In this conversation, Alex, Wade, and Neal discuss the importance of long-term care planning in retirement. They highlight the emotional aspect of planning for long-term care and the challenges of getting people to think about and prepare for it. They also discuss the demographic changes that will impact long-term care, such as the decreasing ratio of family members available to provide care and the potential shortage of caregivers in the future. The conversation touches on the different types of long-term care insurance policies and the need for open and meaningful discussions about healthcare and planning for the future. Neal shares examples of clients who have had personal experiences with long-term care and emphasizes the need for estate planning and power of attorney documents. The conversation then transitions to a discussion about long-term care insurance, with Neal explaining the challenges of traditional policies and the availability of guaranteed policies with reputable insurance companies. These policies address the issues of premium hikes and the 'use it or lose it' nature of traditional policies. The conversation explores different types of hybrid policies, including those built on a whole life or universal life chassis. The benefits of these policies include leverage, tax-free long-term care benefits, protection against sequence of returns, and potential wealth transfer. The decision-making process for choosing a policy involves considering the individual's needs, net worth, and risk tolerance. Listen now to learn more!   Takeaways Long-term care planning is a crucial aspect of retirement planning.Planning for long-term care involves emotional considerations and difficult discussions.Demographic changes, such as a decreasing ratio of family caregivers and potential caregiver shortages, will impact long-term care.There are different types of long-term care insurance policies to consider.Open and meaningful discussions about healthcare and planning for the future are essential.Estate planning and power of attorney documents are essential for ensuring that clients' wishes are carried out and that their loved ones are not burdened with difficult decisions.Traditional long-term care insurance policies have had challenges in the past, but there are now guaranteed policies available from reputable insurance companies.Inflation riders on long-term care insurance policies are recommended to ensure coverage against future costs.Hybrid long-term care insurance policies address the issues of premium hikes and the 'use it or lose it' nature of traditional policies.Different types of hybrid policies include those built on a whole life or universal life chassis.Benefits of hybrid policies include leverage, tax-free long-term care benefits, protection against sequence of returns, and potential wealth transfer.The decision-making process for choosing a policy involves considering the individual's needs, net worth, and risk tolerance. Chapters Introduction and Guest IntroductionSetting the Stage for the DiscussionDemographic Changes and the Impact on Long-Term CareExploring Different Types of Long-Term Care Insurance PoliciesThe Need for Open and Meaningful Discussions about Healthcare and PlanningBringing up the Conversation about Long-Term CareThe Importance of Estate Planning and Power of AttorneyChallenges with Traditional Long-Term Care InsuranceGuaranteed Policies: A Better Option for Long-Term Care InsuranceIntroduction to Hybrid Long-Term Care Insurance PoliciesBenefits of Hybrid PoliciesHybrid Policies with Index InvestingInvestment Growth and Return of Premium in Hybrid PoliciesHybrid Policies vs. Annuity ProductsHybrid Policies with Lifetime BenefitsChoosing the Right Hybrid PolicyLinks Register for the webinar with Retirement Researcher and Kenneth French! ‘Five Things I Know About Investing’ Wed 4/24 at 2 EST www.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

In this conversation, Bob French interviews his father, Ken French, a professor of finance, about key concepts in economics and investing. They discuss the concept of marginal cost and marginal revenue, which helps individuals make decisions based on the balance between costs and benefits. They also explore risk aversion and how it affects investment decisions, as well as the winner's curse, which refers to the tendency to overestimate the value of winning bids or investments. Overall, the conversation provides valuable insights into economic thinking and decision-making. In this conversation, Bob and Ken French discuss the challenges of drawing inferences about the future based on past performance in the financial markets. They highlight the winner's curse and the noise in securities returns as factors that make it difficult to predict which asset class or active manager will outperform in the future. They also discuss the problem of overconfidence and the importance of accurate market prices. The conversation concludes with a discussion on the benefits of stock buybacks and the option value of investments. Listen now to learn more!    Kenneth French's Bio: Kenneth R. French is the Roth Family Distinguished Professor of Finance at the Tuck School of Business, Dartmouth College. French is an expert on the behavior of security prices and investment strategies. He and his frequent co-author Eugene F. Fama have written many notable papers, including “The Cross-Section of Expected Stock Returns”, “Common Risk Factors in the Returns on Stocks and Bonds”, and “A Five-Factor Asset Pricing Model.” French is a research associate at the National Bureau of Economic Research, an Advisory Editor of the Journal of Financial Economics, the Journal of Banking and Finance, and the Financial Review, a member of the Editorial Board of the Critical Finance Review, a former Associate Editor of the Journal of Finance and the Review of Financial Studies, and a former President of the American Finance Association. Professor French is also a Fellow of the American Finance Association and the American Academy of Arts and Sciences, Chair of the Valpo Surf Project’s Global Board of Directors, and a member of the Board of Directors of the Cato Institute, Grassroot Soccer, and the International Rescue Committee. Professor French is a consultant to Dimensional Fund Advisors and a member of the firm’s board of directors. Before joining Dartmouth, Professor French was on the faculty of MIT’s Sloan School of Management, the Yale School of Management, and the University of Chicago Booth School of Business. Professor French received his PhD in finance from the University of Rochester in 1983. He also earned an MS and an MBA from the University of Rochester and a BS from Lehigh University. Takeaways Understanding the concept of marginal cost and marginal revenue can help individuals make informed decisions based on costs and benefits.Risk aversion is driven by the decreasing marginal utility of wealth, where the value of each additional dollar decreases as wealth increases.The winner's curse refers to the tendency to overestimate the value of winning bids or investments, and it can be observed in various contexts, such as oil lease auctions and hiring decisions.Considering these concepts can enhance economic thinking and decision-making in investing and other areas of life. Drawing inferences about the future based on past performance is challenging due to the winner's curse and the noise in securities returns.Overconfidence is a common problem in investing, and people often overestimate their ability to pick winning investments or active managers. Accurate market prices are important for allocating resources efficiently and signaling the value of different activities.Stock buybacks can be beneficial for companies and society, as they can signal undervaluation and allow companies to allocate resources more effectively.The option value of investments should be considered, as companies may choose to buy back stock when they don't have better investment opportunities. Chapters 00:00 Introduction and Setting the Stage 09:19 Navigating Risk Aversion in Investing 31:46 Enhancing Economic Thinking and Decision-Making 45:39 The Importance of Accurate Market Prices 51:42 The Benefits of Stock Buybacks   Links:  Register for the webinar with Retirement Researcher and Kenneth French! 'Five Things I Know About Investing' Wed 4/24 at 2 eastern www.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 McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

Jackie Smiertka, the owner of Quality of Life Adult Daycare Health Care Center, shares her journey of opening an adult daycare center and the importance of providing purpose and meaning to individuals as they age. She emphasizes the need for a medical model daycare that offers both medical care and engaging activities. Jackie also discusses the challenges faced by caregivers and the importance of providing them with a break and social interaction. She provides insights for individuals looking for a daycare center, highlighting the importance of finding a center that offers meaningful activities and individualized care. The conversation explores the benefits and unique aspects of the Birdhouse Project, a daycare center for individuals with dementia. The social model of the center emphasizes group activities and giving individuals a sense of purpose. The center provides choices and autonomy to its participants, allowing them to make decisions and engage in enjoyable activities. The center also focuses on holistic care, advocating for the physical and mental well-being of its participants. The conversation touches on the importance of early intervention and the positive impact the center has on the longevity and mental sharpness of individuals with dementia. The conversation concludes with a discussion on the challenges of finding quality daycare centers and the importance of having conversations with loved ones about the need for respite care. Listen now to learn more!   To learn more about Jackie, view the information below:  Jacquelyn K. Smiertka, RN, Center Director The Quality of Life Adult Day Health Care Services Center 3252 University Drive, Ste. 140 Auburn Hills, MI 48326 Phone: 248-364-4064 website:  http://www.qualityoflifecenter.net/index.html Facebook page: https://www.facebook.com/p/Quality-of-Life-Adult-Day-Healthcare-Center-100063594492637/   Takeaways Adult daycare centers can provide purpose and meaning to individuals as they age.A medical model daycare that offers medical care and engaging activities is important for the well-being of the participants.Caregivers also need a break and social interaction to prevent burnout. When choosing a daycare center, look for one that offers meaningful activities and individualized care. The Birdhouse Project is a unique daycare center for individuals with dementia that focuses on providing a sense of purpose and autonomy through group activities and choices.The center emphasizes holistic care, advocating for the physical and mental well-being of its participants.Early intervention and engagement in enjoyable activities can have a positive impact on the longevity and mental sharpness of individuals with dementia.Finding quality daycare centers for individuals with dementia can be challenging, but it is important to have conversations with loved ones about the need for respite care. Chapters 00:00 Introduction and Background of Jackie Smiertka 01:38 Inspiration for Opening an Adult Daycare Center 06:12 Projects and Activities in the Daycare Center 08:58 Supporting Caregivers: The Need for Breaks and Social Interaction 11:54 The Impact of Isolation and Keeping Participants Busy 16:04 The Medical Model and In-Home Healthcare 23:35 The Birdhouse Project: Providing Purpose and Autonomy 29:14 Holistic Care and the Importance of Early Intervention 31:14 The Positive Impact of Engaging Activities 33:39 Challenges in Finding Quality Daycare Centers     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

In this episode, Wade Pfau and Alex Murguia interview Dennis Mattern from Creative One about the role of Independent Marketing Organizations (IMOs) in the financial industry. They discuss the difference between captive and independent advisors, the services provided by IMOs, and the importance of infrastructure for advisors. They also explore the marketing support and business partnership that IMOs offer to help advisors engage new prospects and expand their businesses. In this conversation, Dennis Mattern discusses various marketing approaches and strategies for financial advisors. He emphasizes the importance of understanding social media preferences and recognizing the different generations. Dennis explains how Creative One helps advisors grow their business through strategy sessions and the development of 30-60-90 day plans. He also highlights the significance of setting realistic expectations and finding marketing tools that align with an advisor's strengths. Dennis discusses the effectiveness of dinner seminars, educational events, and virtual webinars. He concludes by discussing the role of compliance and the importance of authenticity in marketing. Listen now to learn more!   Takeaways IMOs provide support and resources for financial advisors, including marketing, product selection, and case design. Choosing the right IMO is crucial for advisors, and they should ask the right questions to ensure the IMO can meet their needs. IMOs can help advisors engage new prospects and expand their businesses through marketing strategies and advertising support. IMOs serve as a business partner for advisors, offering guidance, expertise, and access to a wide range of insurance products and solutions. Understanding social media preferences and recognizing the different generations can help advisors tailor their marketing strategies. Setting realistic expectations is crucial for both advisors and clients. Different marketing approaches, such as dinner seminars, educational events, and virtual webinars, can be effective in reaching and engaging potential clients. Working with an IMO that has a broker dealer or an RIA can streamline the marketing and compliance process. Authenticity and finding marketing strategies that align with an advisor's strengths are key to success.   Chapters 00:00 Introduction and Background 01:49 Understanding IMO and FMO 03:42 The Role of IMOs in the Financial Industry 05:13 Captive vs. Independent Advisors 06:39 The Importance of Infrastructure for Advisors 08:59 The Evolution of IMOs 12:19 Choosing an IMO and Asking the Right Questions 14:03 Services Provided by IMOs 16:13 The Role of IMOs in Product Selection 22:48 Marketing Support from IMOs 24:01 The Importance of Business Partnership with IMOs 28:46 Engaging New Prospects and Marketing Strategies 31:25 Social Media Preferences 32:09 Recognizing Generation X 32:29 Cutting Through the Noise 33:19 Helping Advisors Grow Their Business 34:10 Setting Up a Strategy Session 34:37 Creating a 30-60-90 Day Plan 35:08 Realistic Expectations 36:17 Marketing Tools and Strategies 37:26 Different Approaches to Marketing 38:43 The Effectiveness of Dinner Seminars 39:23 Educational Events and Seminars 40:07 Virtual Events and Webinars 41:12 Considerations for Marketing Approaches 42:40 Benefits of Classroom Events 43:11 Leading with Value in Education 44:25 Virtual Events and Expanding Footprint 45:50 The Role of Compliance in Marketing 48:11 Consolidation and Differentiation in the Industry 49:25 Setting Realistic Expectations 51:09 The Role of an IMO 51:39 Facilitating the Fulfillment Process 52:09 Setting Up a Flywheel for Bringing in New Clients 55:07 Authenticity in Marketing 56:12 Considerations for Evaluating an IMO 57:11 How to Start 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/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

In this episode, Alex and Wade discuss options for funding long-term care expenses. They start by clarifying that Medicare is not a long-term care funding option, as it is for health-related issues. The four main funding options they cover are self-funding, Medicaid, traditional long-term care insurance, and hybrid policies. They focus on self-funding in this episode and discuss factors to consider when choosing a funding strategy, such as age, health, family health history, wealth levels, legacy objectives, risk tolerance, and the costs and benefits of different insurance policies. They also emphasize the importance of involving family members in the long-term care plan and considering the fungibility of assets. The episode concludes with a discussion on the impact of long-term care expenditures on one's standard of living and potential beneficiaries. This conversation explores the concept of self-funding for long-term care and the various factors to consider when making this decision. The chapters cover topics such as volatility and spending flexibility, the impact on inheritance and flexibility, insurance for long-term care, estimating reserves for self-funding, the probability of long-term care events, the ideal persona for self-funding, target date funds for long-term care, using QLAC as a planning tool, self-funding with annuities, spending guilt and behavior change, unpaid informal caregivers, and self-funding with annuities. Listen now to learn more!   Takeaways Medicare is not a long-term care funding option; it is for health-related issues.The four main funding options for long-term care expenses are self-funding, Medicaid, traditional long-term care insurance, and hybrid policies.Factors to consider when choosing a funding strategy include age, health, family health history, wealth levels, legacy objectives, risk tolerance, and the costs and benefits of different insurance policies.Involving family members in the long-term care plan is important to avoid misunderstandings and ensure support.Money is fungible, and assets can be used to fund long-term care expenses, including the house, investment portfolio, and life insurance cash value.Consider the impact of long-term care expenditures on your standard of living and potential beneficiaries. Chapters 00:00 Introduction and Overview 02:58 Medicare and Long-Term Care 06:57 Costs and Considerations 09:59 Choosing a Funding Strategy 16:12 Involving Family Members 21:54 Funding Sources for Self-Funding 23:05 Impact on Standard of Living and Beneficiaries 23:19 Volatility and Spending Flexibility 24:15 Impact on Inheritance and Flexibility 25:45 Insurance for Long-Term Care 26:33 Estimating Reserves for Self-Funding 27:05 Probability of Long-Term Care Events 27:36 Ideal Persona for Self-Funding 28:33 Target Date Fund for Long-Term Care 29:23 QLAC as a Planning Tool 30:12 Self-Funding with Annuities 32:09 Spending Guilt and Behavior Change 36:18 Unpaid Informal Caregivers 41:02 Self-Funding with Annuities   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

In this episode, Wade and Alex continue their discussion on long-term care, focusing on nursing homes and continuing care retirement communities (CCRCs). They also touch on hospice care and the importance of having a power of attorney in place. They highlight the need to carefully review contracts and consider the financial strength of CCRCs. Listen now to learn more!   Takeaways Nursing homes provide 24-hour care for individuals who need significant help with daily activities and medical issues.Hospice care focuses on providing comfort and pain relief for individuals with terminal conditions.CCRCs offer multiple levels of care within one community, allowing individuals to transition as their needs change.It is important to review CCRC contracts with an elder law attorney and consider the financial stability of the facility.Upcoming topics will include funding options for long-term care and interviews with experts in the field. Chapters   00:00 Introduction and Correction 00:31 Continuing Care Retirement Communities (CCRCs) 10:02 Hospice Care 25:52 Considerations for CCRCs 30:38 Upcoming Topics and Conclusion   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/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

In this episode, Alex and Wade discuss the continuum of long-term care, focusing on the different levels of care and the importance of planning for aging in place. They explain the distinction between skilled care and custodial care, and the role of geriatric care managers and care coordinators in navigating long-term care decisions. The hosts also highlight the concept of aging in place and the modifications that can be made to homes to support this. They touch on the potential use of reverse mortgages and the importance of ensuring the safety and comfort of individuals receiving long-term care. This conversation explores various aspects of aging in place and the different options available for seniors. The importance of creating a safe and accessible living environment is emphasized, including the use of smart home technology and wheelchair accessibility. The benefits of social interaction and the potential risks of social isolation are discussed. The conversation also touches on the role of adult daycare and community centers in providing care and support for seniors. Finally, the episodes concludes with a discussion on assisted living facilities and the considerations involved in choosing the right one. Listen now to learn more!   Takeaways Understanding the continuum of long-term care is crucial for planning and making informed decisions.Skilled care refers to medical intervention, while custodial care involves assistance with daily activities.Geriatric care managers and care coordinators can provide valuable support in navigating long-term care decisions.Aging in place is a growing movement that aims to enable individuals to stay in their homes and receive in-home care.Modifications to the home, such as walk-in showers and single-floor living, can facilitate aging in place. Creating a safe and accessible living environment is crucial for aging in place.Smart home technology can enhance safety and convenience for seniors.Social interaction is important for maintaining cognitive function and overall well-being.Adult daycare and community centers can provide support and stimulation for seniors.   Chapters   00:00 Introduction to Long-Term Care Continuum 06:02 Transitioning to Different Levels of Care 09:21 Skilled Care vs Custodial Care 11:46 Geriatric Care Managers and Care Coordinators 12:44 Home Care and Aging in Place 24:05 The Importance of Aging in Place 24:47 Reducing the Risk of Falls 25:08 The Benefits of Smart Homes 26:05 Wheelchair Accessibility and Levered Handles 27:09 Good Lighting and Low Cabinets 28:08 The Importance of Social Interaction 29:06 Adult Daycare and Community Centers 29:22 Reducing Hazards to Falling 30:14 Assisted Living Facilities   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

In this episode, Wade and Alex discuss the costs and prevalence of long-term care. They explore the probabilities of needing long-term care and the average lengths of care for men and women. They also differentiate between any long-term care needs and paid long-term care needs. The conversation provides insights into the importance of planning for long-term care and highlights the need for realistic expectations and budgeting. This conversation explores the financial implications of long-term care, including the distinction between unpaid and paid care. It highlights the impact of unpaid care on caregivers' lives and the need for paid care. The discussion also delves into the gender differences in long-term care needs and the higher costs associated with women. The Genworth Cost of Care Study provides insights into the average costs of various long-term care options. The conversation emphasizes the importance of considering inflation and demographic trends when planning for long-term care expenses.   Takeaways The probability of needing long-term care is higher for women than men, primarily due to their longer life expectancy.On average, men need long-term care for about 2.5 years, while women need it for about 3.6 years.About 56% of individuals will likely need to plan for long-term care in their retirement.Planning for long-term care should consider both the probability and length of care needed, as well as the potential costs involved. Unpaid care can have a significant financial and personal impact on caregivers, often disrupting their own retirement plans.Women tend to have longer long-term care needs and higher costs due to their longer life expectancy and caregiving roles.The Genworth Cost of Care Study provides estimates of the average costs of different long-term care options.Long-term care expenses are likely to grow faster than the overall inflation rate, making it important to plan for higher costs. Chapters   00:00 Introduction and Personal Updates 05:12 Probabilities and Length of Long-Term Care Needs 10:32 Probability and Length of Any Long-Term Care Event 18:59 Unpaid Care vs. Paid Care 19:37 The Financial Impact of Unpaid Care 20:23 The Cost of Paid Long-Term Care 21:11 Lower Probability of Needing Paid Care for Longer Durations 22:18 Long-Term Care Needs and Gender 23:08 The Impact of Unpaid Care on Women 24:05 Lifetime Expenditures for Long-Term Care 25:18 Inflation and Long-Term Care Expenses 26:35 Triggers for Long-Term Care Needs 28:18 Gender and Long-Term Care Planning 29:01 Genworth Cost of Care Study 31:05 Inflation Rate for Long-Term Care Expenses 32:02 The Progression of Long-Term Care Needs 33:27 State-by-State Differences in Long-Term Care Costs 38:01 Considering Alternative Care Options 39:46 The Growing Need for Long-Term Care   Links Join the waitlist for the next Retirement Income Challenge by visiting 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 McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

In this episode, Wade and Alex introduce the long-awaited arc on long-term care planning. They discuss the importance of planning for long-term care and the impact it can have on retirement. They define what a long-term care need is and explain the activities of daily living (ADLs) that determine eligibility for long-term care benefits. They also highlight the distinction between ADLs and incidental activities of daily living. The episode concludes with a preview of the next episode, which will cover the costs and prevalence of long-term care. Listen now to learn more.   Takeaways Long-term care planning is a crucial aspect of retirement planning, as it can have a significant impact on financial security and the well-being of individuals and their families.A long-term care need is defined as requiring assistance with activities of daily living (ADLs) for more than 100 days. The six common ADLs include bathing, continence, dressing, eating, toileting, and transferring.Cognitive impairment, such as dementia, may also trigger the need for long-term care, depending on the policy's definition.It is important to distinguish between ADLs and incidental activities of daily living, as only ADLs typically qualify for long-term care benefits.The next episode will cover the costs and prevalence of long-term care, providing further insights into planning for this important aspect of retirement. Chapters   00:00 Introduction to Long-Term Care Planning 03:01 Personal Experiences and the Importance of Long-Term Care Planning 08:58 Budgeting for Long-Term Care 14:12 Determining the Amount to Set Aside for Long-Term Care 21:36 The Demographics and Increasing Need for Long-Term Care 26:39 Defining a Long-Term Care Need 27:56 Activities of Daily Living (ADLs) and Cognitive Impairment 32:46 Incidental Activities of Daily Living 36:53 Summary and Next Steps   Links  Join the waitlist for the next Retirement Income Challenge by visiting 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

In this episode, Alex and Wade answer questions on safe withdrawal rates, annuities, and retirement planning. They discuss the considerations for investing in a Qualified Longevity Annuity Contract (QLAC) and the difference between immediate and deferred annuities. They also explore the use of Single Premium Immediate Annuities (SPIAs) in combination with Fixed Index Annuities (FIAs) and the benefits of buffer assets in reducing sequence risk. Additionally, they address the challenges of finding automatic options for equity investments and provide insights for individuals who are considering retirement but are unsure about their options. Listen now to learn more.   Takeaways Consider the insurance aspect of annuities and view them as a way to protect against longevity risk and provide guaranteed income in retirement.When deciding between investing and buying a QLAC, focus on the insurance benefits and peace of mind rather than potential investment returns.SPIAs and FIAs can be used in combination to provide both guaranteed income and growth potential in retirement.Buffer assets can help reduce sequence risk and allow for a higher withdrawal rate from an investment portfolio.Retirement decisions should not be solely based on financial considerations, but also on personal fulfillment and well-being. Chapters   00:00 Introduction and Q&A on Safe Withdrawal Rate and Annuities 02:06 Considerations for Investing in a QLAC 04:16 Viewing Annuities as Insurance Products 06:07 Choosing Between Investing and Buying a QLAC 08:45 Using SPIA and FIA in Combination 16:59 Using Safe Withdrawal Rate and RMDs 21:37 Buffer Assets and Sequence Risk 24:47 Automatic Options for Equity Investments 28:40 Considering Retirement Options   Links  Registration for the next Retirement Income Challenge is OPEN: Learn more and join us for this LIVE 4-Day event starting on March 4th-7th, 2024 from 12:00 -2:00 PM ET each day by visiting 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 McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

In this episode, Wade and Alex discuss various topics related to retirement planning and investment strategies. They address questions about reconciling portfolio structure when spouses have different orientations, allocating between growth and value stocks, estimating healthcare expenses in retirement, investing in high-yielding stocks, using closed-end funds for retirement income, and implementing a reverse glide path for early retirement. We'll also discuss various retirement planning topics, including managing the sequence of returns risk in early retirement, blending time segmentation and total return strategies, balancing safety first and commitment orientation, and the impact of RMDs on immediate annuities. Listen now to learn more.   Takeaways When spouses have different orientations, it's important to find a middle ground that considers risk preferences and liquidity needs.The RISA framework helps determine retirement income strategies but doesn't provide specific guidance on asset allocation decisions.Estimating healthcare expenses in retirement should be part of the overall budget and doesn't require a separate reserve.Investing in high-yielding stocks or funds can be risky and may not provide the desired income or diversification.Closed-end funds may not be an efficient or recommended strategy for retirement income due to concentration and leverage risks.A reverse glide path, starting with a lower stock allocation and gradually increasing it, can help manage sequence of returns risk in early retirement. When retiring early, managing sequence of returns risk can be achieved by using a lower withdrawal rate, which may reduce the need for a reverse equity glide path.The glide path can be a way to blend time segmentation and total return strategies, such as using a bond ladder for the start of retirement and gradually increasing equity allocation.Balancing safety first and commitment orientation in retirement planning involves considering contractual protections, such as annuities, while not going overboard with them.RMDs and immediate annuities: The Secure Act 2.0 allows the excess income from an immediate annuity to be applied towards other RMDs, providing more flexibility for retirees. Chapters    00:00 Introduction 03:07 Reconciling Portfolio Structure 09:02 Allocation Decisions 13:05 Healthcare Expenses in Retirement 20:13 Allocation Decisions: Growth vs. Value Stocks 31:12 Investing in High-Yielding Stocks 36:21 Using Closed-End Funds for Retirement Income 39:24 Implementing a Reverse Glide Path 40:31 Managing Sequence of Returns Risk in Early Retirement 42:27 Blending Time Segmentation and Total Return 44:54 Balancing Safety First and Commitment Orientation 45:25 RMDs and Immediate Annuities     Links  Registration for the next Retirement Income Challenge is OPEN: Learn more and join us for this LIVE 4-Day event starting on March 4th-7th, 2024 from 12:00 -2:00 PM ET each day by visiting 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

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?"

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

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 Announcement 02:12 Discussion on the Retirement Planning Guidebook 03:12 Considerations for Buying the New Book 04:08 Tax Planning for Deferred Accounts vs. Non-Qualified Accounts 05:03 Impact of Taxes on Social Security Benefits and IRMAA Surcharges 07:01 Determining Roth IRA Conversion Amounts 09:06 Understanding IRMAA and Social Security Tax Torpedo 12:12 Inherited Roth IRAs and Legacy Goals 15:04 Managing Taxes in Retirement for Couples with Over $5 Million 18:22 Tax Planning and Safety-First Income Annuities 22:36 Preparation and Account Setup for Retirement 25:21 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?"

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

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?"

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

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?"

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?"

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