Broadcast from RetireMeet 2026 in Bellevue, Don and Tom reflect on the evolution of retirement planning—from a narrow focus on investments to a broader conversation about purpose, relationships, and life after work. They interview Paul Merriman, who discusses portfolio construction, the role of small-cap value stocks, risk tolerance, and long-term investing discipline. The conversation also explores withdrawal strategies, market history, and how investor behavior during downturns often determines success more than asset allocation itself. The episode closes with a major announcement: the Talking Real Money radio show will end in April and transition fully to a podcast format with five weekly episodes.

0:27 Reflections on the event and praise for speakers like Christine Benz and Paul Merriman.

1:54 Growing focus on purpose and lifestyle in retirement, not just money.

3:11 Audience turnout and attendees traveling from across the country for RetireMeet.

3:51 The importance of a holistic approach to retirement planning including relationships and lifestyle.

5:25 Estate planning conversation and the uncomfortable reality of thinking about life after we’re gone.

6:01 How to listen to the podcast and transition from radio listening to podcast apps.

6:41 Introduction of Paul Merriman and discussion of portfolio construction and asset classes.

8:15 Understanding risk tolerance and balancing portfolios for different ages.

9:41 Investor behavior during crises like 2008 and the tech crash of 2000–2002.

10:32 Cap-weighted vs equal-weighted S&P 500 and tax implications.

11:48 Why investors should document how they feel during market highs and lows.

12:06 Using nearly 100 years of market data to understand future volatility.

14:42 The evolution of financial planning from investment management to comprehensive planning.

16:19 Financial education gaps and rising bankruptcy rates among retirees.

18:00 Debate over whether 401(k)s replaced pensions successfully.

20:52 Merriman explains small-cap value investing and why unpopular stocks can outperform.

23:12 Why most investors don’t hold small-cap value despite historical advantages.

26:11 Long-term investing and the importance of patience through underperformance cycles.

28:24 Withdrawal strategy research showing dramatic compounding over long periods.

30:05 Whether future market returns can resemble historical returns.

31:41 The danger of reacting to news headlines and wars when investing.

33:52 Talking Real Money radio show ends in April and shifts to a podcast-only format with five episodes weekly.

Learn more about your ad choices. Visit megaphone.fm/adchoices