Bogleheads On Investing Podcast

Bill Bengen, retirement researcher who created the 4% rule and author of A Richer Retirement, explains updates to safe withdrawal thinking. He discusses how valuation and inflation shape withdrawal rates. He highlights adding small- and micro-cap stocks raising the rule to 4.7%. Practical topics include front-loaded withdrawals, rising equity glide paths, cash buckets, rebalancing, and simple all-in-one fund approaches.

Heather Boneparth, co-author of Money Together and financial commentator, and Douglas Boneparth, financial planner and co-author, share practical approaches to couples managing money. They cover engaging less-financial partners, password and legacy access, knowing your numbers, emergency cash needs, long-term care, and keeping money conversations regular and constructive.

Perryne Desai, Head of Index Fixed Income Product at Vanguard, dives into the world of bonds and fixed-income investing. She breaks down key concepts like bond structure, including principal and yield relationships. Desai discusses the advantages of ETFs, the significance of international bonds, and how Vanguard aims to meet diverse investor needs. She also highlights the upcoming corporate target-maturity ETFs and the benefits of municipal bonds. This insightful conversation is packed with nuggets for anyone looking to navigate the bond market.

Cody Garrett, a Certified Financial Planner specializing in tax-aware retirement strategies, and Sean Mullaney, a Certified Public Accountant with a focus on tax planning, share invaluable insights. They discuss key year-end tax planning strategies, including the upcoming 2026 tax changes and Roth conversions. They highlight the importance of understanding effective tax rates versus marginal rates. The duo critiques fear-based marketing in tax planning and offers practical advice on asset location, emphasizing simplicity before optimization in tax strategies.

Antti Ilmanen, Ph.D., Principal at AQR Capital and expert on asset valuation, discusses how investors form long-run return expectations. He contrasts market-based, objective forecasts with subjective beliefs, highlighting the implications of bullish sentiment during low expected returns. Antti analyzes U.S. equity dominance and the impact of valuation shifts, while emphasizing the importance of simplicity in portfolios. He warns against overcomplicating investments, discussing reasons behind elevated earnings growth and the dynamics of bond expectations.

Jennifer (Jenny) Rozelle, an estate and elder law attorney, discusses crucial topics like the difference between elder law and estate planning, especially for solo agers. She emphasizes the need for appointing fiduciaries and highlights ongoing estate planning as a relationship. Jenny clarifies Medicaid vs. Medicare and explains Medicaid asset protection trusts. She warns about common estate planning mistakes and the pitfalls of relying solely on beneficiary designations. With her insights, listeners gain a clearer understanding of navigating complex legal landscapes.

Joe Davis, Vanguard’s global chief economist and author of Coming Into View. He explores AI and technology as central megatrends, their potential to boost growth and disrupt jobs, and how that mixes with inflation, interest rates, and fiscal deficits. He also examines globalization, demographics, and portfolio implications like risk-managed allocations and core-indexing with selective active satellites.

Ed Slott, a nationally recognized CPA and IRA distribution expert, shares invaluable insights on tax and retirement strategies. He discusses the implications of the newly passed One Big Beautiful Bill Act, urging listeners to consider Roth conversions during low tax brackets for maximum benefit. Ed debunks common misconceptions around deductions and explains the nuances of Trump accounts. He emphasizes the importance of balancing traditional and Roth accounts for flexibility, offering timely advice on charitable deductions and planning for future tax law changes.

Jeff Clark, head of defined contribution research at Vanguard with 27 years studying retirement behavior. He discusses rising auto-enrollment and its impact on participation. He covers automatic escalation, target-date funds taking a larger share of assets, Roth and after-tax features, and how these trends shape workplace saving and allocation choices.

Phil DeMuth, Managing Director at Conservative Wealth Management and author of ten personal finance books, shares his expertise on tax-smart charitable giving. He discusses strategies from his book to create an impactful lifetime giving plan that maximizes both philanthropy and tax benefits. The conversation covers innovative approaches like donor-advised funds and the importance of navigating charitable structures for optimized contributions. DeMuth highlights the advantages of donating from IRAs and shares tips on making the most of charitable donations, including appreciated securities and artwork.