Retire With Style

Latest Episodes:

Episode 218: Is Social Security Really Running Out? What the 2026 Numbers Show Mar 03, 2026

Show notes

In this episode of Retire with Style, Alex and Wade explore the role of Social Security in retirement planning. They examine when to claim benefits, the tradeoffs between early and delayed claiming, and ongoing concerns about the program’s long term funding. The discussion highlights how Social Security fits into a broader retirement income strategy and why understanding its value is essential for making informed financial decisions. Listen now to learn more!

Takeaways

The Retirement Planning Guidebook is updated for new tax rules.
Social Security benefits can be claimed between ages 62 and 70.
Delaying Social Security can provide higher lifetime benefits.
Higher earners should consider delaying benefits for survivor benefits.
Social Security is a pay-as-you-go system with funding challenges.
The trust fund is projected to deplete by 2034, but benefits won't disappear.
The present value of Social Security benefits can be substantial, often exceeding $500,000.
Claiming early can lead to significant lifetime benefit differences.
Understanding life expectancy is crucial in deciding when to claim benefits.
Social Security reforms can be designed to ensure its sustainability.

Chapters

00:00 Introduction to Retirement Planning and Social Security
02:05 Understanding Social Security Benefits
03:40 When to Claim Social Security
11:03 The Debate on Claiming Early vs. Delaying
18:02 Concerns About the Future of Social Security
24:44 The Importance of Social Security in Financial Planning

Links

📣 Want a heads up for the next Retirement Income Challenge?
Join the waitlist and be the first to know when registration opens for this FREE 4-day event hosted by Retirement Researcher. Visit retirewithstyle.com/RIC to learn more and save your spot.

📘 New Release: The Retirement Planning Guidebook (3rd Edition)
Wade Pfau’s must-read Retirement Planning Guidebook just got even better. The 3rd Edition is now available and packed with the latest updates to help you design your retirement strategy with confidence. Grab your copy on Amazon or your favorite book retailer: https://books2read.com/Retirement

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 217: The Annuity Debate: Smart Strategy or Overpriced Product? Feb 24, 2026

Show notes

This episode of Retire with Style features Alex Murguia and Wade Pfau discussing the role of annuities in retirement planning, drawing from Wade’s Retirement Planning Guidebook. They examine the purpose of annuities, the primary arguments for and against their use, and the key types available. The conversation also emphasizes how annuities align with different retirement income styles and broader income strategies. Wade explains core concepts such as mortality credits and the distinctions between fixed and variable annuities, offering a clear framework for evaluating whether and how annuities may fit into a retirement plan. Listen now to learn more!

Takeaways

Annuities are tools that fit well with certain retirement income styles.
They provide guaranteed lifetime income through risk pooling.
Arguments against annuities often stem from viewing them as investments rather than income tools.
Annuities can have high fees, especially variable annuities.
Mortality credits allow for higher spending in retirement.
Fixed annuities provide principal protection, while variable annuities do not.
The RISA helps identify which retirement income style fits an individual.
Annuities can be compared to bonds, not stocks, for retirement planning.
Understanding the different types of annuities is crucial for effective planning.
Annuities can be used for tax deferral, but not in tax-deferred accounts.

Chapters

00:00 Introduction to Annuities
02:25 Understanding Annuities and Their Purpose
04:04 Arguments For and Against Annuities
08:26 Types of Annuities and Their Fees
12:05 Annuities vs. Mutual Funds
15:13 Longevity Credits and Retirement Planning
19:21 Different Types of Annuities Explained
24:21 Understanding Annuities and Their Types
33:20 The Role of RISA in Retirement Planning
42:28 Integrating RISA with Annuity Choices

Links

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 216: The Retirement Tax Mistake That Costs Thousands Feb 17, 2026

Show notes

In this episode of Retire With Style, Wade and Alex discuss key retirement tax planning strategies, including Roth conversions, effective marginal tax rates, and the role of income tracking in decision-making. They examine long-term capital gains treatment, IRMAA surcharges, and the structural design of retirement accounts. The conversation also highlights the complexity of the tax code, the value of automated tax-mapping tools, and strategic considerations such as using reverse mortgages to manage tax liabilities.

Takeaways

Expenses do not equate to tax bills in retirement.
Roth conversions can help manage tax implications of RMDs.
Medicare IRMA surcharges are not affected by Roth conversions.
A 12% EMR target is reasonable for most retirees.
Monitoring income is crucial for effective tax planning.
Long-term capital gains can be harvested at 0% under certain conditions.
Simplifying the tax code could alleviate financial planning complexities.
Roth conversions do not have a defined break-even age.
Effective marginal rates consider more than just income tax brackets.
Qualified Longevity Annuity Contracts can defer RMDs.

Chapters

00:00 Understanding Required Minimum Distributions (RMDs) and Tax Implications
01:55 Roth Conversions and Medicare IRMA Considerations
04:13 Establishing Effective Marginal Rates for Tax Efficiency
07:34 Income Tracking and Year-End Tax Planning
09:21 Long-Term Capital Gains and Tax Bracket Strategies
12:02 The Role of Tax Maps in Financial Planning
15:16 Simplifying the Tax Code: A Call for Change
15:57 Roth Conversions: Timing and Break-Even Analysis
17:13 Effective Marginal Rate vs. Effective Tax Rate Explained
18:50 Qualified Longevity Annuity Contracts and RMDs
20:14 The Ideal Retirement Account Structure
21:44 Tax Diversification Strategies for Different Ages
23:47 Using Reverse Mortgages for Tax Payments
24:33 Impact of Reverse Mortgages on ACA Subsidies
26:38 Roth Conversions vs. Tax Gain Harvesting Strategies
28:55 Utilizing Tax Map Calculators for Personalized Planning
29:58 Conclusion and Future Considerations

Links

📺 Webinar Replay Available: Tax Planning for Retirement in 2026
This episode is based on our recent webinar, Tax Planning for Retirement in 2026. You can watch the full webinar replay on YouTube for a more in-depth look at the strategies discussed.

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 215: Are You Paying More in Retirement Taxes Than You Should? Feb 10, 2026

Show notes

In this episode of Retire with Style, hosts Alex Murguia and Wade Pfau discuss the launch of the third edition of the Retirement Planning Guidebook and respond to audience questions on tax planning and retirement strategy. They explain what’s new in the latest edition, explore tax-efficient planning concepts including Roth conversions, and unpack key issues such as drawdown strategies and preferential income stacking. The conversation also touches on potential future tax changes, offering practical insights to help listeners make more informed retirement planning decisions.

Takeaways

The third edition of the Retirement Planning Guidebook is shorter and more affordable.
Tax maps are included in the new edition of the book.
Roth conversions can be beneficial even if taxes are paid from an IRA.
Preferential income stacking can significantly impact tax rates.
Future tax legislation is uncertain, and planning should follow current laws.
Blending distributions from different accounts can optimize tax efficiency.
Roth conversions should be considered based on individual tax situations.
Beneficiary considerations can influence the decision to convert to Roth IRAs.
It's important to understand effective marginal tax rates for better planning.
Avoid pulling money from IRAs to invest in taxable accounts.

Chapters

00:00 Introduction and Overview 01:44 Book Launch Insights 09:09 Tax Planning Questions Begin 11:26 Drawdown Order and Legacy Planning 12:41 Roth Conversions and Tax Implications 15:32 Preferential Stacking Explained 18:14 Future Tax Legislation Predictions 20:57 Roth Conversions and Tax Payments 23:29 Beneficiary Considerations for Roth IRAs 26:38 Strategic Drawdown Planning 30:12 Navigating Tax Strategies for Retirement Spending Links 📺 Webinar Replay Available: Tax Planning for Retirement in 2026
This episode is based on our recent webinar, Tax Planning for Retirement in 2026. You can watch the full webinar replay on YouTube for a deeper dive into the strategies discussed.

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 214: When Spending More in Retirement Is Actually the Right Call Feb 03, 2026

Show notes

In this episode of Retire With Style, Alex and Wade discuss the nuances of the 4% rule and why it may be either too high or too low depending on factors such as inflation, portfolio diversification, market conditions, and individual circumstances. They explore how withdrawal rates work in practice, including the role of variable spending strategies and buffer assets in managing risk and improving retirement outcomes. The conversation emphasizes that determining an appropriate withdrawal rate requires a tailored approach rather than reliance on a single rule of thumb.

Takeaways

The 4% rule may not be universally applicable due to varying international market conditions.
Inflation significantly impacts withdrawal rates, especially in countries with hyperinflation.
A longer retirement horizon may allow for higher withdrawal rates than the 4% rule suggests.
Portfolio diversification can enhance returns and reduce volatility, potentially supporting higher withdrawal rates.
Variable spending strategies can provide flexibility and adaptability in retirement income planning.
Buffer assets can protect against market downturns and provide liquidity during retirement.
Optimal withdrawal rates may exceed the 4% rule under certain conditions, allowing for a more comfortable lifestyle.
Understanding the dynamics of withdrawal rates is crucial for effective retirement planning.
The psychological aspect of spending and investing plays a significant role in retirement success.
Tailoring withdrawal strategies to individual circumstances can lead to better financial outcomes.

Chapters

00:00 The Impact of Taxes and Time Horizon on Withdrawal Rates 09:08 The 4% Rule and Portfolio Diversification 18:02 Variable Spending Strategies in Retirement 20:18 Buffer Assets and Their Role in Retirement 23:22 Optimal Withdrawal Rates and Annuities 24:35 Understanding Annuities and Their Role in Retirement
Links
📣 Want a heads up for the next Retirement Income Challenge?
Join the waitlist and be the first to know when registration opens for this FREE 4-day event hosted by Retirement Researcher. Visit retirewithstyle.com/RIC to learn more and save your spot.
📘 New Release: The Retirement Planning Guidebook (3rd Edition)
Wade Pfau’s must-read Retirement Planning Guidebook just got even better. The 3rd Edition is now available and packed with the latest updates to help you design your retirement strategy with confidence. Grab your copy on Amazon or your favorite book retailer: https://books2read.com/Retirement
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
Audio Quality Notice:
Please note that this episode contains some technical audio issues affecting portions of the recording. While we’ve made every effort to improve the sound quality, some disruptions may remain. For clarity, full transcripts and closed captions are available and linked here for your reference.

Episode 213: Retirement Without Guesswork: The Four L’s and Funded Ratio Strategy Jan 27, 2026

Show notes

In this conversation, Wade discusses the essential financial goals of retirement, encapsulated in the concept of the four L's: longevity, lifestyle, legacy, and liquidity. He emphasizes the importance of assessing financial preparedness through the funded ratio, which compares assets to liabilities. The discussion also covers safe withdrawal rates, suggesting a rate of 4.5% based on the funded ratio approach. Finally, Wade highlights the significance of implementing variable spending strategies to enhance retirement enjoyment and financial security.

Takeaways

The four L's of retirement are longevity, lifestyle, legacy, and liquidity.
Longevity refers to essential expenses that must be covered regardless of lifespan.
Lifestyle expenses are discretionary and enhance quality of life in retirement.
Legacy goals involve what one wishes to leave for the next generation.
Liquidity is crucial for managing unexpected expenses in retirement.
The funded ratio helps assess financial preparedness for retirement.
A funded ratio of 100% or higher indicates being on track for retirement.
The safe withdrawal rate based on the funded ratio is 4.5%.
Variable spending strategies can allow for higher initial withdrawal rates.
The funded ratio approach provides more confidence in spending during retirement.

Chapters

00:00 The Four L's of Retirement Goals
06:57 Assessing Financial Preparedness for Retirement
16:27 Understanding Monte Carlo Simulations in Retirement Planning
19:52 The Safe Withdrawal Rate: A Critical Discussion
24:02 Variable Spending Strategies in Retirement
28:05 The Impact of Taxes and Time Horizon on Withdrawal Rates

Links

📅 Upcoming Webinar: Tax Planning for Retirement in 2026
Join Wade Pfau live for a free Retirement Researcher webinar on Wednesday, January 28 at 1PM ET. He’ll walk through what proactive tax planning should look like before the 2026 tax changes kick in. Reserve your spot now at retirewithstyle.com/podcast
📣 Want a heads up for the next Retirement Income Challenge?
Join the waitlist and be the first to know when registration opens for this FREE 4-day event hosted by Retirement Researcher. Visit retirewithstyle.com/RIC to learn more and save your spot.
📊 Curious about your Funded Ratio?
Retirement Researcher Academy members get exclusive access to tools like the Funded Ratio Analysis to help guide their retirement planning. Learn more about joining at retirewithstyle.com/academy.

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!

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 212: There Is No “Best” Retirement Plan: How to Choose What Actually Works Jan 21, 2026

Show notes

Audio Quality Notice:
Please note that this episode contains some technical audio issues affecting portions of the recording. While we’ve made every effort to improve the sound quality, some disruptions may remain. For clarity, full transcripts and closed captions are available and linked here for your reference. https://retirewithstyle.com/wp-content/uploads/2026/01/Episode-212-There-Is-No-Best-Retirement-Plan-How-to-Choose-What-Actually-Works.pdf

In this episode of Retire With Style, Alex and Wade kick off a new arc focused on the fully revised Third Edition of the Retirement Planning Guidebook. The conversation walks through the foundational ideas behind the book, beginning with retirement income styles and why there is no single “best” strategy for everyone. Wade explains the importance of aligning retirement income decisions with personal preferences, comfort with risk, and behavioral realities rather than forcing a one-size-fits-all approach. The discussion then expands into efficiency-focused retirement planning, highlighting practical ways retirees can improve outcomes through Social Security claiming decisions, tax planning, and organization for incapacity and estate planning. The episode concludes with a framework for understanding the three major risks retirees face: longevity risk, market risk, and spending shocks, as well as why planning becomes especially critical during the transition into retirement.

Takeaways

Retirement income planning does not have a single correct answer; multiple viable strategies exist, and the best choice depends on personal preferences and behavior.
Understanding your retirement income style helps prioritize which strategies, tools, and chapters of the planning process deserve the most focus.
Retirement efficiency means getting more after-tax spending power or legacy from the same set of assets, often by making better decisions rather than taking more risk.
Social Security claiming decisions remain one of the most impactful and accessible efficiency opportunities for many retirees.
Strategic tax planning, including Roth conversions, can create immediate and long-term benefits without requiring market forecasts.
Organizing documents for incapacity and estate planning is a major but often overlooked source of efficiency with both financial and psychological benefits.
Retirees face three primary categories of risk: longevity risk, market risk amplified by withdrawals, and unpredictable spending shocks.
The years leading up to and immediately following retirement are a fragile transition period where early planning creates significantly more flexibility and better outcomes.

Chapters

00:00 – Retirement Planning Guidebook Series Introduction
05:35 – What’s New in the Fully Revised 3rd Edition
06:36 – Why Retirement Income Styles Come First
08:11 – Is There a “Best” Retirement Income Strategy?
10:33 – Investing vs. Annuities: Where Each Fits
11:18 – Addressing Bias in Retirement Planning Advice
14:29 – Getting a Second Opinion on Retirement Strategies
17:14 – Risk Premium vs. Risk Pooling Explained
19:22 – What Retirement Planning Efficiency Really Means
21:32 – Social Security Claiming as a Planning Lever
23:22 – Roth Conversions and Tax Planning in Retirement
24:57 – Estate and Incapacity Planning Mistakes to Avoid
26:45 – The 3 Biggest Risks in Retirement
29:22 – Why Retirement Risk Is Different Than Accumulation
31:41 – The Fragile Retirement Transition Period
33:20 – Why Planning Early Improves Retirement Outcomes

Links

📘 New Release: The Retirement Planning Guidebook (3rd Edition)
Wade Pfau’s must-read Retirement Planning Guidebook just got even better. The 3rd Edition is now available and packed with the latest updates to help you design your retirement strategy with confidence. Grab your copy on Amazon or your favorite book retailer: https://books2read.com/Retirement

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 211: The Math Behind Retirement Decisions (and Why It Matters) Jan 13, 2026

Show notes

In this episode of Retire with Style, Wade Pfau and Alex Murguia break down key concepts in retirement income planning, including present value, discount rates, and internal rates of return. They explain how these tools apply to real-world decisions such as Social Security claiming and choosing between a pension and a lump sum. The conversation highlights the importance of understanding cash flows and using sound mathematical analysis to inform decisions, while still accounting for personal preferences and risk. Listen now to learn more!

Takeaways

Present value and breakeven analysis are crucial for financial planning.
Understanding discount rates helps evaluate future cash flows.
Internal rate of return is essential for comparing investment options.
Financial decisions often boil down to present value calculations.
Social security optimization relies on present value analysis.
Pension versus lump sum decisions require careful discount rate consideration.
Cash flow evaluation is key in retirement planning.
Investment decisions should factor in opportunity costs.
The relationship between interest rates and present value is significant.
Financial planning is both a mathematical and an artful process.

Chapters

00:00 Introduction to Retirement Income Planning
03:49 Understanding Present Value and Discount Rates
06:40 Evaluating Cash Flows and Internal Rate of Return
09:32 Applications in Financial Planning
12:46 The Impact of Interest Rates on Valuation
15:30 Real-Life Financial Decisions and Break-Even Analysis
18:53 Social Security and Pension Decisions
22:05 The Funded Ratio Tool and Its Importance

Links

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 210: Navigating Tax Changes for 2026 Jan 06, 2026

Show notes

In this episode of Retire with Style, Alex and Wade break down the key tax changes coming in 2026, including the return of standard ACA subsidies, the extension of current tax rates, and updates to standard deductions. They cover inflation-related adjustments, itemized deductions, charitable giving rules, estate tax exemptions, and what the alternative minimum tax means for retirees. The conversation also explores the new Trump accounts launching in July 2026 and wraps up with a lighthearted discussion on New Year’s resolutions. Listen now to learn more!

Takeaways

The ACA subsidies are reverting to pre-2021 levels in 2026.
Tax rates remain unchanged from previous years, providing stability.
Standard deductions continue to be higher, affecting itemization rates.
Inflation adjustments will impact the thresholds for tax brackets.
Charitable contributions now have a deduction floor based on AGI.
Estate tax exemptions are increasing significantly for 2026.
The alternative minimum tax may affect more high-income earners.
529 plans have expanded eligible expenses for education.
Trump accounts will allow contributions for minors starting in July 2026.
New Year's resolutions can be a time for reflection and planning.

Chapters

00:00 Welcome to 2026: New Beginnings
02:13 Affordable Care Act Changes
07:25 Tax Rates and Standard Deductions
09:16 Inflation Adjustments and Tax Planning
11:34 Itemized Deductions and Charitable Contributions
20:32 Estate Tax Exemptions and Business Income
24:44 Alternative Minimum Tax and 529 Plans
28:19 Trump Accounts and Future Planning
29:42 New Year Reflections and Resolutions

Links

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

[Best of 2025 Repost] Episode 174 The Psychology of Investing Understanding Market Reactions Dec 30, 2025

Show notes

As we close out 2025 and head into the New Year, we’re sharing one final Best of episode before returning with new conversations in January. This week’s replay is Alex’s top pick from the year, a conversation that stood out for its relevance, insight, and the questions it generated from listeners.

We’ll be back soon with brand new episodes in 2026. Until then, Happy New Year, and thank you for being part of the Retire With Style community!

Repost from Episode 174

In this episode of Retire with Style, Wade Pfau and Alex Murguia sit down with Dr. Daniel Crosby, a leading voice in behavioral finance, to unpack the psychological side of investing in today’s volatile markets. Together, they examine how market swings and media noise shape investor behavior—and why having a thoughtful media diet and disciplined decision-making framework is more important than ever. This conversation lays the foundation for next week’s episode, where the discussion will shift toward deeper questions of wealth and meaning. Listen now to learn more!

Takeaways

Market volatility can trigger anxiety—even among professionals.
It’s normal to feel fear during downturns, but those emotions don’t have to drive your decisions.
Limiting exposure to financial news may help you stay focused and make better choices.
Recognizing the incentives behind financial media can help you consume it more critically.
More information isn’t always better—clarity often comes from less, not more.
Patience matters. Reminding yourself that “this too shall pass” can be grounding.
Uncertainty often causes more stress than bad news itself.
Taking time to reflect before acting can lead to better financial outcomes.
We tend to give others better advice than we give ourselves—pause and consider what you’d tell a friend.
Automation and structured plans are powerful tools to reduce emotional decision-making.

Chapters

00:00 Introduction to Behavioral Finance and Market Volatility
02:56 Understanding Market Reactions and Investor Psychology
06:01 The Impact of Media on Financial Decision Making
08:47 Navigating Uncertainty in Financial Markets
12:05 The Importance of Patience and Discipline in Investing
15:03 Frameworks for Better Financial Decision Making
17:55 Conclusion and Transition to The Soul of Wealth

Links

Click here to watch this episode on YouTube: https://youtu.be/6pMFE_-u0YM

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”

Our TOPPODCAST Picks

Follow Us

Stay Connected

Related Podcasts

Links

Stay Connected