Today’s extensive conversation with David Blanchett covers nearly all aspects of retirement planning. As the Head of Retirement Research for Morningstar, David has published extensively on the topic and speaks energetically about how you can best manage your retirement wealth. After a brief digression on Kentucky's Bourbon Chase Relay, we open the episode by discussing how an increase in your pre-retirement income can impact your plan. David shares his insights on what your plan should factor in, including earlier than anticipated retirement, inflation, healthcare costs, and whether you should invest in high-risk options to increase your retirement income. While reflecting on why success rate is a poor metric for weighing your strategy, we then chat about David’s view on flexible retirement spending. A controversial subject for some, we dive into the role of annuities and how different annuities cater to varying retirement scenarios. Later, we touch on how human capital affects portfolio allocation and why it’s challenging to evaluate real estate before hearing David’s take on why financial advice is about helping a client accomplish their goals — and not about beating the market. Tune in for an ever-relevant overview of top retirement planning considerations. Links From Today’s Episode: David Blanchett — http://www.davidmblanchett.com/ David Blanchett on Twitter — https://twitter.com/davidmblanchett Morningstar — https://www.morningstar.com/ Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/ Lubos Pastor Episode — https://rationalreminder.ca/podcast/124 Wealth, Managed on Apple Podcasts — https://podcasts.apple.com/us/podcast/wealth-managed-with-michael-finke-and-david-blanchett/id1533084522 Episode with Fred Vettese — https://rationalreminder.ca/podcast/104 Episode with Moshe Milevsky — https://rationalreminder.ca/podcast/122 The Value of Allocating to Annuities — https://jor.pm-research.com/content/early/2020/06/24/jor.2020.1.068.abstract ‘Financially Sound Households Use Financial Planners, Not Transactional Advisers’ — https://www.acfinancialpartners.com/sites/g/files/awx6736/f/documents/Financially%20Sound%20Households.pdf