# The State of Retirement Research | #419 (Jean-Pierre Aubry)

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Text version: https://stenobird.com/podcast/the-rational-reminder-podcast-743537/the-state-of-retirement-research-419-jean-pierre-aubry.md
Podcast: [The Rational Reminder Podcast](https://stenobird.com/podcast/the-rational-reminder-podcast-743537)
Published: 2026-07-23T09:30:00+00:00
Episode link: https://rationalreminder.libsyn.com/the-state-of-retirement-research-419-jean-pierre-aubry
Audio file: https://dts.podtrac.com/redirect.mp3/traffic.libsyn.com/secure/rationalreminder/RRP_-_EP.419_Jean-Pierre_Aubry_-_AUDIO_V2.mp3?dest-id=763774
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Duration seconds: 3706

## Resource

In this episode, we are joined by Jean-Pierre Aubry, Associate Director of Retirement Plans and Finance at the Center for Retirement Research at Boston College, for a research-driven conversation about retirement investing, financial advice, pension fund management, and inflation. Drawing from years of empirical research, Jean-Pierre shares insights into how households actually invest, how financial advisors shape portfolio decisions, and why investors often hold asset allocations that differ from their own stated preferences. We also examine the investment strategies of public pension plans, why their increasing reliance on alternative assets has largely failed to deliver superior performance, and the institutional forces driving those decisions. Finally, Jean-Pierre explains how inflation disproportionately affects retirees, why many households overreact during inflationary periods, and why understanding retirement risks—from market volatility to sequence of returns—is critical for long-term financial security. Key Points From This Episode: (0:06) Introduction to Jean-Pierre Aubry and the Center for Retirement Research at Boston College. (6:29) The Center's mission: producing objective, accessible retirement policy research. (7:03) Why investors' actual stock allocations are higher than their stated ideal allocations. (9:31) Defaults and target-date funds may explain the gap between desired and actual portfolios. (10:46) Investors tend to underestimate long-term stock returns and overestimate market risk. (11:22) Financial advisors generally encourage higher equity allocations by reducing investor pessimism. (12:06) How advisor compensation can create incentives to recommend higher stock exposure. (13:42) Research showing advisor recommendations vary more across advi…

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