In this episode of True Alternatives, Marc talks with Nate Conrad, Head of LifeX at Stone Ridge, about transforming fixed income into a purpose-built tool for retirement planning. Nate shares how personal experiences led him to challenge conventional strategies in fixed income, replacing bond funds with tailored bond ladders. He unpacks how this shift provides predictable, intuitive cash flow that empowers retirees to spend confidently and live with purpose. From why traditional glide paths fall short to the distinct advantages of preparing over predicting, Nate makes a compelling case for reframing how we think about financial security in retirement.
When we talk about helping people plan to and through retirement, we have very real people in mind – ourselves, our family, our friends – this is not a podcast simply on fixed income, it is a reflection of our collective passion under Nate’s vision and leadership to do our part in giving Americans the financial tools to live the retirement they have earned.
Key Highlights:
[00:00:00] The philosophy of “prepare, not predict” and its relevance to retirement planning.
[00:02:28] Nate’s personal journey and motivation for focusing on retirement income solutions.
[00:04:27] The limitations of traditional bond funds and the case for bond ladders
[00:08:19] How to structure a retirement lifestyle with bond ladders.
[00:12:25] The shift from accumulation to distribution and its impact on investment strategy.
[00:13:04] Challenging the traditional 60/40 glide path model.
[00:14:48] The critical distinctions between bond ladders and annuities.
[00:16:58] When and how to implement a bond ladder strategy.
[00:20:11] Purposeful wealth: why even the ultra-wealthy need reliable cash flow.
[00:21:42] Bond ladders as an alternative, uncorrelated source of income.
[00:23:17] Using bond ladders to support intentional, intergenerational giving.
[00:25:18] The role of bond ladders in supporting a mindset of purposeful wealth.
[00:26:01] Parallels between financial and physical longevity.
[00:26:23] Integrating bond ladders with social security planning.
[00:27:31] The flaws of relying solely on bond interest and not tapping principal.
[00:28:55] Unlocking more meaningful life experiences through optimized cash flow.
Nate Conrad is Head of LifeX at Stone Ridge. Prior to this role, Nate was President of NYDIG and previously led Markets at Stone Ridge. Nate started his career at Goldman Sachs after receiving his BS in Engineering from University of Pennsylvania.
To learn more about LifeX: https://www.lifexfunds.com/
To learn more about Stone Ridge: https://www.stoneridgeam.com/
Follow Nate on LinkedIn: https://www.linkedin.com/in/nate-conrad-41b0b4173/
