Podcast appearances and mentions of Wade D Pfau

In this episode we answer emails from El Yama, Graham, and James.  We discuss using risk parity-style portfolios for intermediate term needs, the short-term bond allocation in the Golden Butterfly, accounting for child credit, rising equity glidepaths, the fundamental differences between 100% stock portfolios and diversified portfolios and why you want the latter for retirement unless your goal is to die with the most money, and a CAPE ratio critique from Meb Faber's podcast.And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Additional links:Kitces Article re Rising Glidepaths:  The Benefits Of A Rising Equity Glidepath In RetirementKitces/Pfau Paper re Rising Glidepaths:  Reducing Retirement Risk with a Rising Equity Glide-Path by Wade D. Pfau, Michael Kitces :: SSRNMeb Faber Podcast with Brian Jacobs discussing problems with CAPE ratio predictions:  A Century of No Return! The Truth About The Beloved Bonds (Brian Jacobs of Aptus Reveals)Breathless Unedited AI-Bot Summary:"A foolish consistency is the hobgoblin of little minds," begins this thought-provoking exploration of why most investors are trapped in accumulation-phase thinking even as they approach or enter retirement. The question at the heart of this episode strikes at a surprising disconnect in personal finance: Why do so many investors intellectually understand they're investing to enjoy retirement, yet construct portfolios clearly designed to maximize wealth at death? Through a series of illuminating listener emails, Frank unpacks how portfolios optimized for accumulation often fail spectacularly during the decumulation phase. One listener confesses he "always wondered why anyone would buy bonds when clearly stocks give a far greater return," before discovering through portfolio testing that a 100% equity portfolio would have "failed catastrophically" for someone retiring around 2000-2003.This recognition—that diversification isn't about maximizing returns but enabling sustainable withdrawals—represents the fundamental insight many investors miss until too late. As Frank colorfully puts it, if your goal is to "die with the most money possible" in your "golden coffin," then by all means stick with 90-100% equities. But if you actually intend to enjoy your retirement by spending more than 3% of your portfolio annually, a properly diversified approach becomes essential.The episode also addresses why attempts to use valuation metrics like CAPE ratios to predict market movements have largely failed, and why separating your portfolio into growth and value components offers a more reliable approach to capturing rebalancing bonuses without attempting market timing.Make sure your investment behavior actually matches your stated goals. If you're planning to spend in retirement, construct a portfolio that optimizes for sustainable withdrawals, not maximum theoretical returns.Support the show

In this episode we answer emails from Average Joe, Matt, Kimbrough and Jon.  We discuss goooooold, Matt's proposed portfolio, preferred shares fund PFF and how often to look at your portfolio without going insane.But first we discuss a recent article from David Blanchett recognizing that a 5% withdrawal rate ought to be the standard for financial planners and a New York Times article about financial independence and the EconoMe conference.Links:David Blanchett 5% Rule Article:  Is the 4% Rule Too Safe? | ThinkAdvisor2013 Article Saying the Opposite:  The 4 Percent Rule is Not Safe in a Low-Yield World by Michael S. Finke, Wade D. Pfau, David Blanchett :: SSRNNew York Times FIRE Article (paywall):  Meet the FIRE Savers Who Retired Early - The New York Times (nytimes.com)Matt's Proposed Portfolio:  Portfolio Matrix – Portfolio ChartsFather McKenna Center Donation Page:  Donate - Father McKenna CenterSupport the Show.

Reverse Mortgages with David Tourtillott, CRMP®, and Wade Pfau, Ph.D. Part 1 of 2 This week, join Alyssa McNamara Reed, CFP® and her guests David Tourtillott, CRMP®, a Certified Reverse Mortgage Professional, and Wade D. Pfau, Ph.D., CFA®, RICP® as they discuss Reverse Mortgages and how they might fit into your financial plan. Alyssa McNamara Reed, CFP® is a financial planner with a passion for the intersection of taxes and investing.  Alyssa works with motivated savers, beneficiaries of estates, business owners, divorcees, and pre-retirees. David Tourtillott, CRMP® is well known throughout the reverse mortgage industry and is currently one of only 185 CRMP® (Certified Reverse Mortgage Professional) nationwide. David has been educating retirees on all aspects of Reverse Mortgages since 2005. David specializes exclusively in reverse mortgage finance. David is a member of the National Reverse Mortgage Lenders Association (NRMLA) and adheres to their strict Code of Ethics and Best Practices Policy. David sits on the Money Management Advisory Board at South Shore Elder Services. David is a proud member of the National Association of Senior Advocates. You can find David Tourtillott, CRMP® online at: https://www.homesteadreversemortgages.com/ Wade D. Pfau, Ph.D., CFA, RICP, is the program director of the Retirement Income Certified Professional designation and a Professor of Retirement Income at The American College of Financial Services in King of Prussia, PA. As well, he is a Principal and Director for McLean Asset Management. He holds a doctorate in economics from Princeton University and has published more than sixty peer-reviewed research articles in a wide variety of academic and practitioner journals. He hosts the Retirement Researcher website, and is a contributor to Forbes, Advisor Perspectives, Journal of Financial Planning, and an Expert Panelist for the Wall Street Journal. He is the author of the books, Safety-First Retirement Planning: An Integrated Approach for a Worry-Free Retirement, How Much Can I Spend in Retirement? A Guide to Investment-Based Retirement Income Strategies, Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement. You can find the American College of Financial Services at: https://www.theamericancollege.edu/ To schedule a visit with the team at McNamara Financial, be sure to visit: https://mcnamarafinancial.com/contact McNamara Financial is an Independent, family-owned, fee-only investment management and financial planning firm, serving individuals and families on the South Shore and beyond for over 30 years. COME SEE WHAT IT'S LIKE TO WORK WITH A FIDUCIARY. http://mcnamarafinancial.com/

Reverse Mortgages with David Tourtillott, CRMP®, and Wade Pfau, Ph.D. Part 2 of 2 This week, join Alyssa McNamara Reed, CFP® and her guests David Tourtillott, CRMP®, a Certified Reverse Mortgage Professional, and Wade D. Pfau, Ph.D., CFA®, RICP® as they discuss Reverse Mortgages and how they might fit into your financial plan. Alyssa McNamara Reed, CFP® is a financial planner with a passion for the intersection of taxes and investing.  Alyssa works with motivated savers, beneficiaries of estates, business owners, divorcees, and pre-retirees. David Tourtillott, CRMP® is well known throughout the reverse mortgage industry and is currently one of only 185 CRMP® (Certified Reverse Mortgage Professional) nationwide. David has been educating retirees on all aspects of Reverse Mortgages since 2005. David specializes exclusively in reverse mortgage finance. David is a member of the National Reverse Mortgage Lenders Association (NRMLA) and adheres to their strict Code of Ethics and Best Practices Policy. David sits on the Money Management Advisory Board at South Shore Elder Services. David is a proud member of the National Association of Senior Advocates. You can find David Tourtillott, CRMP® online at: https://www.homesteadreversemortgages.com/ Wade D. Pfau, Ph.D., CFA, RICP, is the program director of the Retirement Income Certified Professional designation and a Professor of Retirement Income at The American College of Financial Services in King of Prussia, PA. As well, he is a Principal and Director for McLean Asset Management. He holds a doctorate in economics from Princeton University and has published more than sixty peer-reviewed research articles in a wide variety of academic and practitioner journals. He hosts the Retirement Researcher website, and is a contributor to Forbes, Advisor Perspectives, Journal of Financial Planning, and an Expert Panelist for the Wall Street Journal. He is the author of the books, Safety-First Retirement Planning: An Integrated Approach for a Worry-Free Retirement, How Much Can I Spend in Retirement? A Guide to Investment-Based Retirement Income Strategies, Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement. You can find the American College of Financial Services at: https://www.theamericancollege.edu/ To schedule a visit with the team at McNamara Financial, be sure to visit: https://mcnamarafinancial.com/contact McNamara Financial is an Independent, family-owned, fee-only investment management and financial planning firm, serving individuals and families on the South Shore and beyond for over 30 years. COME SEE WHAT IT'S LIKE TO WORK WITH A FIDUCIARY. http://mcnamarafinancial.com/

You'll face a myriad of decisions in planning for retirement. Wade Pfau has written a comprehensive guide to help you prepare well, financially and otherwise. He joins us to discuss how to fortify your retirement planning and decision-making. We discuss: How he became interested in studying retirement and retirement planning The key risks to manage in planning for retirement Why the traditional concept of retirement is increasingly unaffordable - and what to do instead His views on the 4% rule The roles that annuities and reverse mortgages can play in retirement planning The pros and cons of working longer What to consider in deciding where to live in retirement The non-financial aspects of transitioning to retirement - and special challenges for introverts How to assess your preparedness for retirement Wade joins us from Dallas. ______________________ Bio  Wade D. Pfau, PhD, is Professor of Retirement Income in the Ph.D. in Financial and Retirement Planning program, Co-Director of the New York Life Center for Retirement Income, and RICP® program director at The American College of Financial Services. Pfau is a co-editor of the Journal of Personal Finance. He has spoken at national conferences of organizations for financial professionals such as the CFA Institute, FPA, NAPFA, AICPA-PFP, and AFS. He also publishes frequently in a wide variety of academic and practitioner research journals. He hosts the Retirement Researcher blog, and is a monthly columnist for Advisor Perspectives, a RetireMentor for MarketWatch, a contributor to Forbes, and an Expert Panelist for The Wall Street Journal. His research has been discussed in outlets that include print editions of The Economist, The New York Times, The Wall Street Journal, and Money Magazine. Pfau was a selectee for the InvestmentNews “Power 20” in 2013 and “40 Under 40” in 2014, the Investment Advisor 35 list for 2015, the IA 25 list for 2014, and Financial Planning magazine's Influencer Awards. He is a two-time winner of the Journal of Financial Planning Montgomery-Warschauer Award, a two-time winner of the Academic Thought Leadership Award from the Retirement Income Industry Association, and a best paper award winner in the retirement category from the Academy of Financial Services. Pfau holds a doctorate in economics and a master's degree from Princeton University, and bachelor of arts and bachelor of science degrees from the University of Iowa. He is also a Chartered Financial Analyst® (CFA®). _________________________ For More on Wade Pfau Retirement Planning Guidebook: Navigating the Important Decisions for Retirement Success Retirement Researcher Website _________________________ One Day University At One Day University, you can watch hundreds of fascinating talks by the most popular professors from 150 top schools. A special offer for listeners of The Retirement Wisdom Podcast: learn more and start your two-week free trial at www.onedayu.com/wisdom Check out the video library to see what interests you. _________________________ Wise Quotes On Risks "Risks fall into a few different categories. Longevity risk is worth mentioning first, and it's a good thing in a way. You don't know how long you're going to live, and you might live a very long time, which is wonderful, but just on the financial side, it's expensive to live a long time. You have to fund your retirement for more and more years. So longevity risks really is the overarching risk, and you've got the different types of market risk and market volatility, interest rates that are changing, and so forth, just market-related risks and inflation could be part of that as well. But even a low inflation rate over a long retirement can really compound over time. And then everything else really falls into the category of spending shocks. Which is you may have a reasonable baseline budget that you anticipate,

Wade D. Pfau, PhD, is Professor of Retirement Income in the PhD in Financial and Retirement Planning program, Co-Director of the New York Life Center for Retirement Income, and RICP® program director at The American College of Financial Services. GE-3474402 (3/21) (Exp. 3/23) Guest: Wade Pfau

Most retirement planning is focused entirely on the accumulation phase, but it is the distribution phase where many retirees face even greater risk.  In today's Better Wealth Episode, I had the honor and pleasure to interview Wade Pfau, expert in retirement and income distribution strategies. Out of all my interviews this one was one of the deepest and most informational as it comes to topics in retirement strategies. Wade is extremely well researched and in our conversation we discussed problems facing retirement, sequence risk loss, safe withdraw risk, annuities, life insurance, reverse mortgages, pension optimization strategies, buffer strategies, and different retirement options for people. Being in the industry you may have read journals/articles or books written by Wade. Listen as he shares his incredible story, experiences and wisdom. #BETTERWEALTH Guest Bio & Links:    Wade D. Pfau, Ph.D., CFA, RICP, is the program director of the Retirement Income Certified Professional designation and a Professor of Retirement Income at The American College of Financial Services in King of Prussia, PA. As well, he is a Principal and Director for McLean Asset Management. He holds a doctorate in economics from Princeton University and has published more than sixty peer-reviewed research articles in a wide variety of academic and practitioner journals. He hosts the (http://amzn.to/2GgCt7v).

https://www.youtube.com/watch?v=AO7Y3RkLaFI Want to get the most income later in life?  Your success depends not on one product, but the coordination of financial tools and your entire personal financial system.  Whether your focus is on acquiring cash-flowing assets or you have a more typical investment portfolio, whole life insurance and annuities can play a critical role.  That's why we're talking with Dr. Wade Pfau, a widely-recognized expert on income strategies with whole life insurance. So if you want to get the most income during retirement, have the greatest chance of not running out of money, leave the greatest legacy, and see why the higher premium of whole life is worth it over "buying term and investing the difference", tune in now! In this episode, you'll find out: Why the typical approach to retirement planning leaves so many in scarcity with the possibility of running out of money.How an integrated strategy using life insurance products with an investment portfolio provides more income during retirement.3 ways whole life insurance is more than an income replacement that's no longer needed after retirement.Why a financial strategy that includes whole life outperforms “buying term and investing the difference.”How you can spend more during retirement and pass on a bigger legacy.How whole life insurance and annuities provide an “actuarial bond” environment to replace traditional bonds in the typical asset allocation. This divides the functions of growth and income into separate assets, and give you more growth and more income.Why life insurance that uses bonds is better than buying bonds directly.How to preserve your investment portfolio and minimize the sequence of return risk, giving you more income during later years. About Dr. Wade Pfau Wade D. Pfau, Ph.D., CFA, RICP, is the curriculum director of the Retirement Income Certified Professional designation and a Professor of Retirement Income at The American College of Financial Services in King of Prussia, PA. He is also a Principal and Director for McLean Asset Management. Dr. Pfau holds a doctorate in economics from Princeton University and publishes frequently in a wide variety of academic and practitioner research journals on topics related to retirement income.  He hosts the Retirement Researcher website, and is a contributor to Forbes, Advisor Perspectives, Journal of Financial Planning, and an Expert Panelist for the Wall Street Journal.   Dr. Pfau is the author of several books on retirement income strategies.  Dr. Wade Pfau Links and Mentions RetirementResearcher.comSafety-First Retirement Planning: An Integrated Approach for a Worry-Free RetirementHow Much Can I Spend in Retirement? A Guide to Investment-Based Retirement Income StrategiesReverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement Find Out Your Next Step to Time and Money Freedom If you would like to assess your complete financial picture and find your personal best strategy to maximize your cash flow and control, we can help. By the way, we have a free Quick and Easy Privatized Banking Guide that outlines just how Privatized Banking gives you the most powerful storage tank for your cash, PLUS it boosts investment returns, so you can more quickly get to the point where you never run out of cash. If you are ready to personally implement Privatized Banking, alternative investments, or cash flow strategies to keep more of the money you make, book your strategy call with The Money Advantage advisors today. Thanks for Tuning In! Thanks so much for being with us this week. Have some feedback you'd like to share? Please leave a note in the comments section below! Don't forget to subscribe to the show to get automatic episode updates for The Money Advantage podcast! And, finally, if you like these conversations about building time and money freedom, please rate and review our show on Apple Podcasts to help ...

Wade D. Pfau, Ph.D., CFA, RICP, is the program director of the Retirement Income Certified Professional designation and a Professor of Retirement Income at The American College of Financial Services in King of Prussia, PA. As well, he is a Principal and Director for McLean Asset Management. He holds a doctorate in economics from Princeton University and has published more than sixty peer-reviewed research articles in a wide variety of academic and practitioner journals.    Dr. Phau hosts the Retirement Researcher website and is a contributor to Forbes, Advisor Perspectives, Journal of Financial Planning, and an Expert Panelist for the Wall Street Journal.  He is the author of the books, Safety-First Retirement Planning: An Integrated Approach for a Worry-Free Retirement, How Much Can I Spend in Retirement? A Guide to Investment-Based Retirement Income Strategies, and Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement.   This podcast is hosted by Rick Ferri, CFA, a long-time Boglehead and investment adviser. The Bogleheads are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost.   The organization's free website is Bogleheads.org and the wiki site is Bogleheads® wiki. Bogleheads sites are operated by volunteers who contribute time and talent. Donations help defray operating costs.   Since 2000, the Bogleheads' have held national conferences in major cities around the country and currently meet in Philadelphia in the autumn of each year. There are 56 Local Chapters in the US and three Foreign Chapters that also meet regularly. New Chapters are being added on a regular basis.   This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012.

When planning for the income you'll need for retirement, it can be difficult to determine which approach is best for you and your needs. To help you better understand your options, today's episode of The Breakthrough Advisor features Wade D. Pfau, Ph.D., and professor of retirement income at the American College.  With his extensive knowledge … Continue reading Episode 4 – What to Consider When Planning Your Retirement Income – With Wade Pfau →

Join Johnathan Krueger as he interviews Wade Pfau. Wade Pfau, Ph.D., CFA, RICP,  is a Professor of retirement income in the PhD in Financial and Retirement Planning program, Co-Director of the New York Life Center for Retirement Income, and the RICP® program director at The American College of Financial Services. Dr. Pfau is a co-editor of the Journal of Personal Finance. He has spoken at the national conferences of organizations for financial professionals such as the CFA Institute, FPA, NAPFA, AICPA-PFP, and AFS. He also publishes frequently in a wide variety of academic and practitioner research journals and his research has been discussed in outlets that include print editions of The Economist, The New York Times, The Wall Street Journal, and Money Magazine. During this episode you’ll hear  How Wade Pfau’s advise and practices stand out in the retirement space Two fundamentally different philosophies for retirement income planning How probability-based philosophy, as you describe it, is better understood by the public than the safety-first approach The characteristics of the probability-based approach Inherent risks of the probability-based approach that can sidetrack folks before and during their retirement years Lesser known ways to use insurance to help with retirement planning and execution that The types of risks that can be mitigated in retirement using a safety-first retirement planning approach Jonathan Krueger is an Investment Advisor Representative with Lion Street Advisors, LLC, a Registered Investment Representative and a Registered Representative with Lion Street Advisors, LLC member SIPC. Opinions expressed on this program do not necessarily reflect those of Lion Street Advisors, LLC or LionsGate Advisors. The topics discussed, and opinions given are not intended to address the specific needs of any listener. Neither Lion Street Advisors, LLC nor LionsGate Advisors offer legal or tax advice; listeners are encouraged to discuss their financial needs with the appropriate professional regarding your individual circumstance.   Resources:  Wade D. Pfau, Ph.D., CFA, RICP, is the curriculum director of the Retirement Income Certified Professional designation and a Professor of Retirement Income at The American College of Financial Services in King of Prussia, PA. As well, he is a Principal and Director for McLean Asset Management. He holds a doctorate in economics from Princeton University and publishes frequently in a wide variety of academic and practitioner research journals on topics related to retirement income.  He hosts the Retirement Researcher website, and is a contributor to Forbes, Advisor Perspectives, Journal of Financial Planning, and an Expert Panelist for the Wall Street Journal.  He is the author of the books, Safety-First Retirement Planning: An Integrated Approach for a Worry-Free Retirement, How Much Can I Spend in Retirement? A Guide to Investment-Based Retirement Income Strategies, and Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement

Probability-based or safety-first? What trade-offs exist between these two dramatically different philosophies for retirement income planning? Wade Pfau discusses his new book - Safety-First Retirement Planning: An Integrated Approach for a Worry-Free Retirement.   We were joined today by bestselling author Wade D. Pfau, Ph.D., CFA, RICP. Dr. Pfau is the director of the Retirement Income Certified Professional designation and a Professor of Retirement Income at The American College of Financial Services in King of Prussia, PA. As well, he is a Principal and Director for McLean Asset Management. He holds a doctorate in economics from Princeton University and publishes frequently in a wide variety of academic and practitioner research journals on topics related to retirement income. He hosts the Retirement Researcher website, and is a contributor to Forbes, Advisor Perspectives, Journal of Financial Planning, and an Expert Panelist for the Wall Street Journal. He is the author of the books, Safety-First Retirement Planning: An Integrated Approach for a Worry-Free Retirement, How Much Can I Spend in Retirement? A Guide to Investment-Based Retirement Income Strategies, and Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement.   About Safety-First Retirement Income Planning To learn two fundamentally different philosophies for retirement income planning, which I call probability-based and safety-first, diverge on the critical issue of where a retirement plan is best served: in the risk/reward trade-offs of a diversified and aggressive investment portfolio that relies primarily on the stock market, or in the contractual protections of insurance products that integrate the power of risk pooling and actuarial science alongside investments. The probability-based approach is generally better understood by the public. It advocates using an aggressive investment portfolio with a large allocation to stocks to meet retirement goals. My earlier book How Much Can I Spend in Retirement? A Guide to Investment-Based Retirement Strategies provides an extensive investigation of probability-based approaches. But this investments-only attitude is not the optimal way to build a retirement income plan. There are pitfalls in retirement that we are less familiar with during the accumulation years. The nature of risk changes. Longevity risk is the possibility of living longer than planned, which could mean not having resources to maintain the retiree's standard of living. And once retirement distributions begin, market downturns in the early years can disproportionately harm retirement sustainability. This is sequence-of-returns risk, and it acts to amplify the impacts of market volatility in retirement. Traditional wealth management is not equipped to handle these new risks in a fulfilling way. More assets are required to cover spending goals over a possibly costly retirement triggered by a long life and poor market returns. And yet, there is no assurance that assets will be sufficient. For retirees who are worried about outliving their wealth, probability-based strategies can become excessively conservative and stressful.This book focuses on the other option: safety-first retirement planning. Safety-first advocates support a more bifurcated approach to building retirement income plans that integrates insurance with investments, providing lifetime income protections to cover spending. With risk pooling through insurance, retirees effectively pay an insurance premium that will provide a benefit to support spending in otherwise costly retirements that could deplete an unprotected investment portfolio. Insurance companies can pool sequence and longevity risks across a large base of retirees, much like a traditional defined-benefit company pension plan or Social Security, allowing for retirement spending that is more closely aligned with averages. When bonds are replaced with insurance-based risk pooling assets, retirees can improve the odds of meeting their spending goals while also supporting more legacy at the end of life, especially in the event of a longer-than-average retirement. We walk through this thought process and logic in steps, investigating three basic ways to fund a retirement spending goal: with bonds, with a diversified investment portfolio, and with risk pooling through annuities and life insurance. We consider the potential role for different types of annuities including simple income annuities, variable annuities, and fixed index annuities. I explain how different annuities work and how readers can evaluate them. We also examine the potential for whole life insurance to contribute to a retirement income plan. When we properly consider the range of risks introduced after retirement, I conclude that the integrated strategies preferred by safety-first advocates support more efficient retirement outcomes. Safety-first retirement planning helps to meet financial goals with less worry. This book explains how to evaluate different insurance options and implement these solutions into an integrated retirement plan.   More about Houston Money Week visit: www.Houstonmoneyweek.org http://www.cheatsheet.com/personal-finance/how-schools-can-improve-their-personal-finance-education.html/ Financial Advisor Magazine Articles: http://www.fa-mag.com/news/advisors-stay-the-course-amid-monday-s-market-drop-22864.html?section=3  http://www.fa-mag.com/news/on-it-s-80th-anniversaryadvisors-consider-social-security-s-impactfuture-22784.html?section=3 You can listen live by going to www.kpft.org and clicking on the HD3 tab. You can also listen to this episode and others by podcast at: http://directory.libsyn.com/shows/view/id/moneymatters or www.moneymatterspodcast.com #KPFTHOUSTON #HoustonMoneyWK #WadePfau #ChrisHensley #FinancialPlanning #FinancialAdvisor #MoneyMattersPodcast #KPFT #Houston #Texas #UnitedStates 

Our guest on today's podcast is Jonathan Clements, the founder and editor of the website HumbleDollar. Clements has been a prolific and influential writer over his several-decade career. Prior to starting HumbleDollar, he was the longtime money and investing columnist for The Wall Street Journal, where he wrote more than 1,000 columns. After he left The Journal, Clements spent six years heading up investor education at Citi Personal Wealth Management. He has also authored seven investment books and a novel, including the Jonathan Clements Money Guide, How to Think about Money, and From Here to Financial Happiness. Background Information Jonathan Clements bio HumbleDollar Books by Jonathan Clements Related Links Frugality and Setting Financial Goals FIRE Movement Wikipedia entry HumbleDollar's Spending Guide HumbleDollar's Saving Guide "Can Money Buy Happiness?" by Andrew Blackman (Nov. 10, 2014, The Wall Street Journal) The Role of Advisors in Improving Outcomes Michael Kitces on "The Long View" podcast Great Debates on HumbleDollar's site "Hire an Advisor?" by Jonathan Clements (HumbleDollar) Bogleheads.org Whether Investors Undermine Their Results With Bad Behavior DALBAR's Quantitative Analysis of Investor Behavior "Taking Us for Fools," by Jonathan Clements (Dec. 1, 2018, HumbleDollar) "Maybe Investors Aren't Stupid After All," by Jonathan Clements (March 31, 2004, The Wall Street Journal) "Just How Dumb Are Investors?" by Jason Zweig (May 9, 2014, The Wall Street Journal) "A Warning to the Advisory Profession: DALBAR's Math is Wrong" by Wade D. Pfau (May 6, 2017, Advisor Perspectives) "Mind the Gap 2018" by Russel Kinnel (Aug. 21, 2018, Morningstar.com) Retirement Decumulation "Reducing Retirement Risk with a Rising Equity Glide Path" by Wade D. Pfau and Michael Kitces (Journal of Financial Planning) "Initial Conditions and Optimal Retirement Glide Paths" by David M. Blanchett (Journal of Financial Planning) "Cut Stocks or Add to Them? A Key Decision for Your Retirement Plan" by Christine Benz (July 25, 2019, Morningstar.com) HumbleDollar's Retirement Guide "Immediate Fixed" (HumbleDollar blog post) Asset Allocation and Investing HumbleDollar's Investing Guide  "Our Humble Opinion: Asset Allocation" (HumbleDollar blog post) "Market Portfolio" (HumbleDollar blog post) "Investors Have Fewer Reasons Than Ever for Home Bias" by Ben Johnson (June 7, 2019, Morningstar.com)

Dr. Wade D. Pfau, CFA®, is a Professor of Retirement Income in the PhD in Financial and Retirement Planning program at The American College of Financial Services. He is also a contributor to the The College's Retirement Income Certified Professional® (RICP®) designation program curriculum. Dr. Pfau is a co-editor of the Journal of Personal Finance. He has spoken at the national conferences of organizations for financial professionals such as the CFA Institute, FPA, NAPFA, AICPA-PFP, and AFS. He also publishes frequently in a wide variety of academic and practitioner research journals. He hosts the Retirement Researcher blog, and is a monthly columnist for Advisor Perspectives, a RetireMentor for MarketWatch, a contributor to Forbes, and an Expert Panelist for The Wall Street Journal. His research has been discussed in outlets that include print editions of The Economist, The New York Times, The Wall Street Journal, and Money Magazine. Dr. Pfau was a selectee for the InvestmentNews “Power 20” in 2013 and “40 Under 40” in 2014, the Investment Advisor 35 list for 2015, the IA 25 list for 2014, and Financial Planning magazine's Influencer Awards. He is a two-time winner of the Journal of Financial Planning Montgomery-Warschauer Award, a two-time winner of the Academic Thought Leadership Award from the Retirement Income Industry Association, and a best paper award winner in the retirement category from the Academy of Financial Services. Dr. Pfau holds a doctorate in economics and a master's degree from Princeton University, and Bachelor of Arts and Bachelor of Science degrees from the University of Iowa. He is also a Chartered Financial Analyst® (CFA®).

How much can you spend in retirement? Naturally, this is an essential question for those approaching this important life transition. Essentially, if you wish to retire one day, you are increasingly responsible for figuring out how to save during your working years and convert your savings into sustainable income for an ever-lengthening number of retirement years. The nature of risk also changes in retirement, as the lifestyle of retirees become more vulnerable to the impacts of market volatility, unknown longevity, and spending shocks. Retirees have one opportunity to build a successful plan. It is not an easy task, but it is manageable. On today's show we talked with Author Dr. Wade Pfau about his new book How to Spend Money Wisely in Retirement.  Dr. Wade D. Pfau, CFA®, is a Professor of Retirement Income in the PhD in Financial and Retirement Planning program at The American College of Financial Services. He is also a contributor to the The College's Retirement Income Certified Professional® (RICP®) designation program curriculum. Dr. Pfau is a co-editor of the Journal of Personal Finance. He has spoken at the national conferences of organizations for financial professionals such as the CFA Institute, FPA, NAPFA, AICPA-PFP, and AFS. He also publishes frequently in a wide variety of academic and practitioner research journals. He hosts the Retirement Researcher blog, and is a monthly columnist for Advisor Perspectives, a RetireMentor for MarketWatch, a contributor to Forbes, and an Expert Panelist for The Wall Street Journal. His research has been discussed in outlets that include print editions of The Economist, The New York Times, The Wall Street Journal, and Money Magazine.     To learn more about Wade visit: www.retirementresearcher.com   To learn more about Houston Money Week visit: www.Houstonmoneyweek.org   http://www.cheatsheet.com/personal-finance/how-schools-can-improve-their-personal-finance-education.html/ Financial Advisor Magazine Articles: http://www.fa-mag.com/news/advisors-stay-the-course-amid-monday-s-market-drop-22864.html?section=3  http://www.fa-mag.com/news/on-it-s-80th-anniversaryadvisors-consider-social-security-s-impactfuture-22784.html?section=3 You can listen live by going to www.kpft.org and clicking on the HD3 tab. You can also listen to this episode and others by podcast at: http://directory.libsyn.com/shows/view/id/moneymatters or www.moneymatterspodcast.com #KPFTHOUSTON #HoustonMoneyWK #WadePfau

Jason interviews Wade Pfau. Wade D. Pfau, Ph.D., CFA, is a Professor of Retirement Income in the Ph.D. program for Financial and Retirement Planning at The American College in Bryn Mawr, PA. He also serves as a Principal and Director for McLean Asset Management. He holds a doctorate in economics from Princeton University and publishes frequently in a wide variety of academic and practitioner research journals on topics related to retirement income. He hosts the Retirement Researcher website, and is a monthly columnist for Advisor Perspectives, a RetireMentor for MarketWatch, a contributor to Forbes, and an Expert Panelist for the Wall Street Journal. He recently authored his first book, Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement, which is available from Amazon.

Jason Parker interviews Wade Pfau, Ph.D., CFA. Wade D. Pfau, PhD, CFA, is a Professor of Retirement Income in the new PhD program for Financial and Retirement Planning at The American College in Bryn Mawr, PA. He is a past selectee for the InvestmentNews Power 20 for people expected to shape the financial advisory industry, and is a recipient of Financial Planning magazine's Influencer Awards. His research article on “safe savings rates” won the inaugural Journal of Financial Planning Montgomery-Warschauer Editor's Award, and his work on evaluating the outcomes of different retirement income strategies received an Academic Thought Leadership Award from the Retirement Income Industry Association. He has also served as a past curriculum director for that organization's Retirement Management Analyst (RMA) designation program, and he has contributed to the curriculum of The American College's Retirement Income Certified Professional (RICP) designation. He holds a doctorate in economics from Princeton University, and he has published research on retirement planning in a wide variety of academic and practitioner research journals. He is also an active blogger on retirement research, maintains the educational Retirement Research website, and is a monthly columnist for Advisor Perspectives, a RetireMentor for MarketWatch, and an Expert Panelist for the Wall Street Journal. His research has been discussed in outlets including the print editions of The Economist, Wall Street Journal, Money Magazine, and SmartMoney. See his Google + profile for contact information.  

Doctor Wade Pfau returns to the podcast to discuss his recently released research paper.  Research Paper Abstract:There remains a rift in the financial services profession about the best approach for building a retirement income plan. Some advisors prefer to pursue the risk/reward possibilities of an equity portfolio and others prefer the contractual guarantees of insurance products. However, for retirement income, one must step away from the notion that either investments or insurance alone will best serve retirees. The risks to and concerns of retirees are many and diverse. Will a retired couple be able to maintain a lifestyle to which they are accustomed? How long will they live, and will they have sufficient income until the death of the survivor? Will they have sufficient liquidity for unexpected contingencies, and will they be able to leave a legacy for subsequent generations?Investment volatility, inflation, unforeseen spending needs andcognitive decline are risks that a retirement plan must take into account. This article addresses the above considerations in comparing three retirement plan scenarios: (1) investments and term life insurance; (2) investments, joint and 100% survivor annuity and term life insurance; and, (3) investments, single life annuity and whole life insurance. The results demonstrate that a higher income level and greater legacy are potentiallyachieved when investments, single life annuities and whole life insurance are combined than when applying investment-only solutions. “For retirement income, we must step away from the notion that either investments or insurance alone will best serve retirees. More emphasis is needed on the basic forms of insurance products, and how they may behave as part of an integrated retirement income plan.” – Wade D. Pfau, Ph.D. CFA,