Retire With Style
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.
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Episodes
Tuesday Feb 13, 2024
Tuesday Feb 13, 2024
In this episode, Wade and Alex discuss housing and reverse mortgages. They address the issue of pirated books on Amazon and warn listeners to ensure they are purchasing the legitimate copy of the Retirement Planning Guidebook! They then delve into the topic of using retirement savings for purchasing a house and the potential drawbacks of relying solely on a reverse mortgage. The impact of higher mortgage rates on obtaining a reverse mortgage is also explored, along with the misconceptions surrounding reverse mortgages. The episode concludes with a discussion on the metrics to consider when implementing a reverse mortgage. Listen now to learn more!
Takeaways
Using retirement savings for purchasing a house may not be a responsible strategy.
Higher mortgage rates can affect the benefits of a reverse mortgage.
There are misconceptions surrounding reverse mortgages.
Metrics such as the ratio of home value to investment portfolio can guide the decision to implement a reverse mortgage.
Chapters
00:00 Introduction and Announcement
03:01 Pirated Books on Amazon
05:07 Reverse Mortgage: Using Retirement Savings
08:06 Impact of Mortgage Rates on Reverse Mortgage
16:27 Misconceptions about Reverse Mortgages
22:38 Metrics for Implementing a Reverse Mortgage
26:30 Effect of Higher Mortgage Rates on Reverse Mortgages
28:30 Conclusion
Links
The Retirement Planning Guidebook: 2nd Edition AND Reverse Mortgages has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/
This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"
Tuesday Feb 06, 2024
Tuesday Feb 06, 2024
In this episode, Alex and Wade answer various Social Security questions from their listeners. They discuss the limitations of online Q&A and the importance of seeking professional advice for personalized financial planning. They also address the availability of tools for running hypotheticals on Social Security claiming strategies. The hosts delve into the complexities of claiming Social Security at different ages and the potential impact on taxes and spousal benefits. They provide insights on claiming an ex-spouse's Social Security and discuss the considerations of age difference and life expectancy in determining the optimal claiming strategy. Lastly, they share personal updates on their fitness goals and tease the next episode on reverse mortgages. Listen now to learn more!
Takeaways
Seek professional advice for personalized financial planning rather than relying solely on online Q&A.
Tools for running hypotheticals on Social Security claiming strategies are limited, but resources like Open Social Security can provide some insights.
Claiming Social Security at different ages can have implications for taxes, spousal benefits, and survivor benefits.
Eligibility for claiming an ex-spouse's Social Security depends on factors such as length of marriage and timing of divorce.
Consider age difference and life expectancy when determining the optimal Social Security claiming strategy.
Personal updates: Alex and Wade are working on their pull-up goals and discussing the benefits of hanging exercises.
The next episode will cover reverse mortgages.
Chapters
00:00 Introduction and Q&A Arc
03:01 The Limitations of Online Q&A
04:13 Tool for Running Hypotheticals on Social Security
07:43 Claiming Social Security at 70 and Tax Planning
11:31 Claiming Ex-Spouse's Social Security
14:45 Claiming Social Security at 62 and Spousal Amount at Full Retirement Age
17:41 Claiming Social Security at 69 and Spousal Amount at 67, or Waiting Until 70
22:47 Impact of Age Difference and Life Expectancy on Claiming Strategy
27:15 Personal Update: Pull-Ups and Hanging Exercises
31:19 Closing Remarks and Preview of Next Episode
Links
The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/
This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips
Tuesday Jan 30, 2024
Tuesday Jan 30, 2024
In this episode, Alex and Wade discuss various tax planning strategies for retirement. They announce a webinar on tax-efficient retirement distributions and highlight the importance of the Retirement Planning Guidebook. They address the impact of taxes on deferred accounts versus non-qualified accounts, including the implications for Social Security benefits and IRMAA surcharges. They also discuss determining the amount to convert to a Roth IRA and the considerations for inherited Roth IRAs. The conversation covers managing taxes for couples with over $5 million, the intersection of tax planning and safety-first income annuities, and the importance of preparation and account setup for retirement. They conclude by addressing strategies to limit the impact of ACA premiums on MAGI. Listen now to learn more!
Takeaways
Consider attending the webinar on tax-efficient retirement distributions to gain a deeper understanding of tax planning strategies.
The Retirement Planning Guidebook is a valuable resource for retirement planning and is regularly updated to reflect changes in tax laws.
Tax planning should consider the impact of taxes on deferred accounts versus non-qualified accounts, including Social Security benefits and IRMAA surcharges.
Inherited Roth IRAs may be subject to different rules and tax implications, and it is important to understand the options and potential tax consequences.
Preparation and account setup for retirement can help optimize tax planning strategies and provide more flexibility in managing income and expenses.
Strategies to limit the impact of ACA premiums on MAGI may include suspending Social Security benefits, spending from taxable accounts, and tax-efficient asset management.
Timestamps
00:00 Introduction and Webinar Announcement02:12 Discussion on the Retirement Planning Guidebook03:12 Considerations for Buying the New Book04:08 Tax Planning for Deferred Accounts vs. Non-Qualified Accounts05:03 Impact of Taxes on Social Security Benefits and IRMAA Surcharges07:01 Determining Roth IRA Conversion Amounts09:06 Understanding IRMAA and Social Security Tax Torpedo12:12 Inherited Roth IRAs and Legacy Goals15:04 Managing Taxes in Retirement for Couples with Over $5 Million18:22 Tax Planning and Safety-First Income Annuities22:36 Preparation and Account Setup for Retirement25:21 Limiting ACA Premium Impact on MAGI
Links
The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/
To celebrate the updated RPG, Wade is hosting a FREE Webinar where he will be discussing the most significant update, tax planning. Visit risaprofile.com/podcast to register to attend, How to Create Tax-Efficient Retirement Distributions on Monday, February 5th at 2:00 PM ET.
This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"
Tuesday Jan 23, 2024
Tuesday Jan 23, 2024
Wade and Alex are back this week answering more of your questions! This week, we tackle retirement spending and withdrawal rates, the benefits of delaying Social Security and survivor benefits, the concept of replacement ratios for retirement income, the use of annuities for retirement income, the impact of future tax rates and national debt, and the decision to pay off mortgages in retirement. Listen now to learn more!
Links
The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/
To celebrate the updated RPG, Wade is hosting a FREE Webinar where he will be discussing the most significant update, tax planning. Visit risaprofile.com/podcast to register to attend, How to Create Tax-Efficient Retirement Distributions on Monday, February 5th at 2:00 PM ET.
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
Tuesday Jan 16, 2024
Tuesday Jan 16, 2024
This week on Retire With Style, we are back to continue working through your questions! Wade and Alex tackle another array of topics including pros and cons of Deferred Annuities, couples retiring at different times, MIGA Bonds, Index Funds and much more. We are having a great time with these and hope you all are finding this useful. You've certainly put us to the test with these great questions! Listen now to learn more.
This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"
Tuesday Jan 09, 2024
Tuesday Jan 09, 2024
This week on a special YouTube Live episode of Retire With Style, Wade and Alex are skipping the small talk to take on some of the questions you submitted over the last week. We cover a range of topics from how to handle the RIO Map (Retirement Income Optimization) to the efficiency of Annuity Portfolios and more! We got a ton of great questions from you all and we want to make sure we get to as many as we can, so stay tuned for future episodes in this series where we will continue to work through the list! Listen now to hear Part 1!
Links
Click here and subscribe to the Retire With Style YouTube channel and turn on notifications to be alerted when we go LIVE: https://www.youtube.com/@retirewithstylepodcast
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
Tuesday Jan 02, 2024
Tuesday Jan 02, 2024
Well - looks like Alex and Wade have had a little more fun than expected on New Year's, so let's cozy up next to the fire and throwback to one of our favorite topics - Social Security claiming strategy (specifically Ep. 63).
But we're going to (belatedly) kick off 2024 with a bang - On Monday, January 8th at 1:00 PM ET, Wade and Alex will be hosting a YouTube live session to answer all of your questions! If you have any burning questions about the podcast or anything about retirement planning, please send them to us using the link provided below.
Repost from Episode 63
A topic of intense debate is about what's the best age to claim Social Security. Should people do it as soon as possible after reaching age 62, or wait until they get closer to 70? Alex and Wade will look at arguments on both sides of the debate and provide our assessment of their legitimacy. Listen now to learn more!
Links
Join us on Jan. 8th at 1:00 PM ET on YouTube Live for a live recording of Retire With Style! Watch and comment live on the Retire With Style YouTube channel: https://www.youtube.com/live/D1TSNgDCmDQ?si=rGe70YujVATVjyaI
Submit your burning questions for Wade and Alex to answer live here: https://www.surveymonkey.com/r/2G5DBGC
This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"
Tuesday Dec 26, 2023
Tuesday Dec 26, 2023
With the New Year coming up quick, we wanted to highlight some of our best episodes to round out 2023. And we've saved the best for last! This week we'll be revisiting our conversation about how the financial markets work and why you (and your retirement plan) care (originally Episode 53).
We'll be back with brand new episodes after the holiday season! Thanks for listening - and we'll see you in 2024!
Repost from Episode 53
This week Wade, Alex, and Bob bring it back to basics and look at what - and why - the financial markets are. Understanding what's happening in the markets at a fundamental level is key to using them effectively in your retirement income plan. Plus, Alex finds out whether Wade or Bob would have been good plumbers (the answer is no.) Listen now to learn more!
This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"
Tuesday Dec 19, 2023
Tuesday Dec 19, 2023
With the New Year coming up quick, we wanted to highlight some of our best episodes to round out 2023. This week we'll be revisiting our conversation about the release of the 2nd Edition of Wade's Retirement Planning Guidebook and how to set up the foundations of your retirement plan (originally Episode 60).
We'll be back with brand new episodes after the holiday season! Thanks for listening - and we'll see you in 2024!
Repost from Episode 60
In the episode, Wade and Alex discuss Wade’s bestselling book- the 2nd Edition of the Retirement Planning Guidebook, and how it sets an orderly foundation of all the questions you need to ask yourself as you ready yourself for the next chapter in your life. They also discuss the important differences and additions in this new edition that were not in the original. Listen Now to learn more!
Links
Download the Book Updates Summary for the 2nd Edition of the Retirement Planning Guidebook: https://retirementresearcher.com/rpg2-updates
Purchase your copy of the 2nd Edition of the Retirement Planning Guidebook today: https://retirementresearcher.com/amazon-RPG-2nd-Edition
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
Tuesday Dec 12, 2023
Tuesday Dec 12, 2023
With the New Year coming up quick, we wanted to highlight some of our best episodes to round out 2023. This week we'll be revisiting our conversation with Mary Beth Franklin on Social Security claiming strategies (originally Episode 65).
We'll be back with brand new episodes after the holiday season! Thanks for listening - and we'll see you in 2024!
Repost from Episode 65
In this episode, we welcome Mary Beth Franklin and discuss the various intricacies of social security claiming strategies. While there are basic decision trees that most of us know about, Mary Beth goes into detail regarding more nuanced strategies that can make a big difference in your payout. We also discuss Mary’s views on where she sees social security over the long term. Listen Now to learn more!
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