The Long View

Howard Gleckman, an expert on aging and caregiving, discusses the growing need for long-term care and the impact of cognitive decline. The effectiveness and challenges of new Alzheimer's drugs are explored, along with the confusion around long-term care coverage. The devastating impact of COVID-19 on nursing homes and the toll that caregiving takes on families are highlighted. A thought-provoking conversation on a crucial topic.

Portfolio managers and investment specialists discuss shallow risk and deep risk. David Giroux emphasizes the importance of understanding market inefficiencies. The US economy's resilience and adaptability are explored. Investing in Chinese stocks and housing market affordability are discussed. Employer-sponsored retirement plans and managing finances as a risk factor are examined. The episode ends with holiday wishes and an investment disclaimer.

Topics discussed in this Best of the Long View podcast include addressing financial shame, achieving financial independence, the emotional drivers of spending, the impact of higher interest rates on retirement planning, understanding risk premium and asset allocation, determining asset allocation for retirement, and redefining retirement by finding purpose and legacy.

On the podcast today, we welcome back Jonathan Clements, who was among our first guests when we launched this podcast back in 2019. Jonathan is the founder and editor of HumbleDollar, and he is also the editor of a new book called My Money Journey, which is a compilation of essays from 30 individuals about how they found financial freedom. Jonathan also sits on the advisory board of Creative Planning, one of the country’s largest independent financial advisors and is the author of nine personal finance books. Earlier in his career, Jonathan spent almost 20 years at The Wall Street Journal, where he was the newspaper’s personal finance columnist and six years at Citigroup, where he was director of financial education for the bank’s U.S. Wealth Management arm.BackgroundBioHumbleDollarMy Money Journey, edited by Jonathan ClementsCurrent Conditions“What I Don’t Own,” by Jonathan Clements, humbledollar.com, March 4, 2023.“Happy Talk,” by Jonathan Clements, humbledollar.com, Nov. 19, 2022.“Behaving Badly,” by Jonathan Clements, humbledollar.com, Sept. 18, 2021.“Nine Roads to Ruin,” by Jonathan Clements, humbledollar.com, March 6, 2021.“New Rules for Success,” by Jonathan Clements, humbledollar.com, Nov. 26, 2022.“Pay It Down,” by Jonathan Clements, humbledollar.com, Aug. 17, 2019.Indexing, Retirement, and Real Estate“Four Questions,” by Jonathan Clements, humbledollar.com, Feb. 22, 2020.“Jonathan’s Portfolio,” by Jonathan Clements, humbledollar.com.“Mix and Match,” by Jonathan Clements, humbledollar.com, Dec. 4, 2021.“Risking My Life,” by Jonathan Clements, humbledollar.com, Aug. 8, 2020.“Jonathan’s Retirement,” by Jonathan Clements, humbledollar.com.“How to Overhaul Your Retirement Portfolio in Just 7 Days,” by Jonathan Clements, money.com, Jan. 3, 2019.“The Long Game,” by Jonathan Clements, humbledollar.com, Feb. 4, 2023.“Jonathan’s Homes,” by Jonathan Clements, humbledollar.com.Theory and Thrift“Helpful in Theory,” by Jonathan Clements, humbledollar.com, Feb. 11, 2023.“Don’t Overdo It,” by Jonathan Clements, humbledollar.com, Jan. 23, 2021.Other“Jonathan Clements: ‘It’s in Wall Street’s Interest to Make Everyday Investors Think That They Are Stupid,’” The Long View podcast, Morningstar.com, July 31, 2019.“Credit Scores and Committed Relationships,” by Jane Dokko, Geng Li, and Jessica Hayes, federalreserve.gov, August 2015.Morningstar Investment Conference 2023If you’re looking for even more investing insights, data, and analysis, join us at this year’s Morningstar Investment Conference, April 25 through 27 in Chicago. We have a great agenda this year, featuring top financial minds from market gurus like Liz Ann Sonders to great investors like Steve Romick to retirement planning experts like Mary Beth Franklin and Dr. Laura Carstensen. There’s something for everyone looking to tackle the challenges and opportunities for investors in the current market. We’re in-person only this year. So, check out the link in our show notes to register. We’re looking forward to seeing you in Chicago. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Tim Steffen, director of advanced planning for Baird, discusses upcoming tax changes in 2024, Secure 2.0 provisions, tax-efficient portfolio management, Roth IRA conversions and contributions, assessing an advisor's skill level on tax planning, and closing remarks and disclaimer.

This week on The Long View, Ben Inker, head of asset allocation at GMO, discusses the impact of Charlie Munger on investing, the concentration in the US stock market, the role of fund flows in valuation, the outlook for value equities in Japan, investing in Chinese equities, and more.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Mike Moran, managing director and pension strategist for Goldman Sachs. Mike focuses on areas such as plan-funded status, contribution activity, and asset allocation for both defined-benefit and defined-contribution plans. He also works directly with plan sponsors on issues specific to their retirement plans. Mike has worked at Goldman Sachs for more than 24 years in a variety of roles focusing on capital markets, asset allocation, and investment strategy. He is a CFA charterholder and has an MBA in finance from New York University’s Stern School of Business, as well as a B.S. in accounting from Villanova University. Mike can speak to a wide range of retirement-related issues, but he is here today to discuss Goldman’s most recent retirement survey and insights report, titled “Diving Deeper Into the Financial Vortex: A Way Forward.”BackgroundBioSurveyRetirement Survey and Insights Reports 2023: “Diving Deeper Into the Financial Vortex: A Way Forward,” Goldman Sachs Asset Management, gsam.com, 2023.Retirement Survey and Insights Report 2022: “Navigating the Financial Vortex: Women & Retirement Security,” Goldman Sachs Asset Management, gsam.com, 2022.“Retirement Survey and Insights Report 2021,” Goldman Sachs Asset Management, gsam.com, 2021.“Despite Low Financial Literacy, Many Americans Manage Their Own Retirement,” Goldman Sachs, goldmansachs.com, Oct. 18, 2023.Financial Vortex“Financial Vortex Contributes to Looming U.S. Retirement Shortfalls,” by Michael Moran, fa-mag.com, Nov. 11, 2022.“How to Avoid a ‘Financial Vortex’ in Retirement, According to Goldman Sachs,” by Alyssa Place, benefitnews.com, Sept. 19, 2023.Investment Options“No Time for Corporate Pension Complacency: An Interview With Michael Moran,” by Michael Moran, gsam.com, April 20, 2023.“Why Most Americans Aren’t Saving Enough for Retirement,” Goldman Sachs Exchanges podcast with Mike Moran, goldmansachs.com, Oct. 3, 2023.OtherNextCapital GroupSurvey of Consumer Finances Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Tiffany Aliche, known as "The Budgetnista," is a transformative force in financial education, having shifted from preschool teaching to empowering women in personal finance. She shares her journey through financial hardships and emphasizes the importance of vulnerability in building supportive communities. Tiffany discusses financial wholeness, advocating for fulfillment over mere wealth, and highlights the unique challenges women face in financial literacy. Her insights on finding trustworthy financial advisors are invaluable for anyone seeking to improve their financial well-being.

Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Our guests on the podcast today are Amy Arnott and John Rekenthaler. Amy and John are two of the co-authors, along with me, of some recently released Morningstar research on retirement spending rates. The paper is called The State of Retirement Income, and it’s an update on some research that we published in 2021 and 2022. Amy and John are both long-tenured Morningstar researchers and part of Morningstar Research Services LLC, which is a wholly owned subsidiary of Morningstar. Amy is a portfolio strategist and John is director of research for that group. They’re both contributors to Morningstar.com as well.Background“The State of Retirement Income 2023,” by Amy Arnott, John Rekenthaler, and Christine Benz, Morningstar.com, November 2023.“Christine Benz and John Rekenthaler: How Much Can You Safely Spend in Retirement?” The Long View podcast, Morningstar.com, Dec. 21, 2021.“Christine Benz and John Rekenthaler: Revisiting What Is a Safe Retirement Spending Rate After a Tough Year,” The Long View podcast, Morningstar.com, Dec. 20, 2022.“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.Base Case Conclusions“Determining Withdrawal Rates Using Historical Data,” by William Bengen, Financial Planning Association Journal, 2004.“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Morningstar.com, Dec. 14, 2021.Dynamic Spending Strategies“When It Comes to Retirement Spending, Flexibility Pays,” by Christine Benz, Morningstar.com, April 14, 2023.“Want to Boost Your Retirement Income? ‘Guardrails’ Could Help,” by Christine Benz, Morningstar.com, May 5, 2023.“Why Do People Spend the Way They Do in Retirement? Findings From EBRI’s Spending in Retirement Survey,” by Lori Lucas, ebri.org, Jan. 14, 2021.TIPS Ladders, Inflation, and Portfolio Returns“High TIPS Yields Are a Retiree’s Best Friend,” by John Rekenthaler, Morningstar.com, Oct. 16, 2023.“What High Inflation Means for Your Portfolio,” by Amy Arnott, Morningstar.com, April 24, 2023.“The Good News on Safe Withdrawal Rates,” by Amy Arnott, Morningstar.com, Nov. 13, 2023.“Expenditure Patterns of Older Americans, 2001-2009,” by Sudipto Banerjee, EBRI Issue Brief, February 2012. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.