Retire With Style

Episode 208: Your Retirement Spending Questions Answered: The 4 Percent Rule, Sequence Risk, and Glide Paths

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The retirement planning community often relies on outdated paradigms that may not serve current needs.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

Episode 207: Your Tax Questions Answered: 401(k)s, Roth Conversions, and RMDs

In this episode of Retire With Style, Alex and Wade answer listener questions on key retirement planning topics. They discuss penalty-free withdrawals from 401(k)s, the role of Roth conversions for both younger savers and retirees, and the distinctions between qualified and non-qualified accounts. They also examine how long-term demographic trends may influence market expectations and investment strategies in the decades ahead.
 
Takeaways
The rule of 55 allows penalty-free withdrawals from 401(k) plans if employment is terminated after age 55.
Roth conversions should be considered based on current and future tax rates.
It's important to fill your standard deduction to minimize tax liabilities.
The after-tax safe withdrawal rate differs between account types due to ongoing taxes.
Demographic trends are known and factored into market pricing over time.
Diversification across asset classes remains a key strategy for long-term investment success.
Understanding the implications of RMDs is crucial for tax planning in retirement.
Financial planning software can help manage taxes and withdrawals effectively.
Chapters
00:00 Introduction and Overview03:01 Understanding the Rule of 5510:56 Roth Conversions: Strategies and Timing21:34 Tax Implications of Withdrawals25:26 Demographic Trends and Market Predictions
 
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”

Episode 206: Wills, Trusts, and the Caregiving Journey

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 Legacy01:53 Understanding Estate Planning and Its Importance06:35 Family Disputes and the Role of Executors08:58 Common Sources of Family Disagreements13:39 Wills vs. Trusts: Key Differences Explained20:33 The Importance of Beneficiary Designations27:52 Navigating Property Settlements and Emotional Challenges34:16 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

Episode 205: Preparing for the Financial Side of Caregiving

In this episode of Retire With Style, Wade and Alex talk with Beth Pinsker, author of My Mother’s Money, about the realities of financial caregiving. Beth shares her experience managing her mother’s finances during a health crisis, underscoring the value of preparation and clear legal documentation. The discussion covers the importance of establishing power of attorney, the practical challenges of budgeting for someone else, and the emotional strain that arises when court involvement becomes necessary. The episode offers listeners a straightforward look at why financial caregiving matters and what steps can help families prepare before a crisis hits.
 
Takeaways
Preparation is crucial; having legal documents in place can save time and money later.
Power of attorney is essential for anyone over 18 to ensure decisions can be made on their behalf.
Financial institutions have varying requirements for accepting power of attorney documents.
Navigating a loved one's finances can be complicated without access to their accounts.
Budgeting for someone else requires understanding their entire financial picture, including bills and accounts.
The court experience for those without power of attorney can be lengthy and emotionally taxing.
Many people underestimate the importance of estate planning, regardless of their financial status.
It's important to normalize discussions about power of attorney and healthcare proxies among families.
Planning ahead can prevent significant stress and financial burden during a crisis.
Chapters
00:00 Introduction to Financial Caregiving01:45 The Journey Begins: Beth's Personal Experience04:11 Preparing for the Inevitable: Legal and Financial Steps10:21 The Importance of Power of Attorney16:20 Navigating Financial Institutions25:32 Reverse Engineering the Budget30:34 The Court Experience and Its Implications
 
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 McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”

Episode 204: How Your Retirement Style Shapes Your Social Security Strategy

In this episode, Alex and Wade unpack the complexities of Social Security claiming strategies, weighing the benefits of delaying versus claiming early. They examine key financial considerations such as survivor benefits, tax planning opportunities, and the psychological factors that shape these decisions. The discussion also highlights how the Retirement Income Style Awareness (RISA) tool can help align Social Security choices with individual retirement preferences. Ultimately, the episode underscores the long-term financial impact of claiming decisions.
 
Takeaways
Delaying Social Security can significantly increase lifetime benefits.
Social Security provides inflation-protected lifetime income.
Survivor benefits are a crucial consideration for couples.
Building a social security delay bridge can ease financial pressure.
Claiming early may be necessary for those without sufficient resources.
Psychological factors play a role in claiming decisions.
Discount rates can influence the perceived value of Social Security benefits.
RISA helps align retirement income strategies with personal preferences.
Claiming early can be rational under certain circumstances.
Social Security reforms are likely but won't eliminate the program.
Chapters
00:00 Introduction and Context
00:56 The Case for Delaying Social Security
12:07 Understanding RISA and Claiming Early
16:06 Psychological Factors in Claiming Decisions
24:38 Understanding Technical Liquidity and Early Claiming
26:18 Medical Considerations for Early Claiming
28:50 Real-Life Implications of Claiming Strategies
31:11 Legitimate Reasons for Claiming Early
34:22 The Role of Discount Rates in Claiming Decisions
39:20 Dependent Benefits and Claiming Early
42:04 Concerns About Social Security's Future
45:08 Final Thoughts on Claiming 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

Episode 203: OBBBA and You, Part 3: Building, Passing, and Protecting Wealth Under OBBBA

This is the third and final installment of our discussion with Brett Layton, which explores key updates to tax laws, including estate tax limits, the alternative minimum tax, expanded uses of 529 plans, new “Trump accounts” for children’s savings, and changes to clean energy credits and business taxes. It emphasizes the importance of understanding these updates for effective financial and tax planning.
 
Takeaways
Estate tax limits are increasing, providing more leeway for wealth transfer.
Paying income taxes can strategically reduce your taxable estate.
The estate planning community has been advocating for higher exemptions.
529 plans are evolving to cover a broader range of educational expenses.
Trump accounts allow children to start saving without needing earned income.
The government will contribute to Trump accounts for eligible children.
Bonus depreciation for businesses has returned to 100%.
The first $15 million of capital gains from qualified small business stock is tax-free.
Understanding these tax changes is crucial for effective financial planning.
The complexity of tax laws continues to increase, necessitating careful planning.
Chapters
00:00 Estate Tax Changes and Implications07:08 Alternative Minimum Tax and Its Impact11:25 Expanded 529 Plan Eligibility17:19 Introduction of Trump Accounts29:42 Clean Energy Credits and Business Tax Changes
 
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”

Episode 202: OBBBA and You, Part 2: The Deductions That Could Change Your Tax Bill

The conversation explores key tax topics, including below-the-line deductions, charitable contributions, mortgage insurance deductions, gambling taxes, and the taxation of Social Security benefits. It also discusses potential changes to Affordable Care Act subsidies and highlights the importance of proactive tax planning to navigate these complexities.
 
Takeaways
The state and local tax deduction has seen significant changes.
Charitable contributions now have a new floor for deductions.
Mortgage insurance premiums are deductible under certain conditions.
Gambling winnings are taxed differently than before.
Social Security benefits remain taxable under existing rules.
The Affordable Care Act subsidies may change significantly in 2026.
Tax planning is crucial to avoid unexpected liabilities.
Itemized deductions can be complex and require careful calculation.
Understanding AGI is essential for tax deductions.
Changes in tax laws can impact charitable giving behavior.
Chapters
00:00 State and Local Tax Deductions: Changes and Challenges03:59 Roth Conversions and Tax Brackets05:45 Below-the-Line Deductions and Itemization06:42 Charitable Donations and Tax Changes12:21 Mortgage Insurance Premiums and Deductions15:20 Gambling Losses and Tax Implications25:40 Social Security Benefits and Taxation30:59 Affordable Care Act Subsidies and Changes
 
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

Episode 201: OBBBA and You: How the “One Big Beautiful Bill” Reshapes Retirement Taxes

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 Act02:54 Understanding Federal Income Tax Brackets06:11 New Below-the-Line Deductions: Age 65 Plus09:07 Qualified Business Income and Its Implications11:51 Exploring Qualified Tips and Overtime Pay Deductions14:59 Auto Loan Interest Deductions Explained17:45 Charitable Contributions for Standard Deduction Filers21:03 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”
 

Episode 200 Celebration

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 Celebration2:00: The Reluctant Start: How the Podcast Was Born5:00: From Podcast to Lifestyle Brand (Merch + Pickleball Paddles!)11:00: Why the Laid-back Format Works14:00: Retire With Style: The Unexpected Centerpiece17:00: Most Watched Episodes of the Year20:00: Tax Planning Still Reigns Supreme25:00: Standout Guest Appearances: Bengen, Franklin & More35:00: Listener Comments: The Roast of Alex (with Wade’s Glee)44:00: Positive Feedback... Yes, It Exists47:30: What the Podcast Has Meant to the Hosts53:00: Poll Results: What Do Listeners Want?55:00: Merch Giveaway Winners Announced58:00: 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.
🎾 And yes… pickleball paddles are coming soon. Stay tuned.
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

Episode 199: Beyond the Numbers: Planning for Life, Not Just Finances

In part two of their conversation, financial advisors Alex Murguia and Dan Haylett explore the challenges of financial advising, focusing on client objections, the importance of listening, and integrating emotional well-being into financial planning. They discuss strategies for engaging clients, the role of structure in retirement, and the risks that come with a lack of it. Dan also shares insights from his book, The Retirement You Didn't See Coming, highlighting the need for a holistic approach that addresses both the financial and non-financial sides of retirement.
 
Takeaways
Advisors should be prepared to handle client objections with curiosity and understanding.
Listening is a crucial skill that can enhance client relationships.
Using worksheets can facilitate deeper conversations with clients.
Structure in daily life is essential for mental wellbeing, especially in retirement.
Lack of structure can lead to unhealthy habits, including substance abuse.
Money is a significant emotional factor in people's lives and should be addressed in planning.
Advisors have a unique opportunity to facilitate discussions about money and emotions.
Dan's book is designed to be a resource that can be referenced at any time during retirement.
The most dangerous day in retirement often comes when novelty wears off.
Financial advice should integrate both the mathematical and human aspects of money.
Chapters
00:00 The Importance of Open Conversations00:58 Handling Client Objections04:36 Creating Structure in Retirement09:40 The Risks of Lack of Structure14:05 The Interconnection of Money and Emotions15:40 The Structure of 'The Retirement You Didn't See Coming'
 
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 ETVisit risaprofile.com/podcast to register now.
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/