Podcast appearances and mentions of wade pfau

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”  

In this episode of Retire with Style, Wade Pfau and Alex Murguia explore real assets- focusing on real estate and infrastructure- and their role in retirement portfolios. They discuss the pros and cons of residential and commercial property ownership, the value of REITs, and the potential of infrastructure investments. The conversation highlights the importance of diversification and understanding the risk-return tradeoffs of these asset classes. Listen now to learn more!   Takeaways Real assets—like real estate and infrastructure—can play a valuable role in retirement portfolios. These assets can improve portfolio efficiency by enhancing return relative to risk. REITs offer accessible exposure to real estate without requiring accredited investor status. Owning residential property often requires active management and can feel more like a job than a passive investment. Commercial real estate tends to provide more stable income through longer-term leases. Infrastructure investments can offer steady cash flows and some protection against inflation. Diversification remains key to effectively managing portfolio risk. 1031 exchanges allow investors to defer capital gains taxes when selling real estate. Water rights represent a niche but growing area of investment opportunity. Chapters 00:00 Introduction to Real Assets 02:00 Understanding Real Estate in Portfolios 08:04 The Role of Residential Real Estate 16:01 Exploring Commercial Real Estate 28:05 Infrastructure as an Investment 33:44 Conclusion and Future Topics   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 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 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 of Retire with Style, Wade Pfau and Alex Murguia explore the complex world of hedge funds, focusing on strategies like global macro, event-driven, and managed futures. They explain the role of derivatives, the impact of forecasting, and how these approaches can complement a broader investment portfolio, especially in the context of retirement planning.   Takeaways Derivatives are contracts whose value depends on an underlying asset. Global macro strategies rely on macroeconomic trends and require strong forecasting skills. Event-driven strategies aim to profit from corporate actions such as mergers and acquisitions. Managed futures use trend-following techniques to trade commodities, currencies, and other assets. Understanding the distinction between futures and options is essential for informed investing. Hedge funds typically require accredited investor status due to their complexity and risk profile. Hedge fund performance can vary widely depending on market conditions and strategy selection. Managed futures often have low correlation with traditional stock and bond markets, offering diversification benefits. Investors should evaluate how hedge fund strategies align with their broader investment objectives.   Chapters 00:00 Introduction to Hedge Funds and Market Trends 02:34 Understanding Derivatives in Investing 10:14 Exploring Global Macro Strategies 20:29 Diving into Event-Driven Strategies 30:36 Managed Futures: Trend Following Approaches 40:05 Conclusion and Future Discussions   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!   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 Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

In this episode, we dive deep into the fundamentals of retirement planning with one of the most respected researchers in the field—Wade Pfau. Wade is known for blending rigorous academic research with real-world financial advice. We explore his groundbreaking ideas on the 4% rule, sequence of returns risk, annuities, income frameworks, and his innovative Retirement Income Style Awareness (RISA) model. Whether you're planning for retirement or advising others, this episode delivers valuable frameworks and perspectives you can apply immediately.**Topics Covered:*** Why the 4% rule is a U.S. artifact—and where it doesn't work* The importance of sequence risk and how early retirement returns dominate long-term outcomes* Wade's “Four Ls” of retirement planning: Lifestyle, Longevity, Liquidity, and Legacy* The limitations of fixed withdrawal strategies and the value of variable withdrawal rules* The misunderstood role of annuities and why risk pooling matters* How RISA helps investors match their personality and preferences to the right retirement strategy* The power of flexibility and focusing on what really matters in retirement

Wealth Formula Network, our online mastermind group, is where we dive into the financial questions that keep us up at night, and one debate that keeps coming up is whether to pay off your mortgage. It's a complex question, but let's unpack the math and the emotion so you can decide for yourself. First, think of your mortgage as a lever: with just 20% down, you control 100% of your home's value. On a $500,000 property, that means your $100,000 down payment magnifies the impact of appreciation. If home values rise 4% in a year, your equity grows by $20,000—an effective 20% return on your original $100K. Had you paid the full $500,000 up front, you'd still make the same $20,000—but that's only a 4% return on investment. Next, consider opportunity cost. Every extra dollar you funnel into your mortgage is a dollar you can't deploy elsewhere—whether it's a diversified stock portfolio, a private deal, or even another rental property. Historically, a balanced investment mix has returned 10% annually, comfortably outpacing most mortgage rates and turning “trapped” home equity into “working” capital. Here's something else you might not have considered: your mortgage can actually serve as asset protection. Creditors (or an overzealous bank) are far less likely to tap a property that still carries a lien. By keeping a mortgage in place, you make your home less attractive as collateral and shield your equity in other holdings. So, when you run the numbers, the case for holding onto lower cost debt and investing the difference is compelling. But, math isn't everything. There's intangible value in the day you write “0.00” next to your mortgage balance: no monthly housing payment, no looming due dates, and a deep sense of security—especially as you head toward retirement. Bottom line—there is no single correct answer. Know the pros and cons, weigh your financial goals against your emotional needs, and choose the path that aligns with both your head and your heart. Make that decision thoughtfully, and you'll sleep better either way. Speaking of mortgages, have you ever wondered what reverse mortgages are all about? Those late-night commercials often make them seem like a ways to rip-off seniors. Is there something really useful there? Well, I invited an expert onto the show to teach us all about them and was pleasantly surprised. Reverse mortgages can be a smart tool for homeowners nearing retirement and something you might consider for yourself someday even if you've got other money. Curious to learn more? Tune in to this week's episode of Wealth Formula and get the full story.

In this episode of Retire with Style, Dr. Wade Pfau and Dr. Alex Murguia explore the evolving world of alternative investments and their potential role in retirement planning. They discuss the concept of "Winning the Loser's Game"—emphasizing the value of steady, disciplined strategies over high-risk maneuvers—and examine how alternatives like cryptocurrencies, private equity, and hedge funds may fit into a well-structured retirement portfolio. The conversation covers what it means to be an accredited investor, common misconceptions about alternative assets, and the importance of liquidity and regulatory oversight. They also touch on how current market dynamics are making these investments more accessible to individuals. Plus, they answer a listener question about spousal benefits under Social Security, offering practical guidance for those planning around them. Listen now to learn more!   Takeaways Alternative investments can enhance portfolio diversification. The concept of 'Winning the Loser's Game' applies to investing strategies. Community engagement can be fostered through shared interests like pickleball. Understanding the role of alternative investments is crucial for informed decision-making. Not all alternatives are suitable for every investor's portfolio. The definition of alternatives is broad and includes various asset classes. Investors should be cautious of the hype surrounding alternatives. Higher returns are often touted as a benefit of alternative investments. Inflation hedging is a key reason for considering alternatives. Access to alternative investments is becoming more democratized. Cryptocurrencies, especially Bitcoin, are seen as alternatives to traditional assets. The future of investing is evolving, with more access for household investors. Accredited investor status is crucial for accessing certain investment opportunities. Many misconceptions exist about the risk and accessibility of alternative investments. Liquidity versus illiquidity is a key consideration in alternative investments. Market dynamics are changing, making alternatives more relevant now. Technological innovations are democratizing access to alternative investments. Investors should assess their portfolios for potential returns in alternatives. Regulatory oversight is important for ensuring the safety of investments. Understanding Social Security benefits is essential for retirement planning.   Chapters 00:00 Introduction to Alternative Investments 02:57 The Concept of Winning the Loser's Game 06:09 Engaging the Community with Pickleball 08:58 Understanding Alternative Investments 12:05 Defining Alternatives in Investing 15:03 The Appeal of Alternative Investments 19:33 Exploring Cryptocurrencies and Their Unique Position 22:01 The Evolution of Alternative Investments for Household Investors 24:40 Understanding Accredited Investor Status and Its Implications 31:07 Debunking Myths About Alternative Investments 41:07 Why Now is the Time to Consider Alternatives 45:17 Listener Question: Social Security Spousal Benefits   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 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, 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, Dr. Wade Pfau and Dr. Alex Murguia are joined by behavioral finance expert Dr. Daniel Crosby to explore the intersection of wealth, values, and happiness in retirement. Together, they unpack why aligning your spending with your personal values can lead to a more fulfilling life—and how money, when used thoughtfully, can buy happiness. The conversation dives into the psychology of financial decision-making, the role of willpower, and why experiences and time often bring more joy than material possessions. They also examine how our values evolve over time, the importance of delayed gratification, and how understanding risk more deeply can lead to better financial planning. Ultimately, this episode reframes wealth not just as a number—but as a tool for building a meaningful and purpose-driven retirement. Listen now to learn more!   Takeaways: Aligning spending with personal values is essential for a fulfilling and meaningful life. Money reflects what we value most—and using it to buy time and experiences often brings greater happiness than material goods. Strong relationships and shared experiences are more important to long-term happiness than income alone. Retirement is a transition, not just an end goal. Planning should include emotional and psychological readiness—not just finances. Many people are unprepared for the emotional complexity of retirement, including the challenge of redefining purpose. While income matters up to a point, happiness largely depends on subjective factors—and some people may remain dissatisfied regardless of wealth. Investing in relationships and purpose-driven goals is key to long-term well-being. Values may stay the same over time, but how we express them can evolve. Willpower is less about discipline and more about building habits and making poor choices harder to access. Delayed gratification is a powerful tool for achieving long-term satisfaction. Fear of failure can hold us back—and often becomes a self-fulfilling prophecy. A great advisor doesn't just manage money—they help clients align their finances with their life goals. True wealth lies at the intersection of financial security and personal meaning. Chapters 00:00 Introduction to The Soul of Wealth 01:20 Contextualizing Wealth and Values 06:22 The Psychology of Spending and Happiness 10:01 Money, Happiness, and Subjective Well-Being 14:15 Buying Time and Freedom 20:14 Retirement: Beyond Leisure and Fun 24:22 The Freedom to Choose: Beyond Escape 25:04 Aligning Spending with Values 26:06 Crafting a Meaningful Financial Plan 27:38 Elevating the Client Experience 29:27 The Dynamic Nature of Values 30:54 Willpower: The Key to Financial Discipline 33:12 Mastering Delayed Gratification 39:12 Understanding Risk in Financial Planning 45:56 Money and Meaning: A Life of Significance   Links Visit your preferred book retailer to get your own copy of “The Soul of Wealth: 50 Reflections on Money and Meaning”  by Dr. Daniel Crosby or click here to purchase from Amazon: https://retirement-researcher.ontralink.com/tl/532 Want more of this kind of insight? The Retirement Researcher Academy is where conversations like these keep going. Visit RetirementResearcher.com/Academy-RWS  and use code RWS1 to get the 1st Month of your Monthly Academy subscription on us!

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 WealthVest: The Weekly Bull&Bear, Drew and Tim interviewed Dr. Wade Pfau, PhD, CFA, RICP®. Wade Pfau is the founder of Retirement Researcher, an educational resource for individuals and financial advisors on topics related to retirement income planning. They discussed Wade's academic and professional background, sustainable withdrawal rates, the global perspective of the 4% rule, where annuities can fit in the efficient frontier, and what a recession could mean for annuity sales. WealthVest – based in Bozeman, MT– is a financial services marketing and distribution firm specializing in fixed and fixed index annuities from many high-quality insurance companies. WealthVest provides the tools, resources, practice management support, and products that financial professionals need to provide their clients a predictable retirement that has their best interest in mind.Hosts: Drew Dokken, Tim PierottiAlbum Artwork: Sam YarboroughShow Editing and Production: Tavin DavisDisclosure: The information covered and posted represents the views and opinions of the hosts and does not necessarily represent the views or opinions of WealthVest. The mere appearance of Content on the Site does not constitute an endorsement by WealthVest. The Content has been made available for informational and educational purposes only. WealthVest does not make any representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the Content.WealthVest does not warrant the performance, effectiveness or applicability of any sites listed or linked to in any Content. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning. Investment and investing involves risk, including possible loss of principal. Hosted on Acast. See acast.com/privacy for more information.

In this episode of Retire with Style, Wade Pfau and Alex Murguia dive into the current market landscape and what it means for retirement planning. They highlight the importance of staying grounded during periods of volatility and how emotions can cloud financial judgment. Alex introduces the RAIN model—a practical framework to recognize and manage emotional responses—to help investors approach market uncertainty with mindfulness. Together, Wade and Alex unpack how psychological biases influence decision-making and why having a flexible, well-structured plan is key to weathering financial storms. The conversation also explores strategies for resetting your financial plan in response to market changes, including flexible spending approaches, safe withdrawal rates, and considerations around delaying Social Security. The takeaway? Long-term goals matter most—and with the right mindset and plan, you can navigate uncertainty with confidence.   Takeaways Markets are currently down, prompting a need for better financial decisions. Emotional responses to market volatility can lead to poor decision-making. The RAIN model helps in recognizing and managing emotions during uncertainty. It's important to allow feelings of anxiety without acting on them. Investors should investigate their thoughts and biases during market downturns. Non-identification with emotions can lead to better decision-making. Market downturns can be beneficial for savers looking to buy at a discount. Resetting financial strategies is crucial during times of uncertainty. Long-term investment strategies should be prioritized over short-term reactions. Understanding one's retirement income style can impact decision-making during volatility. Maintaining flexibility in retirement spending is crucial. Market volatility can impact retirees differently based on their strategies. A diversified portfolio can help withstand market fluctuations. It's important to adapt your retirement strategy to your personal style. Delaying social security can lead to better long-term financial outcomes. Behavioral biases can hinder effective investing decisions. A financial plan provides a framework for making objective decisions. Backcasting helps in setting realistic financial goals. Understanding your future self can guide current financial decisions. Rules-based decision-making can mitigate emotional responses during market downturns.   Chapters 00:00 Market Volatility and Its Implications 05:02 Understanding Emotional Responses to Market Changes 19:06 The RAIN Model: A Framework for Decision Making 22:54 Resetting Financial Strategies During Uncertainty 23:48 Navigating Market Volatility in Retirement 27:06 Preparing for Financial Decisions in Uncertain Times 28:30 Understanding Safe Withdrawal Rates 29:49 Addressing Behavioral Biases in Investing 32:41 The Importance of Financial Planning 39:16 Strategies for Delaying Social Security   Links To continue today's conversation.. Join Retirement Researcher THIS Thursday 4/10/25 at 1PM ET for a timely webinar, hosted by Alex Murguia, Ph.D. called, "Making Smarter Financial Decisions in Volatile Markets". Register now at risaprofile.com/podcast    If you haven't already, visit risaprofile.com/style to discover your Retirement Income Style by taking our RISA® questionnaire for free!   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    

Lawrence McMillan, president of McMillan Analysis, says the market has been in an oversold rally and is currently correcting as it comes out of that. He sees deteriorating breadth but still thinks this could be what he called "a healthy correction." McMillan says if the Standard & Poor's 500 can't hold the 5400 level, he would expect it to drop to 5000, a move big enough to put the stock market into bear market territory, a decline of 20 percent from market peaks in February. Wade Pfau, professor of retirement income at The American College of Financial Services, returns to the show to discuss updates to "Retirement Planning Guidebook: Navigating the Important Decisions for Retirement Success,” and discusses the trend of investors trading some potential returns for more certainty, using annuities and reverse mortgages to secure income. Plus Wayne Thorp, head of research and analysis products for the American Association of Individual Investors — who created AAII's growth investing strategy — talks growth investing amid declining growth in the Money Life Market Call.

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”  

What is your retirement income style? Dr. Wade Pfau, CFA, RICP®, is the co-founder of RISAprofile.com, providing investors with retirement income style awareness. He returns to Your Money, Your Wealth® today on podcast number 522 to talk about four different styles of retirement income, distribution planning and the four percent rule. Plus, what does Dr. Pfau think will happen with President Trump's 2017 tax cuts, scheduled to sunset at the end of this year? What are Dr. Pfau's thoughts on annuities as part of your retirement plan? Next, "Joe Anderson's Top 5 Things" to help you manage the impact of all this market volatility on your portfolio. Also, Joe Anderson CFP® and Big Al Clopine, CPA spitball for "Al Bundy" in St. Louis: what withdrawal strategy makes sense for him, and what he should do with his IRA and 401(k) money? Free financial resources & episode transcript: https://bit.ly/ymyw-522 DOWNLOAD the Recession Protection Guide DOWNLOAD The Tax Planning Guide WATCH Escape These 11 Tax Traps and You'll Save in Retirement on YMYW TV ASK Joe & Big Al for your Retirement Spitball Analysis SCHEDULE your Free Financial Assessment SUBSCRIBE to YMYW on YouTube DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE to the YMYW Newsletter Timestamps: 00:00 - Intro: This Week on the YMYW Podcast 01:00 - Retirement Income Style, Tax Laws, and Annuities with Dr. Wade Pfau 16:39 - What's the Future of Your Social Security? Watch Last Week's YMYW Podcast & Subscribe on YouTube 17:08 - Joe Anderson's Top 5 Things: How to Manage Market Volatility 26:27 - Learn to Escape These 11 Tax Traps and You'll Save in Retirement on YMYW TV, Download the Tax Planning Guide 27:13 - What Should I Do With My IRA and 401(k)? I'm 61 and Have $10M. (Al Bundy, St. Louis) 00:00 - YMYW Podcast Outro

In this episode of Retire with Style, hosts Alex Murguia and Wade Pfau are joined by Nate Conrad from Lifex Funds to discuss the innovative approach to retirement income through bond ladders. The conversation explores the evolution of Lifex, the differences between traditional bond funds and bond ladders, and the design of Lifex ETFs aimed at providing consistent income for retirees. They delve into the behavioral aspects of investing in bonds, the practical applications of bond ladders in retirement planning, and the complexities involved in constructing a bond ladder. The episode emphasizes the importance of aligning investment strategies with retirement income needs and the benefits of using Lifex's products for a more stable financial future. They discuss the importance of simplifying investment processes to enhance accessibility for investors. The conversation also touches on income distribution strategies, emphasizing the benefits of front-loading income and the tax implications of different spending methods. They end the episode with listener questions that provide practical insights into managing surplus wealth and the appropriate investment strategies for different funding ratios. Listen now to learn more!   Takeaways Lifex has evolved to focus on retirement income through bond ladders. Bond ladders provide predictable income compared to traditional bond funds. The design of Lifex ETFs allows for monthly distributions to match spending needs. Lifex ETFs are structured to adapt to the spending patterns of retirees. The importance of managing long-term bond investments for retirement planning. Constructing a bond ladder manually can be complex and time-consuming. Using Lifex products simplifies the bond laddering process for investors. Retirement income strategies should prioritize stability and predictability. Simplifying investment strategies can lead to better adoption. Bond laddering can provide more predictable income than bond funds. Using a bond ladder can allow for higher spending rates in retirement. Surplus wealth can be invested more aggressively once basic needs are met. Chapters 00:00 Introduction to Retirement Income Bond Ladders 02:51 The Evolution of Lifex and Its Offerings 06:09 Understanding Bond Ladders vs. Bond Funds 09:11 Designing Lifex ETFs for Retirement Income 12:01 Managing Long-Term Bond Investments 15:06 Behavioral Aspects of Bond Investing 18:06 Practical Applications of Bond Ladders in Retirement 20:56 The Complexity of Building a Bond Ladder 24:58 The Importance of Simplifying Investment Strategies 29:51 Understanding Bond Laddering vs. Bond Funds 36:30 Exploring Income Distribution Strategies 41:13 Listener Questions and Practical Applications   Links Wade will be at the Dallas MoneyShow, April 4-6. He will speak Sunday morning April 6 on Retirement Styles https://www.mmsdallas.com/speakers/1adf58d0d50547b0981fad3b07614de4/wade-pfau/?scode=064748 Learn more about the LifeX funds: https://www.lifexfunds.com/ Click here to watch this episode on YouTube: https://youtu.be/B_0xtHX1Hzc?si=x5ArQFSNEoA0RGfV 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

This episode of The Power of Zero Show is part of David McKnight's podcast interview with Caleb Guilliams and Tom Wall, PhD. David touches upon a recent Ernst & Young study where whole life insurance was used as a buffer-type strategy. When it comes to the “risk continuum”, David sees IUL as slightly on the right side of whole life insurance. IUL is something worth doing only if you think that risk premium can get you a slightly higher rate of return over time. David recognizes that IUL has risks but that, in exchange for those risks, you can get somewhat of a higher rate of return.  Whole life policies aren't something David sees as designed to build money up and then take money out permanently. One of the reasons why David likes the IUL is because you can find a carrier that gives you a guaranteed 0% loan. Some may argue that Wade Pfau, who wrote the foreword for David's latest book, The Guru Gap, prefers whole life instead of IUL. David's stated objective is to build up your net worth as effectively as you can. His suggestion for the accumulation period is to save as well as you can and to mostly invest in stocks. David explains his preference for IUL over whole life policies.   Mentioned in this episode: David's national bestselling book: The Guru Gap: How America's Financial Gurus Are Leading You Astray, and How to Get Back on Track DavidMcKnight.com DavidMcKnightBooks.com PowerOfZero.com (free video series) @mcknightandco on Twitter  @davidcmcknight on Instagram David McKnight on YouTube Get David's Tax-free Tool Kit at taxfreetoolkit.com Ernst & Young Dave Ramsey Wade Pfau

In this episode of 'Retire with Style', hosts Alex Murguia and Wade Pfau discuss the importance of understanding the funded ratio in retirement planning. They explore how the funded ratio compares to Monte Carlo simulations, the significance of present value in assessing retirement income, and the implications of conservative return assumptions. The conversation emphasizes the need for a solid financial plan and the upcoming retirement income challenge designed to help participants create their financial strategies. They also discuss the differences between funded ratios and Monte Carlo simulations in retirement planning. They emphasize the simplicity and intuitiveness of funded ratios, which allow individuals to easily understand their financial status. The discussion also covers the importance of variable spending strategies, the complexities of tax calculations, and how to analyze essential versus discretionary expenses. They address listener questions about Roth conversions and the challenges of retirement planning, advocating for a shift towards funded ratios as a more reliable tool for assessing retirement readiness. Listen now to learn more!   Takeaways The funded ratio helps assess if you have enough assets to cover retirement liabilities. Monte Carlo simulations and funded ratios approach retirement planning from different angles. Present value calculations are crucial for understanding future income streams. The funded ratio is a powerful tool used by pension funds and can be applied to individual retirement planning. The funded ratio can provide a clearer picture of retirement funding status than Monte Carlo simulations. Future earnings can be included in the funded ratio assessment. The choice of discount rate can significantly impact the funded ratio outcome. It's important to know the difference between current value and present value in retirement planning. The funded ratio is a more intuitive approach than Monte Carlo simulations. Variable spending strategies can be effectively modeled with Monte Carlo. Understanding essential vs. discretionary expenses is crucial for retirement planning. Roth conversions can be beneficial even when working, but require careful consideration. The financial planning profession has largely favored Monte Carlo methods.   Chapters 00:00 Introduction and Upcoming Events 02:58 Understanding the Funded Ratio 10:30 Present Value and Retirement Planning 12:23 Conservative Return Assumptions 17:48 Monte Carlo vs. Funded Ratio 20:34 Understanding Funded Ratios vs. Monte Carlo Simulations 25:22 The Role of Monte Carlo in Variable Spending Strategies 27:49 Gathering Information for Funded Ratio Calculations 30:11 Analyzing Funded Ratios for Essential vs. Discretionary Expenses 33:53 The Shift from Monte Carlo to Funded Ratios 39:54 Listener Questions: Roth Conversions and Retirement Planning   Links 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 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', hosts Alex Murguia and Wade Pfau delve into the intricacies of financial planning for retirement. They introduce the concept of a financial planning framework, emphasizing the importance of understanding one's goals, risks, and the alignment of assets. The discussion covers the Retirement Income Challenge, the Retirement Income Optimization Map, and the four key goals of retirement: longevity, lifestyle, legacy, and liquidity. They also explore the various types of income sources, the significance of a diversified portfolio, and how to reposition assets to meet retirement objectives. The episode concludes with a listener question about the Social Security Delay Bridge strategy. Listen now to learn more!   Takeaways Financial planning is essential for retirement success. The Retirement Income Optimization Map helps visualize financial goals. Understanding the four L's of retirement is crucial: longevity, lifestyle, legacy, liquidity. Identifying retirement risks can guide financial decisions. Reliable income sources are vital for covering essential expenses. A diversified portfolio can fund discretionary spending and legacy goals. Reserves are important for managing unexpected expenses in retirement. Aligning goals with assets is key to effective financial planning. The funded ratio helps assess retirement preparedness. Cash can be a strategic resource for delaying Social Security benefits.   Chapters 00:00 Introduction to Financial Planning Framework 03:08 Retirement Income Challenge Overview 06:03 Understanding the Retirement Income Optimization Map 09:06 Defining Goals: The Four L's of Retirement 12:00 Identifying Retirement Risks 15:04 Aligning Goals with Assets 18:03 Exploring Reliable Income Sources 20:59 Diversified Portfolio and Reserves 23:48 Repositioning Assets for Retirement Goals 26:58 Listener Question: Social Security Delay Bridge   Links 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 Click here to download the RIO Map mentioned in today's episode: https://Retirement-Researcher.ontralink.com/tl/504 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 of 'Retire With Style', hosts Alex Murguia and Wade Pfau delve into the intricacies of tax planning for retirement. They introduce the Retirement Income Challenge, discuss the importance of understanding tax impacts on retirement income, and explore strategies such as Roth conversions and gains harvesting. The conversation also covers the evaluation of 401k versus Roth 401k contributions, maximizing charitable contributions through Qualified Charitable Distributions (QCDs), and addressing listener questions, providing valuable insights for effective retirement planning. Listen now to learn more!   Takeaways The Retirement Income Challenge helps participants assess their retirement readiness. Tax planning is crucial for maximizing retirement income. Roth conversions can be beneficial, but gains harvesting at 0% tax rate is also a viable strategy. Understanding the tax implications of income sources is essential for retirees. Qualified Charitable Distributions (QCDs) can significantly reduce tax bills for charitable donations. The TaxMAT calculator workshop will provide practical tools for tax planning. Evaluating 401k versus Roth 401k contributions requires understanding long-term tax impacts. Medical deductions can be affected by income levels and tax planning decisions. Effective tax planning can help avoid higher tax brackets in retirement. Engaging with listeners through questions enhances the podcast experience.   Chapters 00:00 Introduction to Retirement Income Challenge 02:58 Exploring Tax Planning Strategies 05:55 Understanding Tax Impacts on Retirement Income 09:11 Roth Conversions vs. Gains Harvesting 12:02 Evaluating 401k vs. Roth 401k Contributions 14:51 Maximizing Charitable Contributions and QCDs 27:46 Listener Questions and Wrap-Up   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 Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

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”

Today's episode is a podcast guest interview David McKnight did for Josh Jalinski's The Financial Quarterback Podcast. David gives Josh's audience a quick bio that spans from his early days in the financial services space in 1997 all the way to his latest book The Guru Gap. The premise of The Guru Gap is the difference between the 1990s when people had very few options to vet out financial planning advice and today, where they have plenty of ways to vet out. Nowadays, whenever David makes a financial recommendation, 90% of his clients take to the internet to vet that recommendation. In The Guru Gap, David focuses on financial gurus Dave Ramsey, Suze Orman, Ken Fisher, Clark Howard, and Ramit Sethi – and their advice. Since financial gurus aim at taking important and complex financial principles and distilling them down into 10-second sound bites, they tend to give short shrift to a lot of details David's clients would need to protect and grow their retirement savings. The #1 goal most Americans have is to have their money last as long as they do. Financial gurus have had an adversarial stance toward financial planners like David and Josh Jalinski. Some of David's clients who seem to put more stock into what these gurus have to say tend to forget that their advice typically isn't undergirded by math and actuarial science… Josh Jalinski shares a couple of stories that really tick him off when it comes to financial gurus and the consequences of their advice. David believes that America is better off with people like Dave Ramseys and the like in it than without them. “If you're making $50,000 and spending $60,000 Dave Ramsey is precisely the person you should be talking to,” says David McKnight. David sees people like Dave Ramsey be “good for bad investors, and bad for good investors”. Wade Pfau thinks that following Ramsey's advice of taking 8% withdrawal rates on your assets in retirement and putting 100% of your allocation in stocks, you'll run out of money in advance of life expectancy 63% of the time. David touches upon the so-called Dave Ramsey circle of poverty: he gets you out of debt on the road to financial success, and then he promptly bankrupts you by taking an 8% withdrawal rate. Josh shares his thoughts on Dave Ramsey and explains that some people never save. Citing former Comptroller General David Walker and Penn Wharton David talks about what could be waiting for the U.S. in the near future. David gives out a couple of reasons why you should think about doing a Roth conversion. David and Josh talk about saving future taxes when someone passes away.  A key question to ask yourself: Why not pay the tax today at 22% or 24%, so that your kids can inherit that money tax-free regardless of when they liquidate it? David reveals that, because of The Guru Gap, he has received a cease and desist from one of the financial gurus mentioned in the book. Josh and David dissect “the Ken Fisher approach” – including its key flaws and shortcomings. In Josh's opinion, one of the negative traits of financial gurus is their lack of availability for debate. For David, the least expensive way to purge the longevity risk from your portfolio is an annuity. Josh and David bring up financial advisors dispensing advice on TikTok into the conversation. The overwhelming amount of tips shared by gurus leads to people making bad decisions or not making a decision at all.  Of the five financial gurus mentioned in The Guru Gap, Suze Orman (the only CFP of that group) is the one David McKnight likes the most, also because her advice is most in line with the mainstream financial planning consensus. Ramit Sethi is the financial guru that seems to have the most adversarial approach toward financial planners. David used to be a fan of Clark Howard who now has a strong opinion about cash-value life insurance and fixed-income annuities. David lists steps people should be taking with their money from a tax and retirement perspective. According to David, if ever there were a time in the history of our country to be undertaking a Roth conversion, it's over the course of the next nine years. Josh and David discuss a balanced financial plan that includes annuities to counter longevity risks, insurance to protect one's family, money as a volatility buffer, equities to beat inflation, some Bitcoin, a little gold, and cash for emergencies.     Mentioned in this episode: David's national bestselling book: The Guru Gap: How America's Financial Gurus Are Leading You Astray, and How to Get Back on Track DavidMcKnight.com DavidMcKnightBooks.com PowerOfZero.com (free video series) @mcknightandco on Twitter  @davidcmcknight on Instagram David McKnight on YouTube Get David's Tax-free Tool Kit at taxfreetoolkit.com Josh Jalinski, The Financial Quarterback Al Gore Dave Ramsey Suze Orman Ken Fisher Clark Howard Ramit Sethi How to Get Rich (Ramit's Netflix special) I Will Teach You to Be Rich: No Guilt. No Excuses. Just a 6-Week Program That Works by Ramit Sethi  Tony Robbins Financial Peace University Wade Pfau How to Spot a False Prophet in the World of Finance (episode of The Financial Quarterback) David Walker Penn Wharton DOGE – Department of Government Efficiency Elon Musk Vivek Ramaswamy Tom Hegna American Equity Investment Life Insurance (AEL) Chris Hogan Bill Gross MSCI World Index Michael Finke David Blanchett The White Coat Investor Grant Cardone Humphrey Yang Tori Dunlap Jeremy Schneider Tiffany Aliche Anthony O'Neal Dasha Kennedy Graham Stephan Delyanne Barros ChatGPT Ernst & Young's study on life insurance and annuities Dalbar QAIB Donald Trump Maya MacGuineas Committee for a Responsible Federal Budget Buckley Broadcasting iHeartMedia

In this episode of 'Retire with Style', hosts Alex Murguia and Wade Pfau discuss significant updates in retirement planning for 2025, including changes to Medicare Part D, Social Security benefits, required minimum distributions (RMDs), and new catch-up contribution limits. They also explore the implications of inflation adjustments on qualified charitable distributions, longevity annuities, and the impact of increased real interest rates on retirement funding. The episode concludes with an announcement of an upcoming webinar focused on retirement spending strategies. Listen now to learn more! Takeaways The new $2,000 cap on out-of-pocket spending under Medicare Part D simplifies healthcare cost planning. Elimination of the windfall elimination provision enhances Social Security benefits for certain retirees. Clarified RMD rules for inherited IRAs require annual distributions for non-spouse beneficiaries after the owner's required beginning date. Catch-up contributions for those aged 60-63 have increased, allowing for greater retirement savings. Qualified charitable distributions (QCDs) have increased to $108,000, providing tax benefits for charitable giving. Real interest rate assumptions have improved, making it easier to meet retirement funding goals. The funded status of retirement plans is positively impacted by higher interest rates, reducing future liabilities. The upcoming webinar will address how much retirees can spend based on updated financial planning strategies. Retirees should adjust their financial plans to incorporate these significant 2025 updates. Understanding these changes is crucial for effective retirement planning and maximizing benefits. Chapters 00:00 Introduction and Updates 03:37 Medicare Part D Changes 07:50 Social Security Updates 12:32 Required Minimum Distributions (RMDs) Clarification 17:46 Catch-Up Contributions for Retirement Plans 20:09 Qualified Charitable Distributions and Longevity Annuities 23:55 Interest Rate Assumptions and Retirement Planning 29:07 Webinar Announcement and Financial Planning Adjustments 34:08 Conclusion and Future Plans Links Want to know more about Wade's updated Retirement Planning Guidebook? Register to attend Retirement Researcher's FREE Webinar, "How Much Do I Need to Retire?" hosted by Wade Pfau on Feb. 4th, 2025 at 2PM ET. Click to register and reserve your spot today: risaprofile.com/podcast  To celebrate the latest update of the Retirement Planning Guidebook, we are hosting a GIVEAWAY! Enter for your chance to win a signed copy of the 2025 Revised  - Retirement Planning Guidebook and a Retirement Researcher T-Shirt! There will be 3 separate winners. The giveaway closes on February 4th. https://bit.ly/40VlPqp 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', 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', Alex Murguia and Wade Pfau continue answering your questions on various aspects of retirement planning, focusing on the importance of buffer assets, the impact of market volatility, and how to make accurate financial projections. They share personal updates, including plans for a pickleball tour, and delve into the complexities of economic modeling, emphasizing the need for a consistent approach to managing retirement income and expenses. They also discuss the significance of tax efficiency in managing taxable investments and how funded ratios can influence retirement strategies. The dialogue emphasizes the need for consistency in financial planning and the psychological aspects of market awareness. Listen now to learn more!   Takeaways Sequence of returns risk is crucial in retirement planning. Having a rules-based framework helps reduce emotional decision-making. Using conservative assumptions can lead to better planning outcomes. Behavioral finance plays a significant role in retirement decision-making. Inflation significantly impacts future budgeting and spending. Building financial tools can be straightforward, but taxes complicate things. The funded ratio helps determine withdrawal strategies in retirement. Lower withdrawal rates correlate with higher funded ratios. Investing aggressively is possible when overfunded. Chapters 00:00 Introduction and Personal Updates 05:30 Understanding Buffer Assets in Retirement Planning 19:54 Projections and Assumptions for Retirement Planning 26:28 Building Your Own Financial Tools 32:35 Investment Tracking and Market Awareness 42:40 Taxable Investments and Funded Ratios   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 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 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', 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 conversation, Wade Pfau and Alex Murguia discuss various aspects of retirement planning, focusing on withdrawal strategies, investment diversification, tax-efficient withdrawals, and the implications of the wash sale rule. They emphasize the importance of having a reliable income stream during retirement and explore different strategies for managing investments and withdrawals to optimize financial security. The discussion also touches on the nuances of taxable versus tax-deferred accounts and the role of annuities in retirement planning. Listen now to learn more!   Takeaways Reliable income from pensions can cover basic expenses. Constant percentage withdrawal strategies can lead to volatility. It's beneficial to have a predictable income stream. There are various withdrawal strategies to consider. Investment diversification is crucial for managing risk. Bond funds can provide stability in a portfolio. Tax-efficient withdrawal strategies can optimize tax brackets. Understanding the wash sale rule is important for tax planning. Non-qualified annuities can be beneficial in certain situations. General advice should be tailored to individual circumstances. Chapters 00:00 Withdrawal Strategies: Constant Percentage vs. Variable Spending 11:14 Tax-Efficient Withdrawal Strategies 16:34 Understanding Substantially Identical Securities   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 Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

In this special year-end episode of Your Retirement Planning Simplified, Joe and Lindsay reflect on the most popular episodes of 2024, covering essential retirement planning insights and strategies. From avoiding critical retirement mistakes—both financial and non-financial—to optimizing tax strategies, calculating your retirement number, and understanding TFSA rules, this roundup delivers actionable advice for pre-retirees and retirees. The duo also highlights inspiring guest appearances, including Wade Pfau on the RISA framework, Bill Bengen on the 4% rule, and Hal Hershfield on connecting with your future self. Tune in to discover top retirement tips, expert perspectives, and practical strategies to confidently plan a fulfilling retirement in 2025.  Read the full show notes and find more information here: EP 121 Show Notes

The episode kicks off with David McKnight sharing his view of the guru's approach: “to go about half an inch deep and ten miles wide.” David discusses a sort of clash that financial planning gurus are creating by trying to attract — or even 'steal' — clients from financial planners who already have them. The goal of financial planners should be to provide a bridge between the advice clients get from financial gurus and their ultimate objective of ensuring that their money lasts as long as they do. David categorizes Dave Ramsey's advice as “good for bad investors but bad for good investors.” David explains the so-called “Dave Ramsey's circle of poverty.” According to Wade Pfau, who wrote the foreword for David's new book The Guru Gap, adopting Ramsey's approach will lead people to run out of money in advance of actuarial life expectancy 63% of the time.” David shares that nobody he has ever talked to actually agrees with Dave Ramsey's retirement advice.  Running out of money before running out of life is the #1 fear most Americans have. David sees instilling hope as the main reason why Dave Ramsey's approach tends to exacerbate the #1 fear Americans have — instead of removing that fear.   Mentioned in this episode: David's upcoming book: The Guru Gap: How America's Financial Gurus Are Leading You Astray, and How to Get Back on Track David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code DavidMcKnight.com DavidMcKnightBooks.com PowerOfZero.com (free 3-part video series) @mcknightandco on Twitter  @davidcmcknight on Instagram David McKnight on YouTube Get David's Tax-free Tool Kit at taxfreetoolkit.com Dave Ramsey Wade Pfau

In this episode of 'Retire with Style', Wade Pfau and Alex Murguia tackle a variety of questions related to retirement planning, including the necessity of international stocks, the implications of Roth conversions, and strategies for purchasing property with retirement funds. They also discuss potential reforms in Medicare and Social Security, and the importance of understanding funded ratios in retirement planning. The conversation emphasizes the need for diversification in investment portfolios and the significance of reliable income in retirement. Listen now to learn more!   Takeaways International stocks are not required but can provide diversification. Roth conversions can be beneficial even if tax rates decrease. Purchasing property with retirement funds requires careful tax planning. Future reforms in Medicare and Social Security remain uncertain. Understanding your funded ratio is crucial for retirement planning. Diversification is key in investment strategies for retirement. Reliable income sources should be prioritized in retirement planning. Tax-efficient distributions can help minimize tax burdens. Investing in international stocks can buffer against market volatility. It's important to assess personal comfort levels with investment locations. Chapters 00:00 Introduction and Overview 01:34 International Stocks: Necessity or Choice? 08:11 Roth IRA Conversions: Timing and Strategy 13:05 Tax-Efficient Distributions for Property Purchases 16:10 Medicare and Social Security: Future Reforms 21:45 Funded Ratios and Retirement Planning 28:14 Assessing Retirement Readiness 31:52 Income Protection and Asset Allocation   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 Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

This episode is based on David McKnight's recent interview for Stephen Gallo's podcast. David explains how the advice shared by gurus tends to work – and the role financial advisors play. David touches upon his concept of “Dave Ramsey's circle of poverty.” According to Wade Pfau, adopting the approach shared by Dave Ramsey will lead to you running out of money in advance of actuarial life expectancy 63% of the time. To avoid falling in league with financial gurus, financial advisors should stay away from dispensing one-size-fits-all financial planning. David analyzes Dave Ramsey's approach – including why, instead of addressing America's #1 fear when it comes to money, he exacerbates it. David shares a couple of anecdotes about his new book The Guru Gap. In researching financial gurus for The Guru Gap, David realized that they are even more wrong on key topics than what he had previously believed. David discusses how you can discern good advice from bad advice when consuming content such as podcasts and YouTube channels. Cash value life insurance is something that's sort of universally panned by financial gurus, but it's easy to make a mathematical justification for it.     Mentioned in this episode: David's upcoming book: The Guru Gap: How America's Financial Gurus Are Leading You Astray, and How to Get Back on Track David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code DavidMcKnight.com DavidMcKnightBooks.com PowerOfZero.com (free 3-part video series) @mcknightandco on Twitter  @davidcmcknight on Instagram David McKnight on YouTube Get David's Tax-free Tool Kit at taxfreetoolkit.com Stephen Gallo Dave Ramsey Suze Orman Wade Pfau Ken Fisher Tom Hegna Ernst & Young

In this episode of 'Retire with Style', hosts Alex Murguia and Wade Pfau delve into the complexities of Roth conversions, discussing strategies, constraints, and the importance of diversified accounts. They explore how to approach Roth conversions effectively, considering factors like income needs, tax implications, and the innovative concept of tax mapping to optimize retirement planning. They also delve into the complexities of tax planning, particularly focusing on the tax map concept, effective marginal tax rates, and the strategic importance of Roth conversions. Their discussion also touches on how various income sources, including Social Security and investment income, interact with tax brackets and surcharges, ultimately influencing retirement planning and legacy outcomes. The dialogue emphasizes the need for personalized strategies to optimize tax efficiency and legacy value, while also addressing the nuances of tax law changes and individual circumstances. Listen now to learn more!   Takeaways Roth conversions should be viewed as a hedging strategy. It's important to frontload Roth conversions when possible. Constraints like RMDs and taxable income affect conversion decisions. Tax mapping can clarify how much to convert and when. A conservative approach to conversions can mitigate risks. The effectiveness of Roth conversions depends on future tax rates. Planning should adapt as circumstances change over time. Opening a Roth account early is beneficial for future flexibility. The tax map helps visualize how ordinary income affects tax rates. Effective marginal tax rates can be higher than nominal rates due to Social Security taxation. Roth conversions can be strategically beneficial to manage future tax liabilities. Targeting specific effective marginal tax rates can optimize legacy outcomes. Tax planning should consider both current and future income scenarios. Low income years present unique opportunities for Roth conversions. Chapters 00:00 Introduction to Roth Conversions 02:11 Understanding Roth Conversion Strategies 10:18 Constraints in Roth Conversion Decisions 16:33 The Importance of Diversified Accounts 20:14 Exploring Tax Mapping Concepts 23:04 Understanding the Tax Map and Income Generation 27:03 Navigating Tax Brackets and Effective Marginal Rates 29:36 The Importance of Roth Conversions 31:15 Evaluating Tax Rate Targets for Optimal Legacy 35:48 Strategies for Roth Conversions and Tax Planning 41:28 Identifying Opportunities for Roth Conversions   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 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', 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, hosts Wade Pfau and Alex Murguia engage with Dan Veto to discuss the complexities of money conversations that arise during the holiday season. They explore the concept of the 'family bank,' where family members often turn to one another for financial support, and the emotional dynamics that accompany these requests, including love, guilt, and cultural influences. The conversation also touches on the importance of setting boundaries and understanding the implications of lending money within families. They also touch on creative ways to decline financial requests while maintaining family relationships, emphasizing the significance of context in these interactions. Listen Now to learn more!   Takeaways The holiday season often brings about awkward money conversations. The concept of the 'family bank' describes family members who provide financial support. Loans to family members should be treated as gifts to avoid complications. Cultural differences can influence how families approach money and lending. Setting clear boundaries is crucial when lending money to family members. Understanding the implications of repeated financial requests is important. The IRS has specific guidelines for family loans that should be considered. It's essential to communicate openly about financial expectations within families. Family financial dynamics can be complex and nuanced. Understanding the context of financial requests is crucial. It's important to align financial decisions with your partner. Recognizing the motivations behind requests for money is essential. Establishing clear boundaries around financial assistance is necessary.. Being aware of family members' financial situations can inform decisions. Planning ahead for potential financial requests can ease stress. Chapters 00:00 Introduction to Holiday Money Conversations 02:15 Understanding the Family Bank Concept 10:33 Navigating Family Money Requests 14:54 Emotional Dynamics in Family Lending 20:34 Cultural Perspectives on Money and Family 27:39 Setting Boundaries in Family Financial Requests 29:01 Navigating Family Financial Dynamics 31:48 Personal Family Money Philosophies 35:31 Understanding Requests for Financial Help 39:00 Responding to Financial Requests 49:36 Creative Ways to Say No 51:30 Aligning Financial Decisions with Your Partner   Links Join us TODAY 11/12 at 2pm for RWS Live! If you can't join us, submit your questions for Wade and Alex here: www.retirementresearcher.com/ask. Use this link to join us live on YouTube: https://risaprofile.com/live Join the team at Retirement Researcher for a FREE webinar, “The Holiday Season: Making Memories...and Awkward Money Moments” hosted by Dan Veto, CSA on 11/19/24 at 1PM ET. Register to save your spot now at 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 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', 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 we answer emails from Anderson, Sean and Colin.  We discuss the OPTRA sample portfolio, using rising glidepaths or bond tents in portfolio management and Colin's "Smooth Operator" Portfolio.Links:2016 Kitces Article re Bond Tents and Glidepaths:  The Portfolio Size Effect And Optimal Equity Glidepaths (kitces.com)Portfolio Charts Portfolio Matrix Comparison Tool:  Portfolio Matrix – Portfolio ChartsColin's Portfolio:  Backtest Portfolio Asset Allocation (portfoliovisualizer.com)Portfolio Charts Article:  When Past Performance Is Absolutely Indicative of Future Results – Portfolio ChartsAmusing Unedited AI-bot Summary:Discover the secrets to crafting a retirement portfolio that balances risk and reward in episode 371 of Risk Parity Radio. We introduce the Optra portfolio, a unique blend of risk parity with a hint of leverage, and explore why a descriptive name was chosen over the suggested Uncle Frank portfolio. This episode gives you a backstage pass to our discussion on managing equity exposure and sequence of return risks with innovative strategies like bond tents and equity glide paths paired with risk parity styles, as proposed by our listener Sean.Unlock the power of portfolio construction tools and techniques with us. We demystify the use of Portfolio Visualizer's Monte Carlo Simulator and delve into expert insights from Bill Bengen and Wade Pfau on optimal equity allocations. You'll grasp the significance of historical data as we dissect how different portfolio compositions can affect decumulation strategies, touching on metrics like CAGR and the ulcer index. Our conversation extends to Colin's Smooth Operator Portfolio, which cleverly uses ETFs to enhance diversification and reduce volatility, showing the value of innovative approaches to portfolio performance.As we wrap up, expect a playful twist with Frank Vasquez's rendition of "Smooth Operator" and a reminder that our advice is designed to inform and entertain, not replace personalized financial consultation. We stress the importance of consulting personal advisors for tailored decisions. Join us for an engaging and enlightening session that combines financial wisdom with a touch of humor, ensuring you're well-prepared for your financial journey.Support the show

In this episode, Alex Murguia and Wade Pfau delve into the complexities of tax planning related to healthcare, focusing on Medicare premiums and the implications of income on these costs. They discuss the Income Related Monthly Adjustment Amount (IRMA) and how it affects Medicare premiums, emphasizing the significant impact of seemingly small increases in income. The conversation also covers the Affordable Care Act subsidies, highlighting the double-whammy effect of income on both Medicare and ACA costs. The importance of holistic financial planning is underscored, as the hosts stress the need to consider these factors together to avoid costly pitfalls in retirement planning.   Takeaways Medicare premiums can increase significantly with small income increases. IRMA can lead to extremely high effective tax rates on additional income. Understanding the different parts of Medicare is crucial for planning. Affordable Care Act subsidies can be impacted by income levels. Planning for healthcare costs is essential in retirement. There are specific life events that can help reduce Medicare premiums. Holistic financial planning is necessary to navigate retirement income. Software tools can help analyze the impact of income on healthcare costs. It's important to monitor income levels to avoid unexpected costs. Effective retirement planning requires integrating various financial factors. Chapters 00:00 Navigating Medicare and Tax Planning 04:22 Understanding Medicare Premiums and IRMA 09:52 The Impact of Income on Medicare Costs 15:58 Affordable Care Act Subsidies Explained 22:04 The Double Whammy of Income and Healthcare Costs 29:59 Holistic Financial Planning for 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 Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

Tom Wall has spent the entirety of his 21-year career positioning whole life insurance and competing against his alternative. Starting in college as an award-winning advisor with Northwestern Mutual before moving his practice to MassMutual, he subsequently grew his career in prominent home office roles in sales and marketing leadership. In those roles, he developed into a renowned storyteller and product expert at perennial company conferences and firm meetings nationwide. Tom's Ph.D. is in retirement income planning, with original research on Whole Life as a Fixed Income Alternative under the advisement of industry thought leaders Wade Pfau, Michael Finke, and Stephen Parrish. His focus on academic integrity and decades of sales experience combine to make him a uniquely credible and inspirational voice in the life insurance space. Tom now coaches and consults with financial advisors, hosts the Whole Life Masterminds study group, and has published his first book titled Permission to Spend: Maximize Your Retirement with the Best Kept Secret in Personal Finance, a Wall Street Journal Best Seller and Amazon International Best Seller. Listen to this insightful RIA episode with Tom Wall about educating advisors for a better financial future. Here is what to expect on this week's show: - How advisors face challenges due to opaque fee structure and misinformation surrounding whole life insurance, making it difficult to convey benefits. - Why the financial industry's lack of academic research on whole life insurance adds to advisors' difficulties in building trust and credibility with clients. - How the spread of misinformation poses a significant challenge for advisors trying to educate clients about the value of whole life insurance. - How Whole Life Mastermind connects advisors with industry experts, enhancing their knowledge and providing practical solutions for clients. - How Whole Life Mastermind aims to revive the culture of actuarial science and planning, offering comprehensive support for advisors in the whole life insurance sector. Connect with Tom: Links Mentioned: wholelifemasterminds.com LinkedIn linkedin.com/in/tomwall Learn more about your ad choices. Visit megaphone.fm/adchoices

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 Murguia and Wade Pfau delve into tax-efficient withdrawal strategies for retirement. They discuss the importance of withdrawal order sequencing, the types of accounts available for withdrawals, and effective marginal tax rate management. The conversation highlights techniques for generating taxable income, including Roth conversions and long-term capital gains harvesting, while emphasizing the need to maintain asset allocation integrity throughout the retirement income distribution process. The episode sets the stage for future discussions on social security and Medicare implications in retirement planning. Listen now to learn more!   Takeaways Tax efficiency can significantly impact retirement income. Withdrawal order sequencing is crucial for tax-efficient distributions. Understanding account types helps in planning withdrawals. Effective marginal tax rate management can save money. Roth conversions can enhance after-tax wealth. Long-term capital gains harvesting can reset cost basis. Maintaining asset allocation is essential during withdrawals. Short-term sacrifices can lead to long-term benefits. Taxable accounts should be spent down first to minimize tax drag. Future discussions will cover social security and Medicare implications.   Chapters 00:00 Introduction to Tax-Efficient Withdrawal Strategies 02:48 Understanding Account Types for Withdrawals 06:00 Withdrawal Order Sequencing Explained 08:54 Effective Marginal Tax Rate Management 11:51 Techniques for Generating Taxable Income 15:12 Roth Conversions and Tax Implications 17:53 Long-Term Capital Gains Harvesting 20:58 Maintaining Asset Allocation Integrity 23:50 Conclusion 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 Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

Joe speaks with Wade Pfau, a leading expert in retirement income planning. They explore the evolving landscape of retirement strategies, focusing on understanding personal retirement income styles using the RISA (Retirement Income Style Awareness Profile) framework. Wade highlights the significance of aligning strategies with individual comfort levels, discussing approaches like total returns, time segmentation, and income protection. They also touch on behavioral pitfalls and the role of advisors versus a DIY approach, providing listeners with practical insights to tailor their retirement planning.  Read the full show notes and find more information here: Ep 106 Show Notes

In this episode, Alex and Wade introduce a new arc on tax-efficient retirement distributions. They discuss the importance of tax planning and how it can add value to your bottom line. They explain the concept of marginal tax rates and how they differ from average tax rates. They also touch on state income taxes, filing options, and the different federal income tax brackets. Additionally, they mention other types of taxes, such as social security and Medicare payroll taxes. In this conversation, Wade Pfau and Alex Murguia discuss various aspects of income taxation and deductions. They cover topics such as ordinary income, non-qualified annuities, qualified dividends, long-term capital gains, above-the-line deductions, adjusted gross income (AGI), below-the-line deductions, standard deductions, itemized deductions, and preferential income stacking. They also touch on strategies like deduction bunching and gains harvesting. The conversation provides valuable insights into the complexities of the tax code and the importance of tax planning in retirement. Listen now to learn more!   Takeaways Tax planning can add value to your bottom line and is an important aspect of retirement planning. Understanding the difference between marginal tax rates and average tax rates is crucial for making informed decisions. State income taxes, filing options, and federal income tax brackets all play a role in tax planning. Other types of taxes, such as social security and Medicare payroll taxes, should also be considered in retirement planning. Understanding the different types of income and how they are taxed is crucial for effective tax planning in retirement. Above-the-line deductions, such as contributions to retirement plans and health savings accounts, can lower your adjusted gross income (AGI). Below-the-line deductions, such as mortgage interest and charitable donations, can reduce your taxable income. The Tax Cuts and Jobs Act of 2017 increased the standard deduction, making it less likely for many people to itemize deductions. Preferential income, such as qualified dividends and long-term capital gains, have their own tax brackets and can be taxed at lower rates. Strategies like deduction bunching and gains harvesting can help optimize your tax situation. Understanding the nuances of the tax code and working with a tax professional can help you make the most of your retirement income. Chapters 00:00 Introduction to Tax-Efficient Retirement Distributions 04:28 The Basics of Marginal Tax Rates 15:44 State Income Taxes, Filing Options, and Federal Income Tax Brackets 23:38 Considering Other Types of Taxes in Retirement 27:11 Understanding Different Types of Income and Their Taxation 29:42 Exploring Above-the-Line Deductions and Adjusted Gross Income (AGI) 36:10 Utilizing Below-the-Line Deductions to Reduce Taxable Income 43:02 The Impact of the Tax Cuts and Jobs Act on Itemized Deductions 47:13 The Importance of Tax Planning in Retirement   Links Join the waitlist for the next Retirement Income Challenge by visiting http://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 Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

Why does whole life insurance have such a negative reputation when it offers incredible value? For years, this financial tool has been misunderstood, leading many of us to overlook its potential benefits.   But what if I told you that whole life insurance could be the key to securing our financial future and ensuring we leave a lasting legacy?   Many of us have dismissed it without truly understanding how it works or the risks it helps to mitigate. The truth is, whole life insurance is a powerful tool that guarantees not only financial security but also peace of mind, knowing our loved ones will be taken care of.   Are we aware of the risks we might face in our retirement years, such as market volatility or unexpected expenses? Have we considered how whole life insurance could play a crucial role in protecting our assets and providing a reliable source of income?   In this episode, speaker, author, and coach to financial advisors Tom Wall joins me to discuss the concept of whole life insurance, why we should consider it in our retirement plans, and his personal take on its value.   Whole life takes the risk off the table. -Tom Wall   Three Things You'll Learn In This Episode    -Take risk off the table This powerful financial tool provides a stable, reliable way to build wealth while ensuring that your loved ones are taken care of, no matter what happens in the markets.   -IUL vs. whole life Is IUL more complex to understand than whole life? Which one will benefit us more in the long run?   -The volatility buffer concept What exactly does the volatility buffer concept mean? How can it benefit us? Guest Bio   Tom Wall has spent the entirety of his 20-year career positioning whole life insurance and competing against his alternative.  Starting in college as an award-winning advisor with Northwestern Mutual before moving his practice to MassMutual, he subsequently grew his career in prominent home office roles in sales and marketing leadership.  In those roles, he developed into a renowned storyteller and product expert at perennial company conferences and firm meetings nation-wide.   Tom's Ph.D. is in retirement income planning, with original research on Whole Life as a Fixed Income Alternative under the advisement of industry thought leaders Wade Pfau, Michael Finke, and Stephen Parrish. His focus on academic integrity and decades of sales experience combine to make him a uniquely credible and inspirational voice in the life insurance space.   Tom now coaches and consults with financial advisors, hosts the Whole Life Masterminds study group, and has published his first book titled “Permission to Spend: Maximize Your Retirement with the Best Kept Secret in Personal Finance.”  Tom lives in the greater Boston area with his two sons age 12 & 9, and is an avid golfer and traveler.   Visit https://www.permissiontospend.com/  Find Tom on LinkedIn @Tom Wall Follow Tom on Instagram @tomwalltalks Visit https://www.wholelifemasterminds.com/    About Your Host   From pro-snowboarder to money mogul, Chris Naugle has dedicated his life to being America's #1 Money Mentor. With a core belief that success is built not by the resources you have, but by how resourceful you can be. Chris has built and owned 19 companies, with his businesses being featured in Forbes, ABC, House Hunters, and his very own HGTV pilot in 2018. He is currently founder of The Money School™, and Money Mentor for The Money Multiplier.   His success also includes managing tens of millions of dollars in assets in the financial services and advisory industry and in real estate transactions. As an innovator and visionary in wealth-building and real estate, he empowers entrepreneurs, business owners, and real estate investors with the knowledge of how money works.   Chris is also a nationally recognized speaker, author, and podcast host. He has spoken to and taught over ten thousand Americans delivering the financial knowledge that fuels lasting freedom.  

In this episode of Excess Returns, our good friend Matt Ziegler interviews retirement planning expert Wade Pfau. They discuss key concepts in retirement income planning, including the 4% rule, variable withdrawal strategies, and Pfau's "safety first" approach. They discuss Wade's work on retirement income styles and the RISA (Retirement Income Style Awareness) framework he developed to help retirees and advisors determine appropriate strategies. They also explore topics like the benefits of delaying Social Security, the role of annuities in retirement planning, and managing sequence of returns risk. Wade also shares insights on tax-efficient withdrawals, evolving retirement challenges, and balancing frugality with enjoying life in the present. SEE LATEST EPISODES ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://excessreturnspod.com FIND OUT MORE ABOUT VALIDEA ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.validea.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FIND OUT MORE ABOUT VALIDEA CAPITAL ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.valideacapital.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FOLLOW JACK Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/practicalquant⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/jack-forehand-8015094⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FOLLOW JUSTIN Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/jjcarbonneau⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/jcarbonneau⁠⁠⁠⁠⁠

We're hitting pause on new episodes during this holiday week. But we wanted to resurface one of our favorite conversations of the past year—the one that Jeff Ptak and I had with author and longtime columnist Scott Burns. We hope that you'll enjoy it, and we'll be back with a fresh episode next week.Our guest on the podcast today is syndicated personal finance columnist and author, Scott Burns. Scott began his career as a newspaper columnist in The Boston Herald in 1977, where he was also the financial editor. In 1985, he joined the staff of The Dallas Morning News, where his column became one of the most widely read features in the paper. Along the way, he created what he called Couch Potato Investing, which involves buying and holding a broadly diversified portfolio of low-cost index mutual funds. Scott has authored or co-authored several books, including The Coming Generational Storm and Spend ‘Til the End, both of which he co-authored with Laurence Kotlikoff. He received bachelor's degrees in humanities and biology from the Massachusetts Institute of Technology.BackgroundBioCouch Potato InvestingThe Coming Generational Storm: What You Need to Know About America's Economic Future, by Laurence J. Kotlikoff and Scott BurnsSpend ‘Til the End: Raising Your Living Standard in Today's Economy and When You Retire, by Laurence J. Kotlikoff and Scott BurnsBonds and Retirement“Do Bonds Have a Future?” by Scott Burns, Scottburns.com, May 14, 2022.“Scott Burns: These Four Pillars of Investing Stand the Test of Time,” by Scott Burns, Dallasnews.com, July 20, 2023.Allan Roth“TIPS Ladder Funds Don't Yet Exist, but They Should,” by John Rekenthaler, Morningstar.com, June 16, 2023.“Is America Hitting Peak Consumption?” by Scott Burns, Scottburns.com, Oct. 12, 2023.“The Pudding Report, 2022,” by Scott Burns, Scottburns.com, Jan. 15, 2023.“Examining the Tax Deferral Gift Horse,” by Scott Burns, Scottburns.com, April 8, 2023.Investing in Retirement“What's a Safe Withdrawal Rate Today?” by Christine Benz, Jeff Ptak, and John Rekenthaler, Morningstar.com, Dec. 13, 2022.“The 4 Percent Rule Is Not Safe in a Low-Yield World,” by Michael Finke, Wade Pfau, and David Blanchett, papers.ssrn.com, Jan. 15, 2013.“The High Cost of Immortality,” by Scott Burns, Scottburns.com, Dec. 18, 2022.“Making a Plan to Retire Now, Not Later,” by Scott Burns, Scottburns.com, April 25, 2022.“Is Homeownership Bigger Than It Should Be?” by Scott Burns, Scottburns.com, Nov. 14, 2020.“Is Downsizing in Retirement Actually Possible?” by Scott Burns, Scottburns.com, Nov. 21, 2020.OtherPortfolio VisualizerCenter for Retirement Research at Boston CollegeEmployee Benefit Research InstituteKaiser Family Foundation

Today we have two guests on the podcast, Don Graves and Wade Pfau. Don Graves is the president and founder of the Housing Wealth Institute and an instructor of Retirement Income at The American College of Financial Services. He is considered one of the nation's leading educators on incorporating housing wealth into retirement income planning. He is also the author of three books, Housing Wealth: An Advisor's Guide to Reverse Mortgages, Housing Wealth Conversations, and The Retiree's Guide to Housing Wealth. He graduated from the Fox School of Business at Temple University.Wade Pfau is professor of retirement income in the Financial and Retirement Planning Program at the American College of Financial Services. He is also co-director of the American College Center for Retirement Income and Retirement Income Certified Professional program director at the American College. Pfau has written several books, including his most recent Retirement Planning Guidebook. He is a co-editor of the Journal of Personal Finance, and he publishes frequently in a wide variety of academic and practitioner research journals. 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.BackgroundDon Graves: BioThe American College of Financial ServicesBooks: Housing Wealth: 3 Ways the New Reverse Mortgage Is Changing Retirement Income ConversationsThe Retiree's Guide to Housing WealthWade Pfau: BioBooks: Retirement Planning GuidebookReverse Mortgages: How to Use Reverse Mortgages to Secure Your RetirementJournal of Personal FinanceReverse MortgagesHome Equity Conversion Mortgage (HECM): Definition, EligibilitySandra Timmermann“Reversing the Conventional Wisdom: Using Home Equity to Supplement Retirement Income,” by Barry H. Sacks and Stephen R. Sacks, financialplanningorganization.org, February 2012.HECM Origination Counseling“Using Reverse Mortgages in a Responsible Retirement Income Plan,” by Wade Pfau, retirementresearcher.com.“The Decumulation Drawdown: How Spending Became the Big Dilemma in Retirement,” by Alessandra Malito, marketwatch.com, June 4, 2022.“Jamie Hopkins: A Framework for Financial Freedom,” The Long View podcast, Morningstar.com, Dec. 2, 2022.“Reverse Mortgage Net Principal Limit: Meaning, Pros and Cons,” by Julia Kagan, Investopedia.com, April 7, 2022.“Understanding Why and How the HECM Line of Credit Grows,” by Wade Pfau, forbes.com, Jan. 7, 2021.“Standby Reverse Mortgages: A Risk Management Tool for Retirement Distributions,” by John Salter, Shaun Pfeiffer, and Harold Evensky, financialplanningassociation.org, August 2012.“Integrating Home Equity and Retirement Savings Through the “Rule of 30,'” by Peter Neuwirth, Barry Sacks, and Stephen Sacks, Journal of Financial Planning, October 2017.“Wade Pfau: The Risk of Retirement Today,” The Long View podcast, Morningstar.com, Aug. 2, 2022.“Unbundling Investments From Insurance to Solve for Lifetime Sequence-of-Return Risk,” by Wade Pfau, retireone.com, Jan. 12, 2022.

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2731: Explore vital strategies for securing a stable retirement income with Darrow Kirkpatrick as he delves into methods beyond the traditional work paradigm. Learn how to utilize annuities and other assets effectively to safeguard your financial independence in the later years, ensuring peace of mind amidst the uncertainties of retirement. Read along with the original article(s) here: https://www.caniretireyet.com/running-low-in-retirement-income-strategies/ Quotes to ponder: "Running out of money before you run out of life. It's the biggest fear many retirees face." "To be realistic, a retirement backup plan needs to be entirely under your control." "When you purchase an annuity, you can usually increase your effective investment income yield by several percentage points, depending on your age." Episode references: ImmediateAnnuities.com: https://www.immediateannuities.com/ Vanguard's Intermediate-Term Bond Index Fund (VBIIX): https://investor.vanguard.com/investment-products/mutual-funds/profile/vbiix Improving Retirement Income Efficiency Using Reverse Mortgages" by Wade Pfau, Retirement Researcher: https://retirementresearcher.com/improving-retirement-income-efficiency-using-reverse-mortgages/ Learn more about your ad choices. Visit megaphone.fm/adchoices