Retire With Style

By: Wade Pfau & Alex Murguia
  • Summary

  • 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.
    Copyright 2022 All rights reserved.
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Episodes
  • Episode 153: The Financial Advisor's Guide to Roth Conversions
    Nov 19 2024

    In this episode, Alex Murguia and Wade Pfau are joined by Rob Cordeau to discuss the complexities and strategies surrounding Roth conversions. They emphasize the importance of long-term tax planning and the various factors that influence the decision to convert traditional IRAs to Roth IRAs. They explore the perspectives of financial advisors versus accountants, the timing of conversions, and the emotional aspects of financial planning. The conversation also touches on the implications of national debt and future tax rates, providing insights into how clients can navigate these decisions effectively. Listen now to learn more!

    Takeaways

    • Roth conversions can lead to significant tax savings over time.
    • It's crucial to consider long-term tax implications rather than just immediate savings.
    • Tax projections should be done annually to adjust strategies as needed.
    • Advisors and CPAs may have differing perspectives on Roth conversions.
    • Clients often have preconceived notions about Roth strategies that need addressing.
    • Using standard deductions effectively can enhance tax efficiency in retirement.
    • Roth conversions should be viewed as a hedging strategy against future tax increases.

    Chapters

    00:00 Introduction to Roth Conversions 01:31 Understanding Roth Conversions 03:08 The Accountant's Perspective on Roth Conversions 05:06 When to Consider Roth Conversions 08:02 Analyzing the Break-Even Point 12:15 Adjusting Strategies Over Time 14:11 Emotional Aspects of Financial Planning 16:17 Advisor vs. CPA Perspectives 19:58 Client Perspectives on Roth Conversions 22:26 Predicting Future Tax Rates 25:14 The Role of National Debt in Tax Planning 30:31 Hedging Against Future Tax Increases 31:12 Maximizing Roth Conversions 33:02 Conclusion and Next Steps

    Links

    The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

    This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”

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    36 mins
  • Episode 152: Navigating Holiday Money Talks
    Nov 12 2024

    In this episode, hosts Wade Pfau and Alex Murguia engage with Dan Veto to discuss the complexities of money conversations that arise during the holiday season. They explore the concept of the 'family bank,' where family members often turn to one another for financial support, and the emotional dynamics that accompany these requests, including love, guilt, and cultural influences. The conversation also touches on the importance of setting boundaries and understanding the implications of lending money within families. They also touch on creative ways to decline financial requests while maintaining family relationships, emphasizing the significance of context in these interactions. Listen Now to learn more!

    Takeaways

    • The holiday season often brings about awkward money conversations.
    • The concept of the 'family bank' describes family members who provide financial support.
    • Loans to family members should be treated as gifts to avoid complications.
    • Cultural differences can influence how families approach money and lending.
    • Setting clear boundaries is crucial when lending money to family members.
    • Understanding the implications of repeated financial requests is important.
    • The IRS has specific guidelines for family loans that should be considered.
    • It's essential to communicate openly about financial expectations within families. Family financial dynamics can be complex and nuanced.
    • Understanding the context of financial requests is crucial.
    • It's important to align financial decisions with your partner.
    • Recognizing the motivations behind requests for money is essential.
    • Establishing clear boundaries around financial assistance is necessary..
    • Being aware of family members' financial situations can inform decisions.
    • Planning ahead for potential financial requests can ease stress.

    Chapters

    00:00 Introduction to Holiday Money Conversations 02:15 Understanding the Family Bank Concept 10:33 Navigating Family Money Requests 14:54 Emotional Dynamics in Family Lending 20:34 Cultural Perspectives on Money and Family 27:39 Setting Boundaries in Family Financial Requests 29:01 Navigating Family Financial Dynamics 31:48 Personal Family Money Philosophies 35:31 Understanding Requests for Financial Help 39:00 Responding to Financial Requests 49:36 Creative Ways to Say No 51:30 Aligning Financial Decisions with Your Partner

    Links

    Join us TODAY 11/12 at 2pm for RWS Live! If you can't join us, submit your questions for Wade and Alex here: www.retirementresearcher.com/ask. Use this link to join us live on YouTube: https://risaprofile.com/live

    Join the team at Retirement Researcher for a FREE webinar, “The Holiday Season: Making Memories...and Awkward Money Moments” hosted by Dan Veto, CSA on 11/19/24 at 1PM ET. Register to save your spot now at risaprofile.com/podcast

    The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

    This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

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    57 mins
  • Episode 151: Financial Strategies for Early Retirement
    Nov 5 2024

    In this episode of 'Retire with Style', hosts Alex Murguia and Wade Pfau with Jessica Wunder from McLean Asset Management delve into the complexities of early withdrawals from retirement accounts, specifically IRAs and 401(k)s. They discuss the penalties associated with early withdrawals, the Rule of 55, and various exceptions allowing penalty-free access to funds. The conversation highlights the differences between IRAs and 401(k)s, including specific exceptions applicable to each type of account. In this conversation, the speakers discuss the new exceptions introduced by Secure Act 2.0, including emergency withdrawals and disaster recovery relief. They delve into various early withdrawal exceptions, such as those for death, disability, and medical expenses. A significant focus is placed on the 72T approach, which allows for early withdrawals without penalties under specific conditions.

    Takeaways

    • The Rule of 55 allows penalty-free withdrawals from 401(k)s after age 55.
    • Public safety employees have unique exceptions for early withdrawals.
    • You can withdraw for medical insurance premiums if unemployed.
    • Educational expenses can be covered by early withdrawals from IRAs.
    • The 72(t) strategy allows for substantially equal periodic payments.
    • There are strict rules governing early withdrawals from retirement accounts.
    • Early withdrawal exceptions include death, disability, and medical expenses.
    • The 72T approach allows for substantially equal payments from retirement accounts.

    Chapters

    00:00 Introduction and Guest Introduction 01:38 Understanding Early Withdrawals from Retirement Accounts 04:02 Exploring the Rule of 55 11:09 Exceptions for IRAs vs. 401(k)s 15:57 Common Exceptions for Early Withdrawals 18:00 New Exceptions in Secure Act 2.0 22:00 Understanding Early Withdrawal Exceptions 30:00 The 72T Approach Explained 35:59 Planning for Retirement Cash Flow Needs

    Links

    Click here to download Retirement Researcher’s free resource, “Exception to Early Withdrawal Penalties“: https://retirement-researcher.ontralink.com/tl/476

    We’re hosting another YouTube LIVE Q&A episode for RWS! Click here to submit your questions: www.retirementresearcher.com/ask

    Watch this episode on YouTube: https://youtu.be/EzdIgudCkPQ?feature=shared

    The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

    This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”

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    43 mins

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Oscar and Felix keep us coming back for more

Very entertaining and informative in this developing discipline from two research pros attacking the problem both performance and behavioral finance and psychology. Love you boys.

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