Tyler Gardner

speaker

4,362 appearances 10 recordings 1 series first heard Jun 2026 last heard 7 Sep

Tyler Gardner’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 — 10 in all, peaking in Aug 2026 with 5.

Appearances

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Your Money Guide on the Side · The Subtle Art of Doing Nothing (And Making More Money While Doing It) · 10 Aug 2026 podcast

Standard retirement advice, the kind that fills every target date fund in America, tells you to decrease your equity exposure as you age. voice-verified

60 years old, you should be 60% bonds. voice-verified

70 years old, now you should be 70% bonds. voice-verified

The implicit theory is that you have less time to recover from a downturn. voice-verified

So you should hold less of the volatile asset, which in this two asset scenario would be stocks. voice-verified

The implicit theory is wrong, or at least it's right for the wrong reason. voice-verified

And the strategy it generates is the opposite of optimal. voice-verified

Here's the actual research, which comes primarily from two financial planners with legitimate academic chops, Wade Pfau and Michael Kitsies. voice-verified

They published a paper a few years back that asked a simple question. voice-verified

Across thousands of historical and Monte Carlo scenarios, what equity allocation pattern produces the best retirement outcomes? voice-verified

The answer, which surprised even them at the time, was this, a rising equity glide path, meaning we start retirement with a lower equity allocation than you held during accumulation. voice-verified

Maybe that's 70-30, or maybe it's 55-45. voice-verified

But then, here's the key, year by year, gradually, you increase the equity allocation through retirement, ending at maybe 75-25 or even, dare I say, 90-10 by the time you're in your late 70s and 80s. voice-verified

This is the exact opposite of what target date funds do. voice-verified

It's the exact opposite of what most financial advisors recommend. voice-verified

And the math across virtually every backtest voice-verified

shows it produces better outcomes for one specific reason it minimizes equity exposure during the highest sequence risk years that's the first five to ten of retirement and it increases equity exposure during the lower risk later years when the portfolio is either large enough to absorb shocks or has already been depleted enough that the equity exposure is doing the heaviest lifting voice-verified

It is structurally the right shape. voice-verified

It is also almost never implemented because it's counterintuitive and the financial industry has spent 40 years selling you the opposite strategy. voice-verified

Now, I don't think most retirees should literally implement a rising glide path in mechanical form, meaning you don't need to go into your portfolio every single year and buy more equities or sell more fixed income assets. voice-verified

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