In part two of their conversation, financial advisors Alex Murguia and Dan Haylett explore the challenges of financial advising, focusing on client objections, the importance of listening, and integrating emotional well-being into financial planning. They discuss strategies for engaging clients, the role of structure in retirement, and the risks that come with a lack of it. Dan also shares insights from his book, The Retirement You Didn't See Coming, highlighting the need for a holistic approach that addresses both the financial and non-financial sides of retirement.

Takeaways

• Advisors should be prepared to handle client objections with curiosity and understanding.
• Listening is a crucial skill that can enhance client relationships.
• Using worksheets can facilitate deeper conversations with clients.
• Structure in daily life is essential for mental wellbeing, especially in retirement.
• Lack of structure can lead to unhealthy habits, including substance abuse.
• Money is a significant emotional factor in people's lives and should be addressed in planning.
• Advisors have a unique opportunity to facilitate discussions about money and emotions.
• Dan's book is designed to be a resource that can be referenced at any time during retirement.
• The most dangerous day in retirement often comes when novelty wears off.
• Financial advice should integrate both the mathematical and human aspects of money.

Chapters

00:00 The Importance of Open Conversations 00:58 Handling Client Objections 04:36 Creating Structure in Retirement 09:40 The Risks of Lack of Structure 14:05 The Interconnection of Money and Emotions 15:40 The Structure of 'The Retirement You Didn't See Coming'

Links

Are you an Advisor? Ready to take your prospect and client conversations to the next level? Join Wade Pfau and Alex Murguia for a free webinar, “How to Close Prospects & Increase Wallet Share.” You’ll see how the RISA framework streamlines meetings, builds trust faster, and creates a scalable process for long-term growth

Two live sessions available: October 8 or 9, from 1:00–2:30 PM ET Visit risaprofile.com/podcast to register now.

Explore the New RetireWithStyle.com! We’ve launched a brand-new home for the podcast! Visit RetireWithStyle.com to catch up on all our latest episodes, explore topics by category, and send us your questions or ideas for future episodes. If there’s something you’ve been wondering about retirement, we want to hear it!

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

In part one of their conversation with Dan Haylett, Wade Pfau and Alex Murguia explore the human side of retirement planning. They emphasize that financial planning is only part of the equation and discuss the emotional and psychological challenges retirees face. Dan introduces the five pillars of a thriving retirement: purpose, identity, relationships, structure, and well-being. The discussion highlights how finding new sources of meaning and connection after leaving a career is essential for a fulfilling retirement.

Takeaways

• Retirement is about more than financial numbers—it’s deeply human.
• Many retirees struggle with a loss of purpose and identity.
• The five pillars of a thriving retirement are purpose, identity, relationships, structure, and well-being.
• Money provides the freedom to pursue interests and purpose.
• Retirement often brings major shifts in identity and relationships.
• Building new social connections is essential for fulfillment.
• Emotional and psychological planning is as important as financial planning.
• Discussing potential challenges early helps ease the transition.
• Retirement affects not just individuals but also family and friends.

Chapters

00:00 Introduction to Retirement Planning 01:10 The Human Side of Retirement 05:09 Day 182: The Reality of Retirement 08:07 The Five Pillars of a Thriving Retirement 11:06 Finding Purpose in Retirement 15:11 Identity Crisis in Retirement 20:16 The Impact of Work Relationships 28:18 Facilitating Purpose in Retirement 31:52 Navigating Life's Challenges in Retirement 34:07 The Importance of Open Conversations

Links

Are you an Advisor? — Ready to take your prospect and client conversations to the next level? Join Wade Pfau and Alex Murguia for a free webinar, “How to Close Prospects & Increase Wallet Share.” You’ll see how the RISA framework streamlines meetings, builds trust faster, and creates a scalable process for long-term growth

Two live sessions available: October 8 or 9, from 1:00–2:30 PM ET Visit risaprofile.com/podcast to register now.

🎉 We’re About to Hit 200 Episodes! 🎉

Can you believe it? Retire With Style is closing in on our 200th episode, and we want you to be part of the celebration!

Whether you’ve been with Wade and Alex since episode one or just joined the party, this milestone wouldn’t be possible without listeners like you. Help us mark the occasion by sending in a short video or voice note to share your favorite moment, biggest takeaway, or just some kind words for the guys.

We’re also running a special giveaway to thank our community — and yes, there will be prizes.

👉 Be a part of Episode 200 by visiting https://retirewithstyle.com/join-episode-200 to join the celebration!

Explore the New RetireWithStyle.com! We’ve launched a brand-new home for the podcast! Visit RetireWithStyle.com to catch up on all our latest episodes, explore topics by category, and send us your questions or ideas for future episodes. If there’s something you’ve been wondering about retirement, we want to hear it!

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

In this conversation, Wade Pfau, Alex Murguia and Bill Bengen discuss various aspects of retirement planning, focusing on risk management, asset allocation, and the implications of market conditions on withdrawal rates. Bengen shares insights on adjusting the traditional 4% rule based on current market valuations and inflation, emphasizing the importance of a diversified portfolio and the role of annuities. The discussion also covers the significance of sequence of returns risk and the potential benefits of rising equity glide paths in retirement strategies.

Takeaways

• A 65% stock allocation is recommended for retirees.
• Risk management involves adjusting asset allocations based on market conditions.
• The first 10 years of retirement are crucial for long-term success.
• Diversification is key to mitigating risks in retirement portfolios.
• Annuities can play a beneficial role in retirement income planning.
• Market valuations should influence withdrawal rate strategies.
• Rising equity glide paths may help manage sequence of returns risk.
• Monte Carlo simulations can provide insights but have limitations.
• The 4% rule may need adjustments based on current economic conditions.
• Retirement planning should consider both historical data and future projections.

Chapters

Get Bill Bengen’s New Book – A Richer Retirement Want to dive deeper into the research behind the 4% rule and how retirement income planning has evolved? Bill Bengen’s new book, A Richer Retirement, is now available—visit bengenfs.com to learn more and get your copy.

🎉 We’re About to Hit 200 Episodes! 🎉

Can you believe it? Retire With Style is closing in on our 200th episode, and we want you to be part of the celebration!

Whether you’ve been with Wade and Alex since episode one or just joined the party, this milestone wouldn’t be possible without listeners like you. Help us mark the occasion by sending in a short video or voice note to share your favorite moment, biggest takeaway, or just some kind words for the guys.

We’re also running a special giveaway to thank our community — and yes, there will be prizes.

👉 Be a part of Episode 200 by visiting https://retirewithstyle.com/join-episode-200 to join the celebration!

Explore the New RetireWithStyle.com! We’ve launched a brand-new home for the podcast! Visit RetireWithStyle.com to catch up on all our latest episodes, explore topics by category, and send us your questions or ideas for future episodes. If there’s something you’ve been wondering about retirement, we want to hear it!

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

In this live Q&A session, Wade Pfau, Alex Murguia, and Bill Bengen discuss the intricacies of safe withdrawal rates in retirement, focusing on the relevance of the 4% rule, the impact of inflation, and the importance of investment strategies. They explore various topics including the significance of account types, the risks associated with stock picking, and the necessity of adjusting withdrawal rates based on market conditions and personal circumstances. The conversation emphasizes the need for a tailored approach to retirement planning, considering factors like tax efficiency and rebalancing strategies.

Takeaways

• Inflation is a significant risk in retirement planning.
• The 4% rule is not a fixed rule and can vary.
• Longer planning horizons require lower withdrawal rates.
• Account types affect the net amount available for withdrawal.
• Stock picking can be risky and is not recommended for most.
• Market conditions can influence safe withdrawal rates.
• Adjusting withdrawal rates in response to inflation is crucial.
• Understanding current vs. synthetic withdrawal rates is important.
• Annual reviews of withdrawal plans can help manage risks.
• Tax efficiency should be considered in withdrawal strategies.

Chapters

00:00 Introduction to Safe Withdrawal Rates 05:30 Understanding Account Types and Withdrawals 09:25 Small Caps and Future Performance 15:10 Annual Review of Withdrawal Plans 19:36 Immediate Actions in High Inflation 21:22 Customizing Withdrawal Strategies 22:55 Tax Considerations in Withdrawals 23:44 Withdrawal Strategies from a Multi-Fund Portfolio 26:45 Replacing Micro Caps in Portfolios

Links

Get Bill Bengen’s New Book – A Richer Retirement Want to dive deeper into the research behind the 4% rule and how retirement income planning has evolved? Bill Bengen’s new book, A Richer Retirement, is now available—visit bengenfs.com to learn more and get your copy.

🎉 We’re About to Hit 200 Episodes! 🎉

Can you believe it? Retire With Style is closing in on our 200th episode, and we want you to be part of the celebration!

Whether you’ve been with Wade and Alex since episode one or just joined the party, this milestone wouldn’t be possible without listeners like you. Help us mark the occasion by sending in a short video or voice note to share your favorite moment, biggest takeaway, or just some kind words for the guys.

We’re also running a special giveaway to thank our community — and yes, there will be prizes.

👉 Be a part of Episode 200 by visiting https://retirewithstyle.com/join-episode-200 to join the celebration!

Explore the New RetireWithStyle.com! We’ve launched a brand-new home for the podcast! Visit RetireWithStyle.com to catch up on all our latest episodes, explore topics by category, and send us your questions or ideas for future episodes. If there’s something you’ve been wondering about retirement, we want to hear it!

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

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

In this episode of Retire with Style, Wade Pfau and Alex Murguia talk with William Bengen, pioneer of the 4% rule in retirement planning. They explore the rule’s evolution, how inflation and market valuations shape sustainable withdrawals, and Bengen’s current recommendations. The discussion highlights the role of asset allocation, the importance of withdrawal strategies, and why ongoing monitoring is essential for a secure retirement.

Takeaways

• William Bengen modernized retirement income planning with the 4% rule.
• Inflation is a critical factor in determining sustainable withdrawal rates.
• Market volatility can significantly impact retirement portfolios.
• A comprehensive withdrawal plan should consider multiple factors.
• Current recommendations suggest a withdrawal rate of around 5.5%.
• Asset allocation plays a vital role in retirement planning.
• Investors should consider a rising equity glide path strategy.
• Regular monitoring and adjustments to retirement plans are essential.
• High inflation can permanently elevate withdrawal amounts.
• The 4% rule is not a one-size-fits-all solution.

Chapters

00:00 Introduction to Retirement Income Planning

01:14 The Birth of the 4% Rule

03:03 Understanding Withdrawal Rates

09:15 The Impact of Inflation on Withdrawals

12:45 Market Valuation and Its Effects

18:07 Current Withdrawal Rate Recommendations

21:10 Asset Allocation Strategies

24:04 Free Lunches in Investment Strategies

27:34 Key Takeaways from A Richer Retirement

31:15 Future Research Directions

Links

Join Us for RWS Live! with Bill Bengen! We’re going live on Thursday, September 11th at 1:00 PM ET on the Retire With Style YouTube channel! You’ll have the chance to ask Bill Bengen—creator of the 4% rule—your retirement questions live in the chat.

Search “Retire With Style” on YouTube, or click this link to join us directly: https://retirewithstyle.com/rws-youtube-live

Don’t forget to subscribe so you get notified when we go live!

🎉 We're About to Hit 200 Episodes! 🎉

Can you believe it? Retire With Style is closing in on our 200th episode, and we want you to be part of the celebration!

Whether you’ve been with Wade and Alex since episode one or just joined the party, this milestone wouldn’t be possible without listeners like you. Help us mark the occasion by sending in a short video or voice note to share your favorite moment, biggest takeaway, or just some kind words for the guys.

We’re also running a special giveaway to thank our community — and yes, there will be prizes.

👉 Be a part of Episode 200 by visiting https://retirewithstyle.com/join-episode-200 to join the celebration!

Explore the New RetireWithStyle.com! We’ve launched a brand-new home for the podcast! Visit RetireWithStyle.com to catch up on all our latest episodes, explore topics by category, and send us your questions or ideas for future episodes. If there’s something you’ve been wondering about retirement, we want to hear it!

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

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

In this conversation, Alex Murguia and Wade Pfau explore strategies for retirement planning, including hedging against inflation, using break-even analysis in Social Security decisions, and evaluating annuities for retirement income. They also cover the implications of Roth conversions and the reverse equity glide path strategy for managing investments. The discussion highlights the importance of understanding how different financial tools contribute to a comprehensive retirement plan.

Takeaways

• Hedging against inflation can be approached through TIPS or equities, each with distinct risk profiles.
• TIPS provide a contractually protected hedge against inflation, while equities may offer higher long-term growth.
• Break-even analysis for social security is often misleading and can lead to poor decision-making.
• Delaying social security benefits can provide inflation-adjusted lifetime income, which is crucial for retirees.
• Annuities can be a useful tool for ensuring reliable income, but their lack of inflation protection must be considered.
• Paying taxes for Roth conversions from an IRA is acceptable if no other funds are available.
• The present value of social security benefits should be considered as part of a retiree's bond-like income.
• The reverse equity glide path strategy can help manage sequence risk in retirement by gradually increasing equity exposure.
• Understanding the implications of social security estimates is essential for accurate retirement planning.
• Investment strategies should align with individual risk tolerance and retirement income needs.

Chapters

00:00 Market Valuations and Investment Strategies

00:00 Inflation Hedging: TIPS vs. Equities

04:23 The Break-Even Analysis of Social Security

09:54 Annuities and Inflation Protection

14:01 Roth Conversions and Tax Strategies

20:01 Social Security Strategies for Couples

26:58 Retirement Income Challenges and Strategies

Links

Explore the New RetireWithStyle.com! We’ve launched a brand-new home for the podcast! Visit RetireWithStyle.com to catch up on all our latest episodes, explore topics by category, and send us your questions or ideas for future episodes. If there’s something you’ve been wondering about retirement, we want to hear it!

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

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

In this conversation, Wade Pfau and Alex Murguia discuss retirement planning topics including market downturns, buffer assets, demographic trends, and emerging products like tontines and buffered ETFs. They highlight how historical market performance shapes future expectations and emphasize the role of strategic asset allocation in retirement income planning.

Takeaways

• Market downturns can last longer than five years, impacting retirement planning.
• Buffer assets can help retirees weather market downturns without selling at a loss.
• Demographic trends may influence market performance and interest rates in the future.
• Modern tontines could provide innovative solutions for retirement income.
• Combining safety for essential expenses with discretionary spending can optimize retirement income.
• Historical returns should not be the sole basis for future market assumptions.
• Buffered ETFs may serve as effective tools for risk diversification in high market valuation environments.
• Understanding the liquidity and terms of financial products is crucial for effective retirement planning.
• Technological advances may reshape traditional financial products like tontines.
• A diversified portfolio can help manage risks associated with market fluctuations.

Chapters

00:00 Introduction and Technical Setup

03:58 Market Downturns and Retirement Planning

12:59 Buffer Assets in Retirement

19:09 Tontines and Modern Financial Solutions

23:06 Combining Safety and Growth in Retirement Income

29:07 Buffered ETFs and Risk Diversification

33:31 Retirement Income Perspectives

34:06 Market Valuations and Investment Strategies

Links

Explore the New RetireWithStyle.com! We’ve launched a brand-new home for the podcast! Visit RetireWithStyle.com to catch up on all our latest episodes, explore topics by category, and send us your questions or ideas for future episodes. If there’s something you’ve been wondering about retirement, we want to hear it!

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

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

In this episode of Retire with Style, Alex Murguia and Wade Pfau dive into key retirement planning topics, including sequence risk, the 4% rule, withdrawal strategies, and bond yields. They highlight the importance of a comprehensive financial plan that accounts for asset allocation, tax considerations- such as those related to TIPS and annuities- and the role of dynamic, risk-based guardrails. The discussion underscores how retirement income strategies must adapt over time to meet changing needs.

Takeaways

• Sequence risk is a critical factor in retirement planning.
• The 4% rule may not be applicable in all scenarios.
• Bond yields significantly impact sustainable withdrawal rates.
• Fixed percentage withdrawal strategies can mitigate sequence risk.
• Dynamic risk-based guardrails offer a flexible approach to spending.
• Financial planning is essential for effective retirement income management.
• TIPS are less tax-efficient than other bonds and should be placed in tax-advantaged accounts.
• Asset allocation should be tailored to individual risk tolerance and retirement goals.
• The traditional 100 minus age rule for asset allocation is a simplification.
• Retirement strategies should adapt as circumstances change.

Chapters

00:00 Introduction and Conference Insights

02:11 Exploring Sequence Risk and Spending Strategies

03:35 Understanding the 4% Rule and Bond Yields

10:19 Fixed Percentage Withdrawal Strategies

14:06 Dynamic Risk-Based Guardrails for Spending

20:06 The Role of Financial Planning in Retirement

27:18 Tax Implications of TIPS and Asset Location

29:56 Evaluating Stock-Bond Allocation Strategies

Links

Join Our Next Live Q&A Session! We’re hosting our next Retire With Style YouTube Live Q&A on Monday, August 25th at 2:00 PM ET. Wade and Alex will be answering your retirement planning questions live!

✅ Submit your question in advance at retirewithstyle.com ✅ Or join us live and ask your question in the chat

Come be part of the conversation- your questions often inspire future episodes! 📺 Subscribe to the Retire With Style YouTube Channel to be notified when we go live!

Explore the New RetireWithStyle.com! We’ve launched a brand-new home for the podcast! Visit RetireWithStyle.com to catch up on all our latest episodes, explore topics by category, and send us your questions or ideas for future episodes. If there’s something you’ve been wondering about retirement, we want to hear it!

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

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