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Excess Retirement Income Now Included In Our Retirement Income Calculator

We just finished upgrades to our optimal retirement income calculator to include the possibility of having excess retirement income. This situation occurs when Required Minimum Distributions (RMDs) + other non-discretionary sources of retirement income exceed the retiree’s needed income in current and future retirement years. Indeed, this is a good problem to have! It typically occurs when annual retirement income needs are small relative to all the retiree’s income sources. Retirees in this situation have an extremely low risk of outliving their assets.

Click here to launch the Optimal Retirement Income Calculator by ETFMathGuy.

For example, consider a retiree who needs $100,000 of income in their first year of retirement. What should a retiree do if their RMDs are $40,000, pension and social security benefits are $50,000, and interest + dividends in taxable accounts are $20,000, for a total of $110,000? Note: This $10,000 of excess retirement income occurs without taking voluntary withdrawals from any of their accounts. How should a retiree invest this money to maximize tax efficiency?

Retirement Income Sources

As we show on our updated FAQ page, we included many possible sources of retirement income. To help simplify the model, we previously required dividends and interest in taxable accounts to only satisfy immediate retirement income needs. We make a similar assumption of social security and any pension benefits. Put another way, we wouldn’t re-invest these funds for later use in retirement. Thus, the taxable account maintains a single cost basis from investments made prior to retirement.

What about Required Minimum Distributions (RMDs)?

Required Minimum Distributions (RMDs) complicate retirement income planning, and represent non-voluntary account withdrawals. They can also produce the unintended consequence of producing excess retirement income, like in the example above.

Tax Efficient Investing of Excess Retirement Income

We upgraded our model with a simple approach to reinvesting excess retirement income that would never be needed by a retiree. As previously advocated by DiLellio and Ostrov (2020) and DeMuth (2020), zero-dividend equity (e.g. stock) investments offer a solution. For example, the largest zero-dividend ETF is the First Trust Dow Jones Internet Index Fund (ticker: FDN). By reinvesting excess income into an ETF like this one, no gains during retirement would be realized. So, no taxes are due. Then, the total amount in this investment account can be passed to the retiree’s heirs tax-free thanks to a step-up in cost basis, but excluding estate taxes. Below is an image that shows the new black line to track the account holding the excess income that, in this example, starts in year 7.

In this example, excess retirement income starts in year 7, and is reinvested in a zero-dividend ETF for maximum tax efficiency.
In this example, excess retirement income starts in year 7, and is reinvested in a zero-dividend ETF for maximum tax efficiency.

We hope you find this new enhancement helpful in planning for your retirement! Please stay tuned for future enhancements to our web-based calculator, including evaluating the benefits of municipal bond ETFs, Roth conversions, and automating sensitivity analyses.

ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
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Will this stock market rally continue?

As recently discussed in this Wall Street Journal article, there is a deep suspicion on the future of this current stock market rally. In this article, we discuss what this rally looks like in various market segments. We will close on how our ETFMathGuy portfolios have performed so far this year.

The state of our economy

Most investors would agree that the economy is not doing well. Unemployment is high and our GDP (Gross Domestic Product) is shrinking at record levels. However, the Federal reserve has acted quickly and significantly. Also, congress has provided significant economic stimulus. Consequently, we have a stock market, as measured by the S&P 500 total return, up 3.5% year to date. But, not all segments of the market are behaving the same.

Below is a chart similar to the one we wrote about previously, where real estate was lagging the overall market. In that post, we also highlighted that the top 5 companies in the S&P 500 were focused on technology, helping the performance of the S&P 500.

Stock market total returns, year to date. Source: www.ETFreplay.com
Stock market total returns, year to date. Source: www.ETFreplay.com

As this chart shows, real estate is still down about 10% year to date, as measured by the iShares Dow Jones Real Estate REIT ETF. (ticker: IYR). However, the energy sector, as measured by U.S. Energy Sector SPDR ETF (ticker: XLE) is down nearly 38% for the year. Given few people are travelling much these days, we shouldn’t be surprised to see the energy sector prices behaving this way. Alternatively, the technology sector, as measured by the U.S. technology sector SPDR ETF (ticker: XLK) is doing very well, with a 21% total return year to date. Again, this is not surprising to many investors. The demand for many forms of technology is high in order to support workers in our economy working remotely.

ETFMathGuy Portfolios

We build ETFMathGuy portfolios to respond to market dynamics by analyzing daily price returns, variance and covariance over a historical period chosen from our backtesting. We build these portfolios from segments of the market not typically considered, but also exclude ETFs that are not sufficiently liquid. Our cumulative year to date total returns appear below.

Year to Date Total returns of ETFMathGuy Portfolios Through July 31, 2020.

As this chart shows total returns each month for this year, the ETFMathGuy portfolios are succeeding in reducing risk. These portfolios are also continuing to outperform the stock market. If you would like to see how this performance was possible, remember that we analyze over 2,000 ETFs to find assets that maximize returns for the levels of risk chosen. We encourage free subscribers to review the portfolios published earlier in the year, including April and May. Premium subscribers can now view the latest portfolios, based on market data through July 31, 2020.

ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.

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Retirement income tax

Anyone receiving a regular paycheck is familiar with income tax since it usually appears between the “gross” and “net” income of your pay stubs. In retirement, you will likely have many sources of “retirement income”, and consequently incur “retirement income tax”. In this post, we discuss some typical sources of retirement income tax, and how they interact with one another.

Note:  This post has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Guaranteed Retirement Income

Social Security is one of the most common sources of retirement income. It adjusts for inflation each year, so this benefit rises with the cost of living. Another less common source of guaranteed retirement income is a pension. These guaranteed income sources often give the retiree the choice to decide when benefits begin. They also may allow a deferral of benefits until a later age.

Now, if your total income is sufficiently low, pension and social security income could yield no tax liability. Otherwise, retirees incur tax on this guaranteed income as ordinary income.

Retirement income often is the combination of a number of sources.
Retirement income often is the combination of a number of sources.

Dividends, Interest and Coupon Payments

If you have a savings or taxable brokerage account with stocks, bonds, ETFs, mutual funds or other interest bearing investments, you may receive regular payments. As we discussed in our previous post on taxation, these payments are either taxed as ordinary income or capital gains.

Your “Nest Egg” Accounts

Individual Retirement Accounts (IRAs), 401(k)s, 403(b)s and 457 plans all provide tax-deferred growth. Since we usually fund these accounts with pre-tax money, the IRS taxes qualified distributions as ordinary income. Alternatively, we fund Roth IRAs, Roth 401(k)s and Roth 403(b)s with after-tax money, so we receive qualified distributions tax free. Lastly, if we sell stock or bond ETFs for a gain within a taxable brokerage account that were held for more than one year, taxes incurred are usually at the preferred capital gains rates.

Big Picture

All these sources may sound confusing, and may not apply to all retirees. But, putting these retirement income sources into a conceptual model can help you better understand how they affect a retiree’s annual tax liability. In the model below, we assume that all taxable brokerage accounts have a mix of dividend paying stock and bond ETFs. We show capital gains and qualified dividends above sources of ordinary income, since more ordinary income can push capital gain tax rates to higher brackets.

Retirement Income Sources and Taxation Model by ETFMathGuy’s Optimal Retirement Income Calculator

Using your nest egg efficiently can significantly improve both portfolio longevity and funds bequeathed to your heirs. Based on award winning research, we implemented this model into a free web application. We update the model’s algorithms regularly, so please try out this tool and send us your feedback on features you may want included in the future!

ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
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2020 Mid-year Review by ETFMathGuy

The coronavirus pandemic has made for an interesting year so far in the financial markets. So, we chose to focus this post on a 2020 mid-year review of market volatility and returns.

Let’s begin by looking at the stock (equity) and bond (debt) markets. The time series below shows the significant volatility in both markets. The green line is the total return of the iShares Core S&P 500 ETF (ticker: IVV). The blue line is the total return of the iShares Core U.S. Aggregate Bond ETF (ticker: AGG). Notable, for the second quarter of the year, the S&P 500 had its biggest return since 1998. Unfortunately, the S&P 500 total return (including dividends) is still down for the year.

Year-to-Date Returns

The year-to-date total returns for the stock and bond market appear in the next figure. Alongside them, you can see the total returns of the ETFMathGuy Moderate and Aggressive portfolios. We found these portfolio returns by reviewing my account balances, so they represent returns that include portfolio turnover and the bid-ask spread from actual trades. However, they do not include the effect of taxes. Like many individual investors, I won’t file my 2020 returns until early next year.

Both portfolios continued to outperform the total return of the S&P 500. Premium subscribers can now access the July 2020 portfolios. Free subscribers are invited to review previous month portfolios. We also encourage free subscribers to upgrade their subscriptions to enable access to the portfolios built from the latest market dynamics.

Year-to-date returns through June 2020 for the stock market, bond market and ETFMathGuy Portfolios

Market Volatility

Stock market volatility continues to trend down, but is still higher than historical norms. Current volatility is 27.7% using our market volatility calculator that updates daily. Thus, over the last month, the volatility has come down from the 96th percentile to the 90th percentile, based on historical norms.

Stock market volatility continues to trend down, but still higher than historical norms.

We interpret this lower volatility as the markets reaction to less uncertainty about future economic growth. But, as the chart shows, we are still in a time of elevated uncertainty.

We hope you find this 2020 mid-year review educational as your consider your investments in the second-half of 2020.

ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
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New Features in our Optimal Retirement Income Calculator

Recently, we discussed our free web-based calculator to help you better plan for your retirement. At that time, it offered answers to the many commonly posed questions for those nearing or currently in retirement.

  • How long will my portfolio support my discretionary and non-discretionary expenses?
  • How much will my heir or favorite charitable organization receive?
  • What will my future tax liabilities look like?

Now, our calculator includes many new features to address a broader group of retirees, especially those with a spouse or domestic partner with other sources of retirement assets or retirement income.

The Optimal Retirement Income Calculator by ETFMathGuy.com has many new features
The Optimal Retirement Income Calculator by ETFMathGuy.com has many new features

New Features

The newest version of our retirement calculator offers a better interface for inputs, by arranging them in logical groups. It also includes many new features relevant to many retirement plans.

  • A separate retirement horizon for a surviving spouse (or domestic partner) and their unique after-tax retirement income needs
  • New inputs for the spouse’s tax-deferred accounts, like Traditional IRAs, Rollover IRAs, 401(k)s, 403(b)s and 457 plans
  • New inputs for the spouse’s tax-exempt accounts, like Roth IRAs, Roth 401(k)s and Roth 403(b)s
  • An option to select your state of residence, so that the taxable brokerage account can be properly taxed whether (or not) the surviving spouse resides in a community property state
  • Added a starting age for social security and pensions for the retiree, and if applicable, their spouse, to delay these other sources of retirement income.
  • Input to choose whether (or not) to value the heir’s assets based on using the new 10-year inherited IRA stretch rules due to the SECURE Act.

Optimizing Retirement Income Withdrawal Decisions with a Spouse’s Contribution

Like the previous version, the calculator provides results using the Common Rule and our Optimal Rule. To develop a plan for a hypothetical couple, we used the default values in the calculator, but switched the input labeled “Do you have a spouse or domestic partner?” to “yes”. In this case, you would received the following summary of your plan.

Plan summary example when a spouse or domestic partner is included in the Optimal Retirement Calculator from ETFMathGuy.com
Plan summary example when a spouse or domestic partner is included in the Optimal Retirement Calculator from ETFMathGuy.com

Scrolling down the page, you will see the a forecast of withdrawals to meet this hypothetical couple’s after-tax retirement income needs. In this case, we assumed a 20-year retirement horizon for the retiree. Then, the surviving spouse lives an additional five years after the retiree passes away. Consequently, in years 21-25 of retirement, the surviving spouse is no longer filing their taxes as “married filing jointly“. Instead, their tax brackets are significantly lower in these later years with a filing status of “single“.

Our updated optimal retirement income calculator now includes results for a surviving spouse (or domestic partner)
Our updated optimal retirement income calculator now includes results for a surviving spouse or domestic partner .

The updated retirement calculator also tracks account balances, and now includes the spouse (or domestic partner) accounts as dashed lines.

Account balances now include spouse or domestic partner accounts.
Account balances now include spouse or domestic partner accounts.

We hope you find these new features helpful as you plan for your retirement! This new calculator continues to improve, and we welcome your suggestions.

ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
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Market Volatility Continues to Decline

Declining market volatility continued in the month of May. Also, the S&P 500 had a very good month, returning 4.8%. However, the broad-based index is still down 5.0% for the year, including dividends. The chart below updates the returns from last month for returns through May 29, 2020. As these results show, the ETFMathGuy Moderate and Aggressive portfolios continued to outperform the S&P 500. The premium portfolios for April and May 2020 are now available to all subscribers. The latest premium portfolios for June 2020 are available to paid subscribers.

Year-to-date returns through May 2020 for the stock market, bond market and ETFMathGuy Portfolios
Year-to-date returns through May 2020 for the stock market, bond market and ETFMathGuy Portfolios

Markets returning to normal?

The declining market volatility suggests that the fear in the markets continued to subside in May. However, they are still elevated above their long-term historical average. The image below shows the volatility from our daily monitor that tracks the S&P 500 ETF (ticker: IVV). We determine the standard deviation of daily returns over one, two and three month periods, and report an average to find a daily value. As of Friday, May 29th, volatility was 37.8%, as shown below.

Stock market volatility is still high, be is now well below its recent peak over 70%.
Stock market volatility is still high, be is now well below its recent peak over 70%.

Market Volatility Still Higher than Normal

Analyzing over 5,000 trading days since mid-June 2000, we can see how “out of the norm” current volatility really is. The table below shows the distribution of volatility over this nearly 20-year time period. As this table shows, we are still in the 96 percentile of volatility, meaning only 4% of the days since mid-June 2000 exhibited higher volatility then on May 29th, 2020.

Stock market volatility is still very high, by historical standards.

Stock markets returning to “normal” can be very subjective. The table above can provide a more objective perspective to such an assessment. However, if the downward trend continues, it may not take much longer before volatility returns to its long term historical norm.

ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
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The stock market and an economic recovery

What is the relationship between the stock market and an economic recovery? Matt Phillips at the NY Times recently wrote an excellent article on this topic. I’ll be discussing some of his key insights here, as well as how different segments of the market are doing.

A leading indicator for economic recovery?

The stock market can be thought of as a voting machine on the expected direction of the economy. So, given the continued stability of the stock market and recent lower volatility, I agree with his NY Times article’s sentiment on the economic recovery.

“…Investors have already accounted for what’s expected to be a cataclysmic drop in second-quarter activity and are forecasting a relatively rapid economic recovery afterward.”

Matt Phillips, New York Times, May 10, 2020

Here at ETFMathGuy, we use the S&P 500 as our proxy of the stock market. However, it is important to remember that the S&P 500 is a cap-weighted index, so larger companies contribute more to the index returns. The five largest companies in this index are technology companies, which market participants expect to be more resilient to the economic effects of the coronavirus. Consequently, through the end of April, these technology firms were up about 10% for the year, with the rest of the S&P 500 firms down 13%, according to Goldman Sachs analysts.

The largest components in the S&P 500 index are all technology companies. Source: etf.com/IVV
The five largest components in the S&P 500 index are all technology companies. Source: etf.com/IVV

What sectors are struggling?

So, if technology firms are doing well, what sectors are struggling the most? One obvious spot is the real estate sector. To this end, below is the total return this year of ETFs representing the S&P 500 and real estate. The green line shows the S&P 500 (ticker: IVV) and the blue line shows the iShares U.S. Real Estate ETF (ticker: IYR).

The real estate sector is not recovering like the S&P 500 index. Source: https://www.etfreplay.com/charts.aspx
The real estate sector is not recovering like the S&P 500 index. Source: https://www.etfreplay.com/charts.aspx

These returns indicate the real estate sector may not be recovering as quickly as the rest of the S&P 500. Thus, we believe that a simple explanation is that work places have fundamentally changed. Subsequently, there could be a change to the long-term demand for commercial real estate.

ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
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S&P 500 had a great month but market volatility remains

The S&P 500 had its best month since January 1987, returning 13%. However, investors in this stock index still have a long way to go before posting a gain for 2020 due to market volatility. Through the end of April, the year-to-date total return of the iShares Core S&P 500 ETF (ticker: IVV) is -9.4%. The portfolios from ETFMathGuy continued to outperform this index, as shown below. Free subscribers can now view both the April portfolios and the January through March portfolios. At this time, we only restrict current month portfolios to paid subscribers.

ETFMathGuy Moderate and Aggressive Portfolios continue to outperform total returns of the S&P 500
ETFMathGuy Moderate and Aggressive Portfolios continue to outperform total returns of the S&P 500

How is volatility doing?

This large return of the S&P 500 in April could be perceived as an indication of a new bull market. After all, the S&P 500 is up well over 20% from its lows in March. The chart below shows how a $100,000 investment in the S&P 500 would have performed since the beginning of the year. This chart clearly shows a “bounce”. But, it is not clear if this trend will lead to a recovery or more market volatility.

Year-to-date price changes of $100,000 investment in iShares Core S&P 500 ETF (ticker: IVV)
Year-to-date price changes of $100,000 investment in iShares Core S&P 500 ETF (ticker: IVV)

Updated Market Volatility

In a previous post, we discussed how market volatility is common during big market corrections, like the one we experienced this year. About a month ago, volatility was over 70%, and today it is 55.6%. You can keep track of volatility using our new market volatility monitor, which updates daily. Notice that while volatility is going down, it is still far from its long-term historical average of about 13%.

Market volatility remains high, relative to the long-term historical norm of 13%
Market volatility remains high, relative to the long-term historical norm of 13%

When will markets be “back to normal”?

What does this all this mean? We interpret this current high volatility, relative to historical norms, as an indication that markets are still struggling with the price discovery process. Consequently, we suspect it will take the markets more time to properly price the uncertainty of the economy recovering from the coronavirus. Ideally, we would like to see volatility below about the 95th percentile of those seen historically since 2001, which means a volatility below 40%. However, when that will occur is anyone’s best guess.

ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
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Finding your Optimal Retirement Income

We introduced a new feature to ETFMathGuy.com in 2019 to help current and future retirees plan for the future. We have now upgraded it to find optimal retirement income. Fortunately, the calculator still offers answers to the many commonly posed questions for those nearing or currently in retirement.

  • How long will my portfolio support my discretionary and non-discretionary expenses?
  • How much will my heir or favorite charitable organization receive?
  • What will my future tax liabilities look like?

This calculator models income tax, capital gains taxes and other important elements of U.S. tax law relevant to individuals and couples in retirement. However, this model does not represent tax advice, and is for educational purposes only.

Sequencing Withdrawals for Optimal Retirement Income

In the former version of our calculator, we only applied the so-called “Common Rule“. Using values for a hypothetical 60-year old couple with a 20 year retirement horizon, the figure below shows how the couple can achieve $150,000 of annual after-tax retirement income. Notice how this “married filing jointly” couple has a effective 0% income tax bracket, as labeled on the right of the figure, due to use of the standard deduction. In 2020, this value is $24,800. To re-create these results or create your own, please visit our our interactive retirement calculator.

Common Rule withdrawal sequencing leading to a $1,203,938.01 inheritance. optimal retirement income
Common Rule withdrawal sequencing leading to a $1,203,938.01 inheritance.

While the “Common Rule” is widely adopted by financial planners and major discount brokers like Fidelity and Vanguard, it is known to sub-optimal. Why? This rule typically produces very little tax burden in the earlier years of retirement, unless they are triggered by Required Minimum Distributions (RMDs). Consequently, later retirement years can see very high income tax to maintain retirement income at acceptable levels. This rule also doesn’t take advantage of the step-up in cost basis realized by the retiree’s heirs.

Optimizing Retirement Income Withdrawal Decisions

The latest version of the retirement income calculator can now optimize withdrawal decisions using an “Optimal Rule“. So, using the same values for the calculator as our previous hypothetical couple, their heir’s inheritance increases by 13.7%, or $165,000. If their heir is a qualifying charitable organization, the inheritance increases by  $335,343.94 or 26.1%. We encourage you to try out your own scenarios to see how you can improve your retirement withdrawal decisions.

Optimal Rule withdrawal sequencing leading to a $1,368,938.05 inheritance, a 13.7% increase. optimal retirement income
Optimal Rule withdrawal sequencing leading to a $1,368,938.05 inheritance, a 13.7% increase.

Plans for the Future

We have plenty of other plans for our retirement calculator. For instance, delaying social security, including tax-free municipal bond interest, and assessing the benefits of a Roth conversion are just a few. If you have any thoughts of what you would like to see, please send us your feedback!

ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
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S&P 500 down about 20% in the First Quarter of 2020

It was a difficult year so far for many investors. The total return of the iShares Core S&P 500 ETF (ticker: IVV) was -12.1% for the month of March. The total return of IVV in the first quarter 2020 was -19.6%. Such large losses often shake investor confidence. Also, the math is against you now. To recover from the 20% loss, a investor needs a 25% gain. If losses hit 40%, then an investor needs a 67% return to get back to where they started. And, if losses reach 50%, an investor needs a 100% return, or double their money, to recover all their losses. This is the unfortunate math behind compounded gains and losses.

The recovering from a large market loss can be challenging due to the effect of compounding
Recovering from a large market loss can be challenging due to the effect of compounding

How did the ETFMathGuy portfolios do in First Quarter 2020?

Using my account balances at the end of March, I measured my investment returns for the first quarter. For the Moderate Portfolio in my taxable account, my first quarter return was -5.0%. My Roth IRA used the Aggressive Portfolio and had a first quarter return of -2.1%. These returns far exceeded the S&P 500 in this first quarter. So, we are pleased with these results, which were supported by the backtesting we used to tune our optimization methodology.

Total Returns for the First Quarter Using Taxable and IRA Accounts
Total Returns for the First Quarter Using Taxable and IRA Accounts

Why is there such a large difference between the moderate and aggressive portfolios? The biggest driver was the moderate portfolio’s exposure to the municipal bond market. The aggressive portfolio did not include municipal bond ETFs, since it operated within an IRA. Please, look for yourself at the premium portfolios that produced these returns, which are now available to all free subscribers.

Measuring Volatility

We’ve added a new feature to the ETFMathGuy site to track the daily stock market volatility. Using the first ETF ever created, the SPDR S&P 500 ETF Trust, we developed an average of one, two and three month annualized volatility. At the end of this week, volatility was 70.6%, which is well above its median value of about 13% over the last 20 years.

Current stock market volatility hasn't been seen since the financial crisis of 2008.
Current stock market volatility hasn’t been seen since the financial crisis of 2008. Click this image to see the latest volatility, updated daily.

The last time volatility reached this level was the 2008 financial crisis. Then, volatility peaked at 77.8% on November 24, 2008.

In our next post, we will discuss using volatility to potentially detect market trends. Before then, you may want to read this article on on tips for investors in volatile markets.

ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.
ETFMathGuy is a subscription-based education service for investors interested in using commission-free ETFs in efficient portfolios.

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