Episode 504: Fun With Bond Funds, Why Unnecessary Income Sucks, Social Security And Four Quadrant Musings, A CAGE Match, And Portfolio Reviews As Of April 24, 2026

In this episode we answer emails from Jose, Optimus Bill, and Steve.  We discuss bonds, retirement taxes, valuing Social Security and when to take it, how some use the four quadrant model for market timing, and the latest wave of complex ETFs. Along the way, we make the case that liquidity is the real goal of retirement planning, not income that may raise your tax bills.And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Additional Links:Fairfax CASA Donation Page:  Donate - Fairfax CASAThe CAGE ETF Information Page:  CAGE - Calamos Autocallable Growth ETF | Calamos InvestmentsETF Slop Video:  The Rise of ETF SlopBreathless Unedited AI-Bot Summary:Retirement plans fall apart when we confuse comfort words with real outcomes. “Income” sounds safe, but it often creates taxes you do not need, while the thing that actually keeps retirees calm is liquidity: the ability to raise cash on your schedule without wrecking your portfolio allocation. We lean hard into that distinction, using real listener questions to show how risk parity investing and sensible asset allocation can support spending without turning your life into a tax-driven paycheck factory.We start with a practical bond question that every DIY investor runs into: how should you split Treasury exposure between intermediate-term treasuries (VGIT) and long-term treasuries (VGLT)? We explain what treasuries are supposed to do in a risk parity portfolio (recession insurance), why the “right” answer depends more on your total Treasury percentage than on a perfect formula, and how to sanity-check your choices with backtesting tools. Then we tackle municipal bond funds in a brokerage account, the hidden traps of retirement income marketing, and why liquidity restrictions deserve a black mark in retirement planning.Next, we take on Social Security claiming strategy without the usual internet optimization spiral. We break the decision into real-world categories, talk longevity and household planning, and share a more grounded way to think about valuation by comparing the benefit to annuity pricing rather than break-even charts. We also revisit the four quadrant model and why it can quietly turn into market timing, plus a skeptical look at new options-based leverage products like CAGE and how it differs from leveraged ETFs like UPRO.We wrap with our weekly portfolio reviews across the eight sample portfolios, including updates on stocks, gold, treasuries, managed futures, and commodities. If this helped, subscribe, share the show with a friend, and leave a rating or review so more investors can find it.Support the show