Today, I'm speaking with William Bernstein. Bill is a renowned investment advisor, author, and retired neurologist. He's the co-founder of Efficient Frontier Advisors, a leading voice in the world of personal finance, and the author of several acclaimed books, including The Four Pillars of Investing, The Investor's Manifesto, and The Intelligent Asset Allocator. 

With a unique background in neurology and finance, Bill brings a practical and evidence-based perspective to long-term investing, risk management, and financial behavior—especially for retirees and those nearing retirement. You'll hear why Bill believes the purpose of money isn't to buy things—it's to purchase autonomy, time, and peace of mind.

In our conversation, we explore what it really means to "win the game" of investing—and why continuing to play after you've won could jeopardize your retirement security. Bill breaks down the risks investors often overlook, including deep risk versus shallow risk, the need versus capacity and tolerance framework, and why having a basic understanding of financial history is an underrated skill set.

They also discuss how aging affects investment decisions, how burn rate should influence equity allocation, and why a purposeful retirement plan extends far beyond growing net worth. 

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In this podcast interview, you’ll learn:

• Why investors should reduce risk once they've “won the game”—and what that means in real terms.
• The critical differences between deep risk and shallow risk, and how to guard against both.
• How age and withdrawal rate should shape your stock-to-bond ratio in retirement.
• Why Treasury Inflation-Protected Securities (TIPS) can play a key role in risk management.
• The emotional traps investors fall into—and why historical financial knowledge is a great asset.
• What purpose in retirement really looks like—and why forging connections may be more valuable than money.

Show Notes: HowardBailey.com/510

📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu 

📅SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3T6oNDB

ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process

What if your greatest growth in retirement didn’t come from doing more—but from finally sitting with who you are? Throughout this discussion, we explore the concept of the “shadow self”—the parts of yourself that you may avoid, hide, or ignore—and how bringing light to these areas can lead to true peace and deeper connection in the second half of life. 

In this episode, we discuss: 

• How unresolved emotional patterns can impact health, relationships, and joy
• Why it’s important to take inventory of the roles you’ve been praised for
• How to leverage retirement as a mirror and own where you’re out of alignment

Today's article is from our very own blog post which you can find here. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade is joined by Les McDaniel to explore how embracing your “shadow self” can lead to deeper peace and fulfillment in retirement. 

Show Notes: HowardBailey.com/509

📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu 

📅SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3T6oNDB

ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process

What if you did everything “right” in retirement, but were still left surprised? That’s exactly what happened to Fritz Gilbert, one of our favorite past podcast guests. In this episode, we unpack his recent article, “My Biggest Surprise in Retirement,” and explore why his carefully planned Roth conversions didn’t make the impact he expected. This conversation is for anyone who wants to stay in the driver’s seat—no surprises, no backseat driving from Uncle Sam—just thoughtful, purpose-driven planning. 

In this episode, we discuss: 

• Why Roth conversions may not reduce your tax-deferred balance as expected
• Why waiting until retirement to convert might be too late
• Strategic conversions = lower RMDs, Medicare premiums, and taxes for heirs
• The ripple effects of taxes: Medicare IRMAA, Social Security, legacy

Today's article is from The Retirement Manifesto blog titled, My Biggest Surprise in Retirement. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade, breaks down the article and provides thoughtful insights and advice on how it applies to your unique financial situation.

Show Notes: HowardBailey.com/508

📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu 

📅SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3T6oNDB

ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process

In this powerful follow-up episode, Casey Weade and Certified Retirement Coach Les McDaniel return to explore the deeper question behind advice-seeking: Are you truly looking for direction, or for alignment with your values? Drawing from real-life coaching stories, they unpack six invitations to help you pause, reflect, and realign your financial decisions with your life’s purpose.  

In this episode, we discuss: 

• How to ask better questions
• Ways to elevate your emotional awareness
• How to separate valuable advice from projection-based advice

Today's article is from our very own blog post which you can find here. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade is joined by Les McDaniel to explore how aligning advice with your core values leads to better financial decisions.

Show Notes: HowardBailey.com/507

📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu 

📅SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3T6oNDB

ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process

If you're like many retirees we meet with, you may struggle to spend confidently in retirement, even when you've saved enough. Here, we explore a potential strategy: an alternative to the annuity-based "License to Spend" model.    

In this episode, we discuss: 

• The dynamics of underspending in retirement
• How to apply the “Funded Status Metric” and “Surplus Bucket” to your income plan
• Pros and cons of leveraging this strategy
• A refresher of the “Funded Ratio”
• How to find an income strategy that aligns with your values

Today's article is from Advisor Perspectives titled, Use the Funded Status Metric & A ‘Surplus Bucket’ to Increase Spending in Retirement. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade, breaks down the article and provides thoughtful insights and advice on how it applies to your unique financial situation.

Show Notes: HowardBailey.com/506

📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu 

📅SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3T6oNDB

ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process

Understanding your own story is the missing link between receiving advice and applying it meaningfully. If you’ve ever felt stuck between wanting direction and feeling overwhelmed by options, this episode offers a practical path toward clarity, purpose, and peaceful resilience. 

In this episode, we discuss: 

• Advice vs. application
• A 3-step advice framework
• Advice overload
• Why incomplete context = incomplete advice

Today's article is from our very own blog post which you can find here. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade is joined by Les McDaniel to discuss how knowing your story can turn generic advice into meaningful action.

Show Notes: HowardBailey.com/505

📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu 

📅SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3T6oNDB

ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process

Today, I'm speaking with Dr. Ross Andel. Dr. Andel is a gerontologist, professor, and director of the PhD program at Arizona State University. Ross has spent decades researching aging, memory, and lifestyle-related cognitive health risks. In 2023, he was elected a lifetime fellow of the American Association for his achievements in the study of risk factors for age-related cognitive decline for Alzheimer's disease and other types of dementia.

Dr. Andel explains how daily routines and purpose directly impact brain function and why some retirees experience faster cognitive decline than others. He shares his findings from several international studies—including his viral TED Talk, "Is Retirement Bad for Your Brain?"—and delves into why your post-retirement plan matters just as much as your financial one. 

In our conversation, you'll hear why those who retire from high-level managerial careers may be at greater risk for faster cognitive decline in retirement, how volunteering and pursuing new hobbies improves brain function and Dr. Andel's poignant advice for anyone who is a caretaker for a loved one that is suffering from dementia or Alzheimer's.

In this podcast interview, you’ll learn:

• Why retirement without purpose can accelerate cognitive decline—and how to avoid the retirement trap.
• The connection between high-engagement careers and faster post-retirement mental decline.
• What research says about sleep, supplements, and cardiometabolic health for brain function.
• How race, gender, and job complexity influence cognitive aging differently.
• Why routine, exercise, and meaningful engagement are essential to brain longevity.

Show Notes: HowardBailey.com/504

📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu 

📅SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3T6oNDB

ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process

After a sharp rebound in the market, you may still feel the lingering effects of recent volatility. But before the next tide of turmoil, now is an ideal time to deploy the "Sleeping Point" Strategy: adjusting your portfolio to a level where you can sleep soundly at night. 

In this episode, we discuss: 

• The importance of reducing risk before panic
• How to embrace proactive planning
• The danger of over-investing
• How (and when) to stress test your portfolio

Today's article is from Pearl's Prime Cuts blog titled, A Good Time for the Sleeping Point Story. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade, breaks down the article and provides thoughtful insights and advice on how it applies to your unique financial situation.

Show Notes: HowardBailey.com/503

📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu 

📅SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3T6oNDB

ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process

You're encouraged to save, delay gratification, and be disciplined with your spending—but what happens when that mindset becomes a roadblock in retirement?  

In this episode, we discuss: 

• The psychology of postponement
• How to unwind a lifetime of discipline
• The “Joy Budget” concept
• Tools to reframe spending

Today's article is from The Wall Street Journal titled, The Downside of Delayed Gratification. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade is joined by Les McDaniel to discuss how to shift from saving mode to truly living in your retirement years.

Show Notes: Howardbailey.com/502

📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu 

📅SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3T6oNDB

ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process

What does your future retirement look like? Whether your path includes unexpected challenges, careful frugality, or joyful surprises, it's vital to prepare for known unknowns, and build a resilient future that adapts to life’s curveballs. 

In this episode, we discuss: 

• Why retirement isn’t linear
• How to plan for different potential retirement futures
• Lifequakes vs. Deep Risk
• The PESTLE framework for strategic thinking

Today's article is from Kiplinger titled, The 'Rule of Four Futures' in Retirement. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade, breaks down the article and provides thoughtful insights and advice on how it applies to your unique financial situation.

Show Notes: Howardbailey.com/501

📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu 

📅SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3T6oNDB

ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process