Episode 93, Why Retirees Should Own More Stocks from Blackrock's Head of ETFs

About this episode

The episode features a discussion on the advantages of ETFs for retirement investing with insights from BlackRock's Jay Jacobs.

In this episode of the Bogleheads® on Investing podcast, host Jon Luskin, CFP®, sits down with Jay Jacobs, US Head of Equity ETFs at BlackRock, to answer community-submitted questions about how to invest simply and effectively for retirement. Jay oversees more than 300 iShares ETFs spanning US equity, international, outcome, and digital asset strategies, and brings deep institutional expertise to the Bogleheads community's most pressing investing questions. Jon and Jay explore the powerful tax-efficiency advantages of ETF structures over mutual funds, particularly for investors using all-in-one and target-date products in taxable brokerage accounts. The conversation covers how ETFs use in-kind creation/redemption mechanisms to minimize capital gains distributions, a significant edge over traditional mutual funds. The episode dives into the research and methodology behind glide path design, including how demographic shifts (people working and living longer), inflation expectations, and capital markets assumptions all influence how the stock/bond mix evolves over an investor's lifetime. Jay explains the rationale behind the LifePath funds' 40% stock/60% bond terminal allocation…

People in this episode

Host: Jon Luskin

Guest: Jay Jacobs

Topics covered

• retirement investing
• ETFs
• tax efficiency
• capital gains
• glide path design
• stock bond mix
• international exposure

Keywords

• retirement
• ETFs
• tax efficiency
• capital gains
• investment strategies
• LifePath funds
• stock bond allocation

Mentioned in this episode

Organizations: BlackRock, iShares

More episodes of Bogleheads On Investing Podcast

• Episode 94, Robin Wigglesworth, FT journalist and the author of "Trillions", Rick Ferri host · May 27, 2026 · 60 min
• Episode 92, Safe Spending in Retirement: Bill Bengen on the 4.7% Rule of Thumb · March 29, 2026 · 45 min
• Episode 91, How Couples Build Financial Partnership with Heather and Douglas Boneparth · February 23, 2026 · 49 min
• Episode 90, Vanguard's Perryne Desai discusses fixed income concepts and investment strategy, Rick Ferri host · January 22, 2026 · 53 min
• Episode 89, Year-end tax planning, tax moves in 2026, Roth conversions & more: Cody Garrett, CFP® & Sean Mullaney, CPA; Jon Luskin, CFP® hosts · December 7, 2025 · 43 min
• Episode 88, Antti Ilmanen, Ph.D., talks about how investors form long-run return expectations, Rick Ferri host · November 28, 2025 · 1h 1m