Our guest on the podcast this week is Jonathan Guyton, principal at Cornerstone Wealth Advisors, a fee-only advisory firm in Minneapolis. In addition to his financial advice practice, Guyton has contributed valuable research in the retirement planning arena. Among his best-known pieces of research are "Decision Rules and Portfolio Management for Retirees: Is the 'Safe' Initial Withdrawal Rate Too Safe?" as well as "Decision Rules and Maximum Initial Withdrawal Rates," which he coauthored with computer scientist William Klinger. He currently serves as a retirement planning columnist for the Journal of Financial Planning, and he's also an expert panelist on retirement for The Wall Street Journal and an online columnist for Time and Money.BackgroundJonathan Guyton bio Cornerstone Wealth AdvisorsCornerstone Wealth Advisors ADV Cornerstone Wealth Advisors' investment approach Jonathan Guyton articles for The Wall Street JournalRetirement Planning Amid the PandemicCornerstone Wealth Advisors' first-quarter commentary "Amid Market Chaos, Strategies for Your Retirement Savings," by Anne Tergesen, The Wall Street Journal, March 7, 2020. Retirement Withdrawal Rates"Decision Rules and Maximum Initial Withdrawal Rates," by Jonathan T. Guyton and William J. Klinger, Journal of Financial Planning, March 1, 2006. "Decision Rules and Portfolio Management for Retirees: Is the 'Safe' Initial Withdrawal Rate Too Safe?," by Jonathan T. Guyton, FPA Journal, October 2004. "The Original Retirement Spending Decision Rules," by Wade Pfau, Forbes.com, Nov. 8, 2016. "How Retirees Can Spend Enough, but Not Too Much," by Ron Lieber, The New York Times, Aug. 28, 2009. "Avoid These Mistakes With Discretionary Income in Retirement," by Jonathan T. Guyton, MarketWatch.com, March 15, 2017. "Estimating the True Cost of Retirement," by David Blanchett, Morningstar, Nov. 5, 2013. "Why David Blanchett's Retirement Spending Research Is a Big Deal," by Jonathan Guyton, Journal of Financial Planning, May 1, 2016. Tax Planning"When a Roth IRA Is a Wrong Choice," by Jonathan T. Guyton, The Wall Street Journal, May 12, 2016. "Are IRA Conversions a Good Idea Amid Volatility?" by Christine Benz and Tim Steffen, Morningstar.com, May 12, 2020.