You don't save enough in taxes usually to make the risks of munis worth the price of admission. IMO. During the credit crisis in 2008 Munis went DOWN in value,

You don't save enough in taxes usually to make the risks of munis worth the price of admission. IMO. During the credit crisis in 2008 Munis went DOWN in value, but Treasury Bonds were up almost 30%. That tax savings people thought they had went out the window when the market panicked. If you're investing for the long term, you don't care about temporary panics, the price will just come back up again ( which is what happened: https://personal.vanguard.com/us/funds/snapshot?FundId=0043&FundIntExt=INT https://personal.vanguard.com/us/funds/snapshot?FundId=0043&... ). Coming out of the worst financial crisis in many decades, corporate funds and tax free funds have performed pretty close to Treasuries over the last ten years. ( Compare https://personal.vanguard.com/us/funds/snapshot?FundId=0043&FundIntExt=INT https://personal.vanguard.com/us/funds/snapshot?FundId=0043&... to https://personal.vanguard.com/us/funds/snapshot?FundId=0083&FundIntExt=INT https://personal.vanguard.com/us/funds/snapshot?FundId=0083&... to https://personal.vanguard.com/us/funds/snapshot?FundId=0028&FundIntExt=INT https://personal.vanguard.com/us/funds/snapshot?FundId=0028&... ). If you figure the worst of the defaults is over, then corporates and munis are probably a better buy now. Of course, since interest rates are so abnormally low, buying any kind of long term bond or bond fund may not be a very good idea right now.