HTML-код
- Опубликовано: 3 фев 2021
- At a time when the financial community provided inconsistent retirement advice, the 4% withdrawal rate was a data-backed strategy that revolutionized retirement planning. Today we speak with William Bengen, a literal rocket scientist and the influential personal advisor who popularised the 4% withdrawal rate, A.K.A, the 4% rule. After exploring what the 4% rule entails and the impact that it had on the financial industry, we talk about updates that William has made to his theory since first publishing about it in 1994. We then unpack more of the rule, talking about its conservative nature, whether young retirees should adhere to it, and if there are situations where you should break the rule. Reflecting on criticisms of the 4% rule, we ask William about how it fits with the notion of dynamic spending. His answers highlight his approach in helping his clients to maintain the same lifestyle that they have when they enter retirement. Later, we touch on tips to keep track of your expenses, whether you should taper your retirement income, the role of bonds and small-cap stocks in your portfolio, and William’s view that financial planning should be fee and not commission-based. We wrap up by discussing William’s career and how he defines success for himself. For more insights into the 4% rule from the man who created it, tune in to hear our incredible conversation with William Bengen.
Buy RR Merch: shop.rationalreminder.ca/
Links From Today’s Episode:
William Bengen on LinkedIn - / william-bengen-21b159196
Rational Reminder on iTunes - itunes.apple.com/ca/podcast/t....
Rational Reminder Website - rationalreminder.ca/
‘Determining Withdrawal Rates Using Historical Data’ - www.retailinvestor.org/pdf/Be...
Professor Moshe Milevsky Episode - rationalreminder.ca/podcast/122 
Хобби
His story about giving up on aerospace to only now see how great the discoveries are now made me cry a little. Glad he earned his greatness elsewhere though; he's given humanity a great deal in the financial field.
What a classy guy Bill is. Humble and rational. Great interview.
Another great one. If I can make one recommendation... I feel like the intro summaries are a bit long. We already clicked on the episode, you don't have to "sell us" on the guest :-) and tell us how amazing they all are, or how much fun you had. I'd love if you jumped in faster, then maybe did some more of the summarization / afterthoughts at the END of the episode.
Good point, and much appreciated.
I disagree, I think it's fun to get a more informal conversation at the start and a biref presentation of who the guest is.
Excited to watch this one today!
Great podcast! Really good work Ben and Cameron! 👍
44:17 I wrote down his answer to what defines success. Nice one! Thanks for sharing!
I loved this episode! Mister Bengen has a great energy around him and I like his analytical attitude. Also the Answer to his definition of success cracked me up. Sounded like something weird I might define for myself.
Keep up the good work. The question about allocating my new investments into the small value (without being short on momentum) stuff is keeping me occupied. I like the enorm underperformance of recent years. Buying relatively low sounds intriguing. It is just so hard to find a good etf as a german.
instaBlaster.
We need a podcast with you guys and Mark Meldrum!
Excellent interview. Thought-provoking and useful. And what an amazing human being Mr Bengen is.
❤❤❤ Wow! That was an amazing epizode! ❤❤❤
Great guest and one more excellent podcast episode
Great episode with the legend!
Having 4 years of expenses in cash can mitigate market swings early in retirement.
3:44 is gold. Cameron is like, of course he read that paper too , ahaha
I wanna see their take of the gme situation
Loved hearing his history in prior business and how he evolved to what he has become in a very humble way.
So, it was touched on how one may take more early in retirement and taper down as one get older....is there anything definitive on this or is it more of a personal barometer?
I use phone app to track my expenses. Can also export to excel to analyze and identify where I can cut back a little.
So Bengin is sticking to 4% based on todays low inflation, but other academics are saying closer to 3% based on today's bond rates. Who is right ??? Can you guys at the Rational Reminder help us come to a conclusion?
A variable rate is probably more rational, based on sequence of returns.
Based on this interview, and its new numbers, can you please elaborate a bit on the rules to just retire indefinitely visas 30 years. Thanks. What would be withdrawal rates for endowments; indefinite life time and a predictable withdrawal rate that keeps up with inflation for ever. I just wonder how much lower these withdrawal rates would compare to 30 or 40 years retirement. Fixed and flexible spending rules.
I think Bengen has made some terrific contributions with his research but as Ben mentioned there is the question of survivorship bias. Our most severe economic downturn was the Great Depression and that wasn’t as severe as what other economies have suffered in the past. The US dataset is simply to small
So do have you guys now revised your view of the 4% rule? In your earlier videos, you said you have criticized it ("bashed" was Ben's word)?
No. See here ruclips.net/video/umJvMGOu6DY/видео.html
Short answer, rational if one looks to the future unknowns: there is no safe, fix whithrowal rate going into the future. Oversimplifying and saying there is one, especially if you have a limited egg nest is detrimental to future retirees.
Isn't US historical data somewhat prone to survival bias?
I want to be the methuselah client :)