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This special two-part session opens with Paul Merriman solo — paying tribute to Tim Ranzetta of Next Generation Personal Finance, sharing the latest numbers on state-mandated financial literacy, and walking through Daryl Bahls' quilt charts to show annual earnings invested in the S&P 500, large-cap value, small-cap blend, and small-cap value since 1928.Then Paul sits down with Christine Benz — Morningstar's Director of Personal Finance and Retirement Planning, and author of How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement — for a wide-ranging conversation on how to actually make a retirement portfolio last.Christine lays out her five-step plan for anyone retiring in 2030 or 2035: turbocharge savings, rethink household spending, build seven to ten years of "safer assets" for portfolio withdrawals, diversify globally, and use TIPS to protect purchasing power. She and Paul dig into how to structure fixed income (short, intermediate, TIPS), why she's cooler on REITs than she used to be, when a simple income annuity makes sense, and why alternatives rarely earn their keep.They also cover performance-chasing the S&P 500, balanced funds vs. building your own portfolio (including Paul's Wellesley/Wellington pairing for hands-off investors), how AI is starting to change the financial advice landscape, and the honest answer to "have you planned out to the day you die?" — even from a Morningstar executive.The audience Q&A covers bonds vs. T-bills, down-payment savings, the four-fund portfolio, Vanguard asset allocation for retirees, tax-efficient withdrawal sequencing, TIAA annuities, managed futures, and gold.Part of the Spring Financial Education Series hosted by the Bainbridge Community Foundation in partnership with the Merriman Financial Education Foundation.Coming up in this series: Mike Piper (April 21) and Bill Bernstein (April 28).🔗 LINKS & RESOURCES:📖 How to Retire — Christine Benz🎙️ The Long View Podcast🌐 https://www.morningstar.com/people/christine-benz📘 https://www.ngpf.org🌐 https://paulmerriman.comTIMESTAMPS:📚 PART 1 — Paul Merriman Solo0:00–Welcome from Matt Longmire2:55–Paul Merriman intro3:50–Tim Ranzetta & NGPF7:00–Financial literacy stats9:30–Why NGPF is free10:30–Ben Carlson & oil shocks13:50–Risk and Reward preview14:40–Quilt charts explained17:00–$100 since 192820:00–Quintile rankings22:30–Four-fund consistency24:00–Volatility discussion25:30–Best/worst decades🎙️ PART 2 — Christine Benz Interview27:00–Christine joins29:00–Retirement mindset31:00–Planning for 2030/203532:30–Boosting savings33:30–Lifestyle adjustments35:00–7–10 years safer assets38:00–Bond strategy40:00–Risk tiers (cash → bonds)42:00–Equity allocation44:30–TIPS importance48:00–Buy-and-hold vs timing50:00–Handling macro fears52:30–Top risks54:00–Annuities overview56:00–SPIAs & DIAs58:30–Income psychology1:02:00–More resources1:04:00–Alternatives critique1:07:30–401(k) concerns1:10:00–Investor gap1:12:00–Christine’s planQ&A:1:15:00–Bonds vs T-bills1:20:00–$95k down payment1:22:00–Four-fund portfolios1:25:00–FXAIX vs VOO1:26:00–Model portfolios1:29:00–Balanced funds1:33:00–Tax-managed funds1:34:00–Active vs passive1:39:00–Bond ETFs1:41:00–TIAA annuities1:42:30–Withdrawal strategy1:44:00–AI investing1:46:00–Future of advice1:50:00–Gold & alternatives1:52:00–Closing thoughts1:53:00–Next episode Watch video here

Paul Merriman sits down with Larry Swedroe — author of 22 books and one of the most respected voices in evidence-based investing — for a conversation that covers everything from the five factors that actually matter to why Bitcoin might go to zero. Larry explains why judging your investment decisions by their outcomes is one of the most dangerous mistakes you can make, lays out the academic criteria he uses to separate real factor premiums from data mining, and reveals that he's made only three tactical moves in 30 years of investing. He and Paul use three eye-opening slides to show why chasing recent winners almost guarantees you'll underperform. They also dig into why growth stocks don't deliver the returns most people expect (hint: the growth rate is already in the price), why traditional index funds are "dumb traders" bleeding money to hedge funds, and how AI will make markets harder to beat — not easier. The audience Q&A covers emerging markets, the updated "Larry Portfolio," crypto, private equity, and which fund families Larry actually trusts with his own money. Part of the Spring Financial Education Series hosted by the Bainbridge Community Foundation in partnership with the Merriman Financial Education Foundation. LINKS & RESOURCES:   "Enrich Your Future" — Larry Swedroe   "Your Complete Guide to Factor-Based Investing" — Larry Swedroe & Andrew Berkin   "Your Complete Guide to a Successful and Secure Retirement" — Larry Swedroe  Larry Swedroe on Substack: https://larryswedroe.substack.com   The Hidden Flaw in Style Index Funds The Hidden Costs of Index Replication: What Every Investor Needs to Know About Adverse Effects of Index Replication Watch the video here. Coming up in this series: Christine Benz (Morningstar), Mike Piper, and Bill Bernstein. A special thanks to Professor Bunnell who teaches a  finance class at Bentley University.  He recommended his students tune into the interview.  I hope it motivated them to get a copy of Larry’s latest book. Enrich Your Future: The Keys to Successful Investing 1st Edition.   I would place a very large bet that it will make a huge difference in their financial future. By the way, to the best of my knowledge Bentley is the only university I know that requires a Personal Finance class to graduate.

Paul Merriman sits down with Mark Zoril, founder of PlanVision, in the first episode of a new series spotlighting affordable financial planning options for do-it-yourself investors. Mark built PlanVision in 2012 around a simple premise: investing isn't as complicated as the financial services industry makes it seem, and technology makes it possible to deliver thoughtful, unbiased financial advice at a price almost anyone can afford. In this episode you'll learn: What you get for $489 in the first year — including access to the eMoney financial planning platform and one-on-one advisor sessionsHow the $8/month ongoing subscription works, and when it makes sense to stay on vs. cancelWhy PlanVision has no commissions, no affiliate links, no insurance sales, and no conflicts of interestHow the firm handles complex situations: Roth conversions, Social Security timing, 529s, pension vs. lump sum, and tax planning (with a CPA on staff)What PlanVision will and won't do — no estate planning, no market timing, no gold hedging strategiesHow they serve expats in over 180 countriesWhat happens when a client passes away and a surviving spouse needs guidanceMark's own investing philosophy — and why he puts his own money in a Vanguard target date fundHow PlanVision works with clients who follow Paul Merriman’s, Rick Ferri's, Larry Swedroe's, or any other multi-equity asset class  indexing philosophyLinks mentioned: PlanVision websitePlanVision testimonialsRob Berger interview with Mark Zoril (expat investing, 60+ min)Stan the Annuity ManBogleheads PlanVision comments Watch the full video on YouTube

At 82 years old, I still work. Not because I have to, but because I want to. I joined Brian Herriot and Kirby Denison on “The Time Freedom Podcast” to talk about exactly that. But we ended up covering a lot more than I expected. Here's something that might surprise you: I managed money for thousands of people over 30 years and built a firm to $1.6 billion under management. And I have never once managed my own money. Why? Because I know myself too well. When the market drops, I would second-guess everything. I'd probably hesitate to put more money in, even though that's exactly what I teach people to do. So I let someone else handle it. I don't even check how I did last year. We also got into my disagreement with John Bogle. I had the privilege of sitting with him for about 90 minutes earlier in my career. Bogle preached Enough and it's even the title of one of his books. I respectfully disagree. I believe the goal should be more than enough. Because life gets in the way. Bad things happen. And they often happen during retirement, when you have the least ability to recover. If you stop working the moment you have just enough, you're one bad year away from trouble. 📚🎧 Brian's book Time Freedom is available for pre-order! Pre-order and get the audiobook free... instant access today, paper copy in September. Normally that takes three copies, but for my listeners, just one. timefreedombook.com | code: PAUL

Q&A Highlights How does a 4-fund portfolio compare to a 10-fund portfolio?What is the best way to invest for a child’s future?Is it too late to use a diversified strategy like the 10-fund portfolio at age 50?Can I create and test my own custom portfolio using your tools?How should I invest during periods of inflation or uncertainty?What are some recommended fund options available at Schwab?Is a portfolio combining large-cap value and small-cap blend a good approach?Are there good alternatives to intermediate-term bonds?Who are some trustworthy voices in personal finance and investing?What is your opinion on separately managed accounts (SMAs)?Key Takeaway Long-term investment success is driven by asset allocation, discipline, and consistency—not complexity. A simple, well-structured portfolio that you can maintain through market cycles is often the most effective approach. Listen to the individual questions here.

Paul Merriman is dedicated to helping do-it-yourself investors build portfolios they can stick with for life. In this episode, he shares what he believes is the closest thing to a perfect long-term equity strategy he's ever seen. Paul traces the evolution of index investing — from John Bogle's cap-weighted S&P 500 funds to the academic research of Fama and French, whose factor-based work showed that small cap value, large cap value, and other equity asset classes have historically outperformed the broad market over time. For years, the best factor-based funds from Dimensional Fund Advisors (DFA) were only available through select advisors. That changed when Avantis launched its ETF lineup in 2019, followed by DFA's own ETFs — putting institutional-quality, factor-based investing within reach of every self-directed investor. Paul introduces a recommended ETF list spanning 10 equity asset classes across both fund families, explains the key differences between DFA and Avantis, and makes the case for owning both. He also covers where to buy them and why Fidelity's fractional shares make it easy to start with any dollar amount. Key topics: Factor-based vs. traditional index funds · Accessing DFA and Avantis ETFs · The case for owning both · Simplifying rebalancing with M1 Finance The Q&A Paul references was recorded separately.

In this episode, we explore how flexible (variable) withdrawal strategies can strengthen your retirement plan—and why fixed, inflation-adjusted withdrawals may increase risk over time. Using detailed distribution tables—including Table F1.3 (flexible withdrawals) and comparisons to  Table D1.3 (fixed withdrawals)—Paul walks through real historical outcomes across decades to show how adjusting withdrawals based on market performance can improve long-term results. You’ll learn: Fixed vs. flexible withdrawal strategies Insights from Tables F1.3, F1.4 vs. D1.3, D1.4 How flexibility helps defend against bear markets The role of diversification and low-cost investing Why oversaving creates powerful financial freedom If you’re planning for retirement or already taking withdrawals, this episode may offer a smarter, more adaptable approach to generating income. Watch Youtube Boot Camp 7 page

In Boot Camp #6, Paul Merriman walks through real historical data starting in 1970 to test what happens when retirees withdraw 3%, 4%, or 5% from a $1 million portfolio — adjusted for inflation — across some of the toughest market conditions in history. This episode covers: The difference between retiring with “enough” and “more than enough” How inflation quietly turns $30,000 into $130,000+ over 30 years What happens if you retire into a bear market Why 1% more in withdrawals can cost millions S&P 500 vs. a globally diversified four-fund strategy How diversification impacts lifetime income and legacy outcomes The real risk of sequence of returns in retirement Why some portfolios ran out of money — and others didn’t You’ll hear side-by-side comparisons of: 100% S&P 500 portfolios 40/60, 50/50, and 60/40 stock-bond mixes A worldwide four-fund equity strategy Fixed inflation-adjusted withdrawals over 30 years The results may surprise you — especially when comparing 3%, 4%, and 5% withdrawal rates. If you're approaching retirement, already retired, or helping someone make distribution decisions, this episode breaks down the numbers in plain English and shows how small choices can create million-dollar differences. Next week: the strategy Paul considers the very best distribution method — for investors who retire with more than enough. Watch Video Here Catch up on the previous Boot Camp 2026 here

In Boot Camp #5 of 10, Paul delivers what he believes is the most important session in the series—especially for new and early investors (teens, 20s, 30s, and anyone just getting started). Instead of treating investing like speculation, Paul reframes it as building—or buying—a business over decades. Using clear, data-driven tables and “fine-tuning” comparisons, he walks through a simple, repeatable plan: start with $1,000 per year (about $83.33/month), increase contributions by 3% annually, and stay invested for 40+ years. You’ll see how long-term outcomes change based on asset allocation (100% stocks vs. 60/40 stocks and bonds), and why diversification can matter when markets go sideways. Paul also compares an S&P 500-only approach with a globally diversified “worldwide four-fund” strategy (mixing U.S. and international, large and small, value and growth). Along the way, he explains the real power source in early investing: your contributions, not short-term market performance—and why tax-advantaged accounts like a Roth IRA or Roth 401(k) can dramatically increase the impact of compounding over a lifetime. If you want a practical framework for long-term, low-cost, diversified investing, plus a clear-eyed discussion of volatility, sequence of returns, and retirement withdrawals (including the concept of a 5% annual withdrawal strategy), this episode lays the groundwork. Why Paul believes this is the most important boot camp session Investing as building a business (the “portfolio mortgage” analogy) Starting with $83/month and increasing contributions by 3% annually Understanding the fine-tuning tables and historical market returns S&P 500 vs. 60/40 portfolio: balancing growth and volatility The Worldwide Four-Fund Portfolio and the benefits of deeper diversification How sequence of returns impacts accumulation and withdrawals Why you rarely notice individual company failures inside diversified funds The long-term advantage of Roth IRA / Roth 401(k) compounding Staying disciplined through crashes, recessions, and sideways markets Watch Video

How much should you really have in stocks vs. bonds — and what happens when the market turns south with a vengence? In Boot Camp #4, we break down the fine-tuning asset allocation tables that show exactly how different combinations of equities and bonds have performed from 1970 through 2025. This episode goes beyond average returns and dives into what investing actually feels like during the worst 3-month, 12-month, and 60-month market declines. You’ll learn: Why equities have historically dominated bonds for long-term retirement investing How the S&P 500 compares to diversified strategies like the Four-Fund portfolio The real impact of worst-case drawdowns (including 50%+ bear markets) What happens to a 100% stock portfolio during retirement withdrawals How 50/50, 60/40, and other stock-bond allocations reduce volatility Why median returns matter — and why averages can mislead How to control risk through asset allocation, low costs, tax efficiency, and index investing We explore real historical data — including the 1973-74 bear market, the 2000-2002 tech crash, and the 2008 financial crisis — to help you understand both accumulation and retirement distribution phases. Whether you're in your 20s building wealth, in your 50s preparing for retirement, or already retired and managing withdrawals, this episode helps you align your portfolio with your risk tolerance, return needs, and long-term financial goals. If you want to be a confident do-it-yourself investor — without paying a 1% management fee — this episode gives you the framework to make informed decisions about stocks, bonds, diversification, and risk control. Watch Boot Camp #4 video

Welcome to Bootcamp #3 of the Sound Investing Series with Paul Merriman — where real investing data meets practical long-term strategy. 📈 In this session, Paul breaks down the performance of diversified portfolios vs. the S&P 500 using decades of historical data going back to 1970. You’ll learn how different combinations of equity asset classes have performed in good markets, bad markets, and everything in between. 📊 What You’ll Learn in This Video: • A deep dive into the Sound Investing Portfolios and how they work for DIY investors • Historical returns of 2-, 4- and multi-fund strategies compared to the S&P 500 • Why diversification matters and how it can reduce risk and improve returns • How different portfolios performed in tough decades like the 1970s and 2000s • Practical takeaways for long-term investors, retirees, and those choosing equity allocations Whether you’re a beginner or experienced investor, this Bootcamp episode gives you real numbers and evidence-based insights to help shape your portfolio strategy with confidence.  💡 Topics Covered: ✔ Sound Investing Portfolios explained ✔ Risk vs. return comparison ✔ Historical performance of diversified portfolios ✔ The role of small-cap & value stocks ✔ Why a 2-fund strategy can compete with the S&P 500 ✔ How to think about risk in real market conditions 🔗 Useful Resources & Tables - https://www.paulmerriman.com/sound-investing-portfolios-2026 To follow along with the charts, tables, and data Paul references during the presentation, check the pinned links and video notes. 📈 Perfect For: ✔ DIY investors ✔ Retirement planners ✔ Anyone curious about portfolio diversification ✔ Investors who want to avoid common mistakes 📩 Questions? Paul encourages you to leave comments and reach out — he often uses viewer questions in future episodes! ➡️ Don’t forget to subscribe for more deep-dive investing education and future Bootcamp episodes from the Merriman Financial Education Foundation: Paul Merriman’s mission is to help you make more money with less risk and more peace of mind.

In this second session of our 10-part Boot Camp series, we dive into the piece that’s helped shape decades of investing decisions: The Ultimate Buy & Hold Portfolio. For nearly 30 years, this research—co-created with the late Rich Buck—has explored a simple but powerful question: What happens when you go beyond the S&P 500 and build a lifetime portfolio across 10 equity asset classes? Starting with data back to 1970, we walk through the math of compounding, diversification, and disciplined rebalancing. You’ll see how adding small amounts of large value, small cap, REITs, international equities, and emerging markets historically increased returns—without meaningfully increasing risk. The result? A dramatic difference over time, powered by patience and structure. Whether you’re new to these concepts or have followed this work for years, this episode breaks down the numbers, the lessons, and the real-world implications for long-term investors. This recording is also a tribute to Rich Buck—an extraordinary collaborator whose work on this topic has reached millions of investors. Download the tables and watch the video, follow along, and join us as we revisit one of the most impactful investing frameworks we’ve ever created—and set the stage for next week’s deep dive into the Sound Investing portfolios.

What if small decisions — just a half-percent here or an extra year there — could change your financial future by millions? In this episode, we continue our annual Boot Camp series by tackling one of the biggest forks in the road investors face: stocks and bonds. Drawing on nearly a century of academic research and data, we break down what the math actually tells us about compounding, risk, diversification, and long-term returns. You’ll hear why: Tiny differences in returns can mean millions over a lifetime Bonds are designed for safety — not wealth creation Equity asset classes behave very differently from year to year Diversification across asset classes smooths volatility and improves outcomes Trying to “pick winners” is a losing game — and why owning the whole market works This episode is educational, not personal advice — think of it as a roadmap that helps you ask better questions and make more informed decisions.  Important: The tables and charts referenced in this episode are available in the PDF. Watching the companion video will make these concepts even clearer. If you care about making smarter long-term decisions for yourself and your family — this is one to share.

Sometimes the best moments are the unexpected ones. This week brought one of those moments when Daryl Bahls delivered an extraordinary surprise: access to every table used across our entire investing Boot Camp Series — months of work, ready ahead of schedule. That gift makes it possible to move forward faster, including setting up pages for the upcoming Series and potentially releasing the tables before all the podcasts and articles are complete. The White Coat Investor: 150+ Portfolios That Work We revisit the White Coat Investor article “150 Portfolios Better Than Yours” (now over 200 portfolios), originally published in 2014. The key lesson:There is no single “best” portfolio — most of the portfolios are legitimate and effective. What matters most is: Choosing a sound portfolio Understanding why it works Staying the course over decades Early success can be misleading, but the portfolio you choose in the beginning can mean millions of dollars more in the long-term. Why Portfolio Design Matters So Much Using historical data going back to 1970, we explore how different strategies produce dramatically different outcomes over time: S&P 500 only vs. globally diversified portfolios Multi–asset-class investing Value-focused portfolios (U.S. and international) Even small starting amounts can lead to large differences over a lifetime. What We Do — and What We Don’t Do To Help Investors  We are: Focused on education Dedicated to do-it-yourself investors Grounded in academic research and evidence-based investing We are not: Financial planners Estate planners Tax advisors Our goal is to help investors build portfolios they can trust through good markets and bad — with the potential to land in the top 5–10% of long-term outcomes. Preview: The 10-Part Boot Camp Series Over the coming weeks, we’ll release a comprehensive boot camp covering: Stocks vs. Bonds — why this decision alone can be a $10 million difference Equity Asset Class Selection — based on academic research, not trends Simple Sound Investing Portfolios — small, powerful, manageable Adding Bonds Intelligently — controlling risk without killing returns Long-Term Contributions — what steady investing really looks like Fixed Withdrawal Strategies — taking distributions when you retire with only "enough" Flexible Withdrawal Strategies — especially for those who’ve oversaved Target-Date Funds & Glide Paths — with added diversification insights ETF Selection — why DFA and Avantis may help investors stay the course Investing for Children & Newborns — including new retirement account considerations Each topic will eventually include: A podcast episode A written article Supporting data tables Daryl has now produced 247 educational tables, all designed to support smarter portfolio decisions.  You will see all of them during the 10 week series.

Upcoming Event + What’s New Before jumping into today’s questions—there are some good ones—I want to share a quick note. I’ll be at the Annual RetireMeet on March 7 in Bellevue at the Maidenbauer Building. I’ll be there all day at the booth and will be discussing the inside story on diversification, including new thinking on rebalancing that I believe you’ll find useful. Christine Benz —HOW TO RETIRE Don McDonald — RETIREMENT EVOLUTION: FROM NONE TO FUN Tom C**k — RETIREMENT INCOME: THE 4% RULE & BEYOND Kevin Peterson — GETTING THE MOST FROM MEDICARE Joe Saul-Sehy — COMMON MISTAKES THAT MAKE RETIREMENT MISERABLE The event is available in person and online. In-person attendees receive lunch. Online attendees pay a small fee that supports nonprofits focused on financial education. I also spent time this week with Daryl Balls, working on updates to the quilt charts and new tables. We’re excited to share those soon, along with the next Boot Camp series, starting later this month. Questions of the Day How can I avoid getting scammed by a bad financial advisor? 04:03How can my parents decide when to start Social Security? 07:08How do I identify my target asset allocation if I am 41 and plan to retire at 65, taking Social Security at 70 and with a pension? 08:47Can you help me build a sample asset allocation? 11:46What should I learn first to understand asset allocation? 14:10How do target date funds fit into asset allocation? 17:42How does VTSAX fit into this strategy? 17:04My 401(k) only offers Vanguard Total Market, Mid-Cap Index, and Small-Cap Index. Can I build a good portfolio? 20:40If I’m contributing monthly, should I rebalance using contributions or make separate trades? 27:59I have a closed 401(k) with a target date 2050 fund. Is that a good core holding? 28:50A Final Thought I recently spoke with an investor who realized they didn’t need to draw from their investments at all, thanks to Social Security and a pension—even with nearly $2 million invested. When you don’t need the money, you get to choose your medicine—aggressive or conservative. We’re excited about the upcoming Boot Camp, new tables, and educational tools. If we can do a better job teaching, our hope is that you’ll do a better job investing—for yourselves and for those who count on you.  Links Mentioned in This Episode Investor Education ⁠Get Smart or Get Screwed ⁠Truth Tellers – Social Security ⁠Social Security Made Simple⁠ by Mike Piper⁠Mike Piper⁠ – Oblivious Investor When to Take Social Security: Pros & Cons – Jim Dahle (White Coat Investor)⁠https://www.whitecoatinvestor.com/when-to-take-social-security-a-pro-con/⁠Asset Allocation & Target Date Funds ⁠Two Funds for Life ⁠– Chris Pedersen⁠Sound Investing Portfolio Series⁠ (Boot Camp – prior year)⁠Ultimate Buy & Hold Strategy⁠⁠Fine-Tuning Your Asset Allocation⁠Event ⁠Annual RetireMeet – Bellevue (March 7)⁠Research & Tools ⁠Quilt Charts and Tables (Paul Merriman / Daryl Balls)⁠