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Hi, and welcome to the Longview. I'm Christine Ben's Director of Personal Finance for Morningstar, Inc.

And I'm Jeff Patak, Global Director of Manager Research for Morning Star Research Services.

On this week's episode, we'll feature some of our favorite clips from interviews we've done with financial planners, advisors, and retirement researchers over the past year.

In next week's episode, we'll include some of our favorite excerpts from our

interviews with portfolio managers. The pandemic was dominant in 2020, and we asked almost all of our

guests to share their perspective on how it has affected how they approach their work and the

guidance that they provide to others. Top of mind for Washington Post columnist Michelle Singletary was the importance of

people at all income levels holding liquid reserves to tide them through economic shocks like the

current one. We often talk about the lack of savings and right away people think, oh, it's lower middle

income folks who don't have it. But let me tell you that a lot of

the people that I work with through my community involvement make six-figure salaries. They have a 401k or

4-0-3B and they're saving for retirement. And they have no cash cushion. They are living paycheck to paycheck. And so this pandemic hit them hard too. Maybe they have no cash cushion. They are living paycheck to paycheck.

And so this pandemic hit them hard too.

Maybe they have reduced hours or they're trying to help other relatives.

And they have nothing to pull from.

And so it's so crucial to have that emergency fund at all income levels.

...