Today on the podcast, we welcome back Dr. Daniel Crosby. Daniel is the author of a new book called The Soul of Wealth: 50 Reflections on Money and Meaning. Daniel is the chief behavioral officer at Orion Advisor Solutions. In addition to The Soul of Money, Daniel has written several other books on behavioral finance, including The Behavioral Investor, The Laws of Wealth: Psychology and the Secret to Investor Success, and You’re Not That Great. Daniel also hosts his own podcast called Standard Deviations. He received his Bachelor of Science degree and PhD in Psychology, both from Brigham Young University.

Background

Bio

“Daniel Crosby: ‘If You’re Excited About It, It’s Probably a Bad Idea,’” The Long View podcast, Morningstar.com, Aug. 31, 2021.

Books:

The Soul of Wealth: 50 Reflections on Money and Meaning

The Behavioral Investor: The Art and Science of Investment Management

The Laws of Wealth: Psychology and the Secret to Investing Success

You’re Not That Great

Standard Deviations podcast

Money and Happiness

“High Income Improves Evaluation of Life but Not Emotional Well-Being,” by Daniel Kahneman and Angus Deaton, Psychological and Cognitive Sciences, Aug. 4, 2010.

“Income and Emotional Well-Being: A Conflict Resolved,” by Daniel Kahneman, Matthew Killingsworth, and Barbara Mellers, Psychological and Cognitive Sciences, Nov. 29, 2022.

Other

The Creative Act: A Way of Being, by Rick Rubin

“Michael Finke: Here’s What Makes Retirees Happy,” The Long View podcast, Morningstar.com, Oct. 2, 2019.

Martin Seligman

Daniel Crosby on X

Our guest on the podcast today is author and financial psychologist, Dr. Brad Klontz. He’s an Associate Professor of Practice at Creighton University’s Heider College of Business. He’s also co-founder of the Financial Psychology Institute and managing principal of Your Mental Wealth Advisors, a fee-only registered investment advisory.

Brad is co-author or co-editor of nine books on the psychology of money, including his latest, Start Thinking Rich: 21 Harsh Truths to Take You From Broke to Financial Freedom, which he co-wrote with Adrian Brambila. He is a fellow of the American Psychological Association and a former President of the Hawaii Psychological Association. He was appointed to the CNBC Financial Advisor Council in 2023 and received the 2018 and 2021 Montgomery-Warschauer Awards from the Journal of Financial Planning, honoring the most outstanding contribution to the betterment of the financial planning profession. He received his Doctor of Psychology degree from Wright State University, his master’s certificate in personal financial planning from Kansas State University, his master’s in counseling and human resources development from South Dakota State University, and his bachelor’s degree in psychology from Olivet Nazarene University. Brad is also a Certified Financial Planner professional.

Background

Bio

Start Thinking Rich: 21 Harsh Truths to Take You From Broke to Financial Freedom, by Dr. Brad Klontz and Adrian Brambila

Your Mental Wealth Advisors

Money Scripts

Your Money Script

“Money Beliefs and Financial Behaviors: Development of the Klontz Money Script Inventory,” by Bradley Klontz, Sonya Britt-Lutter, Jennifer Mentzer, and Ted Klontz, Journal of Financial Therapy, April 2011.

“Identify and Understand Clients’ Money Scripts: A Framework for Using the KMSI-R,” by Michelle Arpin Begina, Jessica Hickingbottom, Elaine Grogan Luttrull, Megan McCoy, and Bradley Klontz, Journal of Financial Planning, March 2018.

Behavioral Finance

“Untangling Behavioral Finance and the Psychology of Financial Planning,” by Brad Klontz, Journal of Financial Planning, January 2023.

“Integrating Interpersonal Neurobiology Into Financial Planning: Practical Applications to Facilitate Well-Being,” by Brad Klontz, Journal of Financial Planning, May 2020.

Our guests this week are Tom Idzorek and Paul Kaplan. This is Tom’s second appearance as a guest and Paul’s first. Tom is chief investment officer of retirement for Morningstar Investment Management. He also serves as a member of Morningstar’s 401(k) Committee, Public Policy Council, Global Investment Committee, US Investment Policy Committee, and the Editorial Board of Morningstar Magazine. Before retiring in 2023, Paul was director of research for Morningstar Canada and a senior member of Morningstar’s Global Research Team. He led the development of many of the quantitative methodologies behind Morningstar’s fund analysis, indexes, advisor tools, and other services. Tom and Paul are accomplished researchers and authors, having individually published or collaborated on numerous academic papers, accepted to prestigious peer-reviewed journals, and their work has received numerous awards through the years. In today’s interview, we’re focusing on one of their recent collaborations, their new book, Lifetime Financial Advice: A Personalized Optimal Multilevel Approach.

Background

Tom Idzorek Bio

“Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning,” The Long View podcast, Morningstar.com, June 7, 2022.

Paul Kaplan Bio

Lifetime Financial Advice: A Personalized Optimal Multilevel Approach, by Tom Idzorek and Paul Kaplan

Lifetime Financial Advice

“Joining Lifecycle Models With Mean-Variance Optimization,” by Tom Idzorek and Paul Kaplan, papers.ssrn.com, Oct. 19, 2023.

Lifetime Financial Advice Book Club Series

“Personalized Multiple Account Portfolio Optimization,” by Tom Idzorek, Financial Analysts Journal, June 29, 2023.

“The Popularity Asset Pricing Model,” by Tom Idzorek, Paul Kaplan, and Roger Ibbotson, papers.ssrn.com, Oct. 26, 2021.

“Popularity: A Bridge Between Classical and Behavioral Finance,” by Roger Ibbotson, Tom Idzorek, Paul Kaplan, and James Xiong, Research Foundation, Dec. 10, 2018.

“ESG Investing and the Popularity Asset Pricing Model (PAPM),” by Tom Idzorek, blogs.cfainstitute.org, Feb. 1, 2024.

Other

Milton Friedman

Franco Modigliani

Paul Samuelson

Robert Merton

Richard Thaler

Daniel Kahneman

Roger Ibbotson

James Xiong

“Modern Portfolio Theory: What MPT Is and How Investors Use It,” by the Investopedia team, Investopedia.com, Aug. 29, 2023.

Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Today on the podcast, we welcome back retirement and tax expert Ed Slott. Ed is the president and founder of Ed Slott & Company, which provides retirement and tax-planning education to investment advisors and financial institutions. Ed has written several books, including his latest, The Retirement Savings Time Bomb Ticks Louder. PBS viewers may know Ed from his frequent appearance on public television. Ed also co-hosts a podcast with Jeff Levine, called The Great Retirement Debate. In addition, he hosts the popular website IRAHelp.com, where the Slott report regularly dispenses wisdom about retirement, tax, and estate planning. Ed is a certified public accountant.

Background

Bio

“Ed Slott: Act Now on Historically Low Tax Rates,” The Long View podcast, Morningstar.com, Aug. 19, 2020.

The Great Retirement Debate podcast

The Retirement Savings Time Bomb Ticks Louder, by Ed Slott

Tax-Loss Harvesting

“The Ins and Outs of Tax-Loss Selling,” Interview with Christine Benz and Ed Slott, Morningstar.com, Dec. 14, 2022.

“The Best Investments for Taxable Accounts,” by Christine Benz, Morningstar.com, Jan. 23, 2024.

“Yes, You Can Still Find Tax-Loss Harvesting Opportunities in 2024,” Investing Insights with Christine Benz and Margaret Giles, Morningstar.com, Nov. 22, 2024.

“The Big Retirement Myth,” Interview with Christine Benz and Ed Slott, Morningstar.com, Aug. 7, 2024.

Required Minimum Distributions and IRAs

“IRS Issues Final SECURE Act Regulations: Controversial Annual RMD Requirement During 10-Year Rule Stands,” by Sarah Brenner, irahelp.com, July 22, 2024.

“Best Advice? Ignore the 10-Year RMD Rule,” by Ed Slott, investmentnews.com, Aug. 19, 2024.

“The New Rules for Missed RMDs,” Interview with Christine Benz and Ed Slott, Morningstar.com, July 24, 2024.

“Brace Yourself for Higher RMDs in 2024,” Interview with Christine Benz and Ed Slott, Morningstar.com, March 13, 2024.

“Inherited IRAs: What to Know About Taxes, RMDs, and More,” by Tori Brovet, Morningstar.com, Sept. 13, 2024.

Qualified Charitable Distribution

“12 QCD Rules You Must Know,” by Sarah Brenner, irahelp.com, July 10, 2024.

“Year-End QCD Mistakes to Avoid,” by Ed Slott, investmentnews.com, Nov. 18, 2023.

“Year-End Charitable-Giving Strategies,” Interview with Christine Benz and Ed Slott, Morningstar.com, Nov. 1, 2023.

Tax-Law Changes in 2025

“401(k) Contribution Limits Increase for 2025,” by Sarah Brenner, irahelp.com, Nov. 6, 2024.

“Higher Catch-Up Contributions Available for Certain Older Employees Starting in 2025,” by Ian Berger, irahelp.com, Oct. 21, 2024.

“IRS Announces New Income Limits for IRA Contributions in 2025,” by Denise Appleby, Morningstar.com, Nov. 20, 2024.

“Ed Slott: What Investors Need to Do Before the Tax Cuts and Jobs Act Expires,” Interview with Christine Benz and Ed Slott, Morningstar.com, Feb. 6, 2024.

Today on the podcast, we welcome back Mark Berg. Mark is the founder of and lead advisor at Timothy Financial Counsel, which is an hourly financial planning firm that he started in 2000. Prior to launching Timothy Financial, Mark served as a client manager at a fee-only financial planning firm, and he has provided fee-only financial guidance since 1995. He holds a bachelor’s degree in economics from Wheaton College and is a certified financial planner practitioner and NAPFA-registered financial advisor. He served on the national board of directors for the National Association of Personal Financial Advisors from 2008 through 2011. In the spirit of full disclosure, Timothy Financial is the firm that my husband and I use for financial planning. I have no financial relationship with the firm other than that we pay them for their services.

Background

Bio

Timothy Financial Counsel

“Mark Berg: Hourly Financial Planning Is ‘A Vast Blue Ocean,’” The Long View podcast, Morningstar.com, March 28, 2023.

Funding for College

“529 Plan Tips for Grandparents to Save for College,” by Emma Kerr, usnews.com, Sept. 7, 2021.

“How to Allocate Assets for College Savings,” by Christine Benz, Morningstar.com, Jan. 19, 2022.

“Morningstar 529 Ratings: The Best Plans of 2024,” by Hyunmin Kim, Morningstar.com, Oct. 29, 2024.

“What to Do With Extra Money in Your 529 Plan,” by Amy Arnott, Morningstar.com, June 30, 2022.

“The Best Way to Save for College,” by Christine Benz and Susan Dziubinski, Morningstar.com, Oct. 11, 2022.

Our guests this week are Jim Murphy and Charlie Hill of T. Rowe Price’s Municipal Bond Investment Team. Jim leads the team and is portfolio manager for several high-yield muni strategies. Charlie, who has been at T. Rowe since 1991, manages several short and intermediate term municipal-bond funds. Morningstar’s manager research team rates T. Rowe Price’s municipal bond capability highly with several strategies carrying Gold medalist ratings.

Background

Jim Murphy Bio

T. Rowe Price Tax-Free High Yield PRFHX

T. Rowe Price Tax-Free High-Yield Advantage PATFX

Charlie Hill Bio

T. Rowe Price Tax-Free Short-Intermediate PRFSX

T. Rowe Price Tax-Free Short-Intermediate 1 TTSIX

Municipal Bonds

“Reasons to Fall in Love With Municipal Bonds Right Now,” by Amey Stone, barrons.com, July 28, 2023.

“It’s Been a Poor Year so far for Municipal Bonds,” by Tim Gray, nytimes.com, July 18, 2022.

“3 Tax-Free Funds That Are Gems,” by Russel Kinnel, Morningstar.com, Sept. 11, 2024.

“Muni-Bond Niche Defies Sales Slump as Banks Seize on Cheap Rates,” by Nic Querolo and Sri Taylor, fa-mag.com, Oct. 22, 2021.

“Municipal Bonds: Where to Find Opportunities in a Volatile Market,” by Elizabeth Foos, Morningstar.com, Aug. 6, 2024.

Other

“Build America Bonds (BABs): Types, Restrictions, Vs. Other Bonds,” by James Chen, Investopedia.com, June 8, 2022.

“Ed Slott: What Investors Need to Do Before the Tax Cut and Jobs Act Expires,” Interview with Christine Benz and Ed Slott, Morningstar.com, Feb. 6, 2024.

Texas Permanent School Fund

Financial Oversight and Management Board for Puerto Rico

Our guest this week is Charlie Dreifus. Charlie is portfolio manager of the Royce Special Equity Funds, highly regarded by Morningstar’s Manager Research team. Charlie was named Fund Manager of the Year by Morningstar in 2008 for his work on the Small-Cap Value US Equity Strategy, which he began running in 1998 after portfolio management stints at Lazard and Oppenheimer. Charlie’s investment career began in 1968. He holds degrees from City College of New York and Baruch College.

Background

Bio

Royce Small-Cap Special Equity Investment

Steven McBoyle, co-portfolio manager

Small-Cap Value

“Small-Cap Funds Are More Promising Than They Have Been in Years. Here Are the Ones to Buy,” by Lewis Braham, Barrons.com, Oct. 11, 2023.

“Why Value Veteran Charlie Dreifus Balks at Banks and Favors the Rust Belt,” by John Coumarianos, citywire.com, April 21, 2022.

Other

Chuck Royce

Abraham Briloff

“A Conversation With Investing Legend Charlie Dreifus,” Interview with Russ Kinnel, Morningstar.com, Aug. 14, 2020.

Public Company Accounting Oversight Board

Tim Hipskind

“Irving Kahn, Oldest Active Wall Street Investor, Dies at 109,” by Sam Roberts, nytimes.com, Feb. 26, 2015.

Our guest on the podcast today is Anne Tergesen. Anne is a reporter covering retirement for The Wall Street Journal. Her stories often explore how retirement and preparing for retirement are changing today. She writes frequently on topics related to 401(k) plans and retirement savings, spending, and legislation. She also writes about employee benefits, longevity, and aging. Before joining the Journal, Anne worked for BusinessWeek magazine covering personal finance. Together with colleagues, she recently won a Front Page Award from the News Women’s Club of New York and was a finalist for Gerald Loeb Award. She was awarded a Knight-Bagehot Fellowship at Columbia University’s Graduate School of Journalism and won a Best of Knight-Bagehot Award in 2006. Anne started her career covering local news at The Philadelphia Inquirer.

Background

Bio

The Wall Street Journal articles

401(k)s and Retirement

“More Americans Are Treating Their 401(k)s Like Cash Machines,” by Anne Tergesen, wsj.com, March 11, 2024.

“6% of Your Paycheck Is Becoming the New Standard for 401(k) Saving,” by Anne Tergesen, wsj.com, June 28, 2024.

“The 401(k) Investors Convinced That Target-Date Funds Miss the Mark,” by Anne Tergesen and Oyin Adedoyin, wsj.com, Aug. 3, 2024.

“The 401(k) Rollover Mistake That Costs Retirement Savers Billions,” by Anne Tergesen, wsj.com, July 22, 2024.

“Is Your Company’s 401(k) Match Unfair?” by Anne Tergesen, wsj.com, May 25, 2024.

“Retire at 65? It’s More Like 62,” by Anne Tergesen, wsj.com, April 25, 2024.

“David John: Improving the Retirement System,” The Long View podcast, Morningstar.com, Sept. 27, 2022.

Automatic: Changing the Way America Saves, by William Gale, Mark Iwry, and David John

“The Way We Retire Now,” a Wall Street Journal Series by Anne Tergesen and Veronica Dagher.

“Here’s What Retirement Looks Like in America in Six Charts,” by Anne Tergesen, Veronica Dagher, and Rosie Ettenheim, wsj.com, March 31, 2023.

“She’s a Retirement Authority—And Still Made Mistakes. Here’s What She’d Do Differently,” by Anne Tergesen, wsj.com, Oct. 12, 2024.

“Is There Really a Retirement-Savings Crisis?” by Anne Tergesen, wsj.com, April 23, 2017.

Other

Vanguard’s “How America Saves 2024”

“The U-Shape of Happiness Across the Life Course: Expanding the Discussion,” by Nancy Galambos, Harvey Krahn, Matthew Johnson, and Margie Lachman, National Library of Medicine, July 1, 2021.

Employee Benefit Research Institute

David Blanchett

“The Retirement Crisis: Perception Vs. Reality,” by PGIM Global Communications, pgim.com, July 9, 2024.

Laura Saunders

Michael Kitces

Our guest on the podcast today is Phil Moeller. He’s the primary author of the Get What’s Yours series of consumer guidebooks, including a newly revised edition of Get What’s Yours for Medicare: Maximize Your Coverage, Minimize Your Costs. In addition, the series includes Get What’s Yours: The Revised Secrets to Maxing Out Your Social Security and Get What’s Yours for Health Care: How to Get the Best Care at the Right Price. Phil wrote the “Ask Phil” Medicare column for the PBS NewsHour website, Making Sense, reported on aging healthcare and retirement for Money magazine, and wrote “The Best Life” feature on aging and retirement for US News & World Report. He began his career as a newspaper business reporter and editor, and has worked for The Baltimore Sun, The Charlotte Observer, The Chicago Sun Times, The Hartford Business Journal, and The Louisville Courier Journal. He later founded the insure.com consumer website and also worked as a communications executive for a large insurance company.

Background

Bio

GetWhatsYours.org

Insure.com

Books: Get What’s Yours for Medicare: Maximize Your Coverage

Get What’s Yours: The Revised Secrets to Maxing Out Your Social Security

Get What’s Yours for Health Care: How to Get the Best Care at the Right Price

Parts of Medicare Explained

“Phil Moeller: What’s New for Medicare—and More—in 2024?” by Phil Moeller, uhc.com, Jan. 10, 2024.

“Phil Moeller: Filling the Coverage Gaps in Medicare,” by Phil Moeller, uhc.com, Sept. 25, 2024.

Get Started With Medicare

What Part A Covers

What Part B Covers

Medicare Advantage Plans

What Medicare Part D Drug Plans Cover

Compare Medigap Plan Benefits

Working Past 65

Private Insurance

“Learning to Love Insurance Brokers (Within Limits!),” by Phil Moeller, substack.com, April 22, 2024.

“Medicare Moment by Phil Moeller: Moving From Employer Health Insurance to Medicare,” Video by Phil Moeller, uhc.com, Nov. 21, 2022.

Other

“Washington State Establishes a Long-Term Care Program,” by Alicia H. Munnell, Center for Retirement Research at Boston College, crr.bc.edu, Aug. 13, 2024.

Medicare Plan Finder

Medicare & You

KFF

Today on the podcast, we welcome back Jonathan Clements. Jonathan was one of our first guests when we launched this podcast, and today marks his third appearance. He’s the founder and editor of HumbleDollar, and he has written or edited several books about money and investing, including My Money Journey and How to Think About Money. Earlier in his career, Jonathan spent almost 20 years at The Wall Street Journal, where he was the newspaper’s personal finance columnist and six years at Citigroup, where he was director of financial education for the bank’s US Wealth Management arm. This past June, Jonathan shared his devastating recent cancer diagnosis, and he’s been writing candidly about the experience on HumbleDollar. We’ll link to those posts in the show notes. I wanted to conduct today’s interview solo because Jonathan’s work has been hugely influential to me personally, and he also wrote the foreword to my forthcoming book. I couldn’t be more grateful.

Background

Bio

HumbleDollar

“Jonathan Clements: ‘It’s in Wall Street’s Interest to Make Everyday Investors Think That They Are Stupid,’” The Long View podcast, Morningstar.com, July 31, 2019.

“Jonathan Clements: ‘Humility Is a Hallmark of People Who Are Financially Successful,’” The Long View podcast, Morningstar.com, Dec. 26, 2023.

Books

My Money Journal: How 30 People Found Financial Freedom—And You Can Too

From Here to Financial Happiness: Enrich Your Life in Just 77 Days

How to Think About Money

Articles

“Turned Upside Down,” by Jonathan Clements, humbledollar.com, Oct. 5, 2024.

“Never Quite Enough,” by Jonathan Clements, humbledollar.com, Sept. 21, 2024.

“Opinion: Living Was Easy. Dying Is Harder,” by Jonathan Clements, washingtonpost.com, Aug. 28, 2024.

Other

How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement, by Christine Benz, Forward by Jonathan Clements

EGFR Exon 20 Insertion Mutation and Lung Cancer

“FDA Approves Amivantamab-vmjw for EGFR Exon 20 Insertion-Mutated Non-Small Cell Lung Cancer Indications,” fda.gov, March 1, 2024.

“Jonathan Guyton: What the Crisis Means for Retirement Planning,” The Long View podcast, Morningstar.com, June 17, 2020.

“Bill Bernstein: Revisiting the Four Pillars of Investing,” The Long View podcast, Morningstar.com, July 11, 2023.

“Jason Zweig: Temperament Is Everything for Most Investors,” The Long View podcast, Morningstar.com, June 29, 2021.