Podcast appearances and mentions of wade pfau

In Part 2 of this Live listener Q&A episode, Wade Pfau and Alex Murguia tackle several retirement planning topics, including Social Security claiming strategies for spouses with age differences, how younger workers should think about Social Security's long-term solvency, whether to assume future benefit cuts in retirement projections, the impact of the "widow's penalty" on tax planning and Roth conversions, evaluating an older variable annuity with high fees, tax considerations when selling investments in a taxable account, and how to think about maintaining portfolio discipline during retirement. Throughout the discussion, they emphasize balancing planning conservatism with practicality, avoiding unnecessary forecasting, and making decisions that support long-term retirement goals rather than reacting to headlines or uncertainty.   Takeaways When spouses have similar Social Security benefits, but one spouse is significantly older, the older spouse often has the strongest case for delaying benefits until age 70 because that higher benefit is more likely to become the survivor benefit. Younger workers may not need to heavily discount future Social Security estimates because projected wage growth could offset a significant portion of any future benefit reductions. For retirees already near claiming age, assuming a 25% reduction in future Social Security benefits can be a reasonably conservative planning assumption. The eventual Social Security reform package is unlikely to rely solely on benefit cuts and will more likely include a combination of tax increases and benefit adjustments. The "widow's penalty" can significantly increase taxes for a surviving spouse because income often remains similar while tax brackets and Medicare thresholds become less favorable. Potential future tax increases and the widow's penalty are both compelling reasons to consider Roth conversions even when current projections suggest little immediate tax benefit. High-fee variable annuities should be evaluated carefully, especially to determine whether valuable income guarantees justify the ongoing costs. If guaranteed income sources such as pensions and Social Security already cover essential expenses, a variable annuity can potentially serve as a bridge strategy to delay Social Security benefits. When selling investments from a taxable account, maintaining the portfolio's target asset allocation is generally more important than trying to predict which investments will perform best or worst next. Tax-efficient selling decisions often come down to managing capital gains by choosing whether to realize gains from low-basis or high-basis shares depending on the investor's broader tax situation.   Chapters 00:00 Social Security Strategies for Couples 06:28 Concerns About Social Security Reliability 10:16 Planning for Future Social Security Benefits 13:20 Roth Conversions and Tax Planning 18:18 Evaluating Variable Annuities 22:24 Taxable Account Management Strategies 25:05 Maintaining Asset Allocation Discipline 27:53 Tax Considerations in Asset Sales   Links

In Part 1 of this live Q&A episode of Retire With Style, Wade Pfau and Alex Murguia answer listener questions covering reverse mortgages, retirement withdrawal rates, Roth conversion strategies, tax-efficient retirement income planning, asset allocation decisions, and bond ladders. The discussion emphasizes that retirement planning rarely has one-size-fits-all answers, highlighting the importance of balancing taxes, investment risk, spending flexibility, and personal preferences. Wade also shares practical rules of thumb for effective marginal tax rates, explains why TIPS ladders can serve as a benchmark for safe withdrawal rates, and discusses how different portfolio allocations may lead to surprisingly similar retirement income outcomes despite varying levels of volatility. Listen now to learn more!   Takeaways  Paying down a reverse mortgage (HECM) is generally optional, but doing so can increase future borrowing capacity through a larger line of credit. Building retirement income "buckets" does not necessarily require moving money out of a 401(k); short-, medium-, and long-term buckets can often be created within the account itself. Most retirees would not benefit from withdrawing money from a tax-deferred account simply to build a taxable account, as it usually creates unnecessary taxes. Tax planning is largely about smoothing taxable income over time rather than creating large swings in income from year to year. For many retirees with less than roughly $3 million in assets, targeting a 12% effective marginal tax rate can serve as a useful rule of thumb when evaluating Roth conversions. Based on current TIPS yields, a 30-year inflation-adjusted TIPS ladder could support an estimated safe withdrawal rate of about 4.7%. Spending flexibility can often support higher withdrawal rates than rigid spending plans that require the same inflation-adjusted income every year. Historical research suggests that portfolios ranging from roughly 35% to 80% stocks have produced surprisingly similar sustainable withdrawal rates despite meaningful differences in volatility. Higher stock allocations may increase long-term legacy values, but lower stock allocations can provide a smoother retirement experience without significantly reducing sustainable spending. Retirement income bond ladders differ from traditional accumulation bond ladders because they are designed to match future spending needs rather than continuously reinvest maturing bonds. Chapters  00:00 Navigating Home Equity Conversion Mortgages 04:21 Building Retirement Buckets 07:50 Understanding Effective Marginal Tax Rates 13:31 Determining Safe Withdrawal Rates 21:25 Exploring Asset Allocation and Sustainable Withdrawal Rates 25:00 Developing a Blending Strategy for Roth Conversions 27:41 Navigating Software for Financial Planning 28:37 Understanding Bond Ladders vs. Managed Bond Funds 29:30 Social Security Strategies for Couples   Links

In this episode of 'Retire with Style', Wade Pfau and Alex Murguia discuss the non-financial aspects of retirement with Jason Rizkallah. They explore how relationships change during retirement, the importance of maintaining social connections, and the need for communication between spouses. The conversation also touches on balancing time spent together and apart, as well as the significance of leading a healthy lifestyle in retirement. The hosts emphasize the importance of planning and discussing these changes before and during retirement to ensure a smooth transition. In this conversation, Jason Rizkallah discusses the various lifestyle changes that come with retirement, emphasizing the importance of building new routines, finding purpose, and maintaining social connections. He highlights the challenges of unstructured time and the need to adapt to aging, while also encouraging a positive outlook on these transitions. The discussion covers practical strategies for navigating retirement successfully, including the importance of planning and fostering relationships. Listen now to learn more!   Takeaways Relationships may change significantly after retirement. Engaging in hobbies can help meet new people. Communication with your spouse about retirement goals is crucial. Expect changes in household roles after retirement. Discussing financial plans is important for a successful retirement. Balancing time together and apart is key to a healthy relationship. Planning for family obligations is necessary in retirement. Mental and physical health are both important in retirement. It's never too late to have important conversations about retirement. Most folks operate under a routine to some degree. Creating a new routine is important in retirement. You have to make an effort to maintain social connections. Avoid the trap of doing nothing in retirement Chapters 00:00 Introduction to Retirement Planning 02:07 Navigating Relationship Changes in Retirement 12:51 Balancing Time Together and Apart 18:46 Maintaining a Healthy Lifestyle in Retirement 19:36 Building New Routines in Retirement 24:06 Transforming Lifestyle Changes into Opportunities 29:37 Navigating Unstructured Time 31:34 Strengthening Relationships in Retirement 33:40 Embracing Aging and Its Challenges   Links Join Our Next Live Q&A Session! We're hosting our next Retire With Style YouTube Live Q&A on Wednesday, June 3rd at 12:00 PM ET. Wade and Alex will be answering your retirement planning questions live! ✅ Submit your question in advance at retirewithstyle.com ✅ Or join us live and ask your question in the chat Come be part of the conversation—your questions often inspire future episodes!

This episode of Retire With Style explores the non-financial aspects of retirement, focusing on how retirees can build purpose, identity, and fulfillment beyond just having enough money. Wade Pfau, Alex Murguia, and guest Jason Rizkallah discuss the importance of “retiring to something, not from something,” emphasizing that retirement planning should begin with envisioning the life you want before determining the financial resources needed to support it. The conversation covers common retirement misconceptions, the emotional transition away from work-based identity, the risks of isolation and lack of purpose, and the value of testing retirement goals before fully committing to them. They also explore phased retirement, evolving relationships, and how work can still play a meaningful role in retirement for those who genuinely enjoy it. Listen now to learn more! Takeaways Retirement planning should start with defining the life you want to live, not just calculating numbers and investment returns. A healthier retirement mindset is to retire to something meaningful rather than simply escaping a job you dislike. Many people discover that goals they postponed for decades are not actually priorities once retirement arrives. Testing retirement activities before fully committing, such as renting an RV before buying one, can help avoid costly mistakes and disappointment. Work often provides structure, identity, relationships, and purpose, all of which can feel suddenly absent in retirement. Retirement can create emotional challenges like isolation, inertia, or depression if retirees lack meaningful goals or social engagement. Many couples choose to retire around the same time regardless of age differences, creating new relationship dynamics that require communication and planning. Over 40% of retirees leave work earlier than expected due to health issues, caregiving responsibilities, or job loss, making early planning especially important. Some retirees continue working in a limited or consulting capacity because they genuinely enjoy their profession and value staying engaged. Financial plans work best when investments are designed to support a clearly defined retirement lifestyle rather than determining the lifestyle afterward. Chapters 03:20 Understanding Purpose and Passion in Retirement 05:03 Transitioning Mindsets: Retiring To Something 08:10 The Importance of Finding Your Passion 11:02 Exploring Hobbies and Interests 13:29 Real-Life Examples of Retirement Aspirations 16:20 Coping with Unmet Expectations in Retirement 18:42 Trial Runs: Testing Retirement Activities 20:16 Exploring Retirement Activities 23:04 The Impact of Work Identity on Retirement 27:32 Navigating Relationships in Retirement 32:34 The Shift in Retirement Mindset 36:20 Phased Retirement and Continuing Work   Links 

In this episode of Retire With Style, Wade Pfau and Alex Murguia walk through the foundational elements of estate, legacy, and incapacity planning from Chapter 11 of the Retirement Planning Guidebook. They discuss why estate planning is about far more than drafting a will, including how to organize important financial and personal documents, avoid common beneficiary designation mistakes, understand the role of trusts and probate, and prepare powers of attorney and healthcare directives before they are needed. The conversation emphasizes the importance of making life easier for loved ones during emergencies or incapacity, while also highlighting why professional estate planning guidance can help retirees avoid costly and emotionally difficult mistakes. Listen now to learn more!   Takeaways Beneficiary designations override your will, making regular reviews critically important after major life changes. Estate planning is not just about distributing assets; it is also about preparing others to manage your affairs during incapacity. Organizing financial accounts, insurance policies, passwords, and important documents can significantly reduce stress for loved ones. Living trusts can help avoid probate and maintain privacy while providing more control over asset distribution. Testamentary trusts may be cheaper to create, but they generally do not avoid probate. Financial powers of attorney should be established before cognitive decline or incapacity becomes an issue. Banks may still create obstacles for powers of attorney, which is why proactive setup and verification are important. Healthcare directives and living wills should be discussed openly with family members, not simply stored away in a folder. Estate planning should include practical details like pet care instructions, funeral wishes, and emergency contacts. DIY estate planning mistakes can unintentionally disinherit family members or undermine years of careful financial planning. Chapters 00:00 Introduction to Retirement Planning 01:01 Estate Planning Essentials 06:08 Organizing Personal Information 11:18 Insurance Policies and Their Importance 15:04 Understanding Beneficiary Designations 20:01 The Role of Trusts in Estate Planning 23:43 Power of Attorney Explained 28:11 Healthcare Directives and Final Wishes   Links

In this episode of 'Retire with Style', Wade Pfau and Alex Murguia delve into the intricacies of tax planning as part of retirement strategy. They discuss the importance of asset location in retirement accounts, the pitfalls that retirees face regarding taxes, and strategies for effective tax planning. The conversation emphasizes the need for careful consideration of how different types of income can impact tax liabilities, including Social Security and Medicare premiums. The hosts also highlight the significance of rebalancing portfolios in a tax-efficient manner and the benefits of utilizing tax maps for better financial planning. Listen now to learn more!   Takeaways Asset allocation should come before asset location in retirement planning. Tax-efficient asset classes should be prioritized in taxable accounts. Rebalancing in tax-advantaged accounts avoids generating taxable income. Understanding the social security tax torpedo is crucial for retirees. Roth conversions can be strategically timed to minimize tax impact. Medicare premiums can significantly increase based on income levels. Effective tax planning can lead to substantial savings in retirement. Utilizing buffer assets can help manage tax liabilities effectively. Tax maps can guide retirees in making informed financial decisions. Regularly reviewing tax strategies is essential for optimal retirement planning. Chapters 00:00 Introduction to Retirement Planning and Tax Strategies 02:52 Understanding Asset Location in Retirement Accounts 17:34 Tax Pitfalls in Retirement Planning 30:02 Strategies for Effective Tax Planning Links

There is roughly a ten-year window centered around your retirement date, five to ten years before, and five to ten years after called "The Retirement Risk Zone". This is when you're most vulnerable to sequence-of-returns impacting the longevity of your withdrawal strategy. We cover this idea brought up by Wade Pfau in an episode of "The Long View", a show hosted by Christine Benz, Amy C. Arnott, and Ben Johnson - specifically: The Retirement Risk Zone  The Rising Equity Glide Path The Social Security Delay Bridge  After that, I answer a listener question: Frank is planning to delay Social Security and wants to know — does it make sense to take bigger withdrawals from the portfolio in your 60s and then scale back in your 70s once Social Security kicks in? Short answer: yes — but how you do it matters a lot. We'll walk through it. Finally, in our "Retire to Something" segment: After 50 years in the workforce, a former Senior of VP in Manufacturing inspires us with ideas he is doing in his retirement. Resources: Episode of The Long View from Morningstar, featuring Wade Pfau: What Is the 'Retirement Risk Zone?' The Retirement Starts Today Blueprint   Connect with Benjamin Brandt: Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart  

Dr. Wade Pfau explains four ways to beat sequence of return risk and turn your retirement savings into retirement income. For most of your working life, retirement planning feels relatively straightforward. You save. You invest. You grow your portfolio. But as Dr. Wade Pfau explains, retirement doesn't just flip that process in reverse. It changes the entire equation. Pre-retirement, you're adding money into your portfolio. Market downturns can actually help because you're buying more shares at lower prices. In retirement, the opposite is true. “When you’re taking a distribution from your assets and the markets are down… you have to sell more shares,” Dr. Pfau explains, “and that creates dynamics that can dig a hole for the portfolio.” That shift—from accumulation to distribution—is what makes retirement income planning fundamentally different. The Risks Change in Retirement One of the biggest insights from the conversation is that retirement introduces a new set of risks that don't show up the same way while you're working. Dr. Pfau highlights three major ones: Longevity risk — living longer than your money lasts Market risk — especially when withdrawing from investments Spending shocks — unexpected expenses that show up year after year Retirees often experience about 10% of their spending as unexpected each year. In other words, surprises aren't rare. They're part of the plan. And that means your retirement strategy needs to account for them. Sequence of Returns Risk: The Hidden Danger One of the most important—and least understood—risks in retirement is sequence of returns risk. This is the idea that when market returns happen matters just as much as how much you earn overall. Dr. Pfau explains it this way: If markets perform poorly early in retirement, your portfolio can be permanently damaged—even if returns are strong later. “If markets do poorly early on… you start to dig a hole from your portfolio,” he says. In fact, he estimates that for a 30-year retirement, the first 10 years of returns can determine about 80% of the outcome. That's a completely different way of thinking about risk. It's not just about average returns anymore. It's about timing. Why There's No “One Right Way” With all these risks, many retirees want a simple answer: What's the best strategy? But Dr. Pfau pushes back on that idea. “There's not going to be the case that there's just one optimal approach,” he explains. “You've got to find the approach that's right for you.” That's where his concept of retirement income styles comes in. Some people prefer: Flexibility and market growth Predictable income and stability Time-segmented (bucket) approaches Guardrails and risk boundaries Most retirees, in reality, use a combination of these approaches—whether they realize it or not. If you have Social Security, investments, and a savings account, you're already using multiple strategies at once. The goal isn't to pick one. It's to align your approach with what you're trying to accomplish. The Real Question: What Are You Solving For? One of the most important questions I ask clients is simple: What are you solving for? Are you trying to: Maximize income today? Protect against running out of money? Maintain flexibility? Leave a legacy? Interestingly, retirees often say they want to enjoy their money—but their behavior suggests something different. Dr. Pfau notes that many retirees continue to grow their assets instead of spending them, even when they have the ability to enjoy more of their retirement. That disconnect can lead to a retirement that looks successful on paper—but doesn't feel that way in real life. Why Traditional Investing Falls Short Another key insight comes from the origin of modern investing theory itself. Wade points out that Modern Portfolio Theory was designed for institutions—not retirees. When its creator, Harry Markowitz, later considered how it applies to households, he realized the problem is much more complex. Households don't just grow assets. They have to fund spending—over an unknown time horizon. That's a completely different challenge. Building a Real Retirement Plan So where do you start? Dr. Pfau's framework begins with two critical steps: Understand your retirement income style Understand your risk exposure From there, you can begin building a plan that aligns your income, investments, taxes, and goals. But that brings us to step zero of the 5 step retirement plan: Know your longevity. Because how long your retirement lasts—and how you feel about that uncertainty—affects every decision that follows. The Bottom Line Retirement isn't just about having enough money. It's about turning that money into income—while managing risks that didn't exist before. That's why retirement income planning is more complex than saving for retirement. And it's why the best plans aren't built around a single strategy. They're built around you. Don't forget to leave a rating for the “Retire Today” podcast if you've been enjoying these episodes! Subscribe to Retire Today to get new episodes every Wednesday. Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337  Spotify Podcasts: https://bit.ly/RetireTodaySpotify About the Author: Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel. Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times. Additional Links: Buy Jeremy's book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps Dr. Wade Pfau on LinkedIn Dr. Wade Pfau's Website Buy Dr. Wade Pfau's book “Retirement Planning Guidebook” “The Lifetime Sequence of Returns: A Retirement Planning Conundrum” by Dr. Wade Pfau “Safey-First Retirement Planning with Wade Pfau” Retire Today Episode 141 with Dr. Wade Pfau Connect With Jeremy Keil: Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Mr. Retirement Book an Intro Call with Jeremy's Team Media Disclosures: Disclosures This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy. The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results. Legal & Tax Disclosure Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations. Advisor Disclosures Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC. Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A. The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only. Additional Important Disclosures

In this episode, Wade Pfau and Alex Murguia revisit reverse mortgages and explain why they are often misunderstood in retirement planning. Rather than a last-resort tool, they frame modern HECM reverse mortgages as a strategic asset that can enhance retirement outcomes when used properly. The discussion highlights how a growing line of credit can act as a buffer against market downturns, improve tax efficiency, and even provide reliable income, ultimately making the case that home equity should be actively coordinated alongside investments and Social Security in a well-designed retirement plan. Listen now to learn more!   Takeaways  Reverse mortgages are often misunderstood and unfairly dismissed based on outdated myths Home equity should be treated as a usable retirement asset, not just a legacy asset A reverse mortgage line of credit can serve as a buffer asset to manage the sequence of returns risk The line of credit grows over time, increasing flexibility even if unused Loan proceeds are not taxable income, which can improve tax efficiency in retirement Reverse mortgages are more reliable than HELOCs since they cannot be frozen during market stress They can provide guaranteed income streams through tenure or term payment options Using a reverse mortgage early as part of a strategy is typically more effective than waiting until it is a last resort Chapters 00:00 Introduction to Reverse Mortgages 02:30 History and Evolution of Reverse Mortgages 05:51 Understanding the Myths and Misconceptions 10:07 The Logic Behind Reverse Mortgages 13:34 The Growing Line of Credit Explained 16:45 Buffer Assets and Their Importance 17:39 Exploring Buffer Assets in Retirement Planning 20:11 Understanding Reverse Mortgages as Income Streams 23:15 The Mechanics of Reverse Mortgages 28:17 Cost Considerations for Reverse Mortgages 30:09 Identifying Ideal Candidates for Reverse Mortgages 34:09 Last Resort Options and Their Implications   Links

In 2022, the Bloomberg U.S. Aggregate Bond Index lost over 13%. Stocks and bonds fell at the same time, and the core promise of the 60/40 portfolio — that bonds protect you when equities drop — broke down completely. If you're a high-income investor relying on bonds for the "safe money" portion of your portfolio, that year should have raised a serious question: what actually belongs in that allocation? Three independent academic studies offer a surprising answer. Research from Ernst & Young found that integrating permanent life insurance as a fixed-income component produced approximately 20% more sustainable retirement income than investment-only strategies across 1,000 Monte Carlo scenarios. Wade Pfau's buffer asset research showed that drawing from a whole life policy during just three down-market years turned a completely depleted portfolio into a $2.26 million ending balance. And the Pfau-Kitces rising equity glidepath study found that the optimal retirement strategy requires a guaranteed, non-correlated foundation — exactly the role whole life cash value can fill. The mechanism isn't complicated. Major mutual insurers invest in the same bonds that sit inside bond funds, but they hold them to maturity. When rates rise, bond fund prices fall — but whole life dividend rates increase as carriers reinvest at higher yields. Then there's the tax math. A 4.5% bond yield at a 40% combined tax rate nets you roughly 2.5%. Whole life cash value growth is tax-deferred, policy loans aren't taxable income, and they don't show up in your MAGI — which means they won't trigger Medicare IRMAA surcharges. None of this means you should abandon bonds entirely. But if you're concerned about taxes, sequence-of-returns risk, and interest rate exposure, it's worth looking at what the research actually says about where whole life fits. _______________________________________________________ If you'd like to talk through how this applies to your situation, schedule a 30-minute call — no obligation, no sales pitch or if you'd prefer to write us first, you can click right here. 

Our guest on the podcast today is retirement researcher Wade Pfau. Wade is the founder of Retirement Researcher, an educational resource on retirement planning for individuals and financial advisors. He's co-founder of the Retirement Income Style Awareness Tool and a co-host of the Retire With Style podcast. He's a professor of practice at the American College of Financial Services and a research fellow with the Limra Retirement Income Institute. And he's also a principal and director of retirement research for McLean Asset Management. Wade has written several books, including his most recent, a third edition of his Retirement Planning Guidebook. He 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's also a chartered financial analyst. Episode Highlights 00:00:00 Updates to the Retirement Planning Guidebook 00:00:29 Do Retirees Today Have a Stronger Starting Spending Rate? 00:04:03 Asset Allocation, Annuities, and Target-Date Funds 00:08:11 Retirement Income Styles 00:15:07 Non-US Safe Withdrawal Rates and Flexible Spending Strategies 00:23:55 Probability of Success and Estimating Longevity 00:27:47 Underspending, Organic Income, and Mortgage Payoff 00:35:46 Exploring the Retirement Risk Zone 00:39:20 Equity Glide Paths, Sequence Risk, and Delaying Social Security 00:46:43 Annuities: Private Equity Concerns and Due Diligence More Retirement Research From Wade Pfau Exploring the Retirement Risk Zone Reducing Retirement Risk with a Rising Equity Glide Path More From Morningstar What's Your Retirement Income Style? 8 Reasons You Might Need to Tweak Your Portfolio Wade Pfau: The Risks of Retirement Today If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Retire With Style, Wade Pfau and Alex Murguia introduce the fundamentals of long-term care planning as part of their ongoing walkthrough of the Retirement Planning Guidebook. They clarify what long-term care actually is, how it differs from traditional healthcare, and why it represents one of the largest and most unpredictable financial risks in retirement. The conversation explores how long-term care is defined, the likelihood of needing care, early warning signs to watch for, and the full continuum of care options from informal caregiving to nursing homes. They also outline the four primary ways to fund long-term care and discuss how retirees can begin thinking about planning for this potentially significant expense.   Takeaways  Long-term care is generally defined as needing help with at least two activities of daily living for more than 100 days. Medicare does not cover long-term care, making it a critical planning gap for many retirees. Long-term care is one of the largest and most unpredictable retirement expenses, potentially exceeding $1 million in extreme cases. While many people will need care, much of it initially comes from unpaid caregivers like family members. Early warning signs often show up in managing finances, driving, or household tasks before basic daily living needs decline. Care exists on a spectrum, from in-home support to assisted living and nursing homes. There are four main ways to fund care: self-funding, Medicaid, traditional insurance, and hybrid insurance solutions.   Chapters 00:00 Introduction to Long-Term Care 01:38 Understanding Long-Term Care 06:08 Statistics on Long-Term Care Needs 11:39 Planning for Long-Term Care 12:49 Options for Long-Term Care 19:27 Funding Long-Term Care 24:44 Medicare vs. Medicaid for Long-Term Care   Links 

In this episode of Retire With Style, Wade Pfau and Alex Murguia walk through what actually happens when you enroll in Medicare and where people tend to make costly mistakes. They break down the enrollment timeline, clarify how Medicare interacts with Social Security, and explain why failing to enroll can leave you unexpectedly exposed to major healthcare costs. The conversation also explores how Medicare decisions fit into broader retirement planning, including healthcare cost estimates, risk preferences, and the role of Health Savings Accounts (HSAs) in preparing for future expenses.   Takeaways  Medicare enrollment is not automatic if you delay Social Security, you must sign up yourself. At age 65, Medicare typically becomes your primary insurance, and other coverage may not be paid without it. Not enrolling in Medicare can leave you exposed to major out-of-pocket healthcare costs. Many types of coverage (COBRA, ACA plans, retiree insurance) do not count as primary after 65. A typical couple may need around $375,000 for healthcare in retirement (excluding long-term care). Medicare choices reflect your risk preference: pay more upfront for predictability or less with more uncertainty. Chapters 00:00 Introduction to Medicare and Health Insurance 09:39 Understanding the Medicare Enrollment Process 18:50 Financial Planning for Healthcare Costs   Links

Jay Jacobs, U.S. head of equity ETFs at BlackRock, says that the artificial-intelligence revolution has delivered massive spending, but not at levels that have been spent relative to gross domestic product, during other generational shifts like the introduction of the automobile. As a result, while he understands the bubble concerns, he expects AI to continue holding its place among BlackRock's global thematic trends. Also on that list of trends is geopolitical shifts, which were well underway before current events evolved into a war in Iran; because those trends were in place before today's developments, Jacobs says he doesn't expect markets or outlooks to be dramatically impacted by headline events. Jacobs also discusses the new iShares Staked Ethereum fund, a new development in the crypto space, which the firm is launching today. Wade Pfau,  professor of retirement income, at The American College of Financial Services, discusses his revised, third edition of "Retirement Planning Guidebook: Navigating the Important Decisions for Retirement Success," which includes a new section covering sequence-of-inflation risk. Pfau says that concern -- which financial advisers mostly overlooked -- is particularly important now given growing concerns about sticky inflation, and that it may be as important for retirement savers as sequence-of-return risk, which Chuck typically says is his biggest retirement-savings worry. Plus, Todd Rosenbluth, head of research at VettaFi, leans into global turmoil this week, picking a diversified international fund as his ETF of the Week.

Roger Whitney shifts from financial planning to the non-financial pillar of relationships, sharing a live conversation with Harry Reis about how to feel more loved and connected in retirement. Together they explore the science behind belonging and loneliness, introduce practical mindsets for deepening relationships, answer listener questions, and close with the team's latest book recommendations.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement but have the confidence and clarity to lean in and rock it.(00:27) Roger outlines the month ahead: a focus on relationships, an upcoming financial deep dive with Wade Pfau, wisdom from retirees navigating health care before Medicare, a candid discussion on retirement calculators, and a live Noodle hangout.CONVERSATION WITH HARRY REISS(02:00) Roger introduces Harry Reis, co-author (with Sonja Lyubomirsky) of How to Feel Loved, for a conversation recorded live in the Rock Retirement Club.(05:17) Roger asks Harry what led him down the path to study relationships and partner with Sonja Lyubomirsky for the book.(15:00) Harry talks about the loneliness epidemic and the effects of not feeling loved.(17:45) Roger and Harry talk about the obstacles and myths of being loved. (23:15) Harry introduces the sea-saw framework for relationships.(27:00) Harry shares practical mindsets for strengthening connection, including listening to learn, radical curiosity, multiplicity, and mutual vulnerability.(43:30) Roger reflects on why this is important.LISTENER QUESTIONS(45:00) Listeners share questions about one-sided conversations, vulnerability, and love languages, leading to practical discussion about compatibility, communication, and choosing people willing to “play seesaw.”WHAT'S ON THE BOOKSHELF?(58:00) The team shares recent reads.SMART SPRINT(1:05:55) Consider one relationship you want to deepen. Practice listening to learn this week. Ask one more follow-up question than you normally would and notice what happens.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManHow to Feel Loved  by Sonja Lyubomirsky and Harry Reis

Roger Whitney wraps up the four-part series on navigating health care before Medicare by introducing a practical decision-making framework using the OODA Loop—observe, orient, decide, act—to help you avoid unforced errors and make a confident judgment call. He walks through organizing your retirement cash flow, estimating MAGI and ACA subsidy eligibility, evaluating COBRA, ACA, and private coverage options, and weighing tax optimization against simplicity and continuity of care. He's joined by Taylor Schulte of Define Financial to discuss how professionals navigate Roth conversions, Social Security timing, ACA cliffs, and the trade-offs between optimizing for subsidies versus long-term tax planning.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement, but have the confidence to lean in and rock it.(00:30) Roger introduces the final week of the health care before Medicare series and previews upcoming episodes with Harry Reese (co-author of How to Feel Loved) and retirement researcher Wade Pfau.PRACTICAL PLANNING SEGMENT(02:30) Roger reviews the three “heads” that must be managed before Medicare- cost, continuity of care, and complexity.(03:30) Roger talks about avoiding unforced errors that could cost you money, disrupt care, or create unnecessary stress.(05:18) Roger introduces the OODA Loop—observe, orient, decide, act—as a practical way to think step by step about health coverage choices. (05:52) Observe: Build a 5-year retirement income and spending plan, estimate taxes and MAGI, identify where you fall relative to the ACA subsidy cliff, and review withdrawal sources (taxable, pre-tax, Roth) along with future RMD implications.(14:21) Orient: Clarify what matters most to help you make a decision.(20:00) Decide & Act: Choose a direction, document your reasoning, update your plan of record, and implement the distribution strategy that supports your choice.CONVERSATION WITH TAYLOR SCHULTE(22:25) Roger introduces Taylor Schulte from Define Financial(23:15) Why health care before Medicare shouldn't automatically delay retirement and how assumptions often go untested.(26:50) Evaluating alternatives beyond ACA, including COBRA as a short-term bridge and private plans.(31:50) The tension between Roth conversions and ACA subsidies, and how Social Security timing affects MAGI.(34:20) Avoiding the “optimization trap”: sometimes paying more for simplicity still results in a resilient retirement plan.(36:40) The key takeaway is that there's no perfect answer—retirees should explore options, make informed decisions without fear, and use healthcare planning as a tool rather than a barrier or excuse to delay retirement.SMART SPRINT(43:35) Set a reminder to review your health care strategy using a structured approach—especially if retirement or Medicare enrollment is approaching. The goal is to be intentional, not reactive.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManKaiser Family Foundation (KFF)Healthcare.govDefine Financial- Taylor SchulteStay Wealthy Retirement Show- Taylor Schulte (podcast)

This episode of Retire with Style features Alex Murguia and Wade Pfau discussing the role of annuities in retirement planning, drawing from Wade's Retirement Planning Guidebook. They examine the purpose of annuities, the primary arguments for and against their use, and the key types available. The conversation also emphasizes how annuities align with different retirement income styles and broader income strategies. Wade explains core concepts such as mortality credits and the distinctions between fixed and variable annuities, offering a clear framework for evaluating whether and how annuities may fit into a retirement plan. Listen now to learn more!   Takeaways Annuities are tools that fit well with certain retirement income styles. They provide guaranteed lifetime income through risk pooling. Arguments against annuities often stem from viewing them as investments rather than income tools. Annuities can have high fees, especially variable annuities. Mortality credits allow for higher spending in retirement. Fixed annuities provide principal protection, while variable annuities do not. The RISA helps identify which retirement income style fits an individual. Annuities can be compared to bonds, not stocks, for retirement planning. Understanding the different types of annuities is crucial for effective planning. Annuities can be used for tax deferral, but not in tax-deferred accounts. Chapters 00:00 Introduction to Annuities 02:25 Understanding Annuities and Their Purpose 04:04 Arguments For and Against Annuities 08:26 Types of Annuities and Their Fees 12:05 Annuities vs. Mutual Funds 15:13 Longevity Credits and Retirement Planning 19:21 Different Types of Annuities Explained 24:21 Understanding Annuities and Their Types 33:20 The Role of RISA in Retirement Planning 42:28 Integrating RISA with Annuity Choices   Links

Trent Fortner, a 40+ year veteran in the life insurance and wealth planning space gives an 89 minute masterclass on how life insurance, if incorporated properly can completely reshape your financial plan and wealth building strategies. Trent lays the groundwork and dives into the numbers with his calculators to prove that a financial plan without life insurance can't compete with one that does.Connect with Trent: https://trentfortner.com00:00 Intro 00:44 Introducing Trent Fortner 01:39 Returning to Basics & Overarching Planning02:07 LEAP and Infinite Banking 03:47 Working with Nelson Nash in the 1990s 06:26 Power of Life Insurance & the LEAP Process 06:45 Problem with Product-Centric Planning 07:33 Dr. Wade Pfau & Non-Correlated Assets 08:57 Risks of Indexed Universal Life (IUL) 12:23 Holistic Planning 15:32 LEAP Present Plan Model 21:41 Client Choices After Discovery 22:50 Addressing the “Cost” Objection 24:39 Compounding Taxes 33:24 Impact of Losses on Savings 39:08 Taxes Are a Complete Loss 44:36 Flattening Taxes 48:53 Adding Benefits with Permanent Life Insurance 49:39 Compounding vs. Whole Life Insurance 56:42 Life Insurance vs. High-Yield Savings Account 01:03:01 Rich on Paper vs Rich In Real Life 01:06:52 Ways to Use Permanent Life Insurance 01:11:37 Gains, Advantages, Risks 01:22:04 Final ThoughtsWatch the Video on Youtube for Visuals - https://youtu.be/vG8jaEDRDPQWant a Life Insurance Policy? Go Here: https://bttr.ly/bw-yt-aa-clarityLearn More About BetterWealth: https://betterwealth.comDISCLAIMER: https://bttr.ly/aapolicy*This video is for entertainment purposes only and is not financial or legal advice. Financial Advice Disclaimer: All content on this channel is for education, discussion, and illustrative purposes only and should not be construed as professional financial advice or recommendation. Should you need such advice, consult a licensed financial or tax advisor. No guarantee is given regarding the accuracy of the information on this channel. Neither host nor guests can be held responsible for any direct or incidental loss incurred by applying any of the information offered.

In this episode of Retire with Style, hosts Alex Murguia and Wade Pfau discuss the launch of the third edition of the Retirement Planning Guidebook and respond to audience questions on tax planning and retirement strategy. They explain what's new in the latest edition, explore tax-efficient planning concepts including Roth conversions, and unpack key issues such as drawdown strategies and preferential income stacking. The conversation also touches on potential future tax changes, offering practical insights to help listeners make more informed retirement planning decisions.   Takeaways The third edition of the Retirement Planning Guidebook is shorter and more affordable. Tax maps are included in the new edition of the book. Roth conversions can be beneficial even if taxes are paid from an IRA. Preferential income stacking can significantly impact tax rates. Future tax legislation is uncertain, and planning should follow current laws. Blending distributions from different accounts can optimize tax efficiency. Roth conversions should be considered based on individual tax situations. Beneficiary considerations can influence the decision to convert to Roth IRAs. It's important to understand effective marginal tax rates for better planning. Avoid pulling money from IRAs to invest in taxable accounts. Chapters 00:00 Introduction and Overview 01:44 Book Launch Insights 09:09 Tax Planning Questions Begin 11:26 Drawdown Order and Legacy Planning 12:41 Roth Conversions and Tax Implications 15:32 Preferential Stacking Explained 18:14 Future Tax Legislation Predictions 20:57 Roth Conversions and Tax Payments 23:29 Beneficiary Considerations for Roth IRAs 26:38 Strategic Drawdown Planning 30:12 Navigating Tax Strategies for Retirement Spending   Links

In this episode of Retire with Style, Wade Pfau and Alex Murguia break down key concepts in retirement income planning, including present value, discount rates, and internal rates of return. They explain how these tools apply to real-world decisions such as Social Security claiming and choosing between a pension and a lump sum. The conversation highlights the importance of understanding cash flows and using sound mathematical analysis to inform decisions, while still accounting for personal preferences and risk. Listen now to learn more!   Takeaways Present value and breakeven analysis are crucial for financial planning. Understanding discount rates helps evaluate future cash flows. Internal rate of return is essential for comparing investment options. Financial decisions often boil down to present value calculations. Social security optimization relies on present value analysis. Pension versus lump sum decisions require careful discount rate consideration. Cash flow evaluation is key in retirement planning. Investment decisions should factor in opportunity costs. The relationship between interest rates and present value is significant. Financial planning is both a mathematical and an artful process. Chapters 00:00 Introduction to Retirement Income Planning 03:49 Understanding Present Value and Discount Rates 06:40 Evaluating Cash Flows and Internal Rate of Return 09:32 Applications in Financial Planning 12:46 The Impact of Interest Rates on Valuation 15:30 Real-Life Financial Decisions and Break-Even Analysis 18:53 Social Security and Pension Decisions 22:05 The Funded Ratio Tool and Its Importance 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! 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”

On Jesse's 12th "Ask Me Anything" episode, he opens the year by tackling the questions that tend to surface when calendars turn and retirement feels closer than ever. He begins with a thoughtful exploration of whether "this is the year to retire," unpacking how sequence-of-returns risk, market valuations, spending accuracy, and portfolio construction matter far more than trying to guess the next market move, and why building flexibility—not perfect timing—is the real defense against early-retirement risk. From there, Jesse shifts to a practical and surprisingly nuanced discussion on getting kids and grandkids started in investing, weighing Roth IRAs, custodial accounts, and taxable strategies while emphasizing the twin lessons of earned money and compounding—and how to balance long-term discipline with making investing engaging and educational. He then addresses how portfolios should evolve as investors age and as assets grow, explaining why the glide path toward retirement is as much about risk capacity, risk need, and behavioral fit as it is about age, and why excess capital fundamentally changes how—and why—you take risk. He closes with a comprehensive walk through the key ages and milestones that shape a financial plan, from early adulthood to Social Security, Medicare, and required minimum distributions, giving listeners a clear mental map of when critical doors open and close. Throughout, Jesse blends technical insight with behavioral clarity, helping listeners not just answer financial questions, but build a durable way of thinking about decisions that will compound for decades. Key Takeaways:• The decision to retire is less about predicting markets and more about understanding cash flow, spending flexibility, and downside protection in the early years. • Writing down the rationale behind major investment decisions helps reduce future regret and emotional reactions. • Many retirees underestimate their spending, which can create false confidence in retirement readiness. • Teaching kids about investing works best when it combines earned income, parental matching, and simple, long-term strategies. • Excess capital changes the nature of investment decisions, allowing greater freedom without jeopardizing core goals. • Knowing the key financial ages—Social Security, Medicare, Roth rules, and required minimum distributions—helps investors anticipate decisions rather than react under pressure. Links:https://bestinterest.blog/should-retirees-sell-stocks-move-to-cash/ https://bestinterest.blog/great-investors-little-secret/ https://bestinterest.blog/rmds-sequence-risk-retirement-destruction/ https://bestinterest.blog/e87/ Wade Pfau's SRR Chart: https://www.bogleheads.org/forum/viewtopic.php?t=461168 https://bestinterest.blog/when-not-to-rebalance/ Key Timestamps:(03:51) – Smart and Dumb Reasons to Move to Cash (16:46) – Sequence of Returns Risk (20:47) – Spending and Lifestyle in Early Retirement (23:30) – Getting Kids Involved in Investing (26:10) – Tax Implications and Control of UGMA Accounts (30:38) – Investment Strategies for Financial Independence (36:44) – Rebalancing in Retirement (43:57) – Important Ages and Events in Retirement Planning Key Topics Discussed:The Best Interest, Jesse Cramer, Wealth Management Rochester NY, Financial Planning for Families, Fiduciary Financial Advisor, Comprehensive Financial Planning, Retirement Planning Advice, Tax-Efficient Investing, Risk Management for Investors, Generational Wealth Transfer Planning, Financial Strategies for High Earners, Personal Finance for Entrepreneurs, Behavioral Finance Insights, Asset Allocation Strategies, Advanced Estate Planning Techniques More of The Best Interest:Check out the Best Interest Blog at https://bestinterest.blog/ Contact me at jesse@bestinterest.blog Consider working with me at https://bestinterest.blog/work/ The Best Interest Podcast is a personal podcast meant for education and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

As we close out 2025 and head into the New Year, we're sharing one final Best of episode before returning with new conversations in January. This week's replay is Alex's top pick from the year, a conversation that stood out for its relevance, insight, and the questions it generated from listeners. We'll be back soon with brand new episodes in 2026. Until then, Happy New Year, and thank you for being part of the Retire With Style community!   Repost from Episode 174 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 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”

As the year comes to a close, we're taking a moment to revisit a few of our favorite Retire With Style episodes from 2025. This week, we're replaying one episode that stood out in particular as Wade's favorite conversation of the year, based on both the discussion and the questions it sparked from listeners. We'll be back with brand new episodes after the holiday break. Thanks for listening this year, and we look forward to continuing the conversation in 2026. Repost from Episode 195 In this episode of Retire with Style, Wade Pfau and Alex Murguia talk with William Bengen, pioneer of the 4% rule in retirement planning. They explore the rule's evolution, how inflation and market valuations shape sustainable withdrawals, and Bengen's current recommendations. The discussion highlights the role of asset allocation, the importance of withdrawal strategies, and why ongoing monitoring is essential for a secure retirement. Takeaways William Bengen modernized retirement income planning with the 4% rule. Inflation is a critical factor in determining sustainable withdrawal rates. Market volatility can significantly impact retirement portfolios. A comprehensive withdrawal plan should consider multiple factors. Current recommendations suggest a withdrawal rate of around 5.5%. Asset allocation plays a vital role in retirement planning. Investors should consider a rising equity glide path strategy. Regular monitoring and adjustments to retirement plans are essential. High inflation can permanently elevate withdrawal amounts. The 4% rule is not a one-size-fits-all solution. Chapters 00:00 Introduction to Retirement Income Planning 01:14 The Birth of the 4% Rule 03:03 Understanding Withdrawal Rates 09:15 The Impact of Inflation on Withdrawals 12:45 Market Valuation and Its Effects 18:07 Current Withdrawal Rate Recommendations 21:10 Asset Allocation Strategies 24:04 Free Lunches in Investment Strategies 27:34 Key Takeaways from A Richer Retirement 31:15 Future Research Directions Links Get Bill Bengen's New Book – A Richer Retirement Want to dive deeper into the research behind the 4% rule and how retirement income planning has evolved? Bill Bengen's new book, A Richer Retirement, is now available—visit bengenfs.com to learn more and get your copy. 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 how Treasury Inflation Protected Securities, or TIPS, fit into a retirement income plan. They discuss when it may make sense to build a TIPS ladder, the challenge of predicting interest rates, and how TIPS compare with equities as tools for managing inflation risk. The conversation also addresses strategies for creating inflation-adjusted income, the role TIPS can play alongside Social Security, and how a TIPS ladder can support a Social Security delay bridge. Listen now to learn more.    Takeaways TIPS are designed to protect against inflation in retirement. Timing is crucial when building a TIPS ladder for retirement income. Interest rates are unpredictable, making TIPS a safer choice now. Equities can provide growth but lack the guaranteed inflation protection of TIPS. Delaying Social Security can enhance retirement income security. Bond funds may not be the best option for retirement income planning. TIPS can help mitigate sequence of returns risk in retirement portfolios. A blend of TIPS and equities can optimize retirement income strategies. Interest rate risk is a significant factor when considering long-term bonds. Effective financial planning involves understanding the role of TIPS in a diversified portfolio. Chapters 00:00 Introduction to TIPS and Retirement Planning 02:44 Building a TIPS Ladder: Timing and Strategy 06:06 Understanding Interest Rates and TIPS 08:53 TIPS vs. Equities: Inflation Protection and Growth 11:46 Creating Inflation-Adjusted Income Streams 15:05 The Role of TIPS in Retirement Income 17:55 Bond Funds vs. TIPS: A Comparative Analysis 21:13 Social Security Delay Bridge and TIPS 24:00 Current TIPS Market and Yield Considerations 27:00 Final Thoughts and Holiday Wishes   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, Alex Murguia and Wade Pfau explore core themes in retirement planning, including the 4 percent rule, sequence of returns risk, and how to balance discretionary and essential spending. They discuss how these factors shape retirement income strategies, the role of reliable income sources, and when a rising equity glide path can be beneficial. The conversation highlights why retirees may need a more flexible and adaptive approach rather than relying on traditional rules of thumb.   Takeaways The 4% rule is not a constant and can vary based on market conditions. Sequence of return risk is a real concern but may be overstated for average investors. Discretionary spending in retirement should be carefully planned to avoid future regrets. Variable spending strategies can help manage sequence risk effectively. Reliable income sources are crucial for covering essential expenses in retirement. Investors should consider the implications of longevity risk on their withdrawal strategies. The rising equity glide path can be a useful strategy for managing investment risk in retirement. Dividend income should not be the sole focus for retirement income planning. The retirement planning community often relies on outdated paradigms that may not serve current needs. Education on retirement income strategies should start early, even in high school. Chapters 00:00 Introduction to Retirement Planning Themes 06:11 Understanding the 4% Rule and Withdrawal Strategies 12:03 Exploring Sequence of Return Risk 17:59 Discretionary vs. Essential Spending in Retirement 24:13 The Role of Dividend Income in Retirement 30:06 Rising Equity Glide Path Strategies 36:04 The Shift from Traditional Drawdown Paradigms   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 talk with Beth Pinsker, author of My Mother's Money, about the practical and emotional realities of financial caregiving and estate settlement. They discuss why clear documentation matters, how probate works, and where family disputes over inheritance often begin. The conversation also covers the roles of wills, trusts, and beneficiary designations, along with the emotional weight that comes with managing a loved one's affairs. Beth shares personal insights that highlight the value of proactive planning and open communication to help families avoid conflict and ensure a smoother transition of assets. Takeaways 30% of people have any sort of documents in place for estate planning. Family disputes often arise over inheritance and asset distribution. Blended families require careful planning to avoid conflicts. Trusts can provide better protection for all parties involved. Beneficiary designations are crucial to avoid probate complications. Wills serve as power of attorney after death, but trusts offer more control. Proper estate planning can ease the emotional burden on families. Communication about inheritance wishes can prevent family discord. Digital assets should also be included in estate planning. Emotional challenges in settling property can be significant. Chapters 00:00 Introduction to Estate Planning and Legacy 01:53 Understanding Estate Planning and Its Importance 06:35 Family Disputes and the Role of Executors 08:58 Common Sources of Family Disagreements 13:39 Wills vs. Trusts: Key Differences Explained 20:33 The Importance of Beneficiary Designations 27:52 Navigating Property Settlements and Emotional Challenges 34:16 Final Thoughts on Financial Caregiving and Legacy Planning Links Find links to order Beth Pinkser's book, “My Mother's Money,” at www.bethpinsker.com 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, The Annuity Man and Wade Pfau discuss: Retirement Income Style Awareness (RISA) framework Wade's different viewpoint on retirement 4% rule of thumb and its limitations The truth about retirement planning strategies   Key Takeaways:  Understanding one's preferred retirement income strategy via the Retirement Income Style Awareness (RISA) framework. It assesses different retirement strategies that align with the retiree's needs and goals, such as total return investing, time segmentation or bucketing, and essential versus discretionary expenses. Go beyond viewing retirement as a mere cessation from work and consider it as attaining fiscal independence to pursue passions and goals without dependency on income from employment. Read Wade Pfau's article on the 4% rule of thumb and its limitations. Additionally, explore the potential benefits of annuities as a tool for sustaining retirement spending over a long retirement. Explore the broader international experience in financial markets and retirement planning to better understand the uncertainties and challenges involved. Consider the impact of low interest rates on bond returns and the need for diversified retirement income strategies. "We need to figure out what retirement strategy works for each individual because what works for one person may not work for another. It's about finding the style that resonates with you." - Wade Pfau   Connect with Wade Pfau: Website: retirementresearcher.com LinkedIn: https://www.linkedin.com/in/wpfau/ Twitter: WadePfau   Connect with The Annuity Man:  Website: http://theannuityman.com/  Email: Stan@TheAnnuityMan.com  Book: Owner's Manuals: https://www.stantheannuityman.com/how-do-annuities-work YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g  Get a Quote Today: https://www.stantheannuityman.com/annuity-calculator!

In this episode, Lance and Paul unpack the viral post from Financial Samurai founder Sam Dogen, who recently admitted he's no longer financially independent after more than a decade in early retirement. Lance and Paul explore what this moment reveals about the FIRE movement, its strengths, blind spots, and the danger of mistaking "passive" for "permanent" income. They discuss the tension between influence and authenticity, the challenge of lifestyle creep, and the difference between financial sufficiency and true independence. Drawing on real-world client insights and expert perspectives, they highlight the importance of flexibility, contentment, and understanding the math behind your own strategy. Whether you're chasing FIRE or simply planning your financial future, this conversation offers a grounded, thoughtful look at how to build wealth that bends without breaking, and how to live freely without letting your finances define you. -- Timestamps: 01:50 – Financial Samurai's FIRE update 03:20 – The $3M net worth and the early retirement backstory 04:10 – Where the missing numbers went 05:40 – Breaking down why passive income isn't always permanent 08:30 – Lifestyle creep, consumption, and breaking your own strategy 12:15 – Influencer advice vs fiduciary financial planning 15:30 – Dr. Wade Pfau's one-word retirement advice: Flexibility 19:20 – Redefining FIRE -- This Material is Intended for General Public Use. By providing this material, we are not undertaking to provide investment advice for any specific individual or situation or to otherwise act in a fiduciary capacity. Please contact one of our financial professionals for guidance and information specific to your individual situation. Sound Financial LLC dba Sound Financial Group is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Insurance products and services are offered and sold through Sound Financial LLC dba Sound Financial Group and individually licensed and appointed agents in all appropriate jurisdictions. This podcast is meant for general informational purposes and is not to be construed as tax, legal, or investment advice. You should consult a financial professional regarding your individual situation. Guest speakers are not affiliated with Sound Financial LLC dba Sound Financial Group unless otherwise stated, and their opinions are their own. Opinions, estimates, forecasts, and statements of financial market trends are based on current market conditions and are subject to change without notice. Past performance is not a guarantee of future results.

In this episode of Retire with Style, hosts Alex Murguia and Wade Pfau are joined by CPA Brett Leyton to discuss the new tax provisions introduced in the One Big Beautiful Bill Act. The conversation covers essential topics such as federal income tax brackets, standard deductions, and various new below-the-line deductions that can benefit taxpayers, especially seniors. The episode delves into the complexities of tax planning, emphasizing the importance of strategic planning in light of the new legislation. Listeners will gain insights into how these changes can impact their financial planning and tax strategies moving forward.   Takeaways Tax planning is crucial for all income levels. The complexity of tax rules requires comprehensive planning. New tax brackets simplify some aspects of tax planning. Standard deductions have significantly increased for 2025. Seniors can benefit from additional below-the-line deductions. Qualified business income deductions are now permanent. New deductions for tips and overtime pay are introduced. Auto loan interest deductions have specific requirements. Charitable contributions can be deducted even if not itemizing. Understanding phase-outs is essential for effective tax planning. Chapters 00:00 Introduction to Tax Planning and the One Big Beautiful Bill Act 02:54 Understanding Federal Income Tax Brackets 06:11 New Below-the-Line Deductions: Age 65 Plus 09:07 Qualified Business Income and Its Implications 11:51 Exploring Qualified Tips and Overtime Pay Deductions 14:59 Auto Loan Interest Deductions Explained 17:45 Charitable Contributions for Standard Deduction Filers 21:03 State and Local Tax Deductions: Changes and Challenges   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”  

This week, David Tourtillot of Mutual of Omaha Reverse Mortgage, featuring guest Dr. Wade Pfau, an esteemed economist and retirement researcher. The discussion focuses extensively on reverse mortgages, exploring their mechanics, benefits, and common misconceptions as a retirement planning tool. Key topics covered include the strategic use of the growing reverse equity line of credit as a buffer asset to manage market volatility, the non-taxable nature of reverse mortgage proceeds, and recent safeguards implemented by the federal government to make the product safer and more advantageous for homeowners aged 62 and older. The segment also addresses caller questions regarding the tax implications of using a reverse mortgage to offset Required Minimum Distributions (RMDs) and the advantages of a reverse mortgage line of credit over a traditional Home Equity Line of Credit (HELOC). David is well known throughout the reverse mortgage industry and is one of only 165 professionals that have achieved the CRMP® designation (Certified Reverse
Mortgage Professional) nationwide. David has been assisting the senior adult market since 2003 throughout the New England area. David specializes exclusively in reverse mortgages. David is a member of the National Reverse Mortgage Lenders Association (NRMLA) and adheres to their strict Code of Ethics and Best Practices Policy. David is passionate about helping seniors and takes great pride in treating all of his clients the same way he would treat his own mother & father. David's commitment to listening intently to his clients' goals and objectives allows him to design appropriate solutions that meet the needs of each client. David also prides himself on being a resource for his clients both during and after the reverse mortgage process. Check out Homestead Mortgage only at: https://www.myhomesteadmortgage.com McNamara Financial is an Independent, family-owned, fee-only investment management and financial planning firm, serving individuals and families on the South Shore and beyond for over 30 years. COME SEE WHAT IT'S LIKE TO WORK WITH A FIDUCIARY. http://mcnamarafinancial.com/ Be sure to check out the new McNamara on Money website at: https://mcnamaraonmoney.com

Welcome to a milestone episode of Retire With Style! In this celebratory 200th installment, Wade and Alex take a break from the usual deep dives into retirement planning to reflect on their journey so far, from a hesitant start to a full-blown podcast and lifestyle brand. They revisit some of the most popular episodes, listener feedback (the good, the bad, and the hilarious), and the evolving purpose behind the podcast. They also share future plans, new content arcs, and maybe even a little pickleball-inspired merch talk. Whether you're a longtime listener or brand new to the show, this episode offers a fun, personal look behind the mic. Takeaways: 200 episodes deep... and still talking: Wade and Alex never expected the show to grow into a pillar of their content strategy, but batching episodes, a sprinkle of consistency, and a lot of community support helped them get here. YouTube is growing fast: While most listeners tune in via audio, the YouTube channel is becoming a hub for retirement planning visuals and deeper engagement. Pickleball paddles and lifestyle branding: Retire With Style is now more than just a podcast — it's a vibe. From merch to community giveaways, the show is embracing its role as the lighter side of serious retirement talk. Top-performing content = tax planning: Episodes focused on Roth conversions, sustainable withdrawal strategies, and RMDs continue to dominate in views and downloads. Most-loved guests: Bill Bengen (with a whopping 83% in the listener poll) and Mary Beth Franklin top the charts. Both brought serious knowledge and fresh perspectives to the show. Feedback is fuel (and comedy): The hosts share some of the most memorable — and brutally honest — listener reviews. Spoiler: Alex laughs too much, Wade doesn't talk enough... and they're fine with that. What's next? Upcoming episodes will feature deep dives into retirement tax law changes, a fresh look at the RISA framework, and possibly another arc on emotional and behavioral aspects of retirement planning. Chapters  0:00: Welcome to Episode 200! A Sitcom-style Celebration 2:00: The Reluctant Start: How the Podcast Was Born 5:00: From Podcast to Lifestyle Brand (Merch + Pickleball Paddles!) 11:00: Why the Laid-back Format Works 14:00: Retire With Style: The Unexpected Centerpiece 17:00: Most Watched Episodes of the Year 20:00: Tax Planning Still Reigns Supreme 25:00: Standout Guest Appearances: Bengen, Franklin & More 35:00: Listener Comments: The Roast of Alex (with Wade's Glee) 44:00: Positive Feedback... Yes, It Exists 47:30: What the Podcast Has Meant to the Hosts 53:00: Poll Results: What Do Listeners Want? 55:00: Merch Giveaway Winners Announced 58:00: What's Coming in the Next 200 Episodes   Links Free Retirement Researcher Webinar – Happening This Week! Don't miss this special opportunity to join Wade Pfau for a free live webinar: "Getting Started Now: Crucial Steps to Take When Retiring"   You'll learn how to avoid common pitfalls, make smarter decisions with Social Security, taxes, and investments, and get clarity on what really matters as you transition into retirement. Choose the date that works best for you: Wednesday, October 15th  Thursday, October 16th Spots are limited, so be sure to register now at retirewithstyle.com/podcast The Retire With Style Merch Store Is Live! You asked (probably), and we delivered! The official Retire With Style merch store is now open for business! Check out the gear featured in this episode and grab your own swag at retirewithstyle.com/shop. From mugs to mindset, we've got what every stylish retiree needs.

In part one of their conversation with Dan Haylett, Wade Pfau and Alex Murguia explore the human side of retirement planning. They emphasize that financial planning is only part of the equation and discuss the emotional and psychological challenges retirees face. Dan introduces the five pillars of a thriving retirement: purpose, identity, relationships, structure, and well-being. The discussion highlights how finding new sources of meaning and connection after leaving a career is essential for a fulfilling retirement.   Takeaways Retirement is about more than financial numbers—it's deeply human. Many retirees struggle with a loss of purpose and identity. The five pillars of a thriving retirement are purpose, identity, relationships, structure, and well-being. Money provides the freedom to pursue interests and purpose. Retirement often brings major shifts in identity and relationships. Building new social connections is essential for fulfillment. Emotional and psychological planning is as important as financial planning. Discussing potential challenges early helps ease the transition. Retirement affects not just individuals but also family and friends. Chapters 00:00 Introduction to Retirement Planning 01:10 The Human Side of Retirement 05:09 Day 182: The Reality of Retirement 08:07 The Five Pillars of a Thriving Retirement 11:06 Finding Purpose in Retirement 15:11 Identity Crisis in Retirement 20:16 The Impact of Work Relationships 28:18 Facilitating Purpose in Retirement 31:52 Navigating Life's Challenges in Retirement 34:07 The Importance of Open Conversations   Links Are you an Advisor? — Ready to take your prospect and client conversations to the next level? Join Wade Pfau and Alex Murguia for a free webinar, “How to Close Prospects & Increase Wallet Share.” You'll see how the RISA framework streamlines meetings, builds trust faster, and creates a scalable process for long-term growth Two live sessions available: October 8 or 9, from 1:00–2:30 PM ET Visit risaprofile.com/podcast to register now.

In this conversation, Wade Pfau, Alex Murguia and Bill Bengen discuss various aspects of retirement planning, focusing on risk management, asset allocation, and the implications of market conditions on withdrawal rates. Bengen shares insights on adjusting the traditional 4% rule based on current market valuations and inflation, emphasizing the importance of a diversified portfolio and the role of annuities. The discussion also covers the significance of sequence of returns risk and the potential benefits of rising equity glide paths in retirement strategies.   Takeaways A 65% stock allocation is recommended for retirees. Risk management involves adjusting asset allocations based on market conditions. The first 10 years of retirement are crucial for long-term success. Diversification is key to mitigating risks in retirement portfolios. Annuities can play a beneficial role in retirement income planning. Market valuations should influence withdrawal rate strategies. Rising equity glide paths may help manage sequence of returns risk. Monte Carlo simulations can provide insights but have limitations. The 4% rule may need adjustments based on current economic conditions. Retirement planning should consider both historical data and future projections.   Chapters 00:00 Replacing Micro Caps in Portfolios 00:25 Risk Management and Asset Allocation 01:32 The Role of Third-Party Advice in Portfolio Management 02:50 Navigating Market Swings and Timing Investments 03:41 Inflation and Asset Allocation Strategies 05:27 International vs. Domestic Equity Allocation 07:04 Historical vs. Projected Data in Retirement Planning 12:18 Understanding Sequence of Returns Risk 14:18 Adjusting Withdrawal Rates Based on Market Conditions 15:45 Exploring Rising Equity Glide Paths 23:29 Finding the Right Equity Allocation for Retirement 27:29 Adjusting Withdrawal Rates for Inflation and Market Valuations   Links    Get Bill Bengen's New Book – A Richer Retirement Want to dive deeper into the research behind the 4% rule and how retirement income planning has evolved? Bill Bengen's new book, A Richer Retirement, is now available—visit bengenfs.com to learn more and get your copy.

Coach Pete teams up with Dr. Wade Pfau to tackle the biggest retirement questions—how to lock in guaranteed income, outsmart market risks, and keep your savings alive as long as you are. From the promise (and perils) of crypto to tech-driven retirement tools, this episode delivers bold insights and practical strategies you can’t afford to miss. It’s Financial Safari at its fiercest—your roadmap to retiring with confidence!See omnystudio.com/listener for privacy information.

In this live Q&A session, Wade Pfau, Alex Murguia, and Bill Bengen discuss the intricacies of safe withdrawal rates in retirement, focusing on the relevance of the 4% rule, the impact of inflation, and the importance of investment strategies. They explore various topics including the significance of account types, the risks associated with stock picking, and the necessity of adjusting withdrawal rates based on market conditions and personal circumstances. The conversation emphasizes the need for a tailored approach to retirement planning, considering factors like tax efficiency and rebalancing strategies.   Takeaways Inflation is a significant risk in retirement planning. The 4% rule is not a fixed rule and can vary. Longer planning horizons require lower withdrawal rates. Account types affect the net amount available for withdrawal. Stock picking can be risky and is not recommended for most. Market conditions can influence safe withdrawal rates. Adjusting withdrawal rates in response to inflation is crucial. Understanding current vs. synthetic withdrawal rates is important. Annual reviews of withdrawal plans can help manage risks. Tax efficiency should be considered in withdrawal strategies.   Chapters 00:00 Introduction to Safe Withdrawal Rates 05:30 Understanding Account Types and Withdrawals 09:25 Small Caps and Future Performance 15:10 Annual Review of Withdrawal Plans 19:36 Immediate Actions in High Inflation 21:22 Customizing Withdrawal Strategies 22:55 Tax Considerations in Withdrawals 23:44 Withdrawal Strategies from a Multi-Fund Portfolio 26:45 Replacing Micro Caps in Portfolios   Links Get Bill Bengen's New Book – A Richer Retirement Want to dive deeper into the research behind the 4% rule and how retirement income planning has evolved? Bill Bengen's new book, A Richer Retirement, is now available—visit bengenfs.com to learn more and get your copy.

Hans and Robby are back again this week with a brand new episode! This week, they discuss retirement income planning.  Don't forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on CardinalGuide.com for free! You can contact Hans and Cardinal by emailing hans@cardinalguide.com or calling 919-535-8261. Learn more at CardinalGuide.com. Find us on YouTube: Cardinal Advisors.

In this episode of Retire with Style, Wade Pfau and Alex Murguia talk with William Bengen, pioneer of the 4% rule in retirement planning. They explore the rule's evolution, how inflation and market valuations shape sustainable withdrawals, and Bengen's current recommendations. The discussion highlights the role of asset allocation, the importance of withdrawal strategies, and why ongoing monitoring is essential for a secure retirement. Takeaways William Bengen modernized retirement income planning with the 4% rule. Inflation is a critical factor in determining sustainable withdrawal rates. Market volatility can significantly impact retirement portfolios. A comprehensive withdrawal plan should consider multiple factors. Current recommendations suggest a withdrawal rate of around 5.5%. Asset allocation plays a vital role in retirement planning. Investors should consider a rising equity glide path strategy. Regular monitoring and adjustments to retirement plans are essential. High inflation can permanently elevate withdrawal amounts. The 4% rule is not a one-size-fits-all solution.   Chapters 00:00 Introduction to Retirement Income Planning 01:14 The Birth of the 4% Rule 03:03 Understanding Withdrawal Rates 09:15 The Impact of Inflation on Withdrawals 12:45 Market Valuation and Its Effects 18:07 Current Withdrawal Rate Recommendations 21:10 Asset Allocation Strategies 24:04 Free Lunches in Investment Strategies 27:34 Key Takeaways from A Richer Retirement 31:15 Future Research Directions   Links Join Us for RWS Live! with Bill Bengen! We're going live on Thursday, September 11th at 1:00 PM ET on the Retire With Style YouTube channel! You'll have the chance to ask Bill Bengen—creator of the 4% rule—your retirement questions live in the chat. Search “Retire With Style” on YouTube, or click this link to join us directly: https://retirewithstyle.com/rws-youtube-live Don't forget to subscribe so you get notified when we go live!

In this conversation, Alex Murguia and Wade Pfau explore strategies for retirement planning, including hedging against inflation, using break-even analysis in Social Security decisions, and evaluating annuities for retirement income. They also cover the implications of Roth conversions and the reverse equity glide path strategy for managing investments. The discussion highlights the importance of understanding how different financial tools contribute to a comprehensive retirement plan.   Takeaways Hedging against inflation can be approached through TIPS or equities, each with distinct risk profiles. TIPS provide a contractually protected hedge against inflation, while equities may offer higher long-term growth. Break-even analysis for social security is often misleading and can lead to poor decision-making. Delaying social security benefits can provide inflation-adjusted lifetime income, which is crucial for retirees. Annuities can be a useful tool for ensuring reliable income, but their lack of inflation protection must be considered. Paying taxes for Roth conversions from an IRA is acceptable if no other funds are available. The present value of social security benefits should be considered as part of a retiree's bond-like income. The reverse equity glide path strategy can help manage sequence risk in retirement by gradually increasing equity exposure. Understanding the implications of social security estimates is essential for accurate retirement planning. Investment strategies should align with individual risk tolerance and retirement income needs.     Chapters 00:00 Market Valuations and Investment Strategies 00:00 Inflation Hedging: TIPS vs. Equities 04:23 The Break-Even Analysis of Social Security 09:54 Annuities and Inflation Protection 14:01 Roth Conversions and Tax Strategies 20:01 Social Security Strategies for Couples 26:58 Retirement Income Challenges and Strategies   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 conversation, Wade Pfau and Alex Murguia discuss retirement planning topics including market downturns, buffer assets, demographic trends, and emerging products like tontines and buffered ETFs. They highlight how historical market performance shapes future expectations and emphasize the role of strategic asset allocation in retirement income planning. Takeaways Market downturns can last longer than five years, impacting retirement planning. Buffer assets can help retirees weather market downturns without selling at a loss. Demographic trends may influence market performance and interest rates in the future. Modern tontines could provide innovative solutions for retirement income. Combining safety for essential expenses with discretionary spending can optimize retirement income. Historical returns should not be the sole basis for future market assumptions. Buffered ETFs may serve as effective tools for risk diversification in high market valuation environments. Understanding the liquidity and terms of financial products is crucial for effective retirement planning. Technological advances may reshape traditional financial products like tontines. A diversified portfolio can help manage risks associated with market fluctuations.   Chapters   00:00 Introduction and Technical Setup 03:58 Market Downturns and Retirement Planning 12:59 Buffer Assets in Retirement 19:09 Tontines and Modern Financial Solutions 23:06 Combining Safety and Growth in Retirement Income 29:07 Buffered ETFs and Risk Diversification 33:31 Retirement Income Perspectives 34:06 Market Valuations and Investment Strategies   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, Alex Murguia and Wade Pfau dive into key retirement planning topics, including sequence risk, the 4% rule, withdrawal strategies, and bond yields. They highlight the importance of a comprehensive financial plan that accounts for asset allocation, tax considerations- such as those related to TIPS and annuities- and the role of dynamic, risk-based guardrails. The discussion underscores how retirement income strategies must adapt over time to meet changing needs.   Takeaways Sequence risk is a critical factor in retirement planning. The 4% rule may not be applicable in all scenarios. Bond yields significantly impact sustainable withdrawal rates. Fixed percentage withdrawal strategies can mitigate sequence risk. Dynamic risk-based guardrails offer a flexible approach to spending. Financial planning is essential for effective retirement income management. TIPS are less tax-efficient than other bonds and should be placed in tax-advantaged accounts. Asset allocation should be tailored to individual risk tolerance and retirement goals. The traditional 100 minus age rule for asset allocation is a simplification. Retirement strategies should adapt as circumstances change.   Chapters   00:00 Introduction and Conference Insights 02:11 Exploring Sequence Risk and Spending Strategies 03:35 Understanding the 4% Rule and Bond Yields 10:19 Fixed Percentage Withdrawal Strategies 14:06 Dynamic Risk-Based Guardrails for Spending 20:06 The Role of Financial Planning in Retirement 27:18 Tax Implications of TIPS and Asset Location 29:56 Evaluating Stock-Bond Allocation Strategies   Links Join Our Next Live Q&A Session! We're hosting our next Retire With Style YouTube Live Q&A on Monday, August 25th at 2:00 PM ET. Wade and Alex will be answering your retirement planning questions live! ✅ Submit your question in advance at retirewithstyle.com ✅ Or join us live and ask your question in the chat Come be part of the conversation- your questions often inspire future episodes!

In this episode of Retire with Style, Alex Murguia and Wade Pfau explore how buffer assets can help manage sequence risk in retirement. They discuss different types of buffer assets—including cash, home equity lines of credit (HELOCs), multi-year guaranteed annuities (MYGAs), and whole life insurance—and examine the trade-offs involved with each. Wade also shares insights on the evolving role of reverse mortgages in retirement planning, emphasizing the importance of weighing costs and long-term implications when incorporating these tools into a financial strategy. Takeaways Buffer assets help manage sequence risk by providing a safety net. Cash, HELOCs, and life insurance can serve as buffer assets. HELOCs may not be reliable during market downturns. MIGAs can be considered buffer assets under certain conditions. CDs can also function as buffer assets if withdrawal penalties are minimal. Reverse mortgages offer unique advantages but come with costs. The perception of reverse mortgages has evolved over time. Long-term care costs can be partially covered by reverse mortgages. Whole life insurance allows borrowing against cash value. Understanding the terms of financial products is crucial for effective planning.   Chapters 00:00Introduction and Overview of Sequence Risk 02:24Understanding Buffer Assets 05:32Exploring Alternatives: HELOCs and Other Options 08:51Evaluating Multi-Year Guaranteed Annuities (MIGAs) as Buffer Assets 10:51The Role of CDs and Fixed Indexed Annuities 13:27The Case Against Gold as a Buffer Asset 16:12Reverse Mortgages: Risks and Benefits 19:19Changing Perceptions of Reverse Mortgages 22:31Long-Term Care and Reverse Mortgages 25:38Whole Life Insurance Loans and Their Implications   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, hosts Alex Murguia and Wade Pfau explore how to manage sequence of returns risk in retirement. They break down four key strategies: spending conservatively, staying flexible with spending, reducing investment volatility, and using buffer assets. The discussion also touches on how sequence risk can arise more than once—especially for early retirees—and how having a pension can affect your overall risk tolerance. Throughout the episode, they emphasize the value of starting retirement on solid footing and building a margin of safety into your plan.   Takeaways Sequence of returns risk is crucial for retirees. Four strategies to manage sequence of returns risk exist. Spending conservatively can mitigate risk. Flexible spending strategies can adapt to market conditions. Reducing investment volatility is essential for stability. Buffer assets provide a safety net during downturns. Early retirement years are particularly vulnerable to risk. A good start in retirement can set the tone for success. Pension income can change portfolio risk tolerance. Understanding personal risk preferences is key to financial planning.   Chapters 00:00Introduction to Sequence of Returns Risk 07:33Understanding the Four Strategies to Manage Risk 17:14Exploring Multiple Sequence of Returns Risks 19:30Portfolio Risk and Pension Considerations   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 tackle listener questions on a range of financial topics, including gold's volatility, alternative investments, and how to measure retirement success. They discuss the realities of investment returns, the impact of recent U.S. bond downgrades, and the importance of understanding risk, using historical data, and maintaining a solid investment strategy in retirement.   Takeaways Gold has lower average returns and higher volatility than stocks. Alternative investments require careful evaluation due to lack of historical data. Quantifying retirement success rates can provide clearer financial goals. The magnitude of failure in financial planning is crucial to understand. Investors should assess the compensated risk of their investments. Monte Carlo simulations can help in understanding potential outcomes. The funded ratio approach simplifies retirement planning. US bond downgrades may not significantly impact long-term market trajectories. Understanding the underlying assumptions of financial plans is essential. Risk assessment is a key component of effective financial planning. Chapters 00:00 Introduction and Overview of Q&A Session 02:33 Debating Gold's Volatility and Investment Value 08:56 Exploring Alternative Investments and Their Evaluation 19:03 The Importance of Theoretical Justification in Investments 20:17 Understanding Retirement Planning Tools 23:04 Probability of Success vs. Rate of Return 27:21 Magnitude of Failure in Financial Planning 30:31 The Funded Ratio Approach 34:06 Evaluating Financial Advisors 36:15 Impact of US Bond Downgrades   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, Alex Murguia and Wade Pfau explore Treasury Inflation-Protected Securities (TIPS) and their role in retirement planning. They cover the history of TIPS, their tax implications, and how they help protect against inflation. The conversation also addresses the drawbacks of TIPS, current market conditions, and the importance of clear communication- especially for couples where one partner is less engaged in financial matters.   Takeaways TIPS were introduced in 1997 to protect against inflation. TIPS provide a real rate of return that adjusts with inflation. Tax implications of TIPS make them less efficient than other investments. It's important to consider the inflation protection TIPS offer in retirement planning. Market timing is not a sound strategy for investing in TIPS. Communicating financial plans should focus on meaning rather than just numbers. Delaying Social Security can provide inflation-adjusted income. Laddering SPIAs can be an effective strategy for income planning. Understanding your spouse's values can enhance financial discussions. Having a contingency plan for financial management is crucial.   Chapters 00:00 Introduction to TIPS and Their Importance 02:57 Understanding TIPS: Historical Context and Current Trends 06:00 Tax Implications and Asset Location for TIPS 09:01 Inflation Protection Strategies in Retirement 12:01 Evaluating the Downsides of TIPS 14:58 Conclusion and Final Thoughts on TIPS 18:21 Understanding TIPS and Their Role in Portfolios 27:15 Communicating Financial Plans to Less Interested Spouses   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, Alex Murguia and Wade Pfau explore key retirement planning strategies, including how couples can optimize Social Security benefits, what to do with surplus funds from bond ladders, and the potential benefits of purchasing single premium immediate annuities (SPIAs) from Roth IRAs. They highlight the importance of maintaining flexibility and tailoring strategies to each retiree's unique circumstances.   Takeaways Delaying social security can benefit the higher earner in a couple. The low earner has flexibility in claiming social security earlier. Using software can help determine optimal social security claiming strategies. Survivorship benefits are crucial in social security planning. Bond ladders are used for retirement income, not just reinvestment. Surplus funds from bond ladders can be invested in growth portfolios. Roth IRAs can be beneficial for purchasing SPIAs. SPIAs can provide tax-free income streams in retirement. Tax diversification is important in retirement planning. Real-life financial planning requires flexibility beyond strict rules. Chapters 00:00 Introduction and Overview 01:16 Social Security Strategies for Couples 06:41 Managing Bond Ladder Surplus Funds 16:29 Exploring SPIAs in Retirement   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, Alex Murguia and Wade Pfau answer listener questions on retirement planning for high earners. They explore tax strategies like Roth conversions and qualified charitable distributions, and discuss how tools like life insurance and annuities can help hedge longevity risk and support a stable retirement income.   Takeaways The importance of community engagement in retirement planning. High earners face unique tax challenges and strategies. Qualified charitable distributions can help manage tax implications. Roth conversions can be beneficial for reducing future RMDs. Understanding the widow's penalty in retirement planning is crucial. Annuities can provide income stability in later years. Life insurance can hedge against the risk of not living long enough. The interplay between income sources and tax brackets is complex. Gifting strategies can help manage estate taxes effectively. Combining life insurance and annuities can optimize retirement income.   Chapters 00:00 Introduction and Community Engagement 03:12 Exploring Tax Strategies for High Earners 06:09 Navigating Retirement Risks for Couples 11:49 Hedging Against Longevity Risks in Retirement 28:59 Conclusion and Future Q&A Sessions   Links If you want to better understand how to protect your retirement from bad market timing, don't miss Retirement Researcher's free webinar: “Four Ways to Manage Sequence of Returns Risk,” hosted by Wade Pfau happening July 15th, 2025 from 1:00 - 2:00 PM ET. You'll learn practical strategies to reduce volatility's impact on your retirement income. 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 live Q&A session, Alex Murguia and Wade Pfau answer questions on key aspects of retirement income planning, including withdrawal strategies, the 4% rule, tax considerations, and the role of financial advisors. They discuss how age and financial circumstances can influence withdrawal rates and highlight the importance of using guardrails to manage risk. The conversation also touches on Medicare, ACA subsidies, gifting strategies, and investment approaches to help protect against inflation. Altogether, it offers practical insights for retirees planning their financial future.   Takeaways The 4% rule is a guideline for a 30-year withdrawal strategy. Withdrawal rates can vary based on age and time horizon. Guardrails can help manage sequence of returns risk in retirement. Tax strategies are crucial for overfunded retirees to minimize liabilities. Medicare and ACA subsidies can impact retirement income planning. Gifting strategies can help manage estate taxes and provide for heirs. Investment strategies should consider inflation protection, especially for those without Social Security. Financial advisors can provide valuable guidance in retirement planning. Risk management is essential to ensure sustainable income in retirement. Planning for retirement involves both financial and non-financial considerations. Chapters 00:00 Introduction to Retirement Income Strategies 06:07 Understanding the 4% Rule and Its Variations 11:55 Exploring Withdrawal Rates for Different Ages 21:01 Strategies for Overfunded Retirement Scenarios 30:14 Balancing Total Return and Income Protection Strategies 32:40 Spending Strategies for Retirement Accounts 35:50 Charitable Giving and Roth Accounts 39:31 Mortgage vs. Roth IRA Contributions 43:57 Withdrawal Strategies in Retirement 49:41 Key Steps Before Retirement 53:08 Roth Conversions and IRMA 56:28 Inflation Protection for Educators 01:01:15 Understanding Risk-Wrapper Strategies   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

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.

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