The Long View
The Long View
Apr 29, 2020
Wade Pfau: The 4% Rule Is No Longer Safe
54 min

Our guest on the podcast is retirement researcher Dr. Wade Pfau. Wade is a professor of retirement income in the Ph.D. in Financial and Retirement Planning program at the American College of Financial Services. He is also co-director of the New York Life Center for Retirement Income. A prolific writer and researcher, Wade has authored papers and books on a wide spectrum of retirement-related topics, including in-retirement withdrawal rates, optimal asset allocations for retirement, and the role of annuities in retirement portfolios. He is a two-time winner of the Journal of Financial Planning's Montgomery-Warschauer Award, a two-time winner of the Academic Thought Leadership Award from the Retirement Income Industry Association, and a best paper award winner in the retirement category from the Academy of Financial Services. His latest book, part of the Retirement Researcher Guide Series, is called Safety-First Retirement Planning: An Integrated Approach for a Worry-Free Retirement.

He holds a doctorate in economics and a master's degree from Princeton University and Bachelor of Arts and Bachelor of Science degrees from the University of Iowa. He is also a Chartered Financial Analyst.


Wade Pfau bio

Books by Wade Pfau

Wade Pfau blog posts on Retirement Researcher

Wade Pfau Forbes columns

Wade Pfau blog posts for WSJ’s “The Experts”

Wade Pfau on Twitter

Asset Allocation in Retirement

Kitces, M. & Pfau, W. “Reducing Retirement Risk with a Rising Equity Glide Path.Journal of Financial Planning. Vol. 1. P. 38.

Pfau, W. “To Rise or Not To Rise: Stock Allocation During Retirement.Retirement Researcher.  

Pfau, W. “4 Ways to Manage Sequence of Returns Risk in Retirement.” Retirement Researcher.

Benz, C. 2019. “Cut Stocks Or Add to Them? A Key Dilemma for Your Retirement Plan.”, July 25, 2019.

Blanchett, D., Finke, M., & Pfau, W. 2013. "Asset Valuations and Safe Portfolio Withdrawal Rates." June 28, 2013.

Shiller P/E Ratio

Withdrawal Rates in Retirement

Wollman Rusoff, J. 2020. “Wade Pfau: Pandemic Tears Up 4% Rule.ThinkAdvisor, April 14, 2020.

Blanchett, D., Finke, M., & Pfau, W. “The 4 Percent Rule Is Not Safe in a Low-Yield World.Journal of Financial Planning, Vol. 26, No. 6, P. 46.

Pfau, W. 2020. “How Much Can Retirees Spend on March 11, 2020? It May Not Be What You, March 11, 2020.

Pfau, W. “Using Reverse Mortgages in a Responsible Retirement Income Plan.Retirement Researcher.

Pfau, W. 2015. “Improving Retirement Outcomes with Investments, Life Insurance, and Income Annuities.” May 23, 2015.

Finke, M., Pfau, W., & Williams, D. “Spending Flexibility and Safe Withdrawal Rates." Journal of Financial Planning.

Pfau, W. 2016. “What Is the 'Floor and Ceiling' Retirement Spending Strategy?, Oct. 18, 2016.

Pfau, W. 2015. "Making Sense Out of Variable Spending Strategies for Retirees.Journal of Financial Planning, Vol. 10, P. 42.

Bengen, W.P. “Conserving Client Portfolios During Retirement, Part IV.FPA Journal.

Guyton, J.T. & Klinger, W.J. “Decision Rules and Maximum Initial Withdrawal Rates.FPA Journal.

Blanchett, D. 2013. “Simple Formulas to Implement Complex Withdrawal Strategies.Journal of Financial Planning, Vol. 26, No. 9, P. 40.

Healthcare and Long-Term Care

Blanchett, D. 2013. “Estimating the True Cost of Retirement.” Morningstar.

Pfau, W. “What Is Age Banding and What Does It Mean for Retirees?Retirement Researcher.

Pfau, W. 2016. “Two Options for Funding Long-Term Care Jan. 12, 2016.

Finke, M. and Pfau, W. 2017. “Managing Long-Term Care Spending Risks in


Pechter, K. 2019. " 'Safety-First' Income Plans, Per Wade Pfau.Retirement Income Journal, Oct. 10, 2019.

Hopkins, J. 2019. “3 Reasons Annuities Are the Unsung Heroes of Retirement Income June 14, 2019.

Pechter, K. 2019.  “The Reason for SPIAs, from Pfau and Finke. Retirement Income Journal, April 25, 2019.

Bogleheads On Investing Podcast
Bogleheads On Investing Podcast
Episode 027: Cliff Asness, host Rick Ferri
Dr. Cliff Asness is a Founder, Managing Principal, and Chief Investment Officer at AQR Capital Management, a quantitative money manager overseeing $186 billion in assets as of December 2019. Prior to co-founding AQR Capital Management, he was a Managing Director and Director of Quantitative Research for the Asset Management Division of Goldman, Sachs & Co. He is an award-winning researcher on quantitative investment strategies and has authored articles for many publications, including The Journal of Portfolio Management, Financial Analysts Journal, The Journal of Finance, and The Journal of Financial Economics. Cliff received a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, graduating summa cum laude in both. He received an M.B.A. with high honors and a Ph.D. in finance from the University of Chicago, where he was Eugene Fama’s student and teaching assistant for two years. This podcast is hosted by Rick Ferri, CFA, a long-time Boglehead and investment adviser. The Bogleheads 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's free website is and the wiki site is Bogleheads® wiki. Bogleheads sites are operated by volunteers who contribute time and talent. Donations help defray operating costs. Since 2000, the Bogleheads' have held national conferences in major cities around the country and currently meet in Philadelphia in the autumn of each year. There are 56 Local Chapters in the US and three Foreign Chapters that also meet regularly. New Chapters are being added on a regular basis. This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012.
59 min
Consuelo Mack
Successful Investing: Timeless Advice
Can investing be simple? Can we stop worrying about what’s happening on Wall Street, in Washington, with Fed policy, inflation, corporate earnings, and numerous other headline-making concerns? Can we just get on with our lives and still invest successfully?  According to this week’s guest, the answer is yes, and we shouldn’t even care what the market is doing.   What should we care about? How should we invest? That is the focus of this week’s exclusive WEALTHTRACK interview.   Our guest is Charles Ellis, the author of the investment classic WINNING THE LOSER’S GAME, available now in its 2017 7th edition. Ellis is the author of 16 other books including the recently published 10th-anniversary edition of THE ELEMENTS OF INVESTING, co-written with his good friend, Princeton economics professor Burton Malkiel.    Ellis is a globally recognized financial thought leader, investment consultant, and advisor to governments, institutions, and endowments. He also cares deeply about helping investors succeed, as he puts it “winning the loser’s game.” He will help us do that this week.  WEALTHTRACK #1721 broadcast on November 20, 2020 More info: WINNING THE LOSER’S GAME (2017 edition): THE ELEMENTS OF INVESTING: --- Support this podcast:
26 min
Marketplace Roundtable
Marketplace Roundtable
Seeking Alpha
The Value Investor's Edge Live #22: Time To Bet Heavily On Energy With J Mintzmyer and Michael Boyd
Michael Boyd, Head of Research at Energy Income Authority, joined J Mintzmyer's Value Investor's Edge Live on November 6, 2020, to discuss the post-election energy market prospects and opportunities into 2021 and beyond. This interview and discussion is relevant for anyone with interest in the broad energy sectors, including the overall SPDR Energy ETF (XLE) and income-focused funds such as the Alerian (AMLP). Specifically in this interview, we discuss several individual names including Altus Midstream (ALTM), Calumet Specialty Products (CLMT), Cimarex Energy (XEC), DCP Midstream (DCP), Diamondback Energy (FANG), Energy Transfer (ET), ExxonMobil (XOM), Plains All American (PAA), RPC Inc (RES), Schlumberger (SLB), and Targa Resources (TRGP). Topics Covered (<3:15) Intro/Disclosures (3:30) What does Biden Presidency and GOP Senate mean for energy? (6:30) Any risk to an energy export ban/shift? (8:30) Discussion on valuation levels and approaches. (18:00) What are your favorite sectors vs. avoids? (25:00) Top picks and a short candidate ideas to hedge? (32:45) You're negative on oil services: what about Schlumberger (SLB)? (35:45) Any views on ExxonMobil (XOM)? Are they attractive here? (39:15) Updated commentary on Altus Midstream (ALTM) after the triple? (46:45) Any firms which could be the ‘next ALTM?’ (51:15) Any top picks without K-1 exposure? (53:30) How will the divestment wave play out? Interest in crude oil itself? (1:00:30) Overview of the Energy Income Authority research platform. Learn more about your ad choices. Visit
1 hr 6 min
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