Retire With Style

Wade Pfau & Alex Murguia
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The purpose of Retire With Style is to help you discover the retirement income plan that is right for you. The first step is to discover your retirement income personality. Your hosts Wade Pfau, PhD, CFA, RICP and Alex Murguia, PhD walk you through creating and implementing a retirement plan that will help you reach your goals, and that you’ll be able to stick with. Start by going to risaprofile.com/style and sign up to take the industry’s first financial personality tool for retirement planning.

  1. 6 DAYS AGO

    Episode 198: Beyond the Numbers: The Human Side of Retirement

    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. 🎉 We’re About to Hit 200 Episodes! 🎉 Can you believe it? Retire With Style is closing in on our 200th episode, and we want you to be part of the celebration! Whether you’ve been with Wade and Alex since episode one or just joined the party, this milestone wouldn’t be possible without listeners like you. Help us mark the occasion by sending in a short video or voice note to share your favorite moment, biggest takeaway, or just some kind words for the guys. We’re also running a special giveaway to thank our community — and yes, there will be prizes. 👉 Be a part of Episode 200 by visiting https://retirewithstyle.com/join-episode-200 to join the celebration! 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/

    38 min

  2. 23 SEPT

    Episode 197: RWS Live! With Bill Bengen: Part 2

    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. 🎉 We’re About to Hit 200 Episodes! 🎉 Can you believe it? Retire With Style is closing in on our 200th episode, and we want you to be part of the celebration! Whether you’ve been with Wade and Alex since episode one or just joined the party, this milestone wouldn’t be possible without listeners like you. Help us mark the occasion by sending in a short video or voice note to share your favorite moment, biggest takeaway, or just some kind words for the guys. We’re also running a special giveaway to thank our community — and yes, there will be prizes. 👉 Be a part of Episode 200 by visiting https://retirewithstyle.com/join-episode-200 to join the celebration! 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”

    32 min

  3. 16 SEPT

    Episode 196: RWS Live! With Bill Bengen: Part 1

    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. 🎉 We’re About to Hit 200 Episodes! 🎉 Can you believe it? Retire With Style is closing in on our 200th episode, and we want you to be part of the celebration! Whether you’ve been with Wade and Alex since episode one or just joined the party, this milestone wouldn’t be possible without listeners like you. Help us mark the occasion by sending in a short video or voice note to share your favorite moment, biggest takeaway, or just some kind words for the guys. We’re also running a special giveaway to thank our community — and yes, there will be prizes. 👉 Be a part of Episode 200 by visiting https://retirewithstyle.com/join-episode-200 to join the celebration! 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

    30 min

  4. 9 SEPT

    Episode 195: The 4% Rule and Beyond: Retirement Strategies with Bill Bengen

    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! 🎉 We're About to Hit 200 Episodes! 🎉 Can you believe it? Retire With Style is closing in on our 200th episode, and we want you to be part of the celebration! Whether you’ve been with Wade and Alex since episode one or just joined the party, this milestone wouldn’t be possible without listeners like you. Help us mark the occasion by sending in a short video or voice note to share your favorite moment, biggest takeaway, or just some kind words for the guys. We’re also running a special giveaway to thank our community — and yes, there will be prizes. 👉 Be a part of Episode 200 by visiting https://retirewithstyle.com/join-episode-200 to join the celebration! 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”

    39 min

  5. 2 SEPT

    Episode 194: RWS Live! Rethinking Retirement: Inflation, Annuities, and Roth Conversions

    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

    39 min

  6. 26 AUG

    Episode 193: RWS Live!: From Tontines to ETFs: Exploring Innovative Retirement Solutions

    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”

    34 min

  7. 19 AUG

    Episode 192- Beyond The 4% Rule

    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! 📺 Subscribe to the Retire With Style YouTube Channel to be notified when we go live!   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

    36 min

  8. 12 AUG

    Episode 191: From Cash to HELOCs What’s in Your Buffer Toolbox

    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”

    37 min
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About

The purpose of Retire With Style is to help you discover the retirement income plan that is right for you. The first step is to discover your retirement income personality. Your hosts Wade Pfau, PhD, CFA, RICP and Alex Murguia, PhD walk you through creating and implementing a retirement plan that will help you reach your goals, and that you’ll be able to stick with. Start by going to risaprofile.com/style and sign up to take the industry’s first financial personality tool for retirement planning.

Information

  • Creator
    Wade Pfau & Alex Murguia
  • Years Active
    2022 - 2025
  • Episodes
    100
  • Rating
    Clean
  • Copyright
    © Copyright 2022 All rights reserved.
  • Show Website
    Retire With Style

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