Bogleheads On Investing Podcast

Why Retirees Should Own More Stocks from Blackrock's Head of ETFs

In this episode of the Bogleheads® on Investing podcast, host Jon Luskin, CFP®, sits down with Jay Jacobs, US Head of Equity ETFs at BlackRock, to answer community-submitted questions about how to invest simply and effectively for retirement. Jay oversees more than 300 iShares ETFs spanning US equity, international, outcome, and digital asset strategies, and brings deep institutional expertise to the Bogleheads community's most pressing investing questions. Jon and Jay explore the powerful tax-efficiency advantages of ETF structures over mutual funds, particularly for investors using all-in-one and target-date products in taxable brokerage accounts. The conversation covers how ETFs use in-kind creation/redemption mechanisms to minimize capital gains distributions, a significant edge over traditional mutual funds. The episode dives into the research and methodology behind glide path design, including how demographic shifts (people working and living longer), inflation expectations, and capital markets assumptions all influence how the stock/bond mix evolves over an investor's lifetime. Jay explains the rationale behind the LifePath funds' 40% stock/60% bond terminal allocation, why a market-weight approach to international exposure makes sense for long-term investors, and more. • • • Jon Luskin, CFP® [https://jonluskin.com/], a long-time Boglehead and financial planner, hosts this episode of the podcast. The Bogleheads [https://www.boglecenter.net/]® are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free forum at Bogleheads.org [https://www.bogleheads.org/], and the wiki site is Bogleheads® wiki [https://www.bogleheads.org/wiki/Main_Page]. Since 2000, the Bogleheads® have held national conferences in major cities across the country. In addition, local Chapters and foreign Chapters meet regularly, and new Chapters form periodically. All Bogleheads activities are coordinated by volunteers who contribute their time and talent. This podcast is supported by the John C. Bogle Center for Financial Literacy [https://boglecenter.net/], a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation [https://boglecenter.net/40-2/] to the Bogle Center is appreciated. Resources mentioned: 2026 Bogleheads conference registration https://boglecenter.net/2026conference/ [https://boglecenter.net/2026conference/] Jon Luskin's talk on all-in-one funds at the Bogleheads Conference https://youtu.be/TYLWfC4fijo [https://youtu.be/TYLWfC4fijo] Previous Bogleheads episode with Bill Bengen on safe withdrawal rates https://youtu.be/_qDoiBkH45E [https://youtu.be/_qDoiBkH45E] 2025 Bogleheads Conference videos https://www.youtube.com/playlist?list=PLBxq9XvQsXjgUg5jRD9Jtdzwa6B3SLuHZ [https://www.youtube.com/playlist?list=PLBxq9XvQsXjgUg5jRD9Jtdzwa6B3SLuHZ] Bogleheads® is a registered trademark of the John C. Bogle Center for Financial Literacy.

Safe Spending in Retirement: Bill Bengen on the 4.7% Rule of Thumb

In this episode of the Bogleheads® on Investing podcast, guest Bill Bengen — creator of the famous 4% Rule — joins us to discuss what's changed in retirement spending research and how his new book, "A Richer Retirement," shows retirees how they can spend even more money. Jon Luskin, CFP®, and Bill cover safe withdrawal rates in today's market, how inflation and the CAPE ratio impact spending, and why adding asset classes like small-cap and micro-cap stocks increased the safe withdrawal rate from 4% to 4.7%. The episode dives into practical strategies, including front-loaded withdrawals, rising equity glide paths, the role of cash buckets, rebalancing, the spending smile, and why a simple all-in-one fund may be the best approach for do-it-yourself investors. Whether you're planning for early retirement, looking to maximize spending from your portfolio, or simply trying to understand how much you can safely withdraw, this podcast provides essential insights from the researcher who started it all. o o o Jon Luskin, CFP® [https://jonluskin.com/], a long-time Boglehead and financial planner, hosts this episode of the podcast. The Bogleheads [https://www.boglecenter.net/]® are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free forum at Bogleheads.org [https://www.bogleheads.org/], and the wiki site is Bogleheads® wiki [https://www.bogleheads.org/wiki/Main_Page]. Since 2000, the Bogleheads® have held national conferences in major cities across the country. In addition, local Chapters and foreign Chapters meet regularly, and new Chapters form periodically. All Bogleheads activities are coordinated by volunteers who contribute their time and talent. This podcast is supported by the John C. Bogle Center for Financial Literacy [https://boglecenter.net/], a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation [https://boglecenter.net/40-2/] to the Bogle Center is appreciated. Show Notes: Bogleheads® Live with Wes Crill: Episode 45 [https://boglecenter.net/bogleheads-live-with-wes-crill-episode-45/] Bogleheads® Live with Ted Randall: Episode 16 [https://boglecenter.net/bogleheads-live-with-ted-randle-episode-16/] Bogleheads® Live with Paul Merriman: Episode 10 [https://boglecenter.net/bogleheads-live-with-paul-merriman/] Bogleheads on Investing with Eduardo Repetto, Ph.D. – Episode 43 [https://boglecenter.net/bogleheads-on-investing-with-eduardo-repetto-phd-episode-43/] The Salience of Financial Planning Fees – It’s Not Just About How Much You Charge, But How You Charge [https://www.kitces.com/blog/the-salience-of-financial-planning-fees-its-not-just-about-how-much-you-charge-but-how-you-charge/] Bogleheads® Live with David Blanchett: Episode 14 [https://boglecenter.net/bogleheads-live-14-david-blanchett-on-retirement-planning/] Should Equity Exposure Decrease In Retirement, Or Is A Rising Equity Glidepath Actually Better? [https://www.kitces.com/blog/should-equity-exposure-decrease-in-retirement-or-is-a-rising-equity-glidepath-actually-better/] Morningstar: Mind the Gap US 2025 [https://www.morningstar.com/business/insights/research/mind-the-gap]

How Couples Build Financial Partnership with Heather and Douglas Boneparth

Heather and Douglas Boneparth dive into practical strategies for couples managing money together, covering crucial topics for both engaged partners and non-financial spouses. They discuss engaging the non-financial spouse, password management and legacy planning, knowing your numbers, emergency funds, long-term care considerations, and the importance of communication in financial partnerships. • • • Jon Luskin, CFP® [https://jonluskin.com/], a long-time Boglehead and financial planner, hosts this episode of the podcast. The Bogleheads [https://www.boglecenter.net/]® are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free forum at Bogleheads.org [https://www.bogleheads.org/], and the wiki site is Bogleheads® wiki [https://www.bogleheads.org/wiki/Main_Page].  Since 2000, the Bogleheads® have held national conferences in major cities across the country. In addition, local Chapters and foreign Chapters meet regularly, and new Chapters form periodically. All Bogleheads activities are coordinated by volunteers who contribute their time and talent. This podcast is supported by the John C. Bogle Center for Financial Literacy [https://boglecenter.net/], a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation [https://boglecenter.net/40-2/] to the Bogle Center is appreciated.   Show Notes: Bogleheads® Live with Steve Ryder: Episode 43 [https://boglecenter.net/bogleheads-live-with-steve-ryder-episode-43/] Bogleheads® Live with Cameron Huddleston: Episode 34 [https://boglecenter.net/bogleheads-live-with-cameron-huddleston-episode-34/] Bogleheads on Investing with Steven Chen: Episode 62 [https://boglecenter.net/bogleheads-on-investing-with-steven-chen-episode-62/] Bogleheads on Investing with Rob Berger – Episode 48 [https://boglecenter.net/bogleheads-on-investing-with-rob-berger-episode-48/]

Episode 90, Vanguard's Perryne Desai discusses fixed income concepts and investment strategy, Rick Ferri host

Perryne Desai, CFA, is the Head of Index Fixed Income Product at Vanguard, responsible for overseeing the strategy and expansion of Vanguard's fixed-income exchange-traded funds (ETFs) and related products. Our conversation covers fixed-income basics, different indices that funds follow, how to use bond funds and ETFs in portfolios, and the new products Vanguard has launched or is developing. For information on understanding bond math and various types of bond yields, see Bond yields 101: A guide for smarter investing [https://investor.vanguard.com/investor-resources-education/article/bond-yields-explained].   Rick Ferri [https://rickferri.com/], a long-time Boglehead and investment adviser, hosts this episode. The Bogleheads [https://www.boglecenter.net/] are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free forum at Bogleheads.org [https://www.bogleheads.org/], and the wiki site is Bogleheads® wiki [https://www.bogleheads.org/wiki/Main_Page].    Since 2000, the Bogleheads have held national conferences in major cities across the country. In addition, local Chapters and foreign Chapters meet regularly, and new Chapters form periodically. All Bogleheads activities are coordinated by volunteers who contribute their time and talent.   This podcast is supported by the John C. Bogle Center for Financial Literacy [https://boglecenter.net/], a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation [https://boglecenter.net/40-2/] to the Bogle Center is appreciated.

Episode 89, Year-end tax planning, tax moves in 2026, Roth conversions & more: Cody Garrett, CFP® & Sean Mullaney, CPA; Jon Luskin, CFP® hosts

Cody Garrett, CFP®, and Sean Mullaney, CPA, discuss year-end tax planning, tax moves in 2026, fear-based marketing, Roth conversions, asset tax location, and more in the 89th episode of the Bogleheads® on Investing podcast. • • • Jon Luskin, CFP® [https://jonluskin.com/], a long-time Boglehead and financial planner, hosts this episode of the podcast. The Bogleheads [https://www.boglecenter.net/]® are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free forum at Bogleheads.org [https://www.bogleheads.org/], and the wiki site is Bogleheads® wiki [https://www.bogleheads.org/wiki/Main_Page].  Since 2000, the Bogleheads® have held national conferences in major cities across the country. In addition, local Chapters and foreign Chapters meet regularly, and new Chapters form periodically. All Bogleheads activities are coordinated by volunteers who contribute their time and talent. This podcast is supported by the John C. Bogle Center for Financial Literacy [https://boglecenter.net/], a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation [https://boglecenter.net/40-2/] to the Bogle Center is appreciated.   Show Notes: Bogleheads® on Investing #87: Ed Slott, CPA [https://www.youtube.com/watch?v=JELImTDIE5A] 2026 Premium Tax Credit Update [https://www.youtube.com/watch?v=xLAiT7ipTrg] Bogleheads® YouTube [https://www.youtube.com/channel/UC77ksrKd7P8uXslpuy6HAfQ] Bogleheads® Live with Sean Mullaney: Episode 40 [https://boglecenter.net/bogleheads-live-with-sean-mullaney-episode-40/] Bogleheads on Investing with Cody Garrett: Episode 61 [https://boglecenter.net/bogleheads-on-investing-with-cody-garrett-episode-61/] • • • The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Jon and the Bogleheads® on Investing podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services.