Great interview by the author of a recent research paper that delves into an alternative to the 4% rule and his website that allows individuals to play around with their own numbers. The site is free (at this moment in time).
Interview with Stefan Sharkansky, author of the research paper “The Only Other Spending Rule Article You Will Ever Need.”

The Best Third Website:

The Best Third is completely free to use, and we don’t receive compensation of any kind—from users, advisors, or anyone else.
We’re still in the early stages, testing and refining the service based on real feedback from retirees and advisors. Our priority is to make The Best Third as helpful, accurate, and easy to use as possible before we think about charging for it.
In the future, we may explore different ways to support the service sustainably. But for now, our focus is simple: learn from users and keep improving.

https://thebestthird.com/
His Research paper:

This work makes novel contributions to the body of knowledge on
retirement asset decumulation. Our main contribution is a practical and
actionable framework for both construction of the retirement portfolio
and a strategy for spending down the portfolio during the retiree’s life-
time. We propose and justify a portfolio consisting solely of an equity
index fund and a ladder of inflation-indexed bonds, held to maturity,
along with rules for determining the allocation between the bond ladder
and equities

The Only Other Spending Rule Article You Will Ever Need

I'm reporting, not recommending, big guy.

No worries, I definately wasn't being critical of you, David. Just grousing about the jargon of the industry in their prognostications. And like you, I'm not out to beat anybody but my own ability to SWAN with an eye on being able to do so well into my retirement years with an acceptable RoR.
Irony of ironies, of all the AI platforms, I have not yet played with Claude!!

@Observant1
Sorry to hear that.
Their loss, I am certain.
I hope you are/were able to parlay that into improved circumstances, better job, better pay, early retirement...

Thanks!
I can't really complain about the situation.
My employer was a good company with many fine people.
A reasonable severance payment (not life-changing but ok) was made.
I was planning to retire in 2-3 years but decided to retire early instead.

@Observant1
Sorry to hear that. Their loss, I am certain. I hope you are/were able to parlay that into improved circumstances, better job, better pay, early retirement...

My wife and I hired a new investment advisor to deal with stuff if something happens to me, so the numbers are harder to figure out than usual. The jury is still out with new firm. They are very reliable and solid and I agree with almost all of their thinking. They rebate the management fee for their firms funds, they think their firms bond funds are not stellar so we are paying far more than I would like there. Their choices are excellent with one exception. Jury still out
Early in retirement I have held the % equity to 40 to 50% esp with current valuations in the US
So at 50/50 Equities and FI cash, we are up 9% total last year.
Our "deep value" manger who picks 25 to 30 stocks returned 20% with Gold stocks up 140%. He has a very different portfolio than most value mangers.
Overall "dividend and value " stocks returned 27%,
LC Growth up 13% despite little MAGA
International up 15% ( good performance from "too cheap to ignore" small cap International funds Barron's profiled a while back)
My picks in my "Climate Change" portfolio were up 30% due to heavy positions in Uranium, nuclear power, utilities and industrials. Energy stocks up 7%.
If anything, last year tells me that predictions are contrarian indicators. Who would have believed with cutting "green subsidies" commodities and nuclear power would explode?
Some of the best performers have been discount retailers that got clobbered with tariff announcements but have shrugged off doomsday.
My biggest mistake last year ( other than selling NVDA in 2018) was not selling ORCL at the peak, although the capital gains would have been awful since we have owned it since 1997.

My portfolio and returns are quite close to @Observant1. I had almost no INTL equity allocation, so TR was about a percent lower. Same footnotes, basically. I had slightly more equity and slightly more cash.
Will be moving some MMF/TBUX to bond oef in 2026, as I continue my pre-retirement allocation shift. And as rates continue down. I started that process today.
Also, doubled my 401K contribution to reach IRS limits by mid-year. And halved my HCRA, so not to leave money on that table. Then, I "officially" retire. My company had asked me to stay until then, when our legacy hardware is fully retired as well. They have paid me to remain as a SME, with few duties or requirements for almost 5 years. I could transition to a related platform (new tech), but not interested.
Shooting for 60/30/10 future portfolio. Work in progress.

I will probably stay the course with my current sleep well/low volatility retirement portfolio:
- 25% alternative funds (QLENX and QDSNX)
- 30% CDs > 4% interest
- 45% mostly multisector bond funds (BINC, DHEAX, ESIIX, PYLD and RCTIX)
However, in May my CDs will mature and, depending on what the market has to offer at that time, I will most likely redistribute a portion of the proceeds to some of my existing bond funds (e.g., ESIIX and/or PYLD), and the other portion to two allocation funds (PMAIX and PRCFX).
Normally, I don't hold any cash in my portfolio since I have sufficient other income sources to defray my living expenses. But, to meet my comfort level, I will still limit my total equity allocation to 35% max. since I don't really need a lot more money - but I certainly don't want to lose a lot, especially at my age.
Good luck to everybody in the new year.

i suspect today's broad dumping of precious metals is a play to capture 2026 equity gains.

The precious metals have rebounded to 80% of yesterday 5.6% loss.
The circular investment and concentrated AI stocks may present challenges to hit new high. 2022 was the turning point of new lows for both stocks and bonds simultaneously. And that was only 3 years ago.

Edit: . Seriously doubt that he made outstanding gain in 2022. Even for those who were 100% in cash, money market yield was only about 1%. The yield curve did not invert until the FED raised the interest rate. Very few bond funds had positive gain.

i'm no fd fan but i'd guess he made 10% plus or minus for the year, assuming he was actually invested in the bond funds he sometimes-long-after-the-fact said he was in, which i know to be spurious in at least 2 instances. so, in brief: who knows?

Seriously, I mentioned several funds last May on my site. All you have to do is use a chart and see what they have done.
I already made over 11% YTD. You can also see since retirement as of today, using about 97% bond OEFs.
https://ibb.co/SDcTzkhd

Interesting that a supposed "bonds only" investor comes here to pound the table on the S&P and tell us how stupid we all are.

Let me respond to the point above: just because I haven’t invested in stocks over the past several years does not mean I don’t have an opinion, or that my views are any less valid than those of any other poster. If you don’t find my perspective useful, feel free to move on.

It’s also time to separate politics from investing.
Investment forums routinely discuss bonds, stocks, alternatives, long-term care, Medicare, healthcare, savings, taxes, annuities, withdrawal strategies, risk/standard deviation, and more.
Do you have to be a certain age to discuss Medicare, LTC, or withdrawal rates? Of course not. I had well-formed opinions on these retirement issues years before they personally applied to me.
Does someone who owns stocks right now automatically have better knowledge than someone who doesn’t? Of course not.
For context, since 2010 I’ve posted hundreds of times explaining why a portfolio primarily invested in U.S. large-cap stocks with a growth tilt made sense. In 2025, I began emphasizing the importance of diversification, including international exposure and gold.
Finally, for what it’s worth, I’ve helped several family members and friends, at no charge, on all of the topics mentioned above.
Lastly, and more importantly, if you have any substantive comments about my first post, please address those directly.

Stable-Value (SV) Rates, 1/1/26
TIAA Traditional Annuity (Accumulation) Rates
EARLY release again! No changes except for a decrease for IRA.
Restricted RC 5.00%, RA 4.75%
Flexible RCP 4.25%, SRA 4.00%, IRA-101110+ 3.50%
TSP G Fund pending (previous 4.125%).
Options outside of workplace retirement plans include m-mkt funds, bank m-mkt accounts (FDIC insured), T-Bills, short-term brokered CDs.
#StableValue #401k #403b #TIAA #TSP
https://ybbpersonalfinance.proboards.com/post/2368/thread

Very good summation and history lesson. Thanks @rono
A few thoughts, wrong or right: Now that many here do not need basic background or education, they just seek to hear potential trends, the rare new thought, and seek affirmation/refutation of ideas relevant to the current environment. Some other boards with old timers, keep repeating things that everyone knows well. Investing 101. Here, there is more random discussion. More actual camaraderie. And only the occasional strategic economic memory refresher. Apologies, if non sequitur.

Howdy Doc,
That was Gary's rule 1 - look for the divergences and study them for trends. That's why I came out of retirement to play the precious metals bull and ring the bell around here. It's a Peter Lynch thing - everyone has some bit of knowledge that if applied can make money. I've collected coins for 70 years. If they start of move, it wakes me in the middle of the night.
We're all so fortunate to have this discussion board. Best advice ever and free.
take care,
rono

@Sven said,
- "These days we rebalance when the opportunities present themselves."
Agree with ya there. Lock-in gains - especially the nice ones.
- "Picked up few shares of SLVR and GDX to increase the alternative bucket."
I won't touch precious metals with a 10-foot pole. But do own a few investment grade Morgans.
Also have some limited exposure to the precious metals through more broadly diversified funds.
- "Congrats to @Old_Joe who made similar move."
Ditto @Old_Joe / Just remember: "It ain't over 'til the fat-lady sings."
- "Sold some VOO"
Generally speaking I don't invest in S&P index funds or similar.
- "Bought some EM mid-cap value funds."
Sounds like a smart move. However, I've somewhat backed off on the midcaps. Did pick up a little BATRA today, an indirect play on real estate and internet sports betting. EM? Prone to streaks of under and overperformance
- "Goal is to shift US equity more to oversea that have more attractive valuation."
A worthy goal. I'd be a little careful as many overseas markets have had a nice run-up.
- "Sold some PRWCX"
It's been a great fund. I owned it many years ago.
- "Bought some international value funds"
I do think there's value in value. About all I look at any more.
- "Increased oversea bond allocation using DODLX and NRDCX"
Agree with having a toe-hold on international currencies & bonds. But use care. Many foreign currencies have had a nice run up.
- "$ 38 trillion national debt and $950 billion annual interest worry us."
Yes. Worries many. Simplest (and most likely) solution is to monetize the debt by allowing the dollar to erode in value. Short term they'll try to reduce interest expense by holding rates down, but likely to backfire long term.
- "Maintaining 5-10% in cash and cash equivalent as we approach retirement."
My direct cash holdings are around 20% of portfolio. Toss in in what's held thru diversified funds and it's closer to 30%.
- "Our annual gain is modest with our globally diversified and conservative portfolio.'
- "Risk mitigation remains our main goal ... "
Agree with both of above.
- Like @hank bucket approach and the naming nomenclature.
It helps me to think more clearly to have a structured portfolio plan. Lots of different concepts and terms can be utilized - with names like: buckets, sleeves, ranges, subsets, targets, limits and nominal positions.
Thanks for the mention @Sven Very nice summary by you.

These days we rebalance when the opportunities present themselves. It is more than quarterly as we have done in the past. For example:
1. Precious metals and mining stocks lost 5% on Monday, Dec 29, 2025. Picked up few shares of SLVR and GDX to increase the alternative bucket. Congrat to @Old_Joe who made similar move.
2. Sold some VOO and bought EM mid-cap value funds. Goal is to shift US equity more to oversea that have more attractive valuation.
3. Sold some PRWCX and bought international value funds. Same reason as #2.
4. Increase oversea bond allocation using DODLX and NRDCX as $38 trillion national debt and $950 billion annual interest worry us. Also the dollar lost ~10% versus other major currencies in 2025. Will the deficit improved in 2026? Will trim US bonds to half when signs of the FED losing their independence.
5. Maintaining 5-10% in cash and cash equivalent as we approach retirement.
As i mentioned previously, our annual gain is modest with our globally diversified and conservative portfolio, and that is good enough for us. Risk mitigation remains our main goal, especially in this chaotic year.
Like @hank bucket approach and the naming nomenclature.

i dont see an overwhelming amount of factors against the typical jan effect.
but it may not last the entire q1 2026.
https://www.mutualfundobserver.com/discuss/discussion/65194/jan-effect-2026#latest
i suspect today's broad dumping of precious metals is a play to capture 2026 equity gains.

Interesting.
I am prepared to go in several directions. A portfolio with lots of cash. A strong FI component. A value shift in 2025. Plenty of legacy tech. I feel pretty comfortable watching how things evolve.
My YTD return @ 62% equity is ~16.5%. Standing pat for now. Official retirement in 6 months and counting.

Howdy folks,
I posted this originally on this board back about a dozen years ago during the PM bull market that ran from 2002 to 2011. Seeing that gold is up about 71% YTD and silver +147%, seems it might be appropriate to post an update. I've collected coins for 70 years and this is my third bull market in the metals. In that late 70s, during the Hunt Bros bull, I was finishing my degree (finally) in Econ on the GI bill augmented by a stash of 90% silver coinage I had bought out of change during a restaurant gig. The big bonanza from 2002 to 2011 was easy as I was working with self-manage retirement accounts. It was fun. Now, I'm retired and normally have our portfolios on cruise-control, but good golly, the bull is running.
As a qualifier, I've been suggesting a PM holding of 3-7% for decades as an investment. More than that is speculation, which is fine, but different.
First of all, physical bullion in your possession is the best of all possible ways to invest. Cripes, a roll of American Gold Eagles is about 2" tall and the size of a quarter in diameter. It's worth about $95,000 right now and you can stash it in the oatmeal box. A 100oz bar of silver is about $7700 and you can paint it black and use it as a door stop. Or you can buy bling, but not designer stuff. You don't want to pay a premium for the name.
Many of you, myself included, use self-managed retirement funds and taxable monies to invest and speculate. With the PMs, there are two ways of playing them - bullion and mining stocks. There are bullion ETFs but keep them tax-deferred or exempt as gains get hit at 28%. For myself, I will only deal with Sprott ETFs for bullion because they must have possession of the bullion before they can sell you shares. This is unlike most of the bullion ETFs which do not have this rule and can take your money and then go looking for physical bullion with which to back it up. Right now, acquiring physical bullion is an international problem, particularly silver.
The other way of investing is with the mining stocks. The gold and silver miners. Kitco has the best listing.
https://www.kitco.com/mining/mining-equities
Of note is that over 70% of silver comes as a by-product of other mining - lead, zinc and copper. This is why it's hard to increase production to meet skyrocketing industrial demand. Some of these penny stocks are serious nosebleed stuff. That said, you can make a killing if you do your homework. While I own a few individual stocks [I just can't help myself], I choose to use ETFs that specialize in gold, silver, both, large cap, small cap miners, etc. Right now I'm riding SILJ, SGDJ, SLVR, PSLV, AND CEF.
Bias? Sure, I prefer silver to gold, although I am riding both. Silver has always exhibited much greater leverage than gold. In the Hunt Bros. bull, gold rose 3x, silver rose 10x. Same thing in the 2002-2011 bull and it's happening again right now. Why is this? I believe it involves that Gold Silver Ratio being artificial due to bullion having a paper price and physical price. Originally, I thought it was bullion ETFs, but now it seems to trace back to the 70's. There is also the supply issue which in the face of increased demand is huge. You've got Central banks and sovereign states buying and industrial usage has gone nuts. Feh, all this puts a bottom under the price.
BTW, an ounce of silver is now worth more than a barrel of oil.
and so it goes,
peace,
rono

PRMTX seem to being experiencing a unusual under performance over the last 6 months compared to QQQ or XLC. Maybe not a perfect comparison, but PRMTX has under performed by about 15%. Any thoughts on the reasons for such a large short term differential?
https://portfolioslab.com/tools/stock-comparison/PRMTX/QQQ
https://portfolioslab.com/tools/stock-comparison/PRMTX/xlc
Roth Conversion Strategy:
If it appears to be a short term glitch, I am considering an "in kind" Roth conversion with some of these shares of PRMTX before the end of the year. Roth Conversion needs to be completed by 12/31/25 for TY2025.
Consider a Roth Conversion when your fund is temporarily under performing (article is referencing a pull back in early 2023):

Say you own 10 shares of an ETF, each worth $100, in your traditional IRA. If you convert it to a Roth, you’d owe taxes on the dollar value of the shares: $1,000. But if your portfolio declined by 20%, you could move those same 10 shares over and pay taxes on $800.
Once your stocks are converted, they’ll ideally continue to grow tax-free in your Roth account until you’re ready to withdraw the money in retirement.
“There’s no question if you’re paying for something and it costs less, that’s good,” says Slott. “But you don’t really know when the market is really down. It’s hard to time the market for a Roth conversion.”
As Slott points out, the market could rebound or drop further from current levels, so you’ll never know if you’re getting the best possible deal.
That’s why, if you’re interested in converting, he suggests scheduling a series of small conversions between now and 2026, when the lower tax rates set forth in the Tax Cuts and Jobs Act are set to expire. These tax cuts will continue through 2028

cpa-why-a-down-market-is-a-great-time-for-roth-conversion

Per BBG:
Nelson Peltz’s Trian Fund Management and General Catalyst agreed to buy Janus Henderson Group Plc in a deal that values the asset manager at about $7.4 billion.
Shareholders will receive $49 a share in cash, up from $46 a share that the investors offered in October, according to a statement
Monday. Trian already owns 20.6% of Janus Henderson’s shares and has been represented on the board since 2022.
The move is the latest dramatic turn in Trian’s investment in Janus Henderson, the asset manager who counted Bill Gross among its bond managers before his retirement in 2019.
Trian had worked to oust previous management while pushing the fund manager to stop bleeding clients following the troubled merger that created the firm in 2017. Trian first disclosed its investment in Janus Henderson in October 2020.
https://www.bloomberg.com/news/articles/2025-12-22/trian-general-catalyst-to-buy-janus-henderson-for-7-4-billion?srnd=homepage-americas

https://www.sec.gov/Archives/edgar/data/1643838/000139834425022656/fp0096699-1_497.htm
497 1 fp0096699-1_497.htm
IDX Risk-Managed Digital Assets Strategy Fund
(Formerly, IDX Risk-Managed Bitcoin Strategy Fund)
Institutional Class Shares (Ticker Symbol: BTIDX)
A series of
Trailmark Series Trust (Formerly, IDX Funds)
December 18, 2025
Supplement to the Prospectus and Statement of Additional Information (“SAI”),
dated April 30, 2025, as previously supplemented
The Board of Trustees of Trailmark Series Trust (the “Board”) has concluded that it is in the best interests of IDX Risk-Managed Digital Assets Strategy Fund (the “Fund”) and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on or about January 18, 2026 (“Redemption Date”).
Effective immediately, the Fund will not accept any new investments, will no longer pursue its stated investment objective, and will begin liquidating its portfolio and will invest in cash equivalents such as money market funds until all shares have been redeemed. Any required distributions of income and capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares, unless you have previously requested payment in cash.
Prior to or on the Redemption Date, you may redeem your shares, including reinvested distributions, in accordance with the “Redeeming Shares” section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. Please refer to the “Other Information section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO THE REDEMPTION DATE WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. If you have questions or need assistance, please contact your financial advisor directly or the Fund at 216-329-4271.
* * * * * * *
You should read this Supplement, in conjunction with the Prospectus and SAI, dated April 30, 2025, as previously supplemented, each may be amended from time to time, because they provide information you should know about the Fund before investing in it. These documents are available upon request and without charge by calling the Fund at 216-329-4271.
PLEASE RETAIN THIS SUPPLEMENT FOR FURTHER REFERENCE

https://www.sec.gov/Archives/edgar/data/1260667/000116204425001293/ancoramicrocapliquidation.htm
497 1 ancoramicrocapliquidation.htm
Ancora MicroCap Fund
Class I shares
ANCIX
Class S shares
ANCSX
(a series of Ancora Trust)
Supplement dated December 16, 2025 to
the Prospectus dated April 30, 2025
The Board of Trustees of Ancora Trust (the “Board”) has determined based on the recommendation of the investment adviser of the Ancora MicroCap Fund (the “Fund”), that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on February 27, 2026.
Effective at the close of business December 18, 2025, the Fund will not accept any purchases (subject to certain limited exceptions) and will no longer pursue its stated investment objectives. The Fund may begin liquidating its portfolio and may invest in cash equivalents such as money market funds until all shares have been redeemed. Any capital gains will be distributed as soon as practicable to shareholders. Shares of the Fund are otherwise not available for purchase.
Prior to February 27, 2026, you may redeem your shares, including reinvested distributions, in accordance with the “Selling (Redeeming) Your Shares” section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. Please refer to the “Dividends, Distributions and Taxes” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO FEBRUARY 27, 2026 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. IF YOU HAVE QUESTIONS OR NEED ASSISTANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR DIRECTLY OR THE FUND AT 1-866-626-2672.
After December 18, 2025, purchases of shares of the Ancora MicroCap Fund must qualify under one of the following exceptions:
Retirement Plans — A defined contribution retirement plan (for example, 401(k) plans, profit sharing plans and money purchase plans), 403(b) plan or 457 plan that offers the Fund as of the Close Date may continue to accept additional investments by existing shareholders of the Fund for additional shares of the Fund. New participant accounts within the plan are allowed. In addition, participants in a plan may not open a new account outside of the plan under this exception.
Gifts — An individual may receive shares of the Fund as a gift from a family member who is an existing shareholder of the Fund.
Charities — A charitable foundation or trust may receive shares of the Fund from an existing shareholder of the Fund.
Certain Ancora Affiliates — Current trustees or officers of Ancora Funds, employees of Ancora, or a member of the immediate family of any of these persons may invest in the Fund.
Once an account is closed, additional investments will not be accepted unless you meet one of the specified criteria above. Management reserves the right to: (i) make additional exceptions that, in its judgment, do not adversely affect its ability to manage Fund; (ii) reject any investment or refuse any exception, including those detailed above, that it believes will adversely affect its ability to manage the Fund; and (iii) close or re-open the Fund to new or existing shareholders at any time. An investment is subject to management’s determination of your eligibility to buy shares of the Fund and you may be required to provide additional documentation or otherwise demonstrate eligibility before an investment is accepted.
The closing of the Fund does not restrict you from redeeming or selling shares of the Fund. The other Ancora Funds remain open to all investors.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement and the existing Prospectus dated April 30, 2025, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated April 30, 2025, have been filed with the Securities and Exchange Commission, are incorporated by reference and can be obtained without charge by calling the Fund at 1-866-626-2672.

To the moderators of this forum,
Not trying to divert traffic from this site and I really want this site to thrive which requires good moderation. The best in class moderation is at early-retirement.org. I determine that by the number of posters misbehaving. Go check it out and see how the same posters behave there vs here.