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Hi, and welcome to The Longview. I'm Christine Ben's Director of Personal Finance and Retirement Planning for Morningstar.

Our guests on the podcast today are Amy Arnott and John Reckintaller.

Amy and John are two of the co-authors, along with me, of some recently released Morning Star research on retirement spending rates.

The paper is called the State of Retirement retirement income, and it's an update on some

research that we published in 2021 and 2022. Amy and John are both long-tenured Morning Star

researchers and part of Morning Star Research Services LLC, which is a wholly owned subsidiary of

Morning Star. Amy is a portfolio strategist, and John is director of research for that group. They're both contributors to Morningstar. Amy is a portfolio strategist and John is director of research for that group.

They're both contributors to Morningstar.com as well. Amy and John, welcome to the Longview.

Thanks for having us. Glad to be here. Yeah, glad to have you both here. So, John, I want to start

with you because I think that when we started on this research a couple of years ago, this was your brainchild.

You felt like we should be doing research in the retirement withdrawal rate space.

So can you talk about what the point is of this research and what we're hoping to learn from it?

Sure.

There are multiple points, in fact, for this research. One was to, you know, to update Bill Bengen's study from 1994, which was kind of the founding, the first film in this series, I suppose you could say, which found that over history, investors in a balanced portfolio of 50% stocks, 50% bonds,

had always been able to withdraw 4% a year over the next 30 years from their portfolios,

adjusting those amounts for inflation.

...