawal rate from investments. (0:43:01) Explore other financial products, like annuities, for retirement planning. (0:50:05) Mindset hurdles and adjusting expectations for financial planning. (0:58:46) Dissect the concept of delaying government pensions and its impact on investors. (1:02:24) Insights into the pros and cons of delaying social security for higher-earning women. (1:07:52) Final words of wisdom the guests have for listeners. (1:09:30)   Links From Today's Episode:   Michael Finke — http://www.michaelfinke.com/home.html Michael Finke on X — https://twitter.com/finkeonfinance Michael Finke on Facebook — https://www.facebook.com/mfinke The American College of Financial Services — https://www.theamericancollege.edu/ David Blanchett — https://www.davidmblanchett.com/ David Blanchett on X — https://twitter.com/davidmblanchett David Blanchett on LinkedIn — https://www.linkedin.com/in/david-blanchett-b0b0aa2/ PGIM DC Solutions — https://www.pgim.com/dc-solutions/ Wealth, Managed Podcast — https://www.theamericancollege.edu/knowledge-hub/wealth-managed-podcast Wade Pfau — https://retirementresearcher.com/wade-pfau/ Wade Pfau on LinkedIn — https://www.linkedin.com/in/wpfau/ Wade Pfau on X — https://twitter.com/WadePfau McLean Asset Management — https://www.mcleanam.com/ Retire With Style Podcast — https://risaprofile.com/retire-with-style/ Alliance for Lifetime Income — https://www.protectedincome.org/ Episode 89: Wade Pfau: Safety-First: A Sensible Approach to Retirement Income Planning — https://rationalreminder.ca/podcast/89 Episode 137: David Blanchett: Researching Retirement — https://rationalreminder.ca/podcast/137 Episode 254: David Blanchett: Regret Optimized Portfolios and Optimal Retirement Income — https://rationalreminder.ca/podcast/254 The Ramsey Show — https://www.youtube.com/@TheRamseyShowEpisodes The Ramsey Show: You Can't Win With Money if You Don't Know Where Your Money Is — https://www.youtube.com/watch?v=Xg4Z8EQY3Ao ‘Supernerds Unite Against Dave Ramsey's 8% Safe Withdrawal Rate Guidance' — https://www.thinkadvisor.com/2023/11/13/supernerds-unite-against-dave-ramseys-8-safe-withdrawal-rate-guidance/ RISA profiler — risaprofile.com/rationalreminder ‘Quasi-empirical bootstrap sampling paper' — Jason Fichtner — https://bipartisanpolicy.org/person/jason-j-fichtner/ ‘The Value of Delayed Social Security Claiming for Higher-Earning Women' — https://dx.doi.org/10.2139/ssrn.3849653 Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://twitter.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/  Benjamin on X — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

David Blanchett, a renowned financial expert, delves into the multifaceted world of retirement. From annuities, longevity risk, and alternative assets, you will gain valuable insights that challenge conventional wisdom.   From the nuances of portfolio construction to the impact of inflation on retirement savings, Blanchett provides actionable advice, helping listeners navigate the complexities of securing a comfortable and sustainable retirement.  Read the full show notes and find more information here: EP 73 Show Notes

Have you been paying attention to the financial news? Most of it is covering all the craziness around stocks. GameStop, AMC, and others went way up only to go way back down. These days, everyone has a Robinhood account and is trading stocks on margin. Plus, the COVID pandemic has added all sorts of volatility to the stock market.    In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Blanchett about investing during the craziness of a wild market. David is the Head of Retirement Research for Morningstar's Investment Management Group and an Adjunct Professor of Wealth Management at The American College.    Topics Discussed: COVID: How the pandemic and being isolated at home has affected investing • Day Trading: For better or worse, people want to invest in, buy individual stocks • Today's Market: Everyone wants to buy and trade to make money, not possible • False Confidence: How long until the bubble bursts because it will, eventually • Winners and Losers: Problem with day traders is they report one, not the other • Can you beat the stock market? First, learn from mistakes made from investing • Smarter than...? Good investing is boring, advisors don't and can't time market • Utility Grievance: How much do you like something and quantify preferences? • Weigh Outcomes: Downside of doing it yourself is much worse than upside • Short Selling: Put on your blinders and don't follow what everybody else does LINKS: www.WrenneFinancial.com

Is your retirement plan flawed? Tune in to learn about the shortcomings of modern financial planning.

It's hard to believe, but today's episode marks our fifth annual year-in-review episode — where we look back at some of our favourite conversations and takeaways from the past year! If there's one overarching theme that stood out amongst our guests in 2023 it would be the power of purposeful decision-making to impact our future selves. Tuning in, you'll hear our guests' remarkable views on the topic, from the power of regret when it comes to long-term decisions to the ‘hidden partner' that accompanies us in all our decision-making. Another key theme that emerged is how the role of financial advisors is evolving. Key insights include why your financial advisor should collaborate with other advisors, why trust is essential, and how to prepare your children for wealth. We wrap things up with reflective tips on how to identify what your true goals are with a profound lesson on why setting your own scoreboard is essential. Tune in as we share some of our favourite moments from the past year and look back at the incredible guests we've had on the show in 2023!   Key Points From This Episode:   Our year with the Rational Reminder community: 23 in 23 reading challenge, memorable meetups, live recordings, a shoutout to our community moderators, and more. (0:00:19) Looking back at our conversation with Charles Ellis and Burton Malkiel on why money management is a loser's game and navigating market efficiency. (0:08:42) Pim Van Vliet's insights on the evidence supporting higher expected returns related to certain stock characteristics. (0:16:19) Discussing the relevance (and irrelevance) of dividends and why people tend to view dividends as particularly special, with Professor Samuel Hartzmark. (0:19:42) Our conversation with Will Goetzmann on the value of very long-term data and why historical data is still relevant today. (0:24:58) Nobel laureate, Robert Merton's insights on putting together a long-term asset mix and taking into account your time horizon. (0:32:35) Highlights from our conversation with Professor Francisco Gomes on how asset allocation should (and should not) change over the lifecycle. (0:39:14) Our second interview with David Blanchett on how regret informs our long-term decisions and Daniel Pink's insights on optimizing for future regret. (0:43:58) Hear from Charles Ellis on the most under-appreciated action that every investor should take to be more successful. (0:50:50) Making decisions on personal finance and John Cambell's insights on how household beliefs tend to differ. (0:51:53) Professor Ralph Keeney on why decision-making is the only purposeful way you can influence anything in your life. (0:54:54) Input from Cass Sunstein on the extensive research he's done on decision-making and how acquiring more information can help your decisions. (0:59:25) We hear from Professor Eric Johnson about the ‘hidden partner' that accompanies us when we make decisions and Cass Sunstein explains when we should update our beliefs. (01:03:09) Professor James Choi shares his profound insights on why financial decisions are not always explained by economic theory. (01:10:26) Unpacking the effect of overconfidence on our decision-making with Itzhak Ben-David, along with his key ideas on miscalibration. (01:12:53) Answering the question “How good are we at understanding our future selves?” with Hal Hershfield. (01:17:20) Our conversation with Meir Statman on the third generation of behavioural finance and what that means for decision-making and advice. (01:21:13) Dr. Preet Banerjee's research and insight on the value of having a financial plan. (01:23:48) Talking with YouTuber, Darin Soat, about the struggle to find high-quality financial information online and understanding YouTube as an entertainment-first platform. (01:25:02) Harold Geller on how to determine whether your advisor is properly understanding you and Robert Merton's thoughts on how he views the role of financial advisors. (01:28:27) We hear from Dr. Preet Banerjee on the business of financial advice and how it has changed over time. (01:35:02) Victor Haghani and James White on the topic of intergenerational billionaires and why there are fewer than you might expect. (01:39:21) An update from Rob Carrick on the state of financial planning for the average Canadian in 2023. (01:44:09) Juhani Linnainmaa unpacks the impact of financial advisors on decision-making and the challenges of choosing a financial advisor. (01:48:48) Dr. James Grubman on identifying a financial advisor who understands the importance of Wealth 3.0, why collaboration is key, and how to prepare children for wealth. (01:51:21) A final takeaway from Shane Parrish on taking stock of your year and how to determine what your true goals are. (02:02:28)   Links From Today's Episode:   Episode 234: Prof. Robert C. Merton — https://rationalreminder.ca/podcast/234 Episode 236: Harold Geller — https://rationalreminder.ca/podcast/236 Episode 238: Prof. Ralph Keeney — https://rationalreminder.ca/podcast/238 Episode 240: Prof. Eric J. Johnson — https://rationalreminder.ca/podcast/240 Episode 244: Charles D. Ellis — https://rationalreminder.ca/podcast/244 Episode 246: Daniel H. Pink — https://rationalreminder.ca/podcast/246 Episode 248: Prof. William Goetzmann — https://rationalreminder.ca/podcast/248 Episode 250: Prof. John Y. Campbell — https://rationalreminder.ca/podcast/250 Episode 252: Prof. Burton Malkiel — https://rationalreminder.ca/podcast/252 Episode 254: David Blanchett — https://rationalreminder.ca/podcast/254 Episode 256: Prof. Hal Hershfield — https://rationalreminder.ca/podcast/256 Episode 258: Prof. Meir Statman — https://rationalreminder.ca/podcast/258 Episode 260: Prof. James Choi — https://rationalreminder.ca/podcast/260 Episode 262: Prof. Francisco Gomes — https://rationalreminder.ca/podcast/262 Episode 264: Pim van Vliet — https://rationalreminder.ca/podcast/264 Episode 266: Prof. Cass Sunstein — https://rationalreminder.ca/podcast/266 Episode 268: Itzhak Ben-David — https://rationalreminder.ca/podcast/268 Episode 269: Preet Banerjee — https://rationalreminder.ca/podcast/269 Episode 270: Victor Haghani and James White — https://rationalreminder.ca/podcast/270 Episode 272: Rob Carrick — https://rationalreminder.ca/podcast/272 Episode 273: Professor Samuel Hartzmark — https://rationalreminder.ca/podcast/273 Episode 275: Live from Future Proof 2023 with Hal Hershfield — https://rationalreminder.ca/podcast/275 Episode 276: Darin Soat — https://rationalreminder.ca/podcast/276 Episode 278: Juhani Linnainmaa — https://rationalreminder.ca/podcast/278 Episode 280: Shane Parrish — https://rationalreminder.ca/podcast/280 Episode 282: James Grubman —  Episode 224: Scott Cederberg — https://rationalreminder.ca/podcast/224 Winning the Loser's Game: Timeless Strategies for Successful Investing — https://www.amazon.com/Winning-Losers-Game-Strategies-Successful/dp/1264258461 A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing — https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393358380 Your Future Self: How to Make Tomorrow Better Today — https://www.halhershfield.com/yourfutureself A Wealth of Well-Being: A Holistic Approach to Behavioral Finance — https://www.amazon.com/Wealth-Well-Being-Holistic-Approach-Behavioral/dp/1394249675 Strangers in Paradise: How Families Adapt to Wealth Across Generations — https://www.amazon.com/Strangers-Paradise-Families-Wealth-Generations/dp/0615894356 Wealth 3.0: The Future of Family Wealth Advising — https://www.amazon.com/Wealth-3-0-Future-Family-Advising/dp/B0C9SHFSGM Clear Thinking: Turning Ordinary Moments into Extraordinary Results — https://www.amazon.com/Clear-Thinking-Turning-Ordinary-Extraordinary/dp/0593086112 30 Lessons for Living — https://www.karlpillemer.com/books/30-lessons-for-living/ Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://twitter.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/  Benjamin on X — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://twitter.com/MarkMcGrathCFP

Our guest on the podcast today is Dan Haylett. Dan is a financial planner and head of growth for TFP Financial Planning based in the United Kingdom. Dan focuses on financial planning, retirement planning, and life planning for people over age 50. He also hosts a podcast called The Humans vs. Retirement that is centered on the behavioral aspects of retirement. Prior to joining TFP, Dan occupied several positions in the asset-management industry.BackgroundBioTFP Financial PlanningThe Humans vs. Retirement podcastRetirement“How to Become a ‘Retirement Rebel' for a Higher ‘Return on Life,'” by Dan Haylett, humansvsretirement.com.“Retirement Is a Flawed Concept, With Carl Richards,” The Humans vs. Retirement podcast, humansvsretirement.com, June 19, 2023.“Navigating the Changing Relationship With Your Spouse in Retirement, With Ashley Quamme,” The Humans vs. Retirement podcast, humansvsretirement.com, June 5, 2023.Identity and Purpose“Retiring With a Bang: Harvard's 85-Year Study Unlocks Secrets to a Long and Happy Life,” by Dan Haylett, humansvsretirement.com.“Happiness, Fulfillment, and Contentment in Retirement,” by Dan Haylett, humansvsretirement.com.“The Anchors of Retirement Well-Being,” by Dan Haylett, humansvsretirement.com.“Retirement Should Not Be Viewed as the Third and Final Phase of Life,” by Dan Haylett, humansvsretirement.com.Psychology of Spending“Understanding the Deep-Seated Fear of Running Out of Money and Its Impact on Retirement,” by Dan Haylett, humansvsretirement.com.“From 4% Rule to 8% Fool: Unleashing Your Inner Retirement Spending Rockstar,” by Dan Haylett, humansvsretirement.com.“The Psychology Behind Spending Money in Retirement,” by Dan Haylett, humansvsretirement.com.“Annuitized Income and Optimal Asset Allocation,” by David Blanchett and Michael Finke, papers.ssrn.com, Sept. 22, 2017.“Dan Haylett: Is It Good Advice to Give Money Away?” by Dan Haylett, essexcommunityfoundation.org.uk, July 27, 2022.Other“Lessons and Experiences Through the Lens of a Real-Life Retirement Journey, With Andy Murphy,” The Humans vs. Retirement podcast, humansvsretirement.com, June 26, 2023.“6 Weeks Into His Retirement! An Inspirational Real Retirement Story With Neil Jones,” The Humans vs. Retirement podcast, humansvsretirement.com, Nov. 17, 2023.“How to Light Your Retirement Torch With the Father of Life Planning, George Kinder,” The Humans vs. Retirement podcast, humansvsretirement.com, Oct. 6, 2023.“Carl Richards: It Should Be OK to Relax Out Loud,” The Long View podcast, Morningstar.com, July 27, 2021.“Michael Kitces: How Higher Yields Affect Asset Allocation and Retirement Planning,” The Long View podcast, Morningstar.com, May 9, 2023.Mitch AnthonyPaul Armson

Our guest on the podcast today is syndicated personal finance columnist and author Scott Burns. Burns began his career as a newspaper columnist in The Boston Herald in 1977, where he was also the financial editor. In 1985, he joined the staff of The Dallas Morning News, where his column became one of the most widely read features in the paper. Along the way, he created what he called Couch Potato Investing, which involves buying and holding a broadly diversified portfolio of low-cost index mutual funds. Burns has authored or co-authored several books, including The Coming Generational Storm and Spend ‘Til the End, both of which he co-authored with Laurence Kotlikoff. He received bachelor's degrees in humanities and biology from the Massachusetts Institute of Technology.BackgroundBioCouch Potato InvestingThe Coming Generational Storm: What You Need to Know About America's Economic Future, by Laurence J. Kotlikoff and Scott BurnsSpend ‘Til the End: Raising Your Living Standard in Today's Economy and When You Retire, by Laurence J. Kotlikoff and Scott BurnsBonds and Retirement“Do Bonds Have a Future?” by Scott Burns, scottburns.com, May 14, 2022.“Scott Burns: These Four Pillars of Investing Stand the Test of Time,” by Scott Burns, The Dallas Morning News, July 20, 2023.Allan Roth“TIPS Ladder Funds Don't Yet Exist, but They Should,” by John Rekenthaler, Morningstar.com, June 16, 2023.“Is America Hitting Peak Consumption?” by Scott Burns, scottburns.com, Oct. 12, 2023.“The Pudding Report, 2022,” by Scott Burns, scottburns.com, Jan. 15, 2023.“Examining the Tax Deferral Gift Horse,” by Scott Burns, scottburns.com, April 8, 2023.Investing in Retirement“What's a Safe Withdrawal Rate Today?” by Christine Benz, Jeffrey Ptak, and John Rekenthaler, Morningstar.com, Dec. 13, 2022.“The 4 Percent Rule Is Not Safe in a Low-Yield World,” by Michael Finke, Wade Pfau, and David Blanchett, SSRN, Jan. 15, 2013.“The High Cost of Immortality,” by Scott Burns, scottburns.com, Dec. 18, 2022.“Making a Plan to Retire Now, Not Later,” by Scott Burns, scottburns.com, April 25, 2022.“Is Homeownership Bigger Than It Should Be?” by Scott Burns, scottburns.com, Nov. 14, 2020.“Is Downsizing in Retirement Actually Possible?” by Scott Burns, scottburns.com, Nov. 21, 2020.OtherPortfolio VisualizerCenter for Retirement Research at Boston CollegeEmployee Benefit Research InstituteKaiser Family Foundation

Today, I'm talking to Dr. Michael Finke, Professor of Wealth Management and the Frank M. Engle Distinguished Chair in Economic Security at the American College. He's the Director of the Granum Center for Financial Security, and he's been my professor a few times throughout my career.  I've always been a huge fan of his academic, unbiased approach, and you've undoubtedly seen Michael's work featured here in our Weekend Reading for Retirees email series over the years. He's published over 50 peer-reviewed articles and is widely quoted in many leading consumer publications.  In 2021, he co-authored a research paper titled, Guaranteed Income: A License to Spend with David Blanchett, a previous guest of the show, and also co-hosts the Wealth, Managed podcast with David as well. He's been a tremendous resource to me and many others, and I'm thrilled to talk to him today. In our conversation, Michael and I talk about how our eating and investing habits are so intertwined, how to find true happiness and your purpose in retirement, and how risk factors into your income planning, regardless of your risk tolerance. In this podcast interview, you'll learn: How Michael's first career as a food consumption researcher influenced his economic perspective–and the correlation between healthy eating and investing. Why our society gets so distracted by outliers in economics and politics. How risk aversion influences everything we do in investing and retirement. Why annuities are being used more and more for wealth accumulation instead of lifetime income–and how this is changing the perception of annuities. Why so many people can't stand to see the numbers in their bank accounts get smaller in retirement–even if they're overfunded.  Show Notes: RetireWithPurpose.com/371 Rate & Review the Podcast: RetireWithPurpose.com/review Sign Up to Casey's Weekend Reading Email! Sifting through the copious amount of conflicting financial advice and retirement information can be daunting - but it doesn't have to be! Each week, Casey makes it super easy. He hand-picks 4 of the most important articles you need to read, that are beneficial to you whether you're at, near, or in retirement! If you want them sent straight to your inbox, sign up by visiting RetireWithPurpose.com/weekend-reading

There are many different objective functions you can use when building optimal portfolios. The majority of these approaches define risk from the perspective of variability or bad outcomes, but positive returns could be viewed as “risky” for those that don't experience them, which is another way of saying that people experience regret (or FOMO, for our trendier listeners). Today, we are joined by David Blanchett, a return guest and the Managing Director and Head of Retirement Research for PGIM DC Solutions, the global investment management arm of Prudential Financial. He is also an Adjunct Professor of Wealth Management at The American College of Financial Services and a Research Fellow for the Alliance for Lifetime Income. David returns to the podcast for an articulate discussion about regret in portfolio construction, what drives it, and how financial advisors can cater to it. We then delve into how David is redefining optimal retirement income strategies, looking at retirement tools, retirement planning, compensation models in the industry, risk exposures, and portfolios. We also get a high-level overview of some of the fascinating work that David has done on home-country bias, plus so much more. For highly technical content presented in an accessible and practical way by one of the brightest minds in retirement planning, be sure to tune in today! Key Points From This Episode: • Differences between risk aversion and regret aversion. (0:03:57) • The distinctly human element that drives “investment FOMO.” (0:06:34) • Insight into how David models regret in his research. (0:09:06) • The asset pricing implications of approaching portfolio optimization this way. (0:12:11) • Tips for deciding on what the regret benchmark should be. (0:13:19) • How a portfolio optimization routine based on regret affects asset allocation. (0:14:08) • Ways that the effect of optimizing over regret changes depending on risk aversion. (0:16:55) • Other asset characteristics that might drive optimal allocation to regret assets. (0:18:04) • Why moving away from self-direction is the best thing to happen to 401(k) plans. (0:20:53) • How financial advisors should cater to investors interested in speculative assets. (0:24:00) • Unpacking some of the social and story-driven sources of regret. (0:29:03) • Downsides to modelling retirement liability as a static inflation-adjusted amount. (0:32:00) • Why it's important to understand the composition of retiree spending and saving. (0:33:57) • David's research into dynamic spending rules for retirement planning. (0:42:06) • Some of the key pitfalls of existing financial planning tools and solutions. (0:44:38) • Ways that safe withdrawal rates change when you incorporate dynamic spending. (0:51:10) • How advisor channel affects passive fund choice and how clients should respond. (0:57:56) • Insight into David's research on foreign revenue and home-country bias. (1:02:27) © 2023 Rational Reminder Podcast 1     Links From Today's Episode: David Blanchett — https://www.davidmblanchett.com/ David Blanchett on Twitter — https://twitter.com/davidmblanchett David Blanchett on LinkedIn — https://www.linkedin.com/in/david-blanchett-b0b0aa2/ © 2023 Rational Reminder Podcast 2 RRP 254 Show Notes PGIM — https://www.pgim.com/ E137: David Blanchett: Researching Retirement — https://rationalreminder.ca/podcast/137 ‘Regret and Optimal Portfolio Allocations' — https://www.pm-research.com/content/iijpormgmt/ early/2023/02/01/jpm20231464 ‘Keep Keeping Your Distance: An Updated Look at 401(k) Participant Behaviors During the COVID-19 Crisis' — https://www.morningstar.com/articles/1032011/keep-keeping-your- distance-an-updated-look-at-401k-participant-behaviors-during-the-covid-19-crisis ‘Save more with less: The impact of employer defaults and match rates on retirement saving' — https://onlinelibrary.wiley.com/doi/abs/10.1002/cfp2.1152 ‘Redefining the Optimal Retirement Income Strategy' — https://www.tandfonline.com/doi/full/ 10.1080/0015198X.2022.2129947 ‘Focusing on Both Sides of the Balance Sheet: The Benefit of Liability Optimization' — https:// web.p.ebscohost.com/abstract ‘The Problems with Monte Carlo are in Your Mind' — https://www.advisorperspectives.com/ articles/2023/04/24/the-problems-with-monte-carlo-are-in-your-mind ‘Does Advisor Channel Influence Passive Fund Choice?' — https:// www.financialplanningassociation.org/learning/publications/journal/APR22-does-advisor- channel-influence-passive-fund-choice-OPEN ‘Foreign Revenue: A New World of Risk Exposures' — https://www.pm-research.com/content/ iijpormgmt/47/6/175 Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder- podcast/id1426530582. 
 Rational Reminder Website — https://rationalreminder.ca/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca
 Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ Benjamin on Twitter — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on Twitter — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

We all have different levels of risk tolerance. But how is that risk measured for complex investment strategies like covered calls? And how can you be sure it's an accurate reflection of reality? For the first portion of today's episode, we provide a detailed breakdown of everything you need to know about covered calls and why there is no perfect model for assessing risk-adjusted returns. We examine how incorrect measures of risk can make covered calls seem more attractive, what investors need to know about covered calls, and the fees, costs, and taxes you should be considering with these types of strategies. Next, we are joined by lifelong friends and colleagues Jonathan Hollow and Robin Powell to discuss their new book How to Fund the Life You Want: What everyone needs to know about savings, pensions and investments. They describe how their shared passion for financial education motivated them to write their book, before explaining how readers can best use the accompanying workbook to identify and reach their financial goals. Robin and Jonathan then go on to share their advice on day-to-day money management, finding a trustworthy advisor, and why it's never too early to teach your child about money. Tune in for a detailed breakdown of covered calls and how to make informed decisions about your investments and finances!   Key Points From This Episode: An introduction to the concept of covered calls. (0:02:41) The definition of covered calls, how risk can be measured incorrectly to make covered call strategies look more attractive, and why risk can never be destroyed. (0:04:22) A breakdown of the assets involved in covered calls and why their yields can be misleading. (0:07:00) Why there is no perfect model for assessing risk-adjusted returns and what can be learned from looking at investors through a behavioural lens. (0:16:19) An overview of why fees, costs, and taxes are major considerations for these types of strategies. (0:20:15) Introducing Robin Powell, Jonathan Hollow and their new book How to Fund the Life You Want. (0:25:08) Jonathan and Robin's long friendship, their shared interest in financial education, why they saw a need for their book, and how readers can get the most out of their workbook. (0:30:45) Insight into the six rules that Robin and Jonathan outline in their book and the eight keywords that they set up for managing money day to day. (0:35:07) Advice on how to keep up with finance news, including what you should pay attention to and what you can ignore. (0:40:37)  The importance of a day-to-day savings habit and suggestions on what kids should be taught about money. (0:43:20) Advice on how to find a first-rate advisor based on your needs and what questions you need to be asking of them. (0:49:54) How your financial advisor should act as your financial bodyguard and complement your weaknesses. (0:56:02) Ben and Cameron share news about their next podcast appearances, Rational Reminder education courses for financial advisors, and upcoming meetups. (0:57:43) Learn about the webinars that Ben and Cameron have been hosting and how you can sign up. (01:03:00)     Links From Today's Episode:   Robin Powell on LinkedIn — https://www.linkedin.com/in/robinpowell/ Jonathan Hollow on LinkedIn — https://www.linkedin.com/in/jonathanhollow/ How to Fund the Life You Want: What everyone needs to know about savings, pensions and investments — https://www.amazon.co.uk/dp/1399404601/ Covered Calls — https://www.investopedia.com/terms/c/coveredcall.asp Episode 27: Robin Powell: Evidence Based Investing: Changing the Minds of Advisors and Investors — https://rationalreminder.ca/podcast/27 Patrick Boyle on YouTube — https://www.youtube.com/c/PatrickBoyleOnFinance Sharpe Ratio — https://www.investopedia.com/terms/s/sharperatio.asp Sortino Ratio — https://www.investopedia.com/terms/s/sortinoratio.asp S&P 500 — https://www.spglobal.com/spdji/en/indices/equity/sp-500/#overview Episode 167: Prof. Hersh Shefrin: Fear, Hope, and the Psychology of Investing — https://rationalreminder.ca/podcast/167 ‘Behavioral Aspects of the Design and Marketing of Financial Products' — https://www.jstor.org/stable/3665864 Episode 171: Prof. Campbell R. Harvey: The Past and Future of Finance — https://rationalreminder.ca/podcast/171 ‘Portfolio Performance Manipulation and Manipulation-Proof Performance Measures' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=302815 Adviser 2.0 — https://www.advicereinvented.com/ Sensible Investing — https://sensibleinvesting.tv/ Financial Times — https://www.ft.com/ Rob Carrick — https://www.theglobeandmail.com/authors/rob-carrick/ The Globe and Mail — https://www.theglobeandmail.com/ The Money and Meaning Show — https://podcasts.apple.com/us/podcast/the-money-and-meaning-show/id1449894787 The Most Hated F Word — https://themosthatedfword.com/ New Self-Regulatory Organization of Canada — https://www.newselfregulatoryorganizationofcanada.ca/ FP Canada — https://www.fpcanada.ca/ Rational Reminder Continuing Education — learn.rationalreminder.ca PWL Capital — https://www.pwlcapital.com/ PWL Capital on YouTube — https://www.youtube.com/c/Pwlcapital-Montreal/videos IAFP Symposium — https://iafpsymposium.ca Burt Malkiel — https://jrc.princeton.edu/people/burton-g-malkiel David Blanchett — https://www.davidmblanchett.com/ Meir Statman — https://www.scu.edu/business/finance/faculty/statman/ Nick Maggiulli — https://www.linkedin.com/in/nicholasmaggiulli/ Jill Schlesinger — https://www.jillonmoney.com/ Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/  Benjamin on Twitter — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on Twitter — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

A solid retirement plan starts with making reasonable assumptions on myriad items -- your retirement lifestyle and its associated spending and what you can reasonably expect from your investments to just name a few. Poor assumptions will get you off on the wrong foot and may force you to make severe and undesirable lifestyle reductions to get back on track.   Hear Tyer Emrick, CFA®, CFP® discuss common assumptions and where they go wrong.  We've all heard the saying about when you 'ass-u-me' things. Don't be a donkey. Rather, listen and learn, as you take a step on the right retirement foot.   Here are some of the assumptions we will discuss in this episode: The perception that the stock market is the biggest risk to retirement. (6:09) Families ignoring inflation in their retirement plan projections. (11:10) The spending assumptions that families typically make. (15:38) Not accounting for income changes in retirement. (18:06) Will you love not having a job in retirement? (21:42)   Hear our previous interview with retirement researcher Dr. David Blanchett.  Part 1 ---> https://www.truewealthdesign.com/ep-101-interview-with-retirement-researcher-dr-david-blanchett-part-1/ Part 2 ---> https://www.truewealthdesign.com/ep-102-interview-with-retirement-researcher-dr-david-blanchett-part-2/   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

Our guest on the podcast today is financial journalist and certified financial planner, Robert Powell. His work appears regularly in MarketWatch.com, USA TODAY, TheStreet.com, The Wall Street Journal, and AARP. Bob also serves as the director of Retirement Education at Sensible Money and as editor in chief of the Investments and Wealth Institute's Retirement Management Journal. He is also an instructor in Salem State University's Online Elder Planning Specialist program. In addition, Bob hosts two podcasts himself: the Investments and Wealth Institute's Exceptional Advisor podcast and the Callaway Climate Insights podcast. He received his bachelor's degree from Marquette University and a master's degree from Boston University.BackgroundBioTwitter handle: @RetirementpediaThe Exceptional Advisor podcastCallaway Climate InsightsCurrent Environment“60/40 Portfolio—Dead or Alive?” by Robert Powell, marketwatch.com, Jan. 11, 2023.Tony Davidow“Common Retirement Questions: Should I Be More Conservative With My Portfolio?” by Mer Brown, the street.com, Dec. 23, 2022.“Estimating the True Cost of Retirement,” by David Blanchett, Morningstar.com, Nov. 5, 2013.“The Bucket Approach to Building a Retirement Portfolio,” by Christine Benz, morningstar.com, Nov. 23, 2022.“Spending Trajectories After Age 65,” by Michael Hurd and Susann Rohwedder, rand.org, 2022.Decumulation“Why Target-Date Funds May Be Sabotaging Your Retirement,” by Robert Powell, marketwatch.com, Aug. 17, 2022.“What Is the Average Retirement Age?” by Emily Brandon, money.usnews.com, July 26, 2022.“2018 Retirement Confidence Survey,” Employee Benefit Research Institute, ebri.org, April 24, 2018.Retirement Income Style Awareness Profile (the RISA®)“Managing Post-Retirement Risks: A Guide to Retirement Planning,” Society of Actuaries, soa.org, 2011.“Saving for Retirement Is Easy Enough—Spending It Is More Complicated,” by Robert Powell, marketwatch.com, March 26, 2022.AnnuitiesMoshe Milevsky“Retirement Spending and Biological Age,” by M.A. Milevsky, H. Huang, and T.S. Salisbury, moshemilevsky.com, Sept. 20, 2017.“Retirement Income for Life: 4-Box Strategy,” by Robert Powell, marketwatch.com, Nov. 8, 2012.Social Security“How to Claim Social Security at the Right Time,” by Robert Powell, marketwatch.com, Aug. 28, 2021.“Do the Math. Here's Why You Shouldn't Claim Social Security at Age 62,” by Robert Powell, usatoday.com, Aug. 9, 2019.“Who Does Social Security Provide Benefits To? It's Not Just the Elderly Who Qualify,” by Robert Powell, usatoday.com, Jan. 10, 2023.Long-Term Care“Planning for Unexpected Health Care Costs in Retirement,” by Sudipto Banerjee, troweprice.com, March 2022.“A New Way to Calculate Retirement Health Care Costs,” by Sudipto Banerjee, troweprice.com, February 2020.“Cumulative Out-of-Pocket Health Care Expenses After the Age of 70,” by Sudipto Banerjee, ebri.org, April 3, 2018.“Are Healthcare Costs in Retirement Overwhelming?” by Robert Powell, fa-mag.com, Nov. 1, 2022.“Planning for Health Care Costs in Retirement,” Vanguard Research and Mercer Health & Benefits, vanguard.com, June 2021.OtherElder Planning Specialist Program

On today's show, we are joined by David Blanchett, Managing Director and Head of Retirement Research at Prudential to discuss how advisors should think about incorporating annuities, what annuities make sense for clients, income strategies within 401Ks, and much more!   Find complete shownotes on our blogs...  Ben Carlson's A Wealth of Common Sense  Michael Batnick's The Irrelevant Investor  Like us on Facebook  And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.    Annuities are issued by The Prudential Insurance Company of America, Newark NJ, and its affiliates. You should carefully consider your financial needs before investing in annuity products and benefits. (Wealthcast Media, an affiliate of Ritholtz Wealth Management, received compensation from the sponsor of this advertisement. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.) 

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

We've experienced a lot of market volatility this year and a tremendous rise in interest rates, and people are looking for ways for their dollar to grow to combat inflation. As people explore options for diversifying their portfolio, annuities are becoming a part of that conversation more and more.  In this episode, Laura Stover, RFC® and Darlene Tucker, CFP® will discuss the pros and cons for Fixed Index Annuities (FIA) and use a recent article by David Blanchett to do that. The FIA is a means by which an individual can participate in the gains in the market when it's going up without actually taking any market risk. And when bond yields are low, the caps on FIAs are going to be relatively low as well. But now that those caps have risen to a level that can provide a nice rate of return, more people are exploring FIAs for income. If you want to know how an annuity might fit into your income plan, join us to learn more about FIAs and the reasons why they can provide downside protection, capture some upside potential, and even provide tax deferral as we approach the end of the year.  Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/   Timestamps (show notes): 2:20 – Background on our discussion today 6:05 – What is a Fixed Index Annuity 9:20 – The demand for FIAs increasing 13:33 – Properly allocating funds to annuities 20:53 – How a fiduciary will help you through this decision 24:30 – Tax deferral to end the year

For those of us in the business, it feels like interest rates have been rising every two weeks. Fixed rates and guaranteed income have gone up. However, other competing fixed income options have risen as well. How does this new environment reshape how we evaluate recommendations for our clients? We explore this topic and more with Michael Finke, Professor at The American College and David Blanchett, Head of Retirement Research at PGIM.  Links mentioned: https://www.linkedin.com/in/david-blanchett-b0b0aa2/ https://www.linkedin.com/in/michael-finke-8134808/ https://podcasts.apple.com/us/podcast/wealth-managed-with-michael-finke-and-david-blanchett/id1533084522

Have you been paying attention to the financial news? Most of it is covering all the craziness around stocks. GameStop, AMC, and others went way up only to go way back down. These days, everyone has a Robinhood account and is trading stocks on margin. Plus, the COVID pandemic has added all sorts of volatility to the stock market.    In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Blanchett about investing during the craziness of a wild market. David is the Head of Retirement Research for Morningstar's Investment Management Group and an Adjunct Professor of Wealth Management at The American College.    Topics Discussed: COVID: How the pandemic and being isolated at home has affected investing • Day Trading: For better or worse, people want to invest in, buy individual stocks • Today's Market: Everyone wants to buy and trade to make money, not possible • False Confidence: How long until the bubble bursts because it will, eventually • Winners and Losers: Problem with day traders is they report one, not the other • Can you beat the stock market? First, learn from mistakes made from investing • Smarter than...? Good investing is boring, advisors don't and can't time market • Utility Grievance: How much do you like something and quantify preferences? • Weigh Outcomes: Downside of doing it yourself is much worse than upside • Short Selling: Put on your blinders and don't follow what everybody else does LINKS: www.WrenneFinancial.com Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.  https://weatherbyhealthcare.com/

David Blanchett is the Managing Director and Head of Retirement Research with PGIM DC Solutions.  His work has been featured prominently in many industry publications as well as the Wall Street Journal.  This week, he shares some of his research with the Check Your Balances team. Keep up to date on David's research by visiting his website:https://www.davidmblanchett.com/Have questions or thoughts for the podcast?  Email us at checkyourbalances@outlook.com.

Johnson & Johnson raises full-year guidance after delivering 3rd-quarter results. (0:22) Jason Moser discusses: - Highlights from JNJ's medical device and consumer health divisions - The spinoff of consumer health coming in late 2023 - How investors can find dividend-payers to add to their portfolio Relevant links to today's episode: Dividend Aristocrats - https://www.fool.com/investing/stock-market/types-of-stocks/dividend-stocks/dividend-aristocrats/ Dividend Kings - https://www.fool.com/investing/stock-market/types-of-stocks/dividend-stocks/dividend-kings/ (13:20) Robert Brokamp talks David Blanchett, head of retirement research at PGIM, about the 4% rule and a common misconception about retirement spending. Stocks mentioned: JNJ Host: Chris Hill Guests: Jason Moser, Robert Brokamp, David Blanchett Producer: Ricky Mulvey Engineers: Dan Boyd, Rick Engdahl

In this session, Wade and Alex sit down with expert David Blanchett to discuss his research around the retirement spending smile. Find out how what you spend during the first phase of retirement differs from your second and third phase. We discuss in depth David's groundbreaking research on the retirement spending smile. While certain expenses may increase as you age, others decrease. Do they balance out? Listen to this episode to find out. This episode is sponsored by Retirement Researcher. Join the upcoming Retirement Income Challenge! https://risaprofile.com/podcast 

Our guest on the podcast today is Justin Fitzpatrick. Justin is the co-founder and chief innovation officer at Income Lab, which provides retirement planning software. Before co-founding Income Lab, Justin spent over 15 years in financial services, leading teams in advanced financial planning and portfolio strategy and managing the development of financial technology tools. Prior to his work in financial services, Justin spent seven years in academia. He has taught at the Massachusetts Institute of Technology; Harvard University; Queen Mary, University of London; and the University of California, Los Angeles. Justin is a Chartered Financial Analyst charterholder and a Certified Financial Planner professional.BackgroundBioIncome LabIncome Lab LinkedIn PageSequence Risk and Spending Rules“Will Higher Inflation Harm Retirees?” by Justin Fitzpatrick, advisorperspectives.com, Feb. 14, 2022. “How the 4% Rule Undermines Advisors and Clients,” by Johnny Poulsen, advisorperspectives.com, Oct. 25, 2021.“Rethinking Risk in Retirement Planning,” by Justin Fitzpatrick, thinkadvisor.com, Oct. 1, 2021.“Retirement Withdrawal Rates Alone Are Misleading. Here's Why,” by Justin Fitzpatrick, financial-planning.com, Jan. 21, 2022.“Reducing Retirement ‘Outrage' Risk With Adjustment-Based Planning and Communication,” by Justin Fitzpatrick, kitces.com, May 19, 2021. “How to Use Economic Context in Retirement Income Decision-Making,” by Justin Fitzpatrick, kitces.com, June 1, 2022.“Exploring the Retirement Consumption Puzzle,” by David Blanchett, financialplanningassociation.com, May 2014.“The Retirement Distribution ‘Hatchet': Using Risk-Based Guardrails to Project Sustainable Cash Flows,” by Derek Tharp and Justin Fitzpatrick, kitces.com, Nov. 24, 2021.“The Transformative Value of Retirement Planning as an Ongoing Service,” by Justin Fitzpatrick, incomelaboratory.com, 2020.“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeff Ptak, and John Rekenthaler, Morningstar.com. “A Dynamic Approach to Decumulation Planning,” Fintech Impact podcast with Jason Pereira, incomelaboratory.com, July 6, 2022. Portfolio Construction, Housing, and Annuities“'Next-Gen' Retirement Planning Tool for Advisors Launched by Income Lab,” by Brian Anderson, thewealthadvisor.com, June 29, 2022.“The Bucket Approach to Retirement Allocation,” by Christine Benz, Morningstar.com, Jan. 25, 2021.Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement, by Wade PfauRobert C. Merton“David Lau: Taking High Commissions Out of Annuities,” The Long View podcast, Morningstar.com, June 21, 2022.

It's hard to believe we're living in a world with high inflation, MYGA rates over 4%, and a stock market that feels like a Disney ride. How did we get here and what comes next? That is t  he topic of today's discussion with returning guest David Blanchett, Managing Director and  Head of Retirement Research, PGIM DC Solutions.  Also, do you want to get regular updates on news about guests of our show? Go to https://thatannuityshow.com and subscribe to our newsletter. We hope you enjoy the show. Links mentioned: https://www.linkedin.com/in/david-blanchett-b0b0aa2/

Dr. David Blanchett is Head of Retirement Research formerly at Morningstar and currently at Prudential's asset management arm PGIM. He is also an adjunct professor at The American College of Financial Services. David has been a voracious and accomplished researcher, being published in a variety of peer-reviewed articles, and receiving many ‘best paper' awards. Today he conducts research primarily in the areas of financial planning, tax planning, annuities, and retirement.   Listen to Kevin and David do a deep dive into key assumptions made in your retirement planning – investment returns, spending assumptions, longevity, and inflation. Learn from David's original research on retirement spending and how it is likely to decline as you age, including the positive implications it has on your planning. (Hint: you may be able to retire earlier than you think.)  Be sure to pay attention to the end where David and Kevin discuss guaranteed income, cryptocurrency, and empirical studies on quantifying the benefits of working with a trustworthy and competent advisor.  A big "thank you" to Dr. Blanchett for sharing his research and wisdom.  To read David's research, visit https://www.davidmblanchett.com/research  Learn more about our Retire Smarter Solution™: https://www.truewealthdesign.com/ep-45-retire-smarter-solution/   Have a financial question? Contact us at https://www.truewealthdesign.com/contact/   Key topics on this episode:  1:05 - Using the spending data to build a financial plan 2:47 - Success rate as an outcome metric 5:27 - Measuring your wants and needs 9:52 - Building guaranteed income 14:16 - Annuities 16:53 - Comparing annuities 20:21 - His recent paper on cryptocurrency 22:40 - Recent/current projects 24:21 - How an advisor adds value  

This week we're pleased to bring you a special “State of Retirement Income” episode, which we recorded live at the annual Morningstar Investment Conference held recently in Chicago, Illinois. For this discussion, we turn the tables on Christine, who is part of an expert retirement planning panel that also includes David Blanchett, managing director and head of retirement research at PGIM DC Solutions, and Karsten Jeske, the founder of Early Retirement Now. Both were guests on past episodes of The Long View.In this panel discussion, recorded before a live audience, we delve into a number of retirement-planning topics, including the impact of inflation on spending patterns; the implications of the recent selloff on asset allocation; sequence-of-returns risk; optimal Social Security-claiming practices; the role and importance of guaranteed income sources; and a lot more. Without further ado, please enjoy this special episode of The Long View.Background“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View podcast, Morningstar.com, Oct. 14, 2020.Karsten Jeske's blog, Early Retirement NowKarsten Jeske's bioDavid Blanchett's bio“David Blanchett: If You're Retiring Now, You're in a Pretty Rough Spot,” The Long View podcast, Morningstar.com, Sept. 18, 2019.“Christine Benz and John Rekenthaler: How Much Can You Safely Spend in Retirement?” The Long View podcast, Morningstar.com, Dec. 21, 2021.Inflation“How Much Should You Worry About Inflation in Retirement?” by Christine Benz, Morningstar.com, March 26, 2021.“Exploring the Retirement Consumption Puzzle,” by David Blanchett, financialplanningassociation.org, May 2014.Safe Withdrawal RatesThe Trinity Study“The Safe Withdrawal Rate Series—A Guide for First-Time Readers,” by Karsten Jeske, EarlyRetirementNow.com, Nov. 15, 2021.“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeffrey Ptak, and John Rekenthaler, Morningstar.com, November 2021.“What's a Safe Retirement Spending Rate for the Decades Ahead?” by Christine Benz and John Rekenthaler, Morningstar.com, Nov. 11, 2021.“Drawdown From Financial Accounts in Retirement,” Vanguard Research by Thomas J. De Luca and Anna Madamba, vanguard.com, July 2021.Retirement Portfolio Construction“Cliff Asness: Value Stocks Still Look Like a Bargain,” The Long View podcast, Morningstar.com, May 31, 2022.“Bonds May Be Down, But Some Annuity Payouts Are Up,” by David Blanchett, thinkadvisor.com, May 13, 2022.“Inflation at 7%! Here's Why I'm Not Running for the Hills (Yet)!” by Karsten Jeske, earlyretirementnow.com, Jan. 13, 2022.“The Bucket Approach to Retirement Allocation,” by Christine Benz, Morningstar.com, Jan. 25, 2021.Christine Benz's model bucket portfoliosHarold EvenskyWhat Is a Monte Carlo Simulation?Guaranteed Income and Social Security“Guaranteed Income: A License to Spend,” by David Blanchett and Michael Finke, papers.ssrn.com, June 28, 2021.Open Social SecurityOther“Laura Carstensen: ‘I'm Suggesting We Change the Way We Work,'” The Long View podcast, Morningstar.com, Sept. 14, 2021.“Eight Centuries of Global Real Interest Rates, R-G, and the ‘Suprasecular' Decline, 1311-2018,” by Paul Schmelzing, bankofengland.co.uk, January 2020.

Tom Idzorek Show NotesOur guest this week is Tom Idzorek. Tom is chief investment officer, retirement, for Morningstar Investment Management, which is Morningstar's affiliated asset-management arm. Previously, Tom was president of Morningstar Investment Management and before that was a leading researcher at Ibbotson Associates. Tom has collaborated on a number of influential academic studies on topics including asset allocation, the liquidity of stocks, and the role of popularity and security prices. Tom serves on the editorial board of the CFA Institute's Financial Analysts Journal. He received his bachelor's degree from Arizona State University and his MBA from Thunderbird School of Global Management. He is also a CFA charterholder.BackgroundBioAsset Allocation and Managed AccountsRoger IbbotsonPeng ChenBarton WaringLarry SiegelActive Portfolio Management: A Quantitative Approach for Producing Superior Returns and Controlling Risk, by Richard Grinold and Ronald Kahn“Stop Guessing: Using Participant Data to Select the Optimal QDIA,” by Thomas Idzorek, David Blanchett, and Daniel Bruns, Morningstar.com, Jan. 30, 2018.ByAllAccountsModern Portfolio TheoryAcademic Research“Liquidity Style of Mutual Funds,” by Thomas Idzorek, James Xiong, and Roger Ibbotson, papers.ssrn.com, Feb. 10, 2012.“The Popularity Asset Pricing Model,” by Thomas Idzorek, Paul Kaplan, and Roger Ibbotson, papers.ssrn.com, Oct. 25, 2021.“Forming ESG-Oriented Portfolios: A Popularity Approach,” by Thomas Idzorek and Paul Kaplan, papers.ssrn.com, May 20, 2022.“Popularity: A Bridge Between Classical and Behavioral Finance,” by Roger Ibbotson, Thomas Idzorek, Paul Kaplan, and James Xiong, papers.ssrn.com, Dec. 10, 2018.

In this week's podcast, we are featuring guests of the 2022 Morningstar Investment Conference. Mary Ellen Stanek, Joel Fried, and Al Mordecai, winners of Morningstar's 2022 Investing Excellence Awards, share their investing insights.David Blanchett and Christine Benz talk about retirement income. Sonya Dreizler and Phuong Luong dive into the wealth divide. Sarah Bush and Jenny Johnson discuss the future of Franklin Templeton.

Our guest this week is Andrew Miller. Andrew is a partner at Creative Planning where he advises clients on financial planning and investment issues. Prior to joining Creative Planning in 2020, Andrew was a partner at Miller Financial Management, where he focused on portfolio construction, financial and tax planning, as well as investment management. He's active on social media--you can find him on Twitter @millerak42--and has authored research on various financial-planning and investing topics that you can find online. Andrew is a CFA charterholder and also is a certified financial planner. He received his bachelor's degree in finance from Indiana University.BackgroundBioGeneral“Alpha, Beta, and Now ... Gamma,” by David Blanchett and Paul Kaplan, Morningstar.com, Aug. 28, 2013.Asset Allocation and Portfolio Construction“Alternative Investments--A Field Manual,” by Andrew Miller, alphaarchitect.com, Oct. 3, 2019.“Who's Afraid of a Big Bad Bear? Many Investors Shouldn't Be That Concerned,” by Andrew Miller, alphaarchitect.com, March 2, 2018.InvestingWhat Is Home Country Bias?“Investors Have Fewer Reasons Than Ever for Home Bias,” by Ben Johnson, Morningstar.com, June 7, 2019.“The Illiquidity Discount?” by Cliff Asness, aqr.com, Dec. 19, 2019.“Rebalance Your Portfolio? You Are a Market Timer and Here's What to Consider,” by Andrew Miller, alphaarchitect.com, March 23, 2017.“Large-Cap Price-to-Book Investing: What Is Dead May Never Die,” by Andrew Miller, alphaarchitect.com, June 25, 2019.“Upside-Down Markets: Profits, Inflation and Equity Valuation in Fiscal Policy Regimes,” by Jesse Livermore, osam.com, September 2020.What Is FRED?Retirement“Using Trend-Following Managed Futures to Increase Expected Withdrawal Rates,” by Andrew Miller,Papers.ssrn.com, Oct. 7, 2017.“Using Flexible Spending to Achieve Financial Goals,” by Andrew Miller, alphaarchitect.com, March 5, 2019.“Should Retirees Still Follow the 4% Rule?” The Long View podcast, Morningstar.com, Dec. 23, 2021.“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeffrey Ptak, and John Rekenthaler, Morningstar.com, Nov. 11, 2021.