In this episode we answer emails from Camille and Jeff. We discuss how 72(t) and asset swaps enable early IRA access, where to place managed futures and treasuries for taxes, practical cash options at IBKR and ultra-short term ETFs, designing a mix for higher safe withdrawal rates, when to ratchet spending and when to hold flat, and tracking mandatory versus discretionary spending, among other things.

And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.

Additional Links:

Father McKenna Center Donation Page: Donate - Father McKenna Center

How To Do An Asset Swap Video from Risk Parity Chronicles: How to Do an Asset Swap

FI Tax Guy Post on 72(t): Retire on 72(t) Payments – The FI Tax Guy

White Coat Investor Podcast with Sean Mullaney: Managing Taxes in Retirement with Sean Mullaney | White Coat Investor

Tax Planning Book: Amazon.com: Tax Planning To and Through Early Retirement: 9798999841599: Garrett, Cody, Mullaney, Sean: Books

Ultra-short ETFs for Parking Excess Cash: Ultra Short-Term ETF List

Portfolio Charts Descriptions of Variable Withdrawal Strategies: Retirement Spending – Portfolio Charts

Breathless Unedited AI-Bot Summary:

What if your IRA isn’t a locked box until 59½? We dig into the real-world playbook for early access and smarter withdrawals, showing how 72(t) and asset swaps let you fund life now without wrecking your allocation or triggering penalties. Along the way, we answer donor questions on where to park managed futures when tax-advantaged space is tight, how to rebalance when bonds live behind the IRA wall, and the cleanest ways to earn yield on cash at Interactive Brokers with short-term ETFs like SGOV, BIL, and JPST. We also touch on BOXX for high earners and ask our Canadian friends to weigh in on legacy RRSP headaches.

From there, we map a durable withdrawal framework: blend growth and value equities, hold intermediate and long treasuries for ballast, and add diversifiers like gold and trend to raise your safe withdrawal rate. If pensions and Social Security cover the essentials, a 5% withdrawal from a risk-balanced mix can still thrive over 30 years, especially when you limit spending increases to 1% instead of full CPI. For raises, we compare floor-and-ceiling rules to ratchets so you can lock in gains after meaningful portfolio advances, yet stay flexible when markets wobble.

To ground it all, we run through market movers—growth stocks buzzing, gold shining, bonds steadying—and share performance across our sample portfolios, from classic Golden Butterfly to leveraged variants. Takeaways are simple and usable: your access is wider than you think, tax location is a spectrum not a slogan, and the best spending rule is the one that fits your life. Subscribe, leave a review, and tell us: which withdrawal rule would you follow this year, floor and ceiling or a ratchet?

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In this episode we answer emails from Phil and Chris. We discuss moving from target date funds to low-cost index funds, why equity diversification needs a value tilt, how managed futures replication mimics an index fund in that asset class, options collars versus simply holding less equity, momentum models trade-offs and regime risk, long Treasuries compared with STRIPS for rate sensitivity, why TIPS don’t hedge portfolio-level inflation and practical ways to fight portfolio-level inflation with value-tilted stocks and alternatives.

Links:

Father McKenna Center Donation Page: Donate - Father McKenna Center

Many Happy Returns Podcast Featuring Tyler: How to Pick Your Perfect Portfolio, with Tyler from Portfolio Charts

Portfolio Charts Drawdowns Chart: Drawdowns – Portfolio Charts

DMBF Video Re Dispersion of Recent Returns: iMGP DBi Managed Futures Strategy ETF Update with Andrew Beer | October 2025

Bernstein TIPS Article: Riskless at Age 104 - Articles - Advisor Perspectives ("A bond fund manager recently related to me his difficulty in figuring out the role of TIPS in his portfolios. After fumbling for a reply, I realized that he was right: like Social Security, they don’t occupy a formal slot in most folks’ asset allocation. . . . TIPS should be kept mentally separate from the policy asset allocation as well.")

Breathless Unedited AI-Bot Summary:

Ever feel like your “set it and forget it” fund is quietly holding you back? We open the hood on target date funds and show how shifting to clear, low-cost index building blocks can recover real performance over the long haul. From there, we get practical about designing portfolios that don’t just look diversified—they behave differently when markets sour. Think value tilts to counter mega-cap concentration, long-duration Treasuries for recession defense, and managed futures for trend-driven shock absorption.

We also tackle the allure of complexity. Options collars can cap losses, but they cap gains too—and often mimic what you’d get by simply holding less equity and more diversifiers. Momentum strategies like GEM carry academic support, yet every rule set faces regime risk and behavioral hurdles. Rather than chasing perfect timing, we focus on roles: which assets hedge recessions, which fight inflation, and which compound steadily in normal times. That clarity helps you skip the noise and build sturdy allocations.

On inflation, we cut through the myths. TIPS protect relative to nominal bonds, but they rarely shield an entire portfolio when inflation surges. If you want a real inflation response, look to assets with pricing power and trend sensitivity—managed futures, energy producers, and certain insurers—while reserving long Treasuries for growth shocks. We share why DBMF’s replication approach acts like an “index” for trend following, how STRIPS such as ZROZ can replace some long bonds for targeted rate exposure, and why a global perspective makes U.S.-centric limiting beliefs easier to spot and drop.

If you’re ready to swap wrappers for transparency and replace clever tactics with durable structure, this one’s for you. Follow the show, share it with a friend who’s reconsidering their default fund, and leave a quick review so more investors can find these ideas.

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In this episode we answer emails from Arun, Neil, and Stephen. We discuss intermediate accumulation portfolios, when you start needing bonds and being a good family man; favorite listener episodes #436 and #441, and an analysis of Thurman portfolios and what they are missing.

Links:

Episode 436 Video Summary: https://drive.google.com/file/d/1WQ1hvoLaX3hJL3DoLnaWsAxNBdOYFLB0/view?usp=sharing

Episode 441 Video Summary: https://drive.google.com/file/d/1fHpBZCykn-UOXMarWKIMVX0tLG9-OEDa/view?usp=sharing

Retirement Investment Advisors SEC Disclosure: Microsoft Word - DRAFT 2 ADV 03.2025 PART 2-03.25.2025

Thurman 10 Steps To Build Retirement Portfolio: E-Book 10 Portfolio Steps v1.2024

PortfolioLab Thurman Portfolio: Randy Thurman All-Weather Retirement Portfolio | PortfoliosLab

Portfolio Visualizer Analysis of Thurman Portfolios: Backtest Portfolio Asset Class Allocation

Breathless Unedited AI-Bot Summary:

Tired of vague investing advice that wilts when real life hits? We open the mailbag and get practical about three decisions most DIY investors face: rebalancing a mid-term portfolio, adding bonds before retirement, and whether a 100 percent stock allocation can actually work when you’re withdrawing. Along the way, we put a highly marketed “all-weather” retirement framework under the microscope and show why corporate bonds often fail when you need ballast most.

We start with an intermediate-term goal: saving for a house in three to five years. Rather than forcing taxable rebalancing, we explain how to direct new contributions and dividends toward lagging sleeves to maintain balance while sidestepping taxes. Then we tackle bond placement for accumulators in their late 30s and early 40s: why Treasuries belong in traditional 401(k)s, why cost basis doesn’t matter inside retirement accounts, and when adding bonds is a sleep-aid rather than a must-have. Next, we confront the 100 percent stock question. If you intend to underspend and maximize terminal wealth, it can work. If you want higher sustainable withdrawals, diversification wins.

The centerpiece: a head-to-head backtest of an “all-weather retirement” recipe built around corporate bonds and global equities versus a more balanced, risk-parity-inspired mix that includes Treasuries and a modest allocation to gold. The results highlight a core truth of sequence risk: smaller, shorter drawdowns can raise safe withdrawal rates and preserve flexibility. We also talk mindset—stop treating assets like sports teams. They’re tools: stocks for growth, Treasuries for defense, gold for inflation shocks. Set your stock percentage first, split growth and value, prefer Treasuries over corporates for hedging, consider 10–15 percent gold, and test your plan with Portfolio Visualizer, Portfolio Charts, Testfolio, and the Early Retirement Now toolkit.

Life design matters too. For parents in the exhausting middle—toddler chaos, peak earnings, zero time—we share a simple playbook: cut low-yield work commitments, focus on small, memorable family moments, and accept this as a temporary storm. Build a portfolio that buys time, not stress, and let your money serve the life you want. Enjoy the conversation, and if it helps, subscribe, leave a review, and share this episode with a friend who’s balancing markets and midnight wake-ups.

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In this episode we answer emails from Dave, Isaiah, and Ian. We discuss back-testing tools, revisit UPRO and leverage from the last episode, the inherent biases and incentives for retail financial advisors to recommend underspending and using underspending plans larded with window dressings, and revisit a limited 401k and a retirement scenario from Episodes 420 and 444.

And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.

Additional links:

Father McKenna Center Donation Page: Donate - Father McKenna Center

Portfolio Visualizer Backtester: Backtest Portfolio Asset Allocation

Testfolio Backtester: testfol.io

Breathless Unedited AI-Bot Summary:

Think your withdrawal rate is just a number? We dig into why the path matters more than the headline, showing how 0%, 3%, and 6% withdrawals change resilience without altering which portfolios dominate across different eras. Then we pull apart the leverage mirage: why 3x S&P funds can look unbeatable in calm runs yet suffer brutal volatility drag and catastrophic left tails when the decade turns against you. The goal isn’t fear—it’s sizing risk so you don’t bet your future on luck.

We also wade into the psychology of advice. Even fee-only planners face incentives to keep clients underspending, leaning on cash-heavy buckets, retirement “paychecks,” and tidy jargon that soothes but often costs performance. If you’re wired for DIY, you’ll appreciate a finance-first approach: let evidence drive the allocation, not marketing hooks. We contrast retail comfort with institutional discipline and offer a practical way to align your plan with the results you actually want.

For listeners wrestling with constrained 401k menus, we map out how to approximate risk parity using the levers that matter most: low-cost stock and core bond indexes, selective value tilts, and tax-aware placement. We touch Roth versus traditional choices when you’re in a low bracket, how to secure your FI core, and why continuing to work a decade after reaching FI might mean it’s time to spend more on life, not just accumulate more line items.

We close with a sharp market rundown and performance across sample portfolios, from classic diversifiers to levered blends. If you want a clear-eyed, practical framework for withdrawals, leverage, advisor incentives, and building robust portfolios with imperfect tools, this conversation will sharpen your plan. If it resonates, follow the show, leave a review, and share it with a friend who needs a finance-first reset.

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In this episode we answer emails from Roman, Andrew and Iain. We discuss the plusses and minuses of leverage, volatility drag, and how leverage interacts with diversification and withdrawals, general observation on tax optimization via account buckets, small cap value index funds and Avantis/DFA merits, and modelling annuities versus mandatory versus discretionary spending in retirement.

LInks:

Father McKenna Center Donation Page: Donate - Father McKenna Center

Ben Felix Leverage Video: Investing With Leverage (Borrowing to Invest, Leveraged ETFs)

Leveraged ETFs Paper: Double-Digit Numerics - Articles - The Big Myth about Leveraged ETFs

Optimized Portfolios Article/Website: How To Beat the Market Using Leverage and Index Investing

Jim Sandidge Chaos Theory Applied to Drawdowns: RMJ081-ChaosAndRetirementSecurity.pdf

"Buffet's Alpha" Paper: Full article: Buffett’s Alpha

New Tax Planning In Early Retirement Book: Amazon.com: Tax Planning To and Through Early Retirement: 9798999841599: Garrett, Cody, Mullaney, Sean: Books

Merriman Best IN Class ETF Selections: Best ETFs 2025 | Merriman Financial Education Foundation

Breathless Unedited AI-Bot Summary:

Ever wonder why leverage looks brilliant during bull markets but feels brutal the moment you start withdrawing cash? We break down the promise and pitfalls of adding leverage to diversified, risk parity-style portfolios, then show how the math of volatility drag and sequence risk can quietly erode safe withdrawal rates. It’s an honest tour of what works in accumulation, what breaks in retirement, and how to engineer a calmer path without surrendering all upside.

We start with the straight talk: leverage and concentration are the two proven routes to outperformance, but only one of them can be paired safely with broad diversification. From hedge fund history to the “Aggressive 50/50” experiment, you’ll hear why high-octane blends can top the charts and then stall after deep losses, especially when distributions force selling at the worst times. We contrast that with return stacking and measured leverage, which aim for equity-like returns with better risk control, and we share practical tools—rebalancing discipline, cash buffers, and dynamic spending bands—to keep a drawdown portfolio intact.

Taxes matter just as much as tickers. We walk through Roth vs traditional contributions, why present marginal rates and future flexibility drive the choice, and how to place bonds smartly across tax buckets. On the equity side, we revisit small cap value: why classic S&P 600 value exposure is solid, and how AVUV and DFA’s profitability filters can sharpen the factor without turning it into active guesswork. Then we turn to spending: build the plan around real expenses, not theoretical annuities. Set a durable floor for essentials, keep a flexible layer for the fun stuff, and consider partial annuitization later in life if longevity and peace of mind are worth the trade.

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In this episode we answer emails from Jess, Phil and Scott. We discuss an experience of setting up a sample RPR portfolio for one's self, using asset swaps to manage cash, and fun with the low bar standards and other inadequacies of many financial advisors.

And THEN we our go through our weekly and monthly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.

Additional Links:

Father McKenna Center Donation Page: Donate - Father McKenna Center

How To Do An Asset Swap Video from Risk Parity Chronicles: How to Do an Asset Swap

Bigger Pockets Money Test Risk Parity Style Portfolio: We Built a 5% SWR Retirement Portfolio Using Fidelity in 48 Minutes (Golden Ratio Portfolio)

Excess Returns Podcast With Rick Ferri (forward to minute 49): Most Never Escape Stage 3 | Rick Ferri on How You Can Beat the Complexity Trap

Breathless Unedited AI-Bot Summary:

Tired of being told that everything beyond a three-fund portfolio is “too hard”? We pull back the curtain on practical tools that make DIY investing simpler in practice, not smaller in ambition. Starting with a listener’s test portfolios, we show how hands-on experience beats theory, why diversification means loving today’s winners and tomorrow’s comebacks, and how to turn rebalancing into reliable cash flow.

We go deep on asset location and the overlooked power of asset swaps. By “selling here, buying there,” you can keep your overall mix unchanged while moving ordinary income into tax-deferred accounts and positioning equities in taxable for qualified dividends and capital gains. If you’ve been parking big cash balances in a HYSA and wondering why your tax bill keeps creeping up, this segment is your blueprint for tax efficiency without extra risk.

Then we tackle withdrawal rates with clear eyes. Many advisors still anchor to 3 percent for retirees in their 60s. We explain why diversified, risk parity style allocations can responsibly target closer to 5 percent over long horizons, especially when you harvest from strength. Case in point: trimming gold after a powerful run to fund November distributions across our sample portfolios. We share market snapshots, what’s leading and lagging, and how a rules-based process keeps emotion out of the driver’s seat.

If you want an investing plan that funds a life—relationships, experiences, generosity—rather than an accounting hobby, this conversation is your on-ramp. Subscribe, share with a friend who needs a nudge to start that test portfolio, and leave a review telling us your target withdrawal rate and why.

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In this episode we answer emails from Tyson, Patrick, and Shuchi. We discuss the basics of transitioning, SCHD as a value fund choice, bitcoin vs. gold, why "only works for 30 years" is a fake problem, the difference between our use of value funds vs. Paul Merriman's, and when would me make adjustments to our plans in retirement.

Links:

Bigger Pockets Money Podcast #1: The Secret to a 5% Safe Withdrawal Rate | Frank Vasquez

Bigger Pockets Money Podcast #2: We Built a 5% SWR Retirement Portfolio Using Fidelity in 48 Minutes (Golden Ratio Portfolio)

Morningstar Analysis of SCHD: SCHD Stock - Schwab US Dividend Equity ETF | Morningstar

Golden Ratio Portfolio on Portfolio Charts: Golden Ratio Portfolio – Portfolio Charts

Retirement Spending Calculator: Retirement Spending – Portfolio Charts

Drawdowns Calculator: Drawdowns – Portfolio Charts

Michael Batnick Critique of CAPE Ratio "Predictions": Stocks Are More Expensive Than They Used to Be

Breathless AI-Bot Summary:

A plan that survives contact with the market looks different from the one you sketch on a napkin. We break down the 80 percent FI pivot—why shifting from an aggressive accumulation mix to a retirement-ready allocation a few years early can defuse sequence risk without surrendering growth—and show how to decide when to pull that lever without second-guessing every blip.

We also tackle one of the most popular questions right now: can Bitcoin replace gold? Short answer: not for core diversification. Gold’s role as a Basel III Tier 1 reserve asset and its central bank demand make it a unique stabilizer in a way that risk-on assets can’t duplicate. Bitcoin behaves more like a levered tech proxy, which is interesting for satellite bets but insufficient as an anchor. On equities, we explain why splitting the stock sleeve between growth and value—think a broad growth-leaning fund paired with a true value fund like SCHD—creates the performance dispersion that fuels rebalancing gains during stress, raising durability without betting on factor outperformance.

If the 30-year rule worries you, breathe. Withdrawal rates flatten as horizons extend, and real-world retiree inflation typically runs 1 to 2 percent below CPI, offsetting the longer timeline. Add simple guardrails—pausing raises, trimming discretionary spend in bad years—and you can boost sustainability by about a percentage point. The key is to know your portfolio’s historical drawdown depth and length, set bright lines for action, and avoid valuation-based fortune-telling. Diversification and disciplined rebalancing beat crystal balls.

If you found this helpful, follow the show, leave a review, and share it with a friend planning their FI transition. Your support helps more DIY investors build portfolios designed to last for life.

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In this episode we answer emails from Eva, Jess and Mr. Toxic. We discuss the three levers of safe withdrawal rates applied to a listener's upcoming retirement situation, running test risk parity style portfolios to get some practice like with have done with Bigger Pockets money, and what little we know about HSAs.

And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.

Additional Links:

Father McKenna Center Donation Page: Donate - Father McKenna Center

How To Do An Asset Swap Video from Risk Parity Chronicles: How to Do an Asset Swap

Jackie Cummings Koski on Investing with HSAs: Investing With The Health Savings Account - Define Your Legacy W/ Jackie Cummings Koski

Bigger Pockets Money Test Risk Parity Style Portfolio: We Built a 5% SWR Retirement Portfolio Using Fidelity in 48 Minutes (Golden Ratio Portfolio)

Breathless Unedited AI-Bot Summary:

Most retirement plans stumble not on math, but on mechanics. We sit down with a listener who’s 55, VTI-heavy in a taxable account, and ready to pivot into a modified golden ratio portfolio—then unpack a practical path to move from concentration to resilient diversification without lighting up a massive tax bill. Along the way, we map out the three levers that quietly raise your safe withdrawal rate: portfolio design, baseline expenses, and personal inflation that often runs 1–2% below CPI.

We get specific on asset location and reallocation: placing treasuries and managed futures in tax-deferred accounts, using gold and equities where they’re most tax-efficient, and gradually trimming VTI by targeting favorable tax lots and capital gains brackets. If you’ve wondered whether a small cap value tilt can help, we explain how it can reduce volatility and lift a portfolio’s historical withdrawal capacity by roughly 0.5–1%—and how to pursue it at a measured pace. We also clear up a common confusion: rebalancing returns you to your target mix; reallocating changes the target itself.

Then we turn to HSAs. They’re a triple tax-advantaged powerhouse for you, but a poor inheritance vehicle for kids who must recognize the balance as income in a single year. We break down the strategy of saving receipts, the shift at age 65 when non-medical withdrawals are IRA-like, and why timing HSA spending for higher-income retirement years often makes sense. Don’t count on a costly end-of-life to “use it up”—many don’t have that trajectory. A smarter approach draws down the HSA earlier for qualified costs and Medicare premiums while avoiding a tax bomb for heirs.

We wrap with weekly portfolio reviews across classic and levered models and a reminder that simple beats clever: a resilient allocation, tax-savvy placement, and flexible spending can carry you from early retirement through Social Security and beyond. If this helped tighten your plan, follow the show, leave a review, and share it with a friend who’s staring down a VTI-heavy portfolio and wondering where to start.

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