055: How to Navigate The Changing Retirement Landscape with David Blanchett *

Lots of retirement research comes from people who are trying to sell you products, but David Blanchett is not that kind of researcher. A CFP, CFA, and PhD, David is Adjunct Professor of wealth management at The American College of Financial Services, a leading contributor to the Wealth Management Certified Professional® (WMCP®) designation program, and the head of retirement research for Morningstar Investment Management, LLC.

For his authentic, impartial research, David has been called one of the brightest minds in financial planning by Money. He made InvestmentNews’ inaugural 40 under 40 list in 2014 and has had his work featured in the New York Times, PLANSPONSOR, and the Wall Street Journal, among many others.

I’ve been following David’s research and sharing it with colleagues and clients for years. Today, he joins the podcast to discuss the uncertainties that can set a financial plan awry, how to build a plan to protect you from the worst case scenario, and why changes in life expectancy have done more to reshape retirement planning than anything else in recent American history.

In this podcast interview, you’ll learn:

  • Why people who are about to retire are so concerned about inflation – and how financial planners and pre-retirees should incorporate inflation into their plans.
  • Why healthcare shocks – and not healthcare costs – are the problem – and why there isn’t an easy way to hedge the risk of healthcare costs in retirement.
  • The importance of saving more – and why market outcomes are far less important to plan for than potentially having to retire several years before you plan to.
  • The reason David doesn’t completely hate annuities – and why annuities have gotten such a bad name.
  • Why David believes that many active investments are actually passive ones – and the importance of knowing what you’re buying and why you’re buying it.
  • The reason David said Roth 401(k)s are bad for so many retirees – and why he now recommends a mixture of traditional and Roth assets for most people.

Inspiring Quotes

“I think figuring out what that next step means and how you’re going to spend it is incredibly important. It’s worth thinking about for many, many years.” – David Blanchett

Interview Resources

Estimating the True Cost of Retirement
The Retirement Mirage

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