Catching Up to FI

Finance professors Shaun Davies, PhD, CFA and David Brown, PhD join the show to give us a look under the hood of target-date funds (TDFs). What they found may surprise you! Their research reveals enormous differences in fees, risk, glide paths, active management, and performance; even among funds carrying the exact same retirement year. But this isn't a target-date-fund takedown. TDFs have helped millions of people get invested, stay invested, and avoid some bad behavioral decisions. The real question is whether yours is actually doing what you think it is. Bill also brings on Jesse Cramer of Personal Finance for Long-Term Investors to join this important conversation.
This episode covers: 
What a target-date fund actually owns and how its glide path changes over time 
Why two funds with the same target year can produce dramatically different results 
How fees and poor active management contributed to historical TDF underperformance 
Why a fund's risk level may matter more than matching its date to your expected retirement year 
What late starters and FIRE investors should consider when choosing a TDF vintage
Why the target-date-fund industry still lacks a useful universal benchmark 
How Glidepath Financial's replicating-fund approach compares TDFs against low-cost passive alternatives
The life-cycle investing idea that your future earnings effectively behave like a bond 
Why TDFs can still be powerful behavioral tools despite their imperfections 
Collective investment trusts, retirement decumulation, annuities, private assets, and where TDFs may go next
 
.
=== SUPPORT  THE  SHOW ===
📩 Sign up for our newsletter
🌐 Visit Catching Up to FI website 
🔗Connect with us
☕ Like what you hear on Catching Up to FI? Support the show at "Buy Me a Coffee" 
🎙️We love hearing from you! Record a Voice Message with your feedback or question Record a Voice Message with your feedback or question

 
.
===DEALS & DISCOUNTS FROM OUR TRUSTED PARTNERS===
NEW! Mama Are We Poor?
"Mama Are We Poor?" is a new childrens' book by co-host, Dr. Bill Yount and past guest, Monica Scudieri. They teamed up after the interview on episode #120 in 2025. Monica shared a sweet moment she had with her son and he asked here the question "Mama are we poor". Almost two years later, they collaborated to create a heartfelt, beautifully illustrated picture book that helps parents and caregivers open up conversations about money, financial stress, and family resilience with young readers. Through a child's eyes, kids learn that worth isn't measured in dollars-and that love, stability, and gratitude can carry a family through hard times.
📕 Get Your Copy
.
F.I.R.E. For Dummies
Co-host Jackie Cummings Koski, CFP®, AFC® is author of "F.I.R.E. For Dummies". This is the perfect guide for anyone looking to move from the basics of their finances to reaching F.I.R.E. (Financial Independence, Retire Early) and enjoying the time freedom it creates. Even if you feel behind on your finances, the steps in this book will help you catch up sooner than you ever imagined. 
📕 Get Your Copy  (currently 40% off on Amazon)
.
For a full list of current deals and discounts from our partners, sponsors and affiliates, click here: catchinguptofi.com/our-partners
 
.
RESOURCES MENTIONED ON THE SHOW
 
Off Target: On the Underperformance of Target-Date Funds
Glidepath Financial (compare target-date funds) 
David C. Brown
Shaun Davies
Jesse Cramer 
.
⏰ Related Episodes
The Biggest Retirement Mistake: Over Saving and Under Living | Rachael Camp & Jesse Cramer | 198
Space Telescopes, Sunflowers, and Financial Gardening | Jesse Cramer | 105
How to Bake a Cake: An Asset Allocation Mashup | Rick Ferri & Paul Merriman | 134
 
.
CHAPTERS:
0:00 Intro 
4:00 How target-date funds became America's default
7:00 What's really under the hood
10:00 The 1% problem 
14:00 Risk differences
18:00 How to choose a TDF 
27:00 Human capital as a bond
35:00 The ten building blocks
38:00 Do we even need bonds?
44:00 The behavioral case for TDFs
56:00 Glidepath ratings
 
.
📌Disclaimer: Our content is for general education and information purposes only. We are not providing financial, legal, or tax advice. Always do your own research or consult a professional before making important decisions.

Alan and Katie Donegan and Monica Scudieri join Bill and Jackie to explore what happens when financial survival mode finally loosens its grip and creative bandwidth comes roaring back. They talk imposter syndrome, discomfort, perfectionism, public speaking, writing books, making music, and why FI can turn passive consumers into active creators. They also announce the world debut of the new Catching Up to FI theme song and the new book "Mama Are We Poor?" authored by Bill and Monica.
This episode covers 
How financial independence can free up mental bandwidth for creativity 
Moving from passive consumption to actively creating and sharing what you know 
Imposter syndrome and why people convince themselves investing, or creativity, is "not for people like me" 
Why discomfort, fear, and mistakes often signal that you're actually growing 
Public speaking, preparation, perfectionism, and getting started before you feel ready 
The story behind Bill and Monica's children's book, Mama, Are We Poor? 
How Alan, Katie, and Finn turned financial independence concepts into music 
Why work optionality doesn't necessarily mean quitting work completely
Rediscovering the creative interests you may have left behind in childhood 
A seven-day challenge to stop overthinking, get sloppy, and create something
.
=== SUPPORT  THE  SHOW ===
📩 Sign up for our newsletter
🌐 Visit Catching Up to FI website 
🔗Connect with us
☕ Like what you hear on Catching Up to FI? Support the show at "Buy Me a Coffee" 
🎙️We love hearing from you! Record a Voice Message with your feedback or question Record a Voice Message with your feedback or question

 
.
===DEALS & DISCOUNTS FROM OUR TRUSTED PARTNERS===
NEW! Mama Are We Poor?
"Mama Are We Poor?" is a new childrens book by co-host, Dr. Bill Yount and past guest, Monica Scudieri. They teamed up after the interview on episode #120 (https://youtu.be/oerxEJYrTdM?si=vt2aZSE2wgKVGeIn) in 2025. Monica shared a sweet moment she had with her son and he asked here the question "Mama are we poor". Almost two years later, they collaborated to create a heartfelt, beautifully illustrated picture book that helps parents and caregivers open up conversations about money, financial stress, and family resilience with young readers. Through a child's eyes, kids learn that worth isn't measured in dollars-and that love, stability, and gratitude can carry a family through hard times.
📕 Get Your Copy
.
F.I.R.E. For Dummies
Co-host Jackie Cummings Koski, CFP®, AFC® is author of "F.I.R.E. For Dummies". This is the perfect guide for anyone looking to move from the basics of their finances to reaching F.I.R.E. (Financial Independence, Retire Early) and enjoying the time freedom it creates. Even if you feel behind on your finances, the steps in this book will help you catch up sooner than you ever imagined. 
📕 Get Your Copy  (currently 40% off on Amazon)
.
For a full list of current deals and discounts from our partners, sponsors and affiliates, click here: catchinguptofi.com/our-partners
 
.
RESOURCES MENTIONED ON THE SHOW
Grab Your Slice (Monica Scudieri)
The Donegans
Rebelutionaries on Spotify
 
.
⏰ Related Episodes
"Mama, Are We Poor?": A Single Mom's Millionaire Mindset | Monica Scudieri | 120
Not Just Another Album, It's A Money Revolution! | Alan & Katie Donegan | 129
Indiana Jones and an Extraordinary Life with the Donegans | Alan and Katie Donegan | 079
 
.
📌Disclaimer: Our content is for general education and information purposes only. We are not providing financial, legal, or tax advice. Always do your own research or consult a professional before making important decisions.

Dana Anspach, CFP® and founder of Sensible Money, returns to explain why retirement isn't one long, predictable chapter, it's a series of distinct phases with different financial and emotional needs. Using the framework from her new book, Living Off Your Acorns, Dana walks Bill and Jackie through the pre-go, go-go, slow-go, and no-go years.
This episode covers
Dana's four phases of retirement: pre-go, go-go, slow-go, and no-go
Why retirement planning should begin at least five years before leaving work
The emotional transition from receiving a paycheck to living off your accumulated "acorns"
A three-part pre-retirement checklist: cash flow, stress testing, and planning your time
Why social connections and identity need as much planning as the financial side
Fundedness ratios, the Critical Path, and alternatives to relying only on a safe withdrawal rate
Special considerations for people retiring early, including healthcare and longer time horizons
Mortgages, HELOCs, pledged asset lines, and when debt can still be useful in retirement
How spending naturally changes during the slow-go years
Fraud, cognitive decline, powers of attorney, and preparing for someone else to eventually help manage your finances
.
=== SUPPORT  THE  SHOW ===
📩 Sign up for our newsletter
🌐 Visit Catching Up to FI website 
🔗Connect with us
☕ Like what you hear on Catching Up to FI? Support the show at "Buy Me a Coffee" 
🎙️We love hearing from you! Record a Voice Message with your feedback or question Record a Voice Message with your feedback or question

 
.
===DEALS & DISCOUNTS FROM OUR TRUSTED PARTNERS===
NEW! Mama Are We Poor?
"Mama Are We Poor?" is a new childrens book by co-host, Dr. Bill Yount and past guest, Monica Scudieri. They teamed up after the interview on episode #120 (https://youtu.be/oerxEJYrTdM?si=vt2aZSE2wgKVGeIn) in 2025. Monica shared a sweet moment she had with her son and he asked here the question "Mama are we poor". Almost two years later, they collaborated to create a heartfelt, beautifully illustrated picture book that helps parents and caregivers open up conversations about money, financial stress, and family resilience with young readers. Through a child's eyes, kids learn that worth isn't measured in dollars-and that love, stability, and gratitude can carry a family through hard times.
📕 Get Your Copy
.
F.I.R.E. For Dummies
Co-host Jackie Cummings Koski, CFP®, AFC® is author of "F.I.R.E. For Dummies". This is the perfect guide for anyone looking to move from the basics of their finances to reaching F.I.R.E. (Financial Independence, Retire Early) and enjoying the time freedom it creates. Even if you feel behind on your finances, the steps in this book will help you catch up sooner than you ever imagined. 
📕 Get Your Copy  (currently 40% off on Amazon)
.
For a full list of current deals and discounts from our partners, sponsors and affiliates, click here: catchinguptofi.com/our-partners
 
.
RESOURCES MENTIONED ON THE SHOW
Sensible Money 
 
📙Living Off Your Acorns
 
The Retirement Manifesto
 
.
⏰ Related Episodes
How To Build Your Own Paycheck: From Saver to Spender | Fritz Gilbert & Dana Anspach | 171
 
.
📌Disclaimer: Our content is for general education and information purposes only. We are not providing financial, legal, or tax advice. Always do your own research or consult a professional before making important decisions.

What if getting to FI has less to do with avoiding mistakes and more to do with surviving them without setting too much money on fire? Bill joins Doug Cunnington of Mile High FI for a refreshingly imperfect look at the financial decisions they wish they could redo. Between them: credit card debt, lifestyle inflation, whole life insurance, expensive advisors, an underwater dream house, a foreclosure, selling stocks at exactly the wrong time, and the very FI-specific problem of eventually becoming too good at saving. But this isn't just a financial confession booth. Bill and Doug compare what actually helped them recover, why "good enough" beats perfect, and how both still reached FI despite getting plenty wrong along the way.
This episode covers
Why financial mistakes are often part of the learning process rather than proof you've failed
Bill's late-start wake-up at 50 and Doug's accidental path into the FI community
How missing financial education can turn needs, wants, and lifestyle inflation upside down
Whole life insurance, expensive advisors, and the opportunity cost of bad financial products
When DIY investing works—and when professional advice can uncover expensive blind spots
Doug's housing mistake, rental losses, and strategic foreclosure
Bill's over-renovated home, car payments, debt, and the cost of "too much house"
Investing mistakes including selling during crashes and chasing recent winners
Why aggressive savers can eventually struggle to give themselves permission to spend
Bill's "fog of FI," phased retirement, and learning to use financial independence instead of merely reaching it
 
.
=== SUPPORT  THE  SHOW ===
📩 Sign up for our newsletter
🌐 Visit Catching Up to FI website 
🔗Connect with us
☕ Like what you hear on Catching Up to FI? Support the show at "Buy Me a Coffee" 
🎙️We love hearing from you! Record a Voice Message with your feedback or question Record a Voice Message with your feedback or question

 
.
===DEALS & DISCOUNTS FROM OUR TRUSTED PARTNERS===
F.I.R.E. For Dummies
Did you know that co-host Jackie Cummings Koski, CFP®, AFC® is also author of "F.I.R.E. For Dummies"? This is the perfect guide for anyone looking to move from the basics of their finances to reaching F.I.R.E. (Financial Independence, Retire Early) and enjoying the time freedom it creates. Even if you feel behind on your finances, the steps in this book will help you catch up sooner than you ever imagined. 
Learn from someone who actually achieved F.I.R.E. in her 40s even after getting a late start 
Covers everything from basics to advanced strategies in one guide 
Practical solutions for early retirement obstacles like health insurance and early withdrawal penalties 
📕 Get Your Copy  (currently 40% off on Amazon)
For a full list of current deals and discounts from our partners, sponsors and affiliates, click here: catchinguptofi.com/our-partners
 
.
RESOURCES MENTIONED ON THE SHOW
Mile High FI Podcast 
Mile High FI YouTube 
 
.
⏰ Related Episodes
The Income Trap: How Not to Become A Millionaire | ChooseFI Crossover | 236 
The Fog of FI: Overcoming the Fear of Quitting Your Job | "The Long View" Crossover | 211 
 
.
📌Disclaimer: Our content is for general education and information purposes only. We are not providing financial, legal, or tax advice. Always do your own research or consult a professional before making important decisions.

Erin Moriarity, the plain-English force behind Erin Talks Money, joins Bill and Jackie to unpack why retirement planning gets easier when we stop worshipping giant portfolio numbers and start thinking in income, spending, and real life. Erin traces her path from buying Campbell Soup stock at eight with her investing grandmother to earning the best 34 cents of her life on YouTube. She eventually grew the massive financial education platform we know today. Then the conversation moves into the stuff retirees actually worry about: whether late starters can still catch up, how Social Security may change, why the 4% rule gets mangled in headlines, and why lifelong savers often struggle more with spending than saving.
This episode covers 
How Erin Talks Money grew from a struggling YouTube experiment into a major financial education platform
The radically different money personalities in Erin's family and how they shaped her approach to finance
Why painful childhood experiences with money made financial independence and control so important to Erin
Why late starters can still make enormous progress with a 10–15 year runway
Why retirement income can feel more meaningful than staring at a large portfolio balance
The evolution of Erin's content from budgeting and FIRE to retirement income and decumulation
Social Security reform, the wage base, the "donut hole," and why no single fix solves everything
Why phased retirement can strengthen both your finances and your quality of life
The psychological challenge of switching from lifelong saver to confident spender
Why scary headlines about Social Security, long-term care, inflation, and retirement spending often need more context
 
.
=== SUPPORT  THE  SHOW ===
📩 Sign up for our newsletter
🌐 Visit Catching Up to FI website 
🔗Connect with us
☕ Like what you hear on Catching Up to FI? Support the show at "Buy Me a Coffee" 
🎙️We love hearing from you! Record a Voice Message with your feedback or question Record a Voice Message with your feedback or question

 
.
===DEALS & DISCOUNTS FROM OUR TRUSTED PARTNERS===
F.I.R.E. For Dummies
Did you know that co-host Jackie Cummings Koski, CFP®, AFC® is also author of "F.I.R.E. For Dummies"? This is the perfect guide for anyone looking to move from the basics of their finances to reaching F.I.R.E. (Financial Independence, Retire Early) and enjoying the time freedom it creates. Even if you feel behind on your finances, the steps in this book will help you catch up sooner than you ever imagined. 
Learn from someone who actually achieved F.I.R.E. in her 40s even after getting a late start 
Covers everything from basics to advanced strategies in one guide 
Practical solutions for early retirement obstacles like health insurance and early withdrawal penalties 
📕 Get Your Copy  (currently 40% off on Amazon)
For a full list of current deals and discounts from our partners, sponsors and affiliates, click here: catchinguptofi.com/our-partners
 
.
RESOURCES MENTIONED ON THE SHOW
Erin Moriarity website
Erin Talks Money Youtube
Erin Talks Money LinkedIn
Root Financial
Erin's forthcoming retirement-spending book (estimated release: December, 2027)
Social Security Online Account
 
.
⏰ Related Episodes
61% of Americans Fear Outliving Their Money: Here's the Fix | Jean Chatzky | 237
Social Security Made Simple | Mike Piper | 054
 
.
📌Disclaimer: Our content is for general education and information purposes only. We are not providing financial, legal, or tax advice. Always do your own research or consult a professional before making important decisions.