Phil discusses the impact of longevity assumptions, widowhood myths, actuarial averages, and how clients underestimate planning horizons. Phil uses loss math to show why portfolios need much larger gains to recover from deep losses and why volatility drag matters in retirement income planning. He also discusses the limits of traditional diversification and alternative investments. Tom joins the discussion with updates on the knowledge base, surplus asset flexibility, QCD planning, Roth thresholds, IRMAA brackets, and high-net-worth planning needs.