Podcasts about mclean asset management

In this episode of Retire with Style, Alex Murguia and Wade Pfau explore the key elements of comprehensive retirement planning. They discuss the importance of understanding your financial goals, working with a financial advisor, and managing risks like health insurance and long-term care costs. Drawing on listener questions and case studies, they examine strategies for transitioning from business ownership to retirement income, optimizing Social Security, and addressing funding gaps. The conversation highlights how personalized planning and thoughtful asset allocation can lead to better financial outcomes in retirement. Listen now to learn more!   Takeaways The quality of your questions shapes the quality of your financial plan. Clear retirement goals are the foundation of effective planning. Financial advice must be tailored—there is no one-size-fits-all solution. Investment strategies should align with your personal goals and overall asset allocation. Health insurance planning is critical before reaching Medicare eligibility. Long-term care costs should be factored into your retirement plan. Tax planning can significantly increase your after-tax retirement income. Transitioning from business income to retirement income requires thoughtful preparation. Financial independence involves complex, interconnected decisions. Personalized strategies are essential for a successful retirement. Understanding your risk capacity and comfort level is vital to planning. Social Security claiming strategies can meaningfully affect retirement income. Asset location matters just as much as asset allocation. A written financial plan helps turn goals into actionable decisions. Part-time work can be a useful tool to bridge income gaps in early retirement. Fixed index annuities may offer dependable income in retirement. A good financial advisor can materially improve your retirement outcomes. It's important to assess your confidence and ability to manage your retirement plan. Effective planning requires a clear understanding of your assets and liabilities. Chapters 00:00 Introduction to Financial Planning and the Webinar 01:57 Understanding Financial Plans and the Role of Advisors 05:53 Analyzing a Financial Independence Case Study 12:06 Exploring Retirement Risks and Goals 17:54 Investment Strategies and Tax Planning for Retirement 19:49 Transitioning from Business Sale to Retirement Income 25:08 Exploring Financial Strategies for Retirement 35:22 Bridging the Retirement Gap 42:32 The Value of Financial Advisors   Links Upcoming Retirement Researcher Webinar: What's Involved When Working With an Advisor! Join Jason Rizkallah and Brian Bass from McLean Asset Management on Wednesday, June 25th at 1PM Eastern for a FREE webinar exploring how to evaluate and work with a financial advisor. Register now at retirewithstyle.com/podcast. Explore the New RetireWithStyle.com! We've launched a brand-new home for the podcast! Visit RetireWithStyle.com to catch up on all our latest episodes, explore topics by category, and send us your questions or ideas for future episodes. If there's something you've been wondering about retirement, we want to hear it!   The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/ This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips  

In this episode of Retire with Style, Wade Pfau and Alex Murguia explore alternative investments with a focus on natural resources, commodities, and catastrophe bonds. They break down the strategies and risks behind these asset classes and examine how they can fit into a diversified retirement portfolio. The conversation offers insights into the potential advantages and challenges of these investments for retirement planning.   Takeaways Natural resources include timberland, farmland, and water rights. Commodities can serve as an inflation hedge but are volatile. Catastrophe bonds transfer natural disaster risk to investors. Investing in companies that use commodities may be more beneficial. The correlation of commodities to equities is generally low. Catastrophe bonds can provide uncorrelated returns to the market. Investors should consider the expected return for each asset class. Due diligence is essential when exploring alternative investments. Infrastructure investments can offer stable returns through usage fees. The role of portfolio managers is to expose investors to asset classes with favorable risk-return profiles. Chapters 00:00 Introduction to Alternative Investments 02:22 Exploring Natural Resources and Commodities 11:53 Understanding Catastrophe Bonds 21:18 Evaluating Risks and Returns in Catastrophe Bonds   Links Explore the New RetireWithStyle.com! We've launched a brand-new home for the podcast! Visit RetireWithStyle.com to catch up on all our latest episodes, explore topics by category, and send us your questions or ideas for future episodes. If there's something you've been wondering about retirement, we want to hear it! The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/ This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”  

Today, I have the pleasure of welcoming Ph.D. Alex Murguia to the show. Alex is the CEO of Retirement Researcher and Managing Director of McLean Asset Management, an investment advisory firm based in Tysons, Virginia. He has been published in the New York Times, the Wall Street Journal, speaks at several financial conferences, and founded a financial planning software which helps retirees learn which retirement income strategies best fit their personalized style. *this episode was recorded in video format: YouTube On today's show, we discuss: 1) What actually is market volatility from an academic perspective? 2) What are some "market drivers" and is it worth trying to gauge them? 3) How much does the market move in absolute terms in order to our net gain or loss at the end of the year? 4) What are some biases we all have as investors (loss aversion, anchoring, survivorship, and action bias)?   *Take a complimentary RISA Assessment   Connect with Loren: Share More & Get in Touch Podcast Page   More from Alex: Retirement Researcher Retire with Style Podcast

In this episode of Retire with Style, Wade Pfau and Alex Murguia explore the world of alternative investments, with a focus on private equity and private credit. They discuss what it means to be an accredited investor, the different types of private equity investments, and the typical life cycle and structure of private equity funds—including the roles of general and limited partners. The conversation also covers key risks, such as liquidity constraints and valuation challenges, and explains how private investments can fit into a broader retirement income strategy. Wade and Alex highlight the growing accessibility of these investments for retail investors, the rise of private credit markets, and the relationship between volatility and expected returns—underscoring the importance of understanding risk when evaluating investment decisions. Listen now to learn more!   Takeaways:  Private Equity Private equity involves investing in private companies rather than publicly traded stocks. The main types of private equity are venture capital, growth equity, and buyouts. These funds typically follow a seven- to eight-year life cycle and are structured with general partners (who manage the fund) and limited partners (who provide capital). Carried interest is a key component of compensation for general partners. Liquidity is a major concern—investments are often locked up for long periods. Valuing private companies is often opaque and can mislead investors. In venture capital, most returns come from a small number of successful investments. Private equity can provide diversification benefits in a broader portfolio. Private Credit Private credit focuses on lending, often to individuals or private firms, and is distinct from private equity. These investments are gaining popularity, driven by institutional demand and the search for yield. Platforms like iCapital are increasing access for individual investors. Private credit can offer higher yields than traditional fixed income but also comes with unique risks. Investment Strategy and Risk Alternative investments are growing in popularity, especially among individual investors. Risk and return must be evaluated together—volatility alone does not guarantee higher returns. Effective portfolio construction requires understanding how different asset classes interact. Investors should avoid diversifying blindly and instead understand the specific risks of each investment.  Chapters 00:00 Introduction to Alternative Investments 04:25 Understanding Private Equity 10:27 Types of Private Equity Investments 18:52 The Private Equity Life Cycle 26:36 Structure and Function of Private Equity Funds 28:08 Risks and Considerations in Private Equity 29:15 The Illusion of Valuations 31:43 Democratization of Investment Access 32:12 Understanding Private Credit 35:33 The Growth of Private Credit Markets 41:03 Integrating Private Credit into Portfolios 45:17 Volatility and Expected Returns   Links Curious about alternative investments but not sure where to start? Join Alex Murguia for the latest Retirement Researcher Academy Workshop: Know Before You Invest: Understanding Alternative Investments and get the clarity you need: https://retirement-researcher.ontralink.com/tl/538   Explore the New RetireWithStyle.com! We've launched a brand-new home for the podcast! Visit RetireWithStyle.com to catch up on all our latest episodes, explore topics by category, and send us your questions or ideas for future episodes. If there's something you've been wondering about retirement, we want to hear it!   Join Us Live on YouTube – June 2nd at 2PM ET! Want to go beyond the podcast and be part of the conversation in real time? Wade and Alex will be hosting a special Retire With Style YouTube Live session, where you can ask your retirement questions and get answers on the spot.   Head over to our YouTube channel now, hit Subscribe, and click the bell to get notified when we go live. We'll see you there! https://www.youtube.com/@retirewithstylepodcast   The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/   This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode, Wade and Alex explore the world of hedge funds—what they are, how they're structured, and how they've evolved from simple hedging tools into complex investment vehicles. They break down common fee models, challenges in measuring performance, and the impact of data biases. The conversation also covers key hedge fund strategies—including long-short, market neutral, arbitrage, and quantitative approaches—highlighting their mechanics, risk profiles, and what they mean for investors, particularly those nearing retirement. Listen now to learn more!   Takeaways Hedge funds are actively managed investment vehicles with fewer regulatory constraints. They aim for absolute returns, regardless of market direction. The traditional fee model is “2 and 20”—2% management fee and 20% of profits. Fees are declining due to growing competition and investor scrutiny. Performance is difficult to assess due to survivorship bias and data limitations. Investors should be cautious of marketing claims and understand the fund's true strategy. Long-short strategies bet on both rising and falling stocks. Market neutral strategies attempt to remove market exposure to focus on relative performance. Arbitrage seeks to profit from temporary price inefficiencies. Quantitative strategies rely on data-driven models to guide trades. Risk premium harvesting involves tilting toward factors like value or momentum. Short selling helps with price discovery but carries risk due to unlimited loss potential. Understanding alpha (excess return) and beta (market exposure) is key to evaluating hedge fund performance. Technology is central to many modern trading strategies. Informed investors are better positioned to navigate complex alternatives like hedge funds. Chapters 00:00 Introduction to Hedge Funds 02:12 Understanding Hedge Funds 05:30 Fee Structures and Costs 10:00 Performance and Survivorship Bias 16:08 Hedge Fund Strategies Overview 22:43 Long-Short and Market Neutral Strategies 23:40 Understanding Long-Short Strategies 30:10 Exploring Market Neutral Strategies 38:11 Diving into Arbitrage and Quantitative Strategies   Links Join Us Live on YouTube – June 2nd at 2PM ET! Want to go beyond the podcast and be part of the conversation in real time? Wade and Alex will be hosting a special Retire With Style YouTube Live session, where you can ask your retirement questions and get answers on the spot. Head over to our YouTube channel now, hit Subscribe, and click the bell to get notified when we go live. We'll see you there! https://www.youtube.com/@retirewithstylepodcast The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/ This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode of Retire with Style, hosts Alex Murguia and Wade Pfau tackle a range of financial planning questions in a lively Q&A session. They explore Social Security strategies, the role of single premium immediate annuities (SPIAs) in retirement income, and investment approaches for managing required minimum distributions (RMDs). The discussion also covers the pros and cons of bond ladders versus Treasury bonds, along with how Roth conversions can affect adjusted gross income and Medicare premiums. Throughout the conversation, Alex and Wade highlight how thoughtful, strategic planning can help retirees maximize their income and minimize their tax burden. Listen now to learn more!   Takeaways Delaying social security can lead to increased spending throughout retirement. A social security delay bridge can mitigate sequence of returns risk. Single premium immediate annuities provide longevity protection and mortality credits. Investing RMDs for beneficiaries can allow for more aggressive strategies. Roth conversions impact adjusted gross income and potential IRMA surcharges. Tax-efficient planning can help manage future tax liabilities. Bond ladders are useful for meeting specific spending needs in retirement. Treasury bonds can be a simpler alternative to bond ladders. Understanding the nuances of annuities is crucial for retirement planning. Engaging with audience questions enhances the relevance of financial discussions. Chapters 00:00 Introduction and Pickleball Paddle Reveal 04:30 Diving into Financial Planning Questions 05:44 Social Security Strategies and Their Impact 11:10 Building a Social Security Delay Bridge 16:11 Exploring Single Premium Immediate Annuities 22:45 Investment Strategies for RMDs 24:40 Bond Ladders vs. Treasury Bonds 26:59 Understanding Roth Conversions and IRMA   Links Our new Retire With Style podcast website is officially LIVE! Submit questions for future episodes, learn more about us and our affiliates, and more to come! Visit RetireWithStyle.com to check it out now!  Visit our YouTube channel and watch this episode and see the new custom limited edition Retire With Style Pickleball Paddles! Follow the instructions in the comments of that video to enter for your chance to win of your very own: https://www.youtube.com/@retirewithstylepodcast The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/ This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode of Retire with Style, Wade Pfau and Alex Murguia sit down with Dr. Daniel Crosby, a leading voice in behavioral finance, to unpack the psychological side of investing in today's volatile markets. Together, they examine how market swings and media noise shape investor behavior—and why having a thoughtful media diet and disciplined decision-making framework is more important than ever. This conversation lays the foundation for next week's episode, where the discussion will shift toward deeper questions of wealth and meaning. Listen now to learn more! Takeaways Market volatility can trigger anxiety—even among professionals. It's normal to feel fear during downturns, but those emotions don't have to drive your decisions. Limiting exposure to financial news may help you stay focused and make better choices. Recognizing the incentives behind financial media can help you consume it more critically. More information isn't always better—clarity often comes from less, not more. Patience matters. Reminding yourself that “this too shall pass” can be grounding. Uncertainty often causes more stress than bad news itself. Taking time to reflect before acting can lead to better financial outcomes. We tend to give others better advice than we give ourselves—pause and consider what you'd tell a friend. Automation and structured plans are powerful tools to reduce emotional decision-making. Chapters 00:00 Introduction to Behavioral Finance and Market Volatility 02:56 Understanding Market Reactions and Investor Psychology 06:01 The Impact of Media on Financial Decision Making 08:47 Navigating Uncertainty in Financial Markets 12:05 The Importance of Patience and Discipline in Investing 15:03 Frameworks for Better Financial Decision Making 17:55 Conclusion and Transition to The Soul of Wealth Links Click here to watch this episode on YouTube: https://youtu.be/6pMFE_-u0YM The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/ This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode of 'Retire with Style', Wade Pfau and Alex Murguia discuss the complexities of market volatility, its implications for investors, and the current economic landscape. They discuss the nature of volatility, the significance of the VIX as a measure of market fear, and the emotional toll of daily market fluctuations. The conversation also touches on the impact of tariffs and inflation on the economy, emphasizing the importance of understanding these factors for long-term investment strategies. Alex and Wade discuss the current state of the market, focusing on the impact of the technology sector, government spending, and economic volatility. They explore historical market risks, investment strategies for navigating uncertainty, and the importance of controlling investment factors. The discussion emphasizes the need for a well-thought-out investment strategy that aligns with individual preferences and the realities of market fluctuations. Listen now to learn more!   Takeaways Market volatility is a significant concern for long-term investors. Understanding the VIX can help investors gauge market sentiment. Tariffs can have complex effects on the economy and consumers. Investors in the distribution phase are more vulnerable to market downturns. The emotional impact of market volatility can affect decision-making. It's essential to focus on long-term investment strategies rather than daily changes. Economic growth and inflation are interconnected factors influencing market conditions. Understanding market dynamics can help investors make informed decisions. The technology sector is currently a significant drag on the market. Government spending cuts can lead to increased economic volatility. Historical data shows that missing key market days can negatively impact returns. Diversification can mitigate losses in a globally diversified portfolio. Investment strategies should align with personal comfort levels and financial goals. Chapters 00:00 Introduction to Market Volatility 04:20 Understanding Market Volatility 10:06 The VIX: Fear Index Explained 11:57 Market Movements and Emotional Responses 16:21 Current Market Conditions and Influences 25:11 Inflation and Its Impact on the Economy 27:28 Market Trends and Technology Sector Impact 29:55 Government Spending and Economic Volatility 32:34 Historical Market Risks and Uncertainties 35:05 Investment Strategies for Market Volatility 41:21 Decision-Making in Uncertain Markets 46:07 Controlling Investment Factors   Links There's still time to join Alex's webinar TODAY 4/1 at 3PM ET, Understanding Market Volatility and What It Means For You: risaprofile.com/podcast  The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/ This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”  

Why This Episode Is a Must-Watch Planning for retirement can feel overwhelming with its complexities and uncertainties. This episode of "Inspired Money" tackles the essential question: How do you turn your savings into reliable income that will last throughout retirement? We bring together a panel of four esteemed experts to share proven strategies, actionable insights, and industry wisdom to help you craft a solid retirement income plan. Whether you are just beginning to think about retirement or looking to refine your strategy, this episode offers valuable advice on diversifying your income, managing taxes, and inflation-proofing your financial future. Meet the Expert Panelists Wade Pfau, PhD, CFA, RICP®, is one of the foremost thought leaders in retirement income planning. He's a professor at The American College of Financial Services, a partner at McLean Asset Management, and the author of the widely acclaimed "Retirement Planning Guidebook." Holding a PhD in Economics from Princeton University, Wade's research has shaped how retirees and financial professionals approach sustainable income strategies. Mary Beth Franklin, CFP®, is a leading authority on Social Security and Medicare. A veteran financial journalist, she's spent over 40 years educating both consumers and financial advisors. She's also the author of "Maximizing Your Social Security Retirement Benefits." If you want to get every dollar you're entitled to, Mary Beth's insights are invaluable. William Bengen revolutionized the way we think about retirement withdrawals and is author of "A Richer Retirement". Best known for creating the "4% Rule," his research has guided countless retirees toward sustainable spending strategies. With an Massachusetts Institute of Technology background in aerospace engineering and a second career in financial planning, Bill brings both precision and practicality to the table. Dana Anspach, CFP®, RMA®, CFP®, RMA®, is the founder and CEO of Sensible Money, LLC. She's dedicated her career to helping people create sustainable retirement income plans. She's the author of "Control Your Retirement Destiny" and "Social Security Sense." Dana's hands-on experience makes her a wealth of practical knowledge. Key Highlights: The Importance of a Diversified Income Portfolio Bill Bengen reveals insights into maintaining a balanced portfolio with an optimal stock allocation to protect against market volatility. He notes, "You need to keep a healthy allocation to stocks to ensure your portfolio generates enough return." Tax Efficient Withdrawal Strategies Wade Pfau discusses maximizing the longevity of retirement funds through strategic tax withdrawal strategies, emphasizing, "Managing an effective marginal tax rate in a strategic manner can have a huge impact on the sustainability of funds in retirement." Social Security as a Foundational Income Source Mary Beth Franklin underscores the critical role of Social Security, providing guidance on maximizing benefits while addressing public concerns about its future reliability. Inflation Risks The episode highlights the threat of inflation and offers strategies to protect retirement income, with Bill Bengen noting that "Inflation is the greatest risk to retirees. Call-to-Action This week, take a closer look at your retirement income plan. Start crafting or refining your strategy to ensure that you have a diversified mix of income sources, consider the impact of inflation, and explore avenues for making your withdrawals more tax-efficient. Planning and flexibility are your keys to a secure financial future. Find the Inspired Money channel on YouTube or listen to Inspired Money in your favorite podcast player. Andy Wang, Host/Producer of Inspired Money

Welcome Back! In this episode, Alex, Wade and Brian dive into the complexities of financial planning, focusing on return assumptions, the importance of a living financial plan, and the methodologies behind capital market assumptions. They discuss the balance between spending and saving in retirement, the relevance of the 4% rule, and practical recommendations for effective financial planning. The conversation emphasizes the need for stress testing and understanding the underlying assumptions in financial models to ensure realistic and effective planning. Listen now to learn more!   Takeaways Return assumptions can be based on historical or expected returns. The financial plan should be treated as a living document that evolves over time. Methodologies for capital market assumptions can vary significantly between firms. The 4% rule is less relevant in modern financial planning than it used to be. Stress testing financial plans helps to understand potential outcomes and risks. Communication with clients about their financial goals is essential. Understanding the math behind financial planning is as important as the goals themselves. Advisors should guide clients in making informed decisions about spending and saving. Chapters 00:00 Historical vs. Expected Returns in Planning 04:14 Building Capital Market Assumptions 07:15 Balancing Lifestyle and Financial Planning 11:01 Understanding Spending Behavior in Retirement 13:36 The Relevance of the 4% Rule 17:26 Practical Recommendations for Financial Planning   Links Click here to watch this episode on YouTube: https://youtu.be/R1dNHo3BDNA?si=RiNVF21TG9Zh4Npf The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/ This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode, Alex and Wade are joined by Brian Bass from McLean Asset Management to discuss the complexities of financial planning assumptions, particularly focusing on Monte Carlo simulations and their implications for success rates in retirement planning. They discuss how different advisors may present varying success rates based on their underlying assumptions, emphasizing the importance of understanding them for consumers. Key topics include the significance of capital market assumptions, the magnitude of failure in financial plans, and the necessity for transparency and communication between advisors and clients. The conversation aims to equip listeners with the knowledge to critically evaluate financial plans and ask the right questions when consulting with advisors. Listen now to learn more! Takeaways Consumers often lack awareness of the assumptions behind financial plans. Monte Carlo simulations are a common tool in financial planning. Success rates can be misleading without understanding underlying assumptions. Small changes in return assumptions can significantly impact success rates. Transparency in financial planning is crucial for informed decision-making. Clients should ask advisors about the inputs used in their financial plans. Different advisors may use varying assumptions leading to different outcomes. Understanding capital market assumptions is key to evaluating financial plans. Effective communication of financial concepts is essential for client understanding. Chapters 00:00 Introduction to Financial Planning Assumptions 02:18 Understanding Monte Carlo Simulations 04:16 The Importance of Assumptions in Financial Planning 06:21 Defining Success Rates in Financial Plans 09:32 Magnitude of Failure vs. Success Rates 10:39 Capital Market Assumptions Explained 14:32 The Role of Returns and Volatility 15:19 Communicating Complex Concepts to Clients 18:29 The Impact of Long-Term Care on Financial Plans 21:33 Key Questions for Consumers to Ask Advisors 23:24 The Sensitivity of Return Assumptions   Links Have a question about your financial plan? Schedule a 15-minute call with Jason Rizkallah from McLean Asset Management: https://calendly.com/jason-rizkallah/mclean-asset-management-introduction-call Did you miss the Challenge? Join the Waitlist to be the first one notified when registration is open for the next session of the Retirement Income Challenge: risaprofile.com/podcast  The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/ This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips  

In this episode of 'Retire with Style', Wade Pfau and Alex Murguia discuss the importance of having a structured financial planning framework, especially in the context of retirement. They explore the psychological aspects of financial planning, including the need for a positive mindset and the impact of behavioral biases on investment decisions. The conversation emphasizes the significance of a systematic approach to financial planning, including techniques like backcasting and considering one's future self. They also address listener feedback regarding Medicare Advantage plans, highlighting the importance of thorough research in making informed decisions about healthcare options in retirement. Listen now to learn more!   Takeaways A structured financial planning framework is essential for retirement. Behavioral biases can significantly impact investment decisions. The financial planning process helps mitigate biases and provides clarity. Backcasting is a valuable technique for setting financial goals. Considering your future self can enhance decision-making. Medicare Advantage plans require careful consideration and research. A financial plan serves as a guide during stressful times. Chapters 00:00 Introduction to Financial Planning Framework 03:00 Mindset and Psychological Preparedness for Financial Planning 06:02 Understanding Behavioral Biases in Investing 12:10 The Importance of a Structured Financial Planning Process 17:53 Backcasting and Future Self in Financial Planning 24:12 Listener Feedback and Medicare Advantage Discussion   Links Purchase access to Wade's Retirement Researcher Academy Workshop, Using Tax Maps to Enhance Tax Planning Decisions! Sign up now for one-time fee of $99 to attend the Workshop live on 2/19/25 and have on-demand access to the recording: https://Retirement-Researcher.ontralink.com/tl/500 The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/ Register to attend Retirement Researcher's FREE 4-Day Retirement Income Challenge on March 10-13th from 12:00 - 2:00 PM ET each day: https://risaprofile.com/podcast This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode, Wade Pfau and Alex Murguia review 2024, focusing on the discrepancies between market predictions and actual outcomes. They discuss the impact of prognostications on investment decisions and highlight the unpredictability of markets, emphasizing the importance of a long-term perspective in financial planning. Their conversation discusses the complexities of investing, emphasizing the futility of forecasting market trends and the importance of capturing market returns. They explore various investment strategies, including the significance of risk tolerance, the role of international investing, and the ongoing debate between value and growth stocks. The discussion highlights the necessity of diversification and maintaining a long-term perspective in investment decisions, especially in light of recent market performances and economic indicators. Listen now to learn more!   Takeaways The importance of learning from past market predictions. Prognostications can significantly influence investment decisions. Historical performance of the S&P 500 shows the unpredictability of forecasts. Financial education often contradicts the reality of market forecasting. A historical average return may be a more reliable guide than expert forecasts. Successful investing doesn't rely on forecasting. Discipline in capturing market returns leads to better long-term outcomes. International investing still holds value despite recent underperformance. Value stocks have not fundamentally deteriorated despite recent trends. Diversification across asset classes is crucial for risk management. Recent market highs do not guarantee future downturns. Chapters 00:00 Year in Review: Lessons for 2025 07:34 Prognostications and Market Predictions 18:07 The Unpredictability of Markets 19:20 The Fallacy of Forecasting in Investing 20:31 The Importance of Capturing Market Returns 22:20 Risk Tolerance and Investment Strategies 25:22 Market Trends and Economic Indicators 28:13 The Role of International Investing 32:28 Understanding Value vs. Growth Investing 36:37 The Future of Small Cap and Value Stocks 48:37 Conclusion: Diversification and Long-Term Outlook   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode of 'Retire with Style', hosts Wade Pfau and Alex Murguia, are joined by Jason Rizkallah from McLean Asset Management. They continue answering your critical questions surrounding retirement planning, focusing on the nuances of choosing between lump sum and annuity options and asset allocation strategies for retirees. They explore the implications of having reliable income sources like pensions and Social Security, and how these can influence investment strategies. The conversation emphasizes the importance of understanding personal risk tolerance and the unique circumstances of each retiree when making financial decisions. This conversation delves into the complexities of retirement planning, focusing on guaranteed income sources, the implications of the 4% rule, and the nuances of liquidity in retirement funds. The discussion also covers the role of the Pension Benefit Guarantee Corporation, strategies for deciding when to start annuities, and the considerations surrounding frozen pensions and lump sum options. The importance of viewing these decisions within the broader context of an individual's financial plan is emphasized throughout. Listen now to learn more!   Takeaways Defined benefit pensions are becoming rare but still relevant in certain areas. Choosing between a lump sum and an annuity requires careful consideration of personal financial goals. Reliable income sources can allow for more aggressive investment strategies in retirement. Pensions and Social Security can be viewed as bond-like income streams. The Retirement Income Style Awareness (RISA) tool can help identify personal preferences for retirement income. Market downturns can significantly impact retirement plans, highlighting the need for careful risk management. Legacy considerations may influence investment strategies, but they are often secondary to ensuring a successful retirement. Guaranteed income can influence asset allocation decisions. Understanding liquidity is crucial for effective retirement planning. The Pension Benefit Guarantee Corporation can alter pension benefits. Frozen pensions may limit future benefits and require careful consideration. Lump sum options can provide flexibility but come with risks. Pension contributions can be counted as part of overall savings. Retirement decisions should be made in the context of a comprehensive financial plan. Chapters 00:00 Introduction to the Q&A Episode 04:57 Lump Sum vs. Annuity: Key Considerations 12:09 Asset Allocation: Stocks vs. Bonds in Retirement 22:53 Understanding Guaranteed Income and Asset Allocation 23:39 Evaluating the 4% Rule and Pension Value 25:23 Liquidity: Technical vs. True Liquidity in Retirement 29:11 Pension Benefit Guarantee Corporation: Implications for Retirees 32:34 Deciding When to Start Your Annuity 36:43 Navigating Frozen Pensions and Lump Sum Decisions 41:53 Counting Pension Contributions Towards Savings Rate     Links Want to find out your personalized retirement income style? Click here to take a free RISA: https://risaprofile.com/style/ The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode of 'Retire with Style', hosts Alex Murguia and Wade Pfau engage in a lively discussion about various financial strategies for retirement. They explore the differences between Health Savings Accounts (HSAs) and Roth IRAs, emphasizing the tax advantages of HSAs. The conversation also delves into the implications of investing in Real Estate Investment Trusts (REITs) and the importance of asset allocation. Additionally, they clarify common misconceptions about tax planning for individuals versus married couples, particularly regarding Medicare and Social Security. Alex and Wade also discuss various investment strategies, particularly focusing on Warren Buffett's investment guidelines, stock allocation for retirement, and the importance of preparing for the fragile decade leading up to retirement. They explore the transition to fixed income investments and the significance of understanding individual risk tolerance and retirement styles. The discussion emphasizes the need for a tailored approach to retirement planning, considering both mathematical and psychological factors. Listen now to learn more!    Takeaways HSAs offer unique tax advantages over Roth IRAs. Investing in REITs can be beneficial in tax-advantaged accounts. Asset allocation should be prioritized over asset location. Understanding tax traps in retirement is crucial for effective planning. Married couples face similar tax implications as single filers. Collecting medical receipts can lead to significant tax savings. The investment strategy should align with individual financial goals. Communication about financial strategies is essential for clarity. Warren Buffett's investment advice should be contextualized for individual needs. Investing in the S&P 500 is generally more effective than picking individual stocks. The fragile decade before and after retirement is crucial for income planning. A balanced approach to stock and fixed income allocation is essential. Understanding personal risk tolerance is key to retirement success. Transitioning to fixed income should start 5-10 years before retirement. The sequence of returns risk can significantly impact retirement income. Diversification across different asset classes can mitigate risks. Chapters 00:00 Introduction and Small Talk 12:02 Tax Planning in Retirement: Individual vs. Joint Filers 22:29 Understanding Stock Allocation in Retirement 35:38 Transitioning to Fixed Income Investments 43:05 Conclusion and Next Steps   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode of  'Retire with Style' Alex and Wade continue answering your questions about the various aspects of retirement planning. Their conversation focuses on the implications of the Secure Act 2.0 on SPIA and RMD calculations, the legal responsibilities surrounding RMD miscalculations, strategies for protecting late-life income against inflation, optimizing Social Security payments, and the considerations for Roth IRA contributions versus distributions. They also emphasize the importance of understanding new regulations, legal implications, and financial strategies to ensure a secure retirement. Listen now to learn more!   Takeaways Understanding the new RMD rules can significantly impact retirement planning. SPIA payments can now be aggregated with IRA balances for RMD calculations. Legal advice may be necessary for resolving RMD miscalculations. Treasury Inflation-Protected Securities (TIPS) can help protect against inflation. Roth IRA contributions should ideally be made early in the year. Dollar-cost averaging can mitigate market volatility in distributions. Innovative financial products are emerging to address retirement income needs. Understanding the implications of the Secure Act 2.0 is essential for retirees. Chapters 00:00 Strategies for Achieving a Funded Ratio 01:22 Understanding RMDs and SPIAs 12:28 Inflation Protection for Late Life Income 22:41 Optimizing Social Security Benefits 24:11 Investment Strategies: Lump Sum vs. Dollar Cost Averaging 32:07 Withdrawal Strategies: Constant Percentage vs. Variable Spending   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode, Wade and Alex welcome Jason Fichtner to discuss the evolving landscape of retirement income. They explore consumer perspectives on retirement, the importance of protected income strategies, and the generational shifts affecting retirement planning. Their conversation also delves into the decline of traditional pensions, insights on Social Security and Medicare, and the need for better communication regarding claiming strategies. The conversation also focuses on the evolving landscape of retirement income, focusing on the importance of annuities and social security as protected income sources. Listen now to learn more!   Takeaways The concept of retirement is evolving beyond traditional norms. Protected income is essential for financial security in retirement. Generational shifts are leading to different retirement challenges. The decline of pensions necessitates new income solutions. Social Security is not sufficient for most retirees' needs. Effective communication about claiming benefits is crucial. The retirement planning industry must adapt to changing demographics. Education on retirement income strategies is vital for future generations. Delaying Social Security can enhance spousal benefits. The traditional three-legged stool of retirement income is changing. Innovative annuity options can help bridge income gaps in retirement. Behavioral framing can influence retirement income expectations. Protected income can increase retirees' spending confidence. Barriers to annuitization need to be addressed for better adoption. The retirement security industry has a significant role to play. Research and common language are essential for effective communication. Chapters 00:00 Introduction to Retirement Income Challenges 02:13 Consumer Perspectives on Retirement 05:01 The Importance of Protected Income 08:12 Generational Shifts in Retirement Planning 10:41 The Decline of Traditional Pensions 12:05 Social Security and Medicare Insights 15:20 Reframing Social Security Claiming Strategies 19:00 Understanding Annuities and Social Security 21:59 The Shift from Defined Benefit to Defined Contribution 24:55 Innovations in Retirement Income Solutions 28:58 The Future of Retirement Security 32:02 Research and Education in Retirement Planning   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode of 'Retire with Style', hosts Alex Murguia and Wade Pfau, along with guest Rob Cordeau, continue their conversation into the complexities of Roth conversions and their implications for tax efficiency in retirement planning. They discuss the nuances of paying taxes on conversions, the importance of understanding tax brackets, and the impact of the SECURE Act on intergenerational wealth transfer. The conversation emphasizes strategic planning to optimize tax outcomes for both current and future generations, highlighting the need for a dynamic approach to retirement income management. They highlight the value of having a diversified tax strategy to enhance financial flexibility in retirement. Listen now to learn more!  Takeaways Roth conversions can be beneficial if done at a lower tax rate. Paying taxes from an IRA during a Roth conversion isn't always bad advice. Tax brackets in retirement can vary significantly based on spending phases. Intergenerational planning is crucial for optimizing tax liabilities for heirs. The SECURE Act has changed the landscape for inherited IRAs, requiring careful planning. Clients often go through different spending phases in retirement, affecting tax strategies. Understanding the timing of tax payments can lead to better financial outcomes. Overconfidence can lead to over-converting in Roth strategies. Having a tax-free bucket in retirement offers significant advantages. Understanding the pro-rata rule is crucial for backdoor Roth conversions. Tax projections are vital for effective Roth conversion planning. Flexibility in tax strategy can enhance retirement income management. It's important to consider state tax implications when converting. Engaging in Roth conversions can open doors for future financial flexibility. Chapters 00:00 Introduction to Roth Conversions 08:35 Intergenerational Tax Planning 17:57 Hedging Strategies in Retirement Planning 24:03 Mistakes in Roth Conversions 30:01 Understanding Roth Conversion Nuances   Links Click here to submit your question for a future RWS Live Q&A: retirementresearcher.com/ask The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode, Alex Murguia and Wade Pfau are joined by Rob Cordeau to discuss the complexities and strategies surrounding Roth conversions. They emphasize the importance of long-term tax planning and the various factors that influence the decision to convert traditional IRAs to Roth IRAs. They explore the perspectives of financial advisors versus accountants, the timing of conversions, and the emotional aspects of financial planning. The conversation also touches on the implications of national debt and future tax rates, providing insights into how clients can navigate these decisions effectively. Listen now to learn more!   Takeaways Roth conversions can lead to significant tax savings over time. It's crucial to consider long-term tax implications rather than just immediate savings. Tax projections should be done annually to adjust strategies as needed. Advisors and CPAs may have differing perspectives on Roth conversions. Clients often have preconceived notions about Roth strategies that need addressing. Using standard deductions effectively can enhance tax efficiency in retirement. Roth conversions should be viewed as a hedging strategy against future tax increases. Chapters 00:00 Introduction to Roth Conversions 01:31 Understanding Roth Conversions 03:08 The Accountant's Perspective on Roth Conversions 05:06 When to Consider Roth Conversions 08:02 Analyzing the Break-Even Point 12:15 Adjusting Strategies Over Time 14:11 Emotional Aspects of Financial Planning 16:17 Advisor vs. CPA Perspectives 19:58 Client Perspectives on Roth Conversions 22:26 Predicting Future Tax Rates 25:14 The Role of National Debt in Tax Planning 30:31 Hedging Against Future Tax Increases 31:12 Maximizing Roth Conversions 33:02 Conclusion and Next Steps   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode of 'Retire with Style', hosts Alex Murguia and Wade Pfau with Jessica Wunder from McLean Asset Management delve into the complexities of early withdrawals from retirement accounts, specifically IRAs and 401(k)s. They discuss the penalties associated with early withdrawals, the Rule of 55, and various exceptions allowing penalty-free access to funds. The conversation highlights the differences between IRAs and 401(k)s, including specific exceptions applicable to each type of account. In this conversation, the speakers discuss the new exceptions introduced by Secure Act 2.0, including emergency withdrawals and disaster recovery relief. They delve into various early withdrawal exceptions, such as those for death, disability, and medical expenses. A significant focus is placed on the 72T approach, which allows for early withdrawals without penalties under specific conditions.    Takeaways The Rule of 55 allows penalty-free withdrawals from 401(k)s after age 55. Public safety employees have unique exceptions for early withdrawals. You can withdraw for medical insurance premiums if unemployed. Educational expenses can be covered by early withdrawals from IRAs. The 72(t) strategy allows for substantially equal periodic payments. There are strict rules governing early withdrawals from retirement accounts. Early withdrawal exceptions include death, disability, and medical expenses. The 72T approach allows for substantially equal payments from retirement accounts. Chapters 00:00 Introduction and Guest Introduction 01:38 Understanding Early Withdrawals from Retirement Accounts 04:02 Exploring the Rule of 55 11:09 Exceptions for IRAs vs. 401(k)s 15:57 Common Exceptions for Early Withdrawals 18:00 New Exceptions in Secure Act 2.0 22:00 Understanding Early Withdrawal Exceptions 30:00 The 72T Approach Explained 35:59 Planning for Retirement Cash Flow Needs   Links Click here to download Retirement Researcher's free resource, “Exception to Early Withdrawal Penalties“: https://retirement-researcher.ontralink.com/tl/476 We're hosting another YouTube LIVE Q&A episode for RWS! Click here to submit your questions: www.retirementresearcher.com/ask Watch this episode on YouTube: https://youtu.be/EzdIgudCkPQ?feature=shared The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode of 'Retire with Style', Wade and Alex discuss the complexities of pension decisions with Jason Rizkallah from McLean Asset Management. The conversation delves into the critical choices retirees face regarding pension options, including whether to take a lump sum or annuity payment, the implications of each choice, the importance of comprehensive financial planning, and the potential benefits of external annuities. They discuss the importance of evaluating commercial annuities, understanding the structures and benefits of different annuity options, and the credit risks associated with pensions and insurance companies. The conversation also covers strategies for diversification, the significance of rate lock procedures, and the impact of income decisions on overall retirement planning. Listen now to learn more!   Takeaways Annuities provide reliable income but come with liquidity issues. Tax implications are significant when taking a lump sum. External annuities can be competitive with pension options. Comprehensive financial planning is essential for retirement success. The choice between lump sum and annuity should consider long-term goals. Market conditions can affect the competitiveness of annuities. Consider all options before deciding on a pension or lump sum. Commercial annuities may offer better income rates than pensions. Evaluate the structure of annuities for survivor benefits. Credit risk varies between pensions and insurance companies. Diversifying annuities can mitigate risk but may lower income. Rate lock procedures are crucial in securing favorable annuity rates. Understand the implications of income on Medicare premiums. Ask providers about the potential repercussions of retirement choices. Partial rollovers may be possible but are often all or nothing.   Chapters 00:00 Introduction to Pension Decisions 02:35 Understanding Pension Options: Lump Sum vs. Annuity 05:54 Exploring the Third Option: External Annuities 08:51 Pros and Cons of Taking a Lump Sum 16:17 Evaluating Annuity Options 25:49 The Case for External Annuities 27:23 Evaluating Pension vs. Lump Sum Options 30:53 Understanding Annuity Structures and Benefits 34:34 Assessing Credit Risks in Pensions and Annuities 38:18 Exploring Partial Rollovers and Diversification Strategies 42:09 Navigating Rate Lock Procedures for Annuities 47:11 Considering the Impact of Income on Retirement Planning   Links Click here to download Retirement Researcher's free flowchart resource, "Should I take my pension as a lump sum?": https://retirement-researcher.ontralink.com/tl/474 We're hosting another YouTube LIVE Q&A episode for RWS! Click here to submit your questions: www.retirementresearcher.com/ask The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode of 'Retire with Style', Wade and Alex discuss the complexities of tax-efficient retirement planning, focusing on understanding preferential income, tax brackets, and the implications of additional income on tax rates. They explore the net investment income tax, strategic Roth conversions, and the significance of timing in retirement income planning. The conversation emphasizes the need for careful management of social security and Medicare surcharges, particularly during the fragile decade of financial planning leading up to and following retirement. Listen now to learn more! Takeaways Preferential income includes long-term capital gains and qualified dividends. Understanding how income stacking affects tax rates is crucial. The net investment income tax can increase effective tax rates significantly. Roth conversions should be timed carefully to avoid higher tax brackets. Social security decisions can influence tax planning strategies. Chapters 00:00 Introduction to Tax-Efficient Retirement Planning 02:46 Understanding Preferential Income and Tax Brackets 06:01 The Impact of Additional Income on Tax Rates 09:02 Navigating the Net Investment Income Tax 11:53 Strategic Roth Conversions and Tax Planning 14:55 The Importance of Timing in Retirement Income Planning 18:08 Managing Social Security and Medicare Surcharges 20:58 The Fragile Decade of Financial Planning 24:04 Conclusion and Future Planning Strategies   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”  

In this episode of 'Retire with Style', hosts Alex Murguia and Wade Pfau delve into the concept of the 'tax torpedo', a phenomenon affecting the taxation of Social Security benefits. They explore how increased taxable income can lead to a significant rise in the percentage of Social Security benefits that are taxed, particularly for middle-class retirees. The discussion covers the mechanics of the tax torpedo, the implications of provisional income, and strategies for effective retirement income planning to mitigate its effects. Through case studies and real-world examples, the hosts emphasize the importance of proactive tax planning to avoid unexpected tax burdens in retirement. Listen now to learn more!   Takeaways The tax torpedo refers to the taxation of Social Security benefits based on income levels. Middle-class retirees are particularly affected by the tax torpedo. Provisional income is a key factor in determining how much Social Security is taxed. Taxation on Social Security benefits can range from 0% to 85%. Roth conversions can help manage taxable income and reduce Social Security taxation. The tax brackets can create significant jumps in effective tax rates due to the tax torpedo. Understanding provisional income is crucial for retirement planning. Tax planning before starting Social Security benefits can lead to significant savings. The tax torpedo is a planning opportunity rather than just a snag. Effective management of taxable income can lead to real tax savings. Chapters 00:00 Introduction to the Tax Torpedo 02:29 Understanding the Tax Torpedo Mechanics 05:56 The Impact of Social Security Taxation 09:38 Provisional Income and Its Implications 13:09 Navigating the Tax Brackets 18:05 Case Studies and Real-World Examples 26:10 Planning Opportunities to Avoid the Torpedo   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode of 'Retire with Style', Alex and Wade delve into the intricacies of Required Minimum Distributions (RMDs). They discuss the calculations involved, the implications of RMDs on retirement planning, and the recent changes introduced by Secure Act 2.0. The conversation also covers the consequences of failing to take RMDs, the aggregation of RMDs across different accounts, and provides examples of RMD calculations using life expectancy tables. Additionally, they touch on the topic of RMDs for inherited accounts and introduce the concept of Qualified Charitable Distributions as a strategy to manage RMDs effectively. Listen Now to Learn More!   Takeaways RMDs are required to ensure taxes are paid on tax-deferred accounts. The starting age for RMDs has changed to 73 or 75 depending on birth year. RMDs do not apply to Roth IRAs or Roth 401(k)s. Failing to take RMDs can result in significant penalties. You can aggregate RMDs across multiple IRAs but not 401(k)s. RMD calculations are based on the account value at the end of the previous year. The uniform life table is commonly used for RMD calculations. Qualified Charitable Distributions can help manage RMD tax implications. Understanding RMDs is crucial for effective retirement planning. RMDs can impact social security taxation and Medicare premiums. Chapters 00:00 Introduction to Required Minimum Distributions 03:00 Understanding RMD Calculations and Implications 06:04 RMD Rules and Changes in Secure Act 2.0 09:10 Consequences of Not Taking RMDs 11:59 Aggregating RMDs Across Accounts 14:53 RMD Calculation Examples and Life Expectancy Tables 21:04 Exploring RMDs on Inherited Accounts 25:54 Qualified Charitable Distributions and Future Topics   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode, Alex and Wade discuss tax-efficient retirement strategies, specifically focusing on tax diversification. They explain the three broad types of tax treatments in the tax code: taxable accounts, tax-deferred accounts (such as IRAs and 401ks), and tax-exempt accounts (such as Roth IRAs). They highlight the importance of having assets in each category to provide flexibility in retirement planning. They also discuss the characteristics and advantages of each type of account, including tax treatment, liquidity, and growth potential. Additionally, they touch on the different methods of tracking cost basis in taxable accounts. In this conversation, Alex and Wade discuss tax-efficient retirement distribution strategies. They cover the different types of retirement accounts, including tax-deferred accounts (such as traditional IRAs and 401(k)s), tax-exempt accounts (such as Roth IRAs and Roth 401(k)s), and taxable accounts. They explain the tax advantages and disadvantages of each type of account and discuss the importance of considering your current and future tax rates when deciding where to contribute. They also touch on the backdoor Roth contribution strategy and the concept of required minimum distributions (RMDs). Overall, the conversation emphasizes the importance of tax efficiency in retirement planning.   Takeaways Tax diversification involves having assets in taxable accounts, tax-deferred accounts, and tax-exempt accounts to provide flexibility in retirement planning. Taxable accounts are the least tax-efficient but offer advantages such as preferential income treatment, step-up in basis at death, and liquidity. Tax-deferred accounts, such as IRAs and 401ks, offer tax deductions on contributions and tax-deferred growth, but have required minimum distributions and early withdrawal penalties. Tax-exempt accounts, such as Roth IRAs, offer tax-free growth and tax-free distributions, but contributions are not tax-deductible. Tracking cost basis in taxable accounts can be done using methods like average cost, first in first out (FIFO), or specific identification of tax lots. Consider your current and future tax rates when deciding where to contribute to retirement accounts. Tax-deferred accounts (such as traditional IRAs and 401(k)s) provide a tax deduction now but are taxed upon withdrawal. Tax-exempt accounts (such as Roth IRAs and Roth 401(k)s) are funded with after-tax dollars but provide tax-free withdrawals in retirement. Taxable accounts have no tax advantages but offer flexibility and liquidity. The backdoor Roth contribution strategy allows high-income earners to contribute to a Roth IRA by making a non-deductible contribution to a traditional IRA and then converting it to a Roth IRA. Required minimum distributions (RMDs) are mandatory withdrawals from tax-deferred retirement accounts starting at age 72 (or 70.5 for those born before 1960). Tax efficiency is an important aspect of retirement planning and can have a significant impact on your overall financial situation.   Chapters 00:00 Introduction and Excitement for Tax-Efficient Retirement Strategies 01:26 Tax-Efficient Retirement Distributions as a General Theme 03:01 Understanding Tax Diversification and the Three Types of Tax Treatments 04:20 Advantages and Considerations of Taxable Accounts 15:11 Benefits and Limitations of Tax-Deferred Accounts 25:14 The Advantages of Tax-Exempt Accounts 26:04 Methods of Tracking Cost Basis in Taxable Accounts 00:31 Overview of Retirement Accounts 08:43 Tax-Deferred Accounts 18:30 Tax-Exempt Accounts 25:14 Taxable Accounts 28:47 Backdoor Roth Contribution 33:44 Required Minimum Distributions (RMDs) 38:26 Tax Efficiency in Retirement Planning 45:11 Retirement Tax Cliff 47:09 Conclusion   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode, Alex, Wade, and Jason discuss what to expect in retirement. They cover several major lifestyle changes that occur during retirement, including the loss of work identity, increases in unstructured time, changes in social connections, shifts in physical health, adjustments in daily routines, and the need for financial planning. They provide insights on both the positive and negative aspects of these changes and offer suggestions on how to navigate them. In this conversation, the hosts discuss the importance of structure and routines in retirement. They highlight the difference between structuring time and developing routines, emphasizing the need for both to maintain a sense of purpose and productivity. They also explore the challenges of spending more time with a spouse or partner in retirement and the importance of communication and finding a balance between shared activities and individual interests. The hosts also touch on the impact of social connections and the need to build new networks outside of work. Lastly, they discuss the health and aging process in retirement, emphasizing the importance of managing physical and mental health and avoiding negative feedback loops.   Takeaways Retirement involves major lifestyle changes that can have both positive and negative impacts. Losing work identity and a sense of purpose can be challenging, but it also presents an opportunity to create a new identity based on personal interests and passions. Having unstructured time in retirement can lead to boredom and unhealthy habits, so it's important to establish a new routine and pursue meaningful activities. Maintaining social connections and building new relationships is crucial for overall well-being in retirement. Physical health may change in retirement, and it's important to prioritize self-care and engage in regular exercise. Adjusting daily routines and finding a balance between relaxation and productivity is key to enjoying retirement. Financial planning is essential to ensure a secure and comfortable retirement. Each individual's retirement experience is unique, and the impact of these lifestyle changes will vary. Retirement is an exciting opportunity for personal growth and exploration. Structure and routines are essential in retirement to maintain a sense of purpose and productivity. Spending more time with a spouse or partner in retirement requires communication and finding a balance between shared activities and individual interests. Building new social connections outside of work is important to combat social isolation in retirement. Managing physical and mental health is crucial in retirement, and avoiding negative feedback loops is key. Creating a financial plan that addresses retirement income style and funded ratio is essential for a successful retirement. Chapters 00:00 Introduction and Overview 02:03 Chapter 1: Navigating the Loss of Work Identity in Retirement 11:39 Chapter 2: Managing Unstructured Time in Retirement 15:10 Chapter 3: Maintaining Social Connections in Retirement 18:13 Chapter 5: Adjusting Daily Routines in Retirement 20:47 Chapter 6: The Importance of Financial Planning in Retirement 26:38 Building New Social Connections in Retirement 32:58 Managing Health and Aging in Retirement 39:59 Creating a Financial Plan for Retirement   Links Registration for the next Retirement Income Challenge is OPEN: Learn more and join us for this LIVE 4-Day event starting on August 26th-29th, 2024 from 12:00 -2:00 PM ET each day by visiting risaprofile.com/podcast The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode, Wade, Alex, and Jason discuss the meaning of retirement and the factors to consider when deciding on a retirement date. They explore the idea that retirement is not just about leisure activities like golfing, but also about personal goals and relationships. They also touch on the possibility of working in retirement and the importance of financial independence. The conversation highlights the need for careful planning and consideration of health, financial, and personal factors when determining the timing of retirement. In this conversation, the hosts discuss the different factors that can influence retirement decisions, such as health, career changes, and financial stability. They emphasize the importance of asking the right questions and setting goals to create a comprehensive retirement plan. The hosts also mention the upcoming retirement income challenge, where participants can learn more about retirement planning. They end the conversation by teasing the next episode, which will focus on the changes that occur in retirement. Listen now to learn more!   Takeaways Retirement is whatever you decide it to be, and it can look different for everyone. Working in retirement or pursuing new ventures after retiring from a career is becoming more common. Retirement should not be solely focused on leisure activities, but also on personal goals and relationships. Financial independence is a key driver of retirement, as it provides the flexibility to do what you want. The timing of retirement should be carefully considered, taking into account health, financial, and personal factors. Retirement plans may need to be adjusted if health issues or unexpected circumstances arise. Retirement is a transition that requires planning and preparation to ensure a smooth and fulfilling experience. Retirement decisions can be influenced by factors such as health, career changes, and financial stability. Asking the right questions and setting goals is crucial for creating a comprehensive retirement plan. Investing in relationships and health is important for a fulfilling retirement. The retirement income challenge is a valuable resource for learning more about retirement planning. The next episode will explore the changes that occur in retirement. Chapters 00:00 Introduction and Small Talk 03:45 Working in Retirement 06:47 Beyond Leisure: Personal Goals and Relationships 09:38 The Importance of Financial Independence 12:25 Timing Retirement: Health, Financial, and Personal Factors 20:31 Adjusting Retirement Plans for Unexpected Circumstances 22:35 Retirement as a Transition: Planning for a Fulfilling Experience 25:15 Asking the Right Questions for Retirement Planning 28:01 Investing in Relationships and Health for a Fulfilling Retirement 37:40 Join the Retirement Income Challenge 41:21 Next Episode: Changes in Retirement   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this conversation, Bob French and Rob Cordeau discuss ESG (Environmental, Social, and Governance) investing and its growing popularity. They explore the different ways investors can align their portfolios with their personal values and beliefs. They also address common misconceptions about ESG investing, such as it being solely for liberal investors. The conversation highlights the importance of understanding the impact and potential trade-offs of ESG investing, including the potential for lower expected returns. They discuss different approaches to implementing ESG investing, including using funds and ETFs, separately managed accounts, or donating the difference in returns to charities. The conversation concludes with advice on how to approach the decision of whether ESG investing is right for an individual.   Takeaways ESG investing allows investors to align their portfolios with their personal values and beliefs. ESG investing can involve adding or subtracting certain stocks, industries, or sectors based on values and beliefs. ESG investing may result in a slightly lower expected return compared to a globally diversified market portfolio. Investors should carefully consider the impact and potential trade-offs of ESG investing before making a decision. Different implementation options for ESG investing include using funds and ETFs, separately managed accounts, or donating the difference in returns to charities. Chapters 00:00 Introduction and Setting the Stage 07:37 Implementing ESG Investing: Adding or Subtracting 09:41 The Impact and Trade-Offs of ESG Investing 14:04 ESG Investing: Not a Boycott or Punishment 20:01 ESG Investing and Portfolio Performance 26:58 Implementation Options: Funds, SMAs, and Donations 39:37 Making the Decision: Is ESG Investing Right for You? 41:50 Conclusion and Final Thoughts   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode, Alex, Wade and Rob answer listener questions about retirement planning. They discuss topics such as asset allocation, selling RSUs, managing sequencing risk, and when to claim Social Security. They provide insights on diversification, tax implications, and the importance of considering both sequence risk and concentration risk. They also suggest strategies like creating a bond ladder and using IRA distributions to bridge the income gap. The episode ends with a plan to continue answering more listener questions in the next episode. Listen now to learn more!   Takeaways Consider the risks and benefits of holding concentrated positions, such as RSUs, in your portfolio Evaluate the tax implications of selling RSUs and consider the potential benefits of diversification Use Social Security claiming software to determine the optimal claiming strategy for both spouses Explore strategies like bond ladders and IRA distributions to bridge income gaps in retirement Balance the preservation of principal with the need for growth and income in your retirement portfolio Chapters 00:00 Introduction and Q&A Format 05:42 Managing Concentrated Positions and Sequencing Risk 27:43 Creating a Bond Ladder to Bridge Income Gaps 29:54 Using IRA Distributions to Manage Tax Liability 35:23 Balancing Preservation of Principal with Growth and Income   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this conversation, Alex Murguia and Wade Pfau discuss various topics related to retirement planning, including glide paths, asset allocation, index funds, and tax planning. They address questions about implementing a rising equity glide path, asset allocation across different types of accounts, the performance of index funds, and the availability of withdrawal strategy software for retirees. They also touch on the topic of Medicare and HSA contributions. Overall, the conversation provides valuable insights into retirement planning strategies and considerations.   Takeaways Implementing a glide path for retirement asset allocation depends on individual circumstances and goals, and there is no one-size-fits-all approach. When considering asset allocation across different types of accounts, it is generally recommended to place tax-efficient assets in taxable accounts and tax-inefficient assets in tax-deferred accounts. Index funds generally reflect the performance of the stocks in the index they follow, and their daily performance is based on the weighted average of the proportion of each stock in the index. Withdrawal strategy software packages for retirees are primarily available to investment advisors and may not be easily accessible to individual consumers. Individuals who work for employers with more than 20 employees can delay applying for Medicare after age 65 to continue contributing to their HSA accounts, but it is important to consult with HR and understand the implications of signing up for Medicare. Chapters 00:00 Episode 131 Starts 01:29 Asset Allocation and Glide Paths in Retirement 04:07 Understanding Index Fund Performance 07:10 The Drawbacks of Equal-Weighted Indices 10:47 Tax-Efficient Asset Location 21:46 Limitations of Withdrawal Strategy Software 28:00 Managing Medicare and HSA Contributions 32:33 The Value of Professional Advice in Retirement Planning   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode, the conversation covers various aspects of long-term care, including qualifying for long-term care insurance, alternative options for funding long-term care, and the role of Medicaid. Alex and Wade also discuss the importance of planning for long-term care and the potential challenges faced by individuals who cannot afford to pay for care. The conversation concludes with a discussion on how to invest funds set aside for long-term care. The conversation covers various topics related to financial planning and investment management. They discuss fee-only planners, annuities, engaging a fee-only planner, strategies to lower risk during retirement, buying whole life insurance for teenage children, and investing to keep up with inflation. They also touch on the reinvestment of dividends and capital gains for a 74-year-old to offset RMDs. The conversation ends with a lighthearted discussion about push-ups. Listen now to learn more!   Takeaways Traditional long-term care insurance is difficult to qualify for if you have chronic conditions. Alternative options for funding long-term care include hybrid life insurance with long-term care, annuity with long-term care, and deferred income annuities. Medicaid can be an option for long-term care if you have depleted your other resources. Investing funds set aside for long-term care depends on your liquidity mindset and the timeline for needing the funds. Transparency and client preferences should guide the choice of compensation models for financial planners. Fee-only planners charge a fee for investment management and financial planning, while commission-based planners earn a commission on annuity sales. Engaging a fee-only planner may be worth it if you have enough assets, typically around $500,000 or more. Whole life insurance for teenage children can be used to protect their insurability in case of future health issues. Lowering risk during retirement can be achieved through strategies like adjusting asset allocation, creating bond ladders, and building an income floor. Investing in TIPS (Treasury Inflation Protected Securities) can help preserve the inflation-adjusted value of your principal. Dividends can be taken out to offset RMDs (Required Minimum Distributions) for IRA accounts. Both Wade and Alex need to get back on track with their push-up routines. Chapters 00:00 Episode 130 starts 00:17 Exploring Alternative Options for Long-Term Care Funding 07:23 Considering Medicaid as a Long-Term Care Option 14:35 Investing Long-Term Care Reserve Assets 19:59 Transparency and Client's Best Interests 23:34 Lowering Risk During Retirement Transition 31:13 Reinvesting Dividends and Capital Gains for RMDs 39:32 The Importance of Regular Exercise   Links Register now to attend the next webinar with Retirement Researcher, "The Election and The Stock Market: Understanding the Effects on Your Investments" on 6/25/24 at 1PM ET hosted by Bob French. Visit risaprofile.com/podcast to reserve your spot! The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean's free eBook, “Retirement Income Planning”

In this episode, Wade and Alex discuss the different features of long-term care insurance. They cover topics such as waiting periods, benefit periods, benefit amounts, inflation adjustments, and methods of payment. They also touch on the administrative aspects of managing long-term care insurance and qualifying expenses. In this conversation, Alex and Wade discuss various aspects of long-term care insurance. They cover topics such as the definition of activities of daily living, the differences between policies, the option for couples to pool their benefits, the concept of hybrid policies, underwriting requirements, coverage for living abroad, liquidity and death benefit options, ways to lower premiums, and the importance of sharing your long-term care plan with family members. The conversation concludes with a discussion on implementation and monitoring of the plan, including the importance of staying healthy and reviewing the plan regularly.   Takeaways Long-term care insurance policies have different features that need to be considered, such as waiting periods, benefit periods, and benefit amounts. Waiting periods determine how long you have to wait before the benefits kick in. Benefit periods determine how long the benefits will last. Benefit amounts can be paid per day or per month, and the total benefit pool depends on the policy. Inflation adjustments are important to consider to protect the value of the benefits over time. Methods of payment include reimbursement, indemnity, and cash methods. Managing long-term care insurance can be administratively burdensome, and it may be helpful to have a trusted person or professional assist with the process. Qualifying expenses for long-term care insurance coverage depend on the policy and may include in-home care, assisted living, nursing home care, and more. Understand the definition of activities of daily living and how they are defined in different policies. Consider the option for couples to pool their benefits in a joint policy. Explore hybrid policies that combine long-term care insurance with other benefits. Be aware of the underwriting requirements and shop around for the best health classification. Check if the policy covers living abroad if that is a consideration. Consider the liquidity and death benefit options in hybrid policies. Explore ways to lower premiums, such as choosing a lower level of inflation protection or a shorter benefit period. Share your long-term care plan with relevant family members and make sure they are aware of the policy and any care coordinators. Implement and monitor your plan regularly, reviewing it annually and making adjustments as needed. Stay healthy and take care of your health to reduce the need for long-term care.   Chapters 00:00 Understanding the Different Features of Long-Term Care Insurance 06:10 Navigating Waiting Periods and Benefit Periods 08:13 Determining Benefit Amounts and Inflation Adjustments 15:21 Exploring Methods of Payment for Long-Term Care Insurance 24:28 Qualifying Expenses for Long-Term Care Insurance Coverage 24:56 Understanding Activities of Daily Living and Policy Differences 27:17 Pooling Benefits for Couples in Joint Policies 28:37 Exploring Hybrid Policies 29:00 Navigating Underwriting and Health Classification 30:36 Considering Coverage for Living Abroad 31:38 Understanding Liquidity and Death Benefit Options 33:05 Lowering Premiums through Various Strategies 35:23 Sharing Your Long-Term Care Plan with Family Members 37:57 Implementing and Monitoring Your Plan 39:16 Staying Healthy to Reduce the Need for Long-Term Care   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, “Is a Roth Conversion Right For You?”

In this episode, Wade and Alex discuss Medicaid as a funding source for long-term care. They touch on the importance of Medicaid planning and the different rules and qualifications that vary from state to state. They also highlight the need for specialized elder law attorneys to navigate the complexities of Medicaid. Wade shares his personal experience with his parents' Medicaid coverage and the benefits it provides. The episode concludes with a reminder to consider Medicaid as an option for parents who may not have sufficient savings for long-term care. Listen now to learn more!   Takeaways Medicaid is a state-based funding source for long-term care that is generally considered a last resort option. Medicaid planning involves shifting assets from countable to non-countable categories to qualify for Medicaid benefits. Every state has different rules and qualifications for Medicaid, so it's important to consult with a specialized elder law attorney. Medicaid reimbursements may be less than the actual cost of care, so it's beneficial to enter long-term care facilities before needing Medicaid. Consider Medicaid as an option for parents who may not have sufficient savings for long-term care. Chapters 00:00 Introduction and Personal Updates 10:56 Discussing Films and Personal Interests 13:33 Transition to Discussing Medicaid 19:14 Qualifications and Asset Limits for Medicaid 23:01 Medicaid Planning and Non-Countable Assets 26:55 Personal Experiences with Medicaid Coverage 28:25 Importance of Medicaid Transition and Considerations 29:22 Conclusion and Preview of Future Episodes   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, “Is a Roth Conversion Right For You?”

In this episode, Wade Pfau and Alex Murguia are joined by Rob Cordeau to discuss Continuing Care Retirement Communities (CCRCs). They provide an overview of what CCRCs are and how they relate to long-term care planning. They also explore how CCRCs can be an alternative to long-term care insurance and the different financing models for CCRCs. The conversation covers topics such as the large upfront costs of CCRCs, the benefits of living in a CCRC, and the options for refundable entrance fees. Rob Cordeau provides insights into continuing care retirement communities (CCRCs). He clarifies that purchasing a CCRC is not a real estate purchase but rather a contract to live in the community throughout one's life. The entrance fee varies based on the size and features of the apartment, and there are different types of contracts, including non-refundable and refundable options. Rob also discusses the financial aspects of CCRCs, such as the relationship between entrance fees and ongoing cash flow, the potential tax deductibility of entrance fees, and the importance of financial due diligence when choosing a CCRC. Takeaways CCRCs are retirement communities that offer various levels of care on one campus, including independent living, assisted living, and skilled nursing care. CCRCs can be an alternative to long-term care insurance, especially for those who want to downsize and plan for their long-term care needs. There are different financing models for CCRCs, including large upfront costs with lower ongoing monthly costs or lower upfront costs with higher ongoing monthly costs. Some CCRCs offer refundable entrance fees, where a portion of the fee is returned to the resident or their heirs upon moving out or passing away. CCRCs are not real estate purchases but contracts to live in a community throughout one's life. The entrance fee varies based on the size and features of the apartment. CCRCs offer different types of contracts, including non-refundable and refundable options. Financial planning is crucial when considering a CCRC, including modeling the affordability of entrance fees and monthly service fees. Some entrance fees may be tax deductible, depending on the contract. Due diligence is essential to assess the financial stability and reputation of a CCRC. CCRCs may not be suitable for individuals who prefer independent living in their own homes. Buyer's remorse is rare among individuals who have thoroughly considered and chosen a CCRC. Chapters 1. Introduction and Overview of CCRCs 2. Exploring Different Financing Models for CCRCs 3. Understanding Refundable Entrance Fees in CCRCs 4. Understanding the Dynamics of CCRCs 5. Financial Underwriting and Considerations for CCRCs 6. Different Types of Contracts Offered by CCRCs 7. Financial Planning for CCRCs 8. CCRCs vs. Independent Living: Choosing the Right Option   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, “Is a Roth Conversion Right For You?”  

In this episode of the Inspired Money Live Stream Podcast, we explore essential strategies for securing a financially stable retirement. Joined by experts Wade Pfau, Colleen Jaconetti, David Blanchett, and Emily Guy Birken, we navigate a multifaceted approach to retirement income planning. This discussion spans from investment strategies to managing healthcare costs and the role of real estate in retirement portfolios. Navigating Retirement Planning Retirement is a significant phase of life that requires careful planning and strategy. This episode, "Effective Retirement Income Strategies: Securing Your Financial Future," covers comprehensive strategies needed to ensure financial security. Our distinguished guests provide insights and expertise, offering a robust framework for retirement planning.

In this conversation, Bob French interviews his father, Ken French, a professor of finance, about key concepts in economics and investing. They discuss the concept of marginal cost and marginal revenue, which helps individuals make decisions based on the balance between costs and benefits. They also explore risk aversion and how it affects investment decisions, as well as the winner's curse, which refers to the tendency to overestimate the value of winning bids or investments. Overall, the conversation provides valuable insights into economic thinking and decision-making. In this conversation, Bob and Ken French discuss the challenges of drawing inferences about the future based on past performance in the financial markets. They highlight the winner's curse and the noise in securities returns as factors that make it difficult to predict which asset class or active manager will outperform in the future. They also discuss the problem of overconfidence and the importance of accurate market prices. The conversation concludes with a discussion on the benefits of stock buybacks and the option value of investments. Listen now to learn more!    Kenneth French's Bio: Kenneth R. French is the Roth Family Distinguished Professor of Finance at the Tuck School of Business, Dartmouth College. French is an expert on the behavior of security prices and investment strategies. He and his frequent co-author Eugene F. Fama have written many notable papers, including “The Cross-Section of Expected Stock Returns”, “Common Risk Factors in the Returns on Stocks and Bonds”, and “A Five-Factor Asset Pricing Model.” French is a research associate at the National Bureau of Economic Research, an Advisory Editor of the Journal of Financial Economics, the Journal of Banking and Finance, and the Financial Review, a member of the Editorial Board of the Critical Finance Review, a former Associate Editor of the Journal of Finance and the Review of Financial Studies, and a former President of the American Finance Association. Professor French is also a Fellow of the American Finance Association and the American Academy of Arts and Sciences, Chair of the Valpo Surf Project's Global Board of Directors, and a member of the Board of Directors of the Cato Institute, Grassroot Soccer, and the International Rescue Committee. Professor French is a consultant to Dimensional Fund Advisors and a member of the firm's board of directors. Before joining Dartmouth, Professor French was on the faculty of MIT's Sloan School of Management, the Yale School of Management, and the University of Chicago Booth School of Business. Professor French received his PhD in finance from the University of Rochester in 1983. He also earned an MS and an MBA from the University of Rochester and a BS from Lehigh University. Takeaways Understanding the concept of marginal cost and marginal revenue can help individuals make informed decisions based on costs and benefits. Risk aversion is driven by the decreasing marginal utility of wealth, where the value of each additional dollar decreases as wealth increases. The winner's curse refers to the tendency to overestimate the value of winning bids or investments, and it can be observed in various contexts, such as oil lease auctions and hiring decisions. Considering these concepts can enhance economic thinking and decision-making in investing and other areas of life. Drawing inferences about the future based on past performance is challenging due to the winner's curse and the noise in securities returns. Overconfidence is a common problem in investing, and people often overestimate their ability to pick winning investments or active managers. Accurate market prices are important for allocating resources efficiently and signaling the value of different activities. Stock buybacks can be beneficial for companies and society, as they can signal undervaluation and allow companies to allocate resources more effectively. The option value of investments should be considered, as companies may choose to buy back stock when they don't have better investment opportunities. Chapters 00:00 Introduction and Setting the Stage 09:19 Navigating Risk Aversion in Investing 31:46 Enhancing Economic Thinking and Decision-Making 45:39 The Importance of Accurate Market Prices 51:42 The Benefits of Stock Buybacks   Links:  Register for the webinar with Retirement Researcher and Kenneth French! 'Five Things I Know About Investing' Wed 4/24 at 2 eastern www.risaprofile.com/podcast   The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/    This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

In this episode, Wade Pfau and Alex Murguia interview Dennis Mattern from Creative One about the role of Independent Marketing Organizations (IMOs) in the financial industry. They discuss the difference between captive and independent advisors, the services provided by IMOs, and the importance of infrastructure for advisors. They also explore the marketing support and business partnership that IMOs offer to help advisors engage new prospects and expand their businesses. In this conversation, Dennis Mattern discusses various marketing approaches and strategies for financial advisors. He emphasizes the importance of understanding social media preferences and recognizing the different generations. Dennis explains how Creative One helps advisors grow their business through strategy sessions and the development of 30-60-90 day plans. He also highlights the significance of setting realistic expectations and finding marketing tools that align with an advisor's strengths. Dennis discusses the effectiveness of dinner seminars, educational events, and virtual webinars. He concludes by discussing the role of compliance and the importance of authenticity in marketing. Listen now to learn more!   Takeaways IMOs provide support and resources for financial advisors, including marketing, product selection, and case design. Choosing the right IMO is crucial for advisors, and they should ask the right questions to ensure the IMO can meet their needs. IMOs can help advisors engage new prospects and expand their businesses through marketing strategies and advertising support. IMOs serve as a business partner for advisors, offering guidance, expertise, and access to a wide range of insurance products and solutions. Understanding social media preferences and recognizing the different generations can help advisors tailor their marketing strategies. Setting realistic expectations is crucial for both advisors and clients. Different marketing approaches, such as dinner seminars, educational events, and virtual webinars, can be effective in reaching and engaging potential clients. Working with an IMO that has a broker dealer or an RIA can streamline the marketing and compliance process. Authenticity and finding marketing strategies that align with an advisor's strengths are key to success.   Chapters 00:00 Introduction and Background 01:49 Understanding IMO and FMO 03:42 The Role of IMOs in the Financial Industry 05:13 Captive vs. Independent Advisors 06:39 The Importance of Infrastructure for Advisors 08:59 The Evolution of IMOs 12:19 Choosing an IMO and Asking the Right Questions 14:03 Services Provided by IMOs 16:13 The Role of IMOs in Product Selection 22:48 Marketing Support from IMOs 24:01 The Importance of Business Partnership with IMOs 28:46 Engaging New Prospects and Marketing Strategies 31:25 Social Media Preferences 32:09 Recognizing Generation X 32:29 Cutting Through the Noise 33:19 Helping Advisors Grow Their Business 34:10 Setting Up a Strategy Session 34:37 Creating a 30-60-90 Day Plan 35:08 Realistic Expectations 36:17 Marketing Tools and Strategies 37:26 Different Approaches to Marketing 38:43 The Effectiveness of Dinner Seminars 39:23 Educational Events and Seminars 40:07 Virtual Events and Webinars 41:12 Considerations for Marketing Approaches 42:40 Benefits of Classroom Events 43:11 Leading with Value in Education 44:25 Virtual Events and Expanding Footprint 45:50 The Role of Compliance in Marketing 48:11 Consolidation and Differentiation in the Industry 49:25 Setting Realistic Expectations 51:09 The Role of an IMO 51:39 Facilitating the Fulfillment Process 52:09 Setting Up a Flywheel for Bringing in New Clients 55:07 Authenticity in Marketing 56:12 Considerations for Evaluating an IMO 57:11 How to Start Links  The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/    This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

In this episode, Wade and Alex continue their discussion on long-term care, focusing on nursing homes and continuing care retirement communities (CCRCs). They also touch on hospice care and the importance of having a power of attorney in place. They highlight the need to carefully review contracts and consider the financial strength of CCRCs. Listen now to learn more!   Takeaways Nursing homes provide 24-hour care for individuals who need significant help with daily activities and medical issues. Hospice care focuses on providing comfort and pain relief for individuals with terminal conditions. CCRCs offer multiple levels of care within one community, allowing individuals to transition as their needs change. It is important to review CCRC contracts with an elder law attorney and consider the financial stability of the facility. Upcoming topics will include funding options for long-term care and interviews with experts in the field. Chapters   00:00 Introduction and Correction 00:31 Continuing Care Retirement Communities (CCRCs) 10:02 Hospice Care 25:52 Considerations for CCRCs 30:38 Upcoming Topics and Conclusion   Links  The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/      This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

In this episode, Wade and Alex discuss the costs and prevalence of long-term care. They explore the probabilities of needing long-term care and the average lengths of care for men and women. They also differentiate between any long-term care needs and paid long-term care needs. The conversation provides insights into the importance of planning for long-term care and highlights the need for realistic expectations and budgeting. This conversation explores the financial implications of long-term care, including the distinction between unpaid and paid care. It highlights the impact of unpaid care on caregivers' lives and the need for paid care. The discussion also delves into the gender differences in long-term care needs and the higher costs associated with women. The Genworth Cost of Care Study provides insights into the average costs of various long-term care options. The conversation emphasizes the importance of considering inflation and demographic trends when planning for long-term care expenses.   Takeaways The probability of needing long-term care is higher for women than men, primarily due to their longer life expectancy. On average, men need long-term care for about 2.5 years, while women need it for about 3.6 years. About 56% of individuals will likely need to plan for long-term care in their retirement. Planning for long-term care should consider both the probability and length of care needed, as well as the potential costs involved. Unpaid care can have a significant financial and personal impact on caregivers, often disrupting their own retirement plans. Women tend to have longer long-term care needs and higher costs due to their longer life expectancy and caregiving roles. The Genworth Cost of Care Study provides estimates of the average costs of different long-term care options. Long-term care expenses are likely to grow faster than the overall inflation rate, making it important to plan for higher costs. Chapters   00:00 Introduction and Personal Updates 05:12 Probabilities and Length of Long-Term Care Needs 10:32 Probability and Length of Any Long-Term Care Event 18:59 Unpaid Care vs. Paid Care 19:37 The Financial Impact of Unpaid Care 20:23 The Cost of Paid Long-Term Care 21:11 Lower Probability of Needing Paid Care for Longer Durations 22:18 Long-Term Care Needs and Gender 23:08 The Impact of Unpaid Care on Women 24:05 Lifetime Expenditures for Long-Term Care 25:18 Inflation and Long-Term Care Expenses 26:35 Triggers for Long-Term Care Needs 28:18 Gender and Long-Term Care Planning 29:01 Genworth Cost of Care Study 31:05 Inflation Rate for Long-Term Care Expenses 32:02 The Progression of Long-Term Care Needs 33:27 State-by-State Differences in Long-Term Care Costs 38:01 Considering Alternative Care Options 39:46 The Growing Need for Long-Term Care   Links Join the waitlist for the next Retirement Income Challenge by visiting risaprofile.com/podcast  The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/      This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

In this episode, Alex and Wade answer questions on safe withdrawal rates, annuities, and retirement planning. They discuss the considerations for investing in a Qualified Longevity Annuity Contract (QLAC) and the difference between immediate and deferred annuities. They also explore the use of Single Premium Immediate Annuities (SPIAs) in combination with Fixed Index Annuities (FIAs) and the benefits of buffer assets in reducing sequence risk. Additionally, they address the challenges of finding automatic options for equity investments and provide insights for individuals who are considering retirement but are unsure about their options. Listen now to learn more.   Takeaways Consider the insurance aspect of annuities and view them as a way to protect against longevity risk and provide guaranteed income in retirement. When deciding between investing and buying a QLAC, focus on the insurance benefits and peace of mind rather than potential investment returns. SPIAs and FIAs can be used in combination to provide both guaranteed income and growth potential in retirement. Buffer assets can help reduce sequence risk and allow for a higher withdrawal rate from an investment portfolio. Retirement decisions should not be solely based on financial considerations, but also on personal fulfillment and well-being. Chapters   00:00 Introduction and Q&A on Safe Withdrawal Rate and Annuities 02:06 Considerations for Investing in a QLAC 04:16 Viewing Annuities as Insurance Products 06:07 Choosing Between Investing and Buying a QLAC 08:45 Using SPIA and FIA in Combination 16:59 Using Safe Withdrawal Rate and RMDs 21:37 Buffer Assets and Sequence Risk 24:47 Automatic Options for Equity Investments 28:40 Considering Retirement Options   Links  Registration for the next Retirement Income Challenge is OPEN: Learn more and join us for this LIVE 4-Day event starting on March 4th-7th, 2024 from 12:00 -2:00 PM ET each day by visiting risaprofile.com/podcast  The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/    This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

In this episode, Wade and Alex discuss housing and reverse mortgages. They address the issue of pirated books on Amazon and warn listeners to ensure they are purchasing the legitimate copy of the Retirement Planning Guidebook! They then delve into the topic of using retirement savings for purchasing a house and the potential drawbacks of relying solely on a reverse mortgage. The impact of higher mortgage rates on obtaining a reverse mortgage is also explored, along with the misconceptions surrounding reverse mortgages. The episode concludes with a discussion on the metrics to consider when implementing a reverse mortgage. Listen now to learn more!    Takeaways Using retirement savings for purchasing a house may not be a responsible strategy. Higher mortgage rates can affect the benefits of a reverse mortgage. There are misconceptions surrounding reverse mortgages. Metrics such as the ratio of home value to investment portfolio can guide the decision to implement a reverse mortgage. Chapters   00:00 Introduction and Announcement 03:01 Pirated Books on Amazon 05:07 Reverse Mortgage: Using Retirement Savings 08:06 Impact of Mortgage Rates on Reverse Mortgage 16:27 Misconceptions about Reverse Mortgages 22:38 Metrics for Implementing a Reverse Mortgage 26:30 Effect of Higher Mortgage Rates on Reverse Mortgages 28:30 Conclusion   Links  The Retirement Planning Guidebook: 2nd Edition AND Reverse Mortgages has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/    This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

In this episode, Alex and Wade discuss various tax planning strategies for retirement. They announce a webinar on tax-efficient retirement distributions and highlight the importance of the Retirement Planning Guidebook. They address the impact of taxes on deferred accounts versus non-qualified accounts, including the implications for Social Security benefits and IRMAA surcharges. They also discuss determining the amount to convert to a Roth IRA and the considerations for inherited Roth IRAs. The conversation covers managing taxes for couples with over $5 million, the intersection of tax planning and safety-first income annuities, and the importance of preparation and account setup for retirement. They conclude by addressing strategies to limit the impact of ACA premiums on MAGI. Listen now to learn more!   Takeaways Consider attending the webinar on tax-efficient retirement distributions to gain a deeper understanding of tax planning strategies. The Retirement Planning Guidebook is a valuable resource for retirement planning and is regularly updated to reflect changes in tax laws. Tax planning should consider the impact of taxes on deferred accounts versus non-qualified accounts, including Social Security benefits and IRMAA surcharges. Inherited Roth IRAs may be subject to different rules and tax implications, and it is important to understand the options and potential tax consequences. Preparation and account setup for retirement can help optimize tax planning strategies and provide more flexibility in managing income and expenses. Strategies to limit the impact of ACA premiums on MAGI may include suspending Social Security benefits, spending from taxable accounts, and tax-efficient asset management. Timestamps 00:00 Introduction and Webinar Announcement 02:12 Discussion on the Retirement Planning Guidebook 03:12 Considerations for Buying the New Book 04:08 Tax Planning for Deferred Accounts vs. Non-Qualified Accounts 05:03 Impact of Taxes on Social Security Benefits and IRMAA Surcharges 07:01 Determining Roth IRA Conversion Amounts 09:06 Understanding IRMAA and Social Security Tax Torpedo 12:12 Inherited Roth IRAs and Legacy Goals 15:04 Managing Taxes in Retirement for Couples with Over $5 Million 18:22 Tax Planning and Safety-First Income Annuities 22:36 Preparation and Account Setup for Retirement 25:21 Limiting ACA Premium Impact on MAGI   Links  The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  To celebrate the updated RPG, Wade is hosting a FREE Webinar where he will be discussing the most significant update, tax planning. Visit risaprofile.com/podcast to register to attend, How to Create Tax-Efficient Retirement Distributions on Monday, February 5th at 2:00 PM ET.    This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

Does the 4% rule still work? In this episode, we welcome three esteemed experts to counter a recent controversial claim made on the Dave Ramsey Show regarding the validity of the 4% rule in retirement planning. Joining us is David Blanchett; the Managing Director and Head of Retirement Research for PGIM DC Solutions, Michael Finke; a distinguished professor of wealth management at the American College of Financial Services, and Wade Pfau; Director of Retirement Research at McLean Asset Management. In our conversation, these experts shed light on the intricate world of retirement income planning, dispelling misconceptions and advocating for a more nuanced approach. Discover the flaws in Ramsey's assertion and explore the dynamics of sequence of return risk in retirement planning. Unpack the complexities of investing in bonds for retirees and the evolving risk profiles of stocks over varying investment horizons. We also uncover the significance of variable spending rates, debunk the fallacies behind aggressive withdrawal suggestions, a safety-first approach in retirement finance, and much more. Tune in for an enlightening journey through retirement planning and equip yourself with expert insights to pave a secure path for your financial future!   Key Points From This Episode:   The motivation for addressing Dave Ramsey's 8% retirement spending rate claim. (0:07:26) Unpack the holes in Dave Ramsey's 8% claim. (0:09:48) How important sequence of return risk is for retirement planning. (0:15:08) Discover if investing in bonds is risky for a retiree. (0:17:57) Learn how the risk of holding stocks changes for longer versus shorter investment horizons. (0:21:55) Subjective risk tolerance and how it is influenced by market fluctuations. (0:24:04) Going all-in on stocks compared to strategies that involve both bonds and stocks in your investment portfolio. (0:30:10) They share their thoughts on Dave Ramsey's notion that the 4% rule is depressing. (0:35:23) Overview of the issues and misconceptions surrounding the 4% rule. (0:37:28) Alternative approaches to spending money from a riskier investment portfolio. (0:40:06) Dynamic spending strategies to improve the initial withdrawal rate from investments. (0:43:01) Explore other financial products, like annuities, for retirement planning. (0:50:05) Mindset hurdles and adjusting expectations for financial planning. (0:58:46) Dissect the concept of delaying government pensions and its impact on investors. (1:02:24) Insights into the pros and cons of delaying social security for higher-earning women. (1:07:52) Final words of wisdom the guests have for listeners. (1:09:30)   Links From Today's Episode:   Michael Finke — http://www.michaelfinke.com/home.html Michael Finke on X — https://twitter.com/finkeonfinance Michael Finke on Facebook — https://www.facebook.com/mfinke The American College of Financial Services — https://www.theamericancollege.edu/ David Blanchett — https://www.davidmblanchett.com/ David Blanchett on X — https://twitter.com/davidmblanchett David Blanchett on LinkedIn — https://www.linkedin.com/in/david-blanchett-b0b0aa2/ PGIM DC Solutions — https://www.pgim.com/dc-solutions/ Wealth, Managed Podcast — https://www.theamericancollege.edu/knowledge-hub/wealth-managed-podcast Wade Pfau — https://retirementresearcher.com/wade-pfau/ Wade Pfau on LinkedIn — https://www.linkedin.com/in/wpfau/ Wade Pfau on X — https://twitter.com/WadePfau McLean Asset Management — https://www.mcleanam.com/ Retire With Style Podcast — https://risaprofile.com/retire-with-style/ Alliance for Lifetime Income — https://www.protectedincome.org/ Episode 89: Wade Pfau: Safety-First: A Sensible Approach to Retirement Income Planning — https://rationalreminder.ca/podcast/89 Episode 137: David Blanchett: Researching Retirement — https://rationalreminder.ca/podcast/137 Episode 254: David Blanchett: Regret Optimized Portfolios and Optimal Retirement Income — https://rationalreminder.ca/podcast/254 The Ramsey Show — https://www.youtube.com/@TheRamseyShowEpisodes The Ramsey Show: You Can't Win With Money if You Don't Know Where Your Money Is — https://www.youtube.com/watch?v=Xg4Z8EQY3Ao ‘Supernerds Unite Against Dave Ramsey's 8% Safe Withdrawal Rate Guidance' — https://www.thinkadvisor.com/2023/11/13/supernerds-unite-against-dave-ramseys-8-safe-withdrawal-rate-guidance/ RISA profiler — risaprofile.com/rationalreminder ‘Quasi-empirical bootstrap sampling paper' — Jason Fichtner — https://bipartisanpolicy.org/person/jason-j-fichtner/ ‘The Value of Delayed Social Security Claiming for Higher-Earning Women' — https://dx.doi.org/10.2139/ssrn.3849653 Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://twitter.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/  Benjamin on X — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

This week on Retire With Style, we are back to continue working through your questions! Wade and Alex tackle another array of topics including pros and cons of Deferred Annuities, couples retiring at different times, MIGA Bonds, Index Funds and much more. We are having a great time with these and hope you all are finding this useful. You've certainly put us to the test with these great questions! Listen now to learn more.    This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

Well - looks like Alex and Wade have had a little more fun than expected on New Year's, so let's cozy up next to the fire and throwback to one of our favorite topics - Social Security claiming strategy (specifically Ep. 63). But we're going to (belatedly) kick off 2024 with a bang - On Monday, January 8th at 1:00 PM ET, Wade and Alex will be hosting a YouTube live session to answer all of your questions! If you have any burning questions about the podcast or anything about retirement planning, please send them to us using the link provided below.   Repost from Episode 63   A topic of intense debate is about what's the best age to claim Social Security. Should people do it as soon as possible after reaching age 62, or wait until they get closer to 70? Alex and Wade will look at arguments on both sides of the debate and provide our assessment of their legitimacy. Listen now to learn more!    Links Join us on Jan. 8th at 1:00 PM ET on YouTube Live for a live recording of Retire With Style! Watch and comment live on the Retire With Style YouTube channel: https://www.youtube.com/live/D1TSNgDCmDQ?si=rGe70YujVATVjyaI  Submit your burning questions for Wade and Alex to answer live here: https://www.surveymonkey.com/r/2G5DBGC    This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

With the New Year coming up quick, we wanted to highlight some of our best episodes to round out 2023. And we've saved the best for last! This week we'll be revisiting our conversation about how the financial markets work and why you (and your retirement plan) care (originally Episode 53).  We'll be back with brand new episodes after the holiday season! Thanks for listening - and we'll see you in 2024!    Repost from Episode 53   This week Wade, Alex, and Bob bring it back to basics and look at what - and why - the financial markets are. Understanding what's happening in the markets at a fundamental level is key to using them effectively in your retirement income plan. Plus, Alex finds out whether Wade or Bob would have been good plumbers (the answer is no.) Listen now to learn more!   This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

How can reverse mortgages enhance retirement income planning? Today we take a deeper dive into the potential of home equity with reverse mortgages.In this episode, Jamie Hopkins, Managing Partner of Wealth Solutions, and Ana Trujillo Limón, Director, Coaching and Advisor Content, are joined by Craig Lemoine, CFP®, Ph.D., MRFC, Director of Personal Financial Planning, to speak with Dr. Wade Pfau, Founder of Retirement Researcher and RISA Profile, about the intersection of home equity and retirement income planning. They explore the potential benefits of reverse mortgages and the common misconceptions surrounding them. The conversation also touches on the emotional attachment people have to their homes and how this can impact their willingness to consider home equity in their retirement planning. Wade and Craig highlight the importance of understanding clients' needs and goals and the need for continued research and education in the field.Wade and Craig discuss: How they both became involved with home equity and retirement incomeWhen is an ideal time to consider a reverse mortgageThe challenge points and negative perceptions around home equity and reverse mortgagesThe behavioral finance perspective on emotional attachment to housing wealthDr. Pfau's research on housing wealth and the lack of pushback on his research on reverse mortgagesThe misconceptions that some advisors have about reverse mortgagesHow advisors can talk to their clients about reverse mortgagesWhat areas advisors need to improve on related to home equity and reverse mortgagesAnd moreResources:Framework | E134 | Dr. Wade Pfau: Retirement Planning in a Changing WorldReverse Mortgages by Wade PfauConnect with Ana Trujillo Limón: Carson Group LLCLinkedIn: Ana Trujillo LimónConnect with Wade Pfau:Retirement ResearcherRISA ProfileLinkedIn: Wade PfauConnect with Craig Lemoine:University of IllinoisLinkedIn: Craig LemoineX (Twitter): @HigherEdCraigAbout our Guests: Wade D. Pfau, Ph.D., CFA, RICP® is the founder of Retirement Researcher, an educational resource for individuals and financial advisors on topics related to retirement income planning. He is a co-founder of the Retirement Income Style Awareness tool and a co-host of the Retire with Style podcast. He also serves as a principal and the director of retirement research for McLean Asset Management. He also serves as a Research Fellow with the Alliance for Lifetime Income and Retirement Income Institute. He is a professor of practice at the American College of Financial Services and past director of the Retirement Income Certified Professional® (RICP®) designation program.Craig Lemoine is the Director of the Financial Planning Program at the University of Illinois, Urbana-Champaign. He serves as an Associate Clinical Professor, teaching courses in risk management, retirement, and financial planning. Craig earned his Ph.D. from Texas Tech University in 2013 and current

In this episode we sit down with Rebecca Meskin & Cara Reisman from Blackrock to discuss a paper we collaborated on; A reimagined approach to funding retirement income: Defining individual styles and solutions using the RISA® framework. During the conversation, we illustrate how the RISA framework can help individuals approaching retirement understand their retirement income style preferences, explore the way style preferences translate to certain retirement income strategies, and share the distribution of retirement income styles among the population surveyed in the RISA/BlackRock study. We also highlight the characteristics of solutions in a DC plan that were most attractive to the greatest number of respondents in the study. If you are contributing to a defined contribution plan or have a significant amount of your net worth in one, you'll want to catch this episode. Listen now to learn more! PLEASE NOTE: This episode will not be posted on our YouTube channel. We apologize for any inconvenience!    Links  Registration is currently closed for the Consumer Retirement Income Challenge hosted by the team at Retirement Researcher! Join the waitlist to be notified about the next session by visiting: https://risaprofile.com/podcast      This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

Wade and Alex discuss with Rob Cordeau, CFP®, RICP®, CHFC®, the most frequently dealt with year-end planning topics that he discusses with clients. As we near the end of year, there are various deadlines that should be addressed to help maximize your investment and planning experience. In addition, as you get a better sense of your income and tax brackets, we review a few wins that you should consider taking advantage of and a few “potholes” that you want to avoid. These items are well within your control and make a meaningful difference to your retirement income potential. Listen now to learn more!    Links  If you'd like to speak with someone at McLean Asset Management about your year-end planning decisions or any other financial planning topic, you can get in touch at: www.mcleanam.com/review  Registration is open for the Consumer Retirement Income Challenge hosted by the team at Retirement Researcher! Join us December 4th-7th for this FREE 4-Day event by visiting: https://risaprofile.com/podcast      This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

On today's episode, Alex and Wade are joined by Rob Cordeau, CFP, RICP, ChFC, who is the Managing Director of Wealth Management at McLean Asset Management. He shares insights into how Time Segmentation strategies can be implemented in practice, and he comes with a lot of great analogies to help you think about whether this Retirement Income Style is right for you. Listen now to learn more.    This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"