Dr. Paul Kaplan

speaker

479 appearances 1 recordings 1 series first heard Jul 2026 last heard 9 Jul

Dr. Paul Kaplan’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

Appearances

newest first · ▶ plays the moment

The Rational Reminder Podcast · A Financial Plan For Your Entire Life | #417 (Dr. Paul Kaplan) · 9 Jul 2026 podcast

It would violate the basic assumptions of the model to say that, oh, I've got this level of consumption that I want to have because the level of consumption should be the result of the preferences, not a substitute for the preferences.

Tom and Zurich, my co-author on the book, we also co-authored a paper in the financial planning review, the hybrid model.

And one of the things we do to illustrate, we do illustrate numerically the difference between doing things in this ad hoc traditional way versus in an optimal life cycle way.

So pre-retirement, it's saving.

So it's just called saving smoothing.

That means at each year, as your salary changes over time, that would make your savings different over time, but it would have nothing to do with your consumption.

It would just be related to your salary.

And then after you retire, there's a rule that says, take your final salary pre-retirement and take 90% of that and spend that for the rest of your life.

Those kinds of rules lead to very suboptimal results.

Asset location is important because holding stocks and bonds in a taxable account is very different than holding them in a tax-advantaged account.

The return on stocks typically comes more in the form of capital gains.

Capital gains are typically taxed at a lower rate

than ordinary, you know, the dividend income.

And then with bonds, you know, they mainly pay interest, which is taxed at the ordinary rate.

So the kinds of after-tax behavior of the same asset in two different accounts can be quite different from each other.

the same way that any other asset allocation model does.

Every asset allocation model has baked into it assumptions about the uncertainty of future returns.

It's not a sequential problem.

You have to invest the money.

It's a joint decision.

Showing 261–280 of 479 · page 14 of 24