Episode
Episode 92, Safe Spending in Retirement: Bill Bengen on the 4.7% Rule of Thumb
- Published
- Mar 29, 2026
- Duration seconds
- 2676
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Summary
In this episode of the Bogleheads® on Investing podcast, guest Bill Bengen — creator of the famous 4% Rule — joins us to discuss what's changed in retirement spending research and how his new book, "A Richer Retirement," shows retirees how they can spend even more money. Jon Luskin, CFP®, and Bill cover safe withdrawal rates in today's market, how inflation and the CAPE ratio impact spending, and why adding asset classes like small-cap and micro-cap stocks increased the safe withdrawal rate from 4% to 4.7%. The episode dives into practical strategies, including front-loaded withdrawals, rising equity glide paths, the role of cash buckets, rebalancing, the spending smile, and why a simple all-in-one fund may be the best approach for do-it-yourself investors. Whether you're planning for early retirement, looking to maximize spending from your portfolio, or simply trying to understand how much you can safely withdraw, this podcast provides essential insights from the researcher who started it all. o o o Jon Luskin, CFP®, a long-time Boglehead and financial planner, hosts this episode of the podcast. The Bogleheads® are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free forum at Bogleheads.org, and the wiki site is Bogleheads® wiki. Since 2000, the Bogleheads® have held national conferences in major cities across the country. In addition, local Chapters and foreign Chapters meet regularly, and new Chapters form periodically. All Bogleheads activitie…