Retire With Style

In this episode, Alex and Wade discuss the importance of asset location in addition to asset allocation. They explain that asset location involves strategically placing assets in different types of accounts based on their tax efficiency. They discuss the tax efficiency spectrum, with tax-exempt bonds being the most tax efficient and REITs being the least tax efficient. They also discuss the tax advantages of different types of accounts, such as Roth IRAs, 529 plans, health savings accounts, and non-qualified annuities. Listen now to learn more!   Takeaways  Tax location is an important consideration in addition to tax allocation. Assets should be strategically placed in different types of accounts based on their tax efficiency. The tax efficiency spectrum ranges from tax-exempt bonds (most tax efficient) to REITs (least tax efficient). Different types of accounts offer different tax advantages, such as tax deductions, tax deferral, and tax-free distributions. Asset allocation should drive the decision of where to place assets for tax efficiency. Chapters 00:00 Introduction to Tax Efficiency 05:49 Understanding Asset Allocation and Tax Efficiency 09:39 Exploring the Tax Efficiency Spectrum 18:45 Placing Assets in Taxable, Tax-Deferred, and Tax-Exempt Accounts 27:30 The Importance of Asset Allocation in Tax Location Decisions 33:58 Other Considerations: Annuities, Life Insurance, and More   Links Spots are filling fast! Register now to attend a FREE Webinar with Retirement Researcher on 9/17 at 2:00 PM ET, 5 Must-Knows About Retirement Spending hosted by Christine Benz of Morningstar! Visit risaprofile.com/podcast to sign up now! 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 tax-efficient retirement strategies, specifically focusing on tax diversification. They explain the three broad types of tax treatments in the tax code: taxable accounts, tax-deferred accounts (such as IRAs and 401ks), and tax-exempt accounts (such as Roth IRAs). They highlight the importance of having assets in each category to provide flexibility in retirement planning. They also discuss the characteristics and advantages of each type of account, including tax treatment, liquidity, and growth potential. Additionally, they touch on the different methods of tracking cost basis in taxable accounts. In this conversation, Alex and Wade discuss tax-efficient retirement distribution strategies. They cover the different types of retirement accounts, including tax-deferred accounts (such as traditional IRAs and 401(k)s), tax-exempt accounts (such as Roth IRAs and Roth 401(k)s), and taxable accounts. They explain the tax advantages and disadvantages of each type of account and discuss the importance of considering your current and future tax rates when deciding where to contribute. They also touch on the backdoor Roth contribution strategy and the concept of required minimum distributions (RMDs). Overall, the conversation emphasizes the importance of tax efficiency in retirement planning.   Takeaways Tax diversification involves having assets in taxable accounts, tax-deferred accounts, and tax-exempt accounts to provide flexibility in retirement planning. Taxable accounts are the least tax-efficient but offer advantages such as preferential income treatment, step-up in basis at death, and liquidity. Tax-deferred accounts, such as IRAs and 401ks, offer tax deductions on contributions and tax-deferred growth, but have required minimum distributions and early withdrawal penalties. Tax-exempt accounts, such as Roth IRAs, offer tax-free growth and tax-free distributions, but contributions are not tax-deductible. Tracking cost basis in taxable accounts can be done using methods like average cost, first in first out (FIFO), or specific identification of tax lots. Consider your current and future tax rates when deciding where to contribute to retirement accounts. Tax-deferred accounts (such as traditional IRAs and 401(k)s) provide a tax deduction now but are taxed upon withdrawal. Tax-exempt accounts (such as Roth IRAs and Roth 401(k)s) are funded with after-tax dollars but provide tax-free withdrawals in retirement. Taxable accounts have no tax advantages but offer flexibility and liquidity. The backdoor Roth contribution strategy allows high-income earners to contribute to a Roth IRA by making a non-deductible contribution to a traditional IRA and then converting it to a Roth IRA. Required minimum distributions (RMDs) are mandatory withdrawals from tax-deferred retirement accounts starting at age 72 (or 70.5 for those born before 1960). Tax efficiency is an important aspect of retirement planning and can have a significant impact on your overall financial situation.   Chapters 00:00 Introduction and Excitement for Tax-Efficient Retirement Strategies 01:26 Tax-Efficient Retirement Distributions as a General Theme 03:01 Understanding Tax Diversification and the Three Types of Tax Treatments 04:20 Advantages and Considerations of Taxable Accounts 15:11 Benefits and Limitations of Tax-Deferred Accounts 25:14 The Advantages of Tax-Exempt Accounts 26:04 Methods of Tracking Cost Basis in Taxable Accounts 00:31 Overview of Retirement Accounts 08:43 Tax-Deferred Accounts 18:30 Tax-Exempt Accounts 25:14 Taxable Accounts 28:47 Backdoor Roth Contribution 33:44 Required Minimum Distributions (RMDs) 38:26 Tax Efficiency in Retirement Planning 45:11 Retirement Tax Cliff 47:09 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/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”

In this episode, Alex and Wade introduce a new arc on tax-efficient retirement distributions. They discuss the importance of tax planning and how it can add value to your bottom line. They explain the concept of marginal tax rates and how they differ from average tax rates. They also touch on state income taxes, filing options, and the different federal income tax brackets. Additionally, they mention other types of taxes, such as social security and Medicare payroll taxes. In this conversation, Wade Pfau and Alex Murguia discuss various aspects of income taxation and deductions. They cover topics such as ordinary income, non-qualified annuities, qualified dividends, long-term capital gains, above-the-line deductions, adjusted gross income (AGI), below-the-line deductions, standard deductions, itemized deductions, and preferential income stacking. They also touch on strategies like deduction bunching and gains harvesting. The conversation provides valuable insights into the complexities of the tax code and the importance of tax planning in retirement. Listen now to learn more!   Takeaways Tax planning can add value to your bottom line and is an important aspect of retirement planning. Understanding the difference between marginal tax rates and average tax rates is crucial for making informed decisions. State income taxes, filing options, and federal income tax brackets all play a role in tax planning. Other types of taxes, such as social security and Medicare payroll taxes, should also be considered in retirement planning. Understanding the different types of income and how they are taxed is crucial for effective tax planning in retirement. Above-the-line deductions, such as contributions to retirement plans and health savings accounts, can lower your adjusted gross income (AGI). Below-the-line deductions, such as mortgage interest and charitable donations, can reduce your taxable income. The Tax Cuts and Jobs Act of 2017 increased the standard deduction, making it less likely for many people to itemize deductions. Preferential income, such as qualified dividends and long-term capital gains, have their own tax brackets and can be taxed at lower rates. Strategies like deduction bunching and gains harvesting can help optimize your tax situation. Understanding the nuances of the tax code and working with a tax professional can help you make the most of your retirement income. Chapters 00:00 Introduction to Tax-Efficient Retirement Distributions 04:28 The Basics of Marginal Tax Rates 15:44 State Income Taxes, Filing Options, and Federal Income Tax Brackets 23:38 Considering Other Types of Taxes in Retirement 27:11 Understanding Different Types of Income and Their Taxation 29:42 Exploring Above-the-Line Deductions and Adjusted Gross Income (AGI) 36:10 Utilizing Below-the-Line Deductions to Reduce Taxable Income 43:02 The Impact of the Tax Cuts and Jobs Act on Itemized Deductions 47:13 The Importance of Tax Planning in Retirement   Links Join the waitlist for the next Retirement Income Challenge by visiting http://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

The Retirement Income Challenge is a four-day event that helps individuals create a retirement income plan. Day one focuses on the Retirement Income Style Assessment (RISA), which analyzes two factors: probability-based safety first and optionality versus commitment. Day two introduces the funded ratio, a balance sheet approach to financial planning that compares assets to liabilities. The funded ratio helps individuals understand if they have enough assets to meet their retirement goals. Day three explores how the RISA and funded ratio work together to fill income gaps and create a comprehensive retirement income plan. The conversation covers the Retirement Income Style Awareness (RISA) framework and the Retirement Income Challenge. The hosts discuss the importance of reliable income to cover essential expenses in retirement and the role of the RISA framework in providing alternatives to fill income gaps. They emphasize that shooting for 100% on the RISS percentages is not necessary and that it's important to have reliable income covering essential expenses. They also mention the non-financial aspects of retirement and the importance of planning for what you want to do in retirement. The hosts highlight the interactive nature of the Retirement Income Challenge and the value it provides in helping individuals gain clarity and confidence in their financial plan for retirement. Listen now to learn more!   Takeaways The Retirement Income Challenge helps individuals create a retirement income plan The Retirement Income Style Assessment (RISA) analyzes two factors: probability-based safety first and optionality versus commitment The funded ratio is a balance sheet approach that compares assets to liabilities to determine if individuals have enough assets to meet their retirement goals The RISA and funded ratio work together to fill income gaps and create a comprehensive retirement income plan The RISS framework provides alternatives to fill income gaps in retirement and ensures reliable income covers essential expenses. Shooting for 100% on the RISS percentages is not necessary; it's important to have reliable income covering essential expenses. Planning for the non-financial aspects of retirement, such as what you want to do, is crucial. The Retirement Income Challenge is an interactive session that helps individuals gain clarity and confidence in their financial plan for retirement. Chapters 00:00 Introduction to the Retirement Income Challenge 09:57 Day One: The Retirement Income Style Assessment (RISA) 11:33 Day Two: The Funded Ratio 23:37 Day Three: Integrating the RISA and Funded Ratio 25:33 The Role of the RISA Framework in Retirement Planning 28:40 Shooting for 100% on the Funded Ratio: Is It Necessary? 30:55 Planning for the Non-Financial Aspects of Retirement 39:25 The Value of the Retirement Income Challenge   Links Registration for the next Retirement Income Challenge is OPEN: Learn more and join us for this LIVE 4-Day event starting on August 26th-29th, 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, Alex, Wade, and Jason discuss what to expect in retirement. They cover several major lifestyle changes that occur during retirement, including the loss of work identity, increases in unstructured time, changes in social connections, shifts in physical health, adjustments in daily routines, and the need for financial planning. They provide insights on both the positive and negative aspects of these changes and offer suggestions on how to navigate them. In this conversation, the hosts discuss the importance of structure and routines in retirement. They highlight the difference between structuring time and developing routines, emphasizing the need for both to maintain a sense of purpose and productivity. They also explore the challenges of spending more time with a spouse or partner in retirement and the importance of communication and finding a balance between shared activities and individual interests. The hosts also touch on the impact of social connections and the need to build new networks outside of work. Lastly, they discuss the health and aging process in retirement, emphasizing the importance of managing physical and mental health and avoiding negative feedback loops.   Takeaways Retirement involves major lifestyle changes that can have both positive and negative impacts. Losing work identity and a sense of purpose can be challenging, but it also presents an opportunity to create a new identity based on personal interests and passions. Having unstructured time in retirement can lead to boredom and unhealthy habits, so it's important to establish a new routine and pursue meaningful activities. Maintaining social connections and building new relationships is crucial for overall well-being in retirement. Physical health may change in retirement, and it's important to prioritize self-care and engage in regular exercise. Adjusting daily routines and finding a balance between relaxation and productivity is key to enjoying retirement. Financial planning is essential to ensure a secure and comfortable retirement. Each individual's retirement experience is unique, and the impact of these lifestyle changes will vary. Retirement is an exciting opportunity for personal growth and exploration. Structure and routines are essential in retirement to maintain a sense of purpose and productivity. Spending more time with a spouse or partner in retirement requires communication and finding a balance between shared activities and individual interests. Building new social connections outside of work is important to combat social isolation in retirement. Managing physical and mental health is crucial in retirement, and avoiding negative feedback loops is key. Creating a financial plan that addresses retirement income style and funded ratio is essential for a successful retirement. Chapters 00:00 Introduction and Overview 02:03 Chapter 1: Navigating the Loss of Work Identity in Retirement 11:39 Chapter 2: Managing Unstructured Time in Retirement 15:10 Chapter 3: Maintaining Social Connections in Retirement 18:13 Chapter 5: Adjusting Daily Routines in Retirement 20:47 Chapter 6: The Importance of Financial Planning in Retirement 26:38 Building New Social Connections in Retirement 32:58 Managing Health and Aging in Retirement 39:59 Creating a Financial Plan for Retirement   Links Registration for the next Retirement Income Challenge is OPEN: Learn more and join us for this LIVE 4-Day event starting on August 26th-29th, 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/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”

In this episode, Wade, Alex, and Jason discuss the meaning of retirement and the factors to consider when deciding on a retirement date. They explore the idea that retirement is not just about leisure activities like golfing, but also about personal goals and relationships. They also touch on the possibility of working in retirement and the importance of financial independence. The conversation highlights the need for careful planning and consideration of health, financial, and personal factors when determining the timing of retirement. In this conversation, the hosts discuss the different factors that can influence retirement decisions, such as health, career changes, and financial stability. They emphasize the importance of asking the right questions and setting goals to create a comprehensive retirement plan. The hosts also mention the upcoming retirement income challenge, where participants can learn more about retirement planning. They end the conversation by teasing the next episode, which will focus on the changes that occur in retirement. Listen now to learn more!   Takeaways Retirement is whatever you decide it to be, and it can look different for everyone. Working in retirement or pursuing new ventures after retiring from a career is becoming more common. Retirement should not be solely focused on leisure activities, but also on personal goals and relationships. Financial independence is a key driver of retirement, as it provides the flexibility to do what you want. The timing of retirement should be carefully considered, taking into account health, financial, and personal factors. Retirement plans may need to be adjusted if health issues or unexpected circumstances arise. Retirement is a transition that requires planning and preparation to ensure a smooth and fulfilling experience. Retirement decisions can be influenced by factors such as health, career changes, and financial stability. Asking the right questions and setting goals is crucial for creating a comprehensive retirement plan. Investing in relationships and health is important for a fulfilling retirement. The retirement income challenge is a valuable resource for learning more about retirement planning. The next episode will explore the changes that occur in retirement. Chapters 00:00 Introduction and Small Talk 03:45 Working in Retirement 06:47 Beyond Leisure: Personal Goals and Relationships 09:38 The Importance of Financial Independence 12:25 Timing Retirement: Health, Financial, and Personal Factors 20:31 Adjusting Retirement Plans for Unexpected Circumstances 22:35 Retirement as a Transition: Planning for a Fulfilling Experience 25:15 Asking the Right Questions for Retirement Planning 28:01 Investing in Relationships and Health for a Fulfilling Retirement 37:40 Join the Retirement Income Challenge 41:21 Next Episode: Changes in Retirement   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”

In this episode, Wade and Alex discuss the evolution of messaging in the financial advisory industry and the importance of retirement income planning. They highlight the transition from brokers to investment managers to wealth managers and the shift from accumulation to decumulation. They emphasize the need for comprehensive financial planning that considers both the asset and liability sides of the balance sheet. They also discuss the challenges of retirement income planning, including longevity and liquidity risks, and the importance of addressing these risks in a client's financial plan. In this conversation, Wade Pfau and Alex Murguia discuss the signs of a retirement income advisor who is knowledgeable and focused on the specific needs of retirees. They highlight the importance of advisors addressing concerns and risks faced in retirement, such as sequence risk and longevity risk. They emphasize the need for advisors to have a well-thought-out approach to retirement income planning beyond just investment diversification. They also discuss the significance of advisors having specialized retirement income certifications, such as the RICP or RMA designations. Additionally, they stress the importance of advisors having a clear and specific messaging that resonates with retirees and solves their unique retirement income needs.   Takeaways The financial advisory industry has evolved from brokers to investment managers to wealth managers, reflecting a shift from transaction facilitation to comprehensive financial planning. Retirement income planning is a distinct field within financial services that focuses on managing assets to meet liabilities in retirement. Comprehensive financial planning considers both the asset and liability sides of the balance sheet, taking into account the goals and risks of retirement. Retirement income planning addresses challenges such as longevity risk and liquidity risk, ensuring that clients have sufficient resources to meet their expenses and unexpected spending shocks in retirement. A knowledgeable retirement income advisor will address concerns and risks faced in retirement, such as sequence risk and longevity risk. Advisors should have a well-thought-out approach to retirement income planning beyond just investment diversification. Specialized retirement income certifications, such as the RICP or RMA designations, can be a good indicator of an advisor's expertise in retirement income planning. Advisors should have clear and specific messaging that resonates with retirees and solves their unique retirement income needs. Chapters 00:00 Introduction and Acknowledgments 02:51 The Shift from Accumulation to Decumulation 06:12 Comprehensive Financial Planning: Managing Assets and Liabilities 10:13 Addressing Longevity and Liquidity Risks in Retirement 22:08 Signs of a Knowledgeable Retirement Income Advisor 24:12 Beyond Investment Diversification: A Comprehensive Approach to Retirement Income Planning 27:19 The Importance of Retirement Income Certifications 31:23 Clear and Specific Messaging: Key to Effective Retirement Income Planning   Links Join Alex and Wade for our workshop "Elevate Your Practice: Workshop on Marketing Mastery for Retirement Income Advisors" to discover how to better market yourself as a retirement income advisor so you can stand out, attract prospects, and turn them into loyal clients. Register to attend LIVE on August 6th or 7th at www.risaprofile.com/marketingworkshop 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 and Rob Cordeau discuss ESG (Environmental, Social, and Governance) investing and its growing popularity. They explore the different ways investors can align their portfolios with their personal values and beliefs. They also address common misconceptions about ESG investing, such as it being solely for liberal investors. The conversation highlights the importance of understanding the impact and potential trade-offs of ESG investing, including the potential for lower expected returns. They discuss different approaches to implementing ESG investing, including using funds and ETFs, separately managed accounts, or donating the difference in returns to charities. The conversation concludes with advice on how to approach the decision of whether ESG investing is right for an individual.   Takeaways ESG investing allows investors to align their portfolios with their personal values and beliefs. ESG investing can involve adding or subtracting certain stocks, industries, or sectors based on values and beliefs. ESG investing may result in a slightly lower expected return compared to a globally diversified market portfolio. Investors should carefully consider the impact and potential trade-offs of ESG investing before making a decision. Different implementation options for ESG investing include using funds and ETFs, separately managed accounts, or donating the difference in returns to charities. Chapters 00:00 Introduction and Setting the Stage 07:37 Implementing ESG Investing: Adding or Subtracting 09:41 The Impact and Trade-Offs of ESG Investing 14:04 ESG Investing: Not a Boycott or Punishment 20:01 ESG Investing and Portfolio Performance 26:58 Implementation Options: Funds, SMAs, and Donations 39:37 Making the Decision: Is ESG Investing Right for You? 41:50 Conclusion and Final Thoughts   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”

In this conversation, Wade Pfau, Alex Murguia, and James Matthews discuss retirement income and the Retirement Income Style Awareness (RISA) framework. James shares his background in the retirement income space and his realization that traditional retirement planning advice was lacking. The conversation touches on the limited investment options in 401(k) plans and the need for a holistic view of retirement income. They also discuss the importance of risk management and the gaps in the current financial planning curriculum. Overall, the conversation highlights the need for a more comprehensive approach to retirement income planning. The conversation explores the need for a strategic approach to retirement income planning and the limitations of traditional retirement income paradigms. It emphasizes the importance of maximizing living standards in retirement and the need for open-mindedness in exploring different methodologies. The conversation also discusses the role of the Retirement Income Certified Professional (RICP) designation in addressing the gap in retirement income planning education. It highlights the shift towards a more client-focused and personalized approach to retirement planning and the potential applications of the RISA framework in other retirement decisions. The conversation concludes with a discussion on the importance of finding an advisor who embraces an open-minded and client-centric approach.   Takeaways Traditional retirement planning advice often lacks a comprehensive approach to retirement income planning. 401(k) plans typically offer limited investment options and lack clear mechanisms for converting assets into retirement income. The Retirement Income Style Awareness (RISA) framework provides a more holistic view of retirement income planning. Risk management is an important aspect of retirement income planning that is often overlooked. There is a need for improvements in the financial planning curriculum to better address retirement income planning. Retirement income planning requires a strategic approach beyond traditional paradigms. Maximizing living standards in retirement should be the primary goal. The RICP designation addresses the gap in retirement income planning education. A client-focused and personalized approach is crucial in retirement planning. The RISA framework can be applied to other retirement decisions. Finding an advisor who embraces an open-minded and client-centric approach is essential. Chapters 00:00 Introduction and Background 09:59 The Retirement Income Style Awareness (RISA) Framework 23:21 The Importance of Retirement Income in ERISA 30:40 Applying the RISA Framework to Other Retirement Decisions 37:05 The Importance of Finding an Advisor with an Open-Minded Approach   Links Join the Retirement Researcher team for "Travel in Retirement: New Options and Opportunities," with Dan Veto, CSA, to learn how travelling in retirement is different from the vacations you took while you were working - and how you can make the most of these differences. Register to attend LIVE on 7/23/24 at 1:00 PM ET 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/ 

In this episode, Wade and Alex answer listener questions about portfolio allocation in retirement. They discuss the impact of low yields on TIPS and how it affects a retiree's portfolio. They also explore the optimal allocation of assets in taxable, tax-deferred, and tax-avoided accounts. Additionally, they address the role of annuities in retirement income and how they can replace the bond portion of a portfolio. They emphasize the importance of tax diversification and asset location. Finally, they provide insights on investing in stocks and the different factors to consider, such as value, small-cap, and REITs.   Takeaways Low yields on TIPS impact a retiree's portfolio and may require a reassessment of risk and allocation. Tax diversification is important, but the exact percentages in each type of account are not as crucial as asset allocation and asset location. Annuities can play a significant role in retirement income by providing protected lifetime income and reducing reliance on other investments. When investing in stocks, it is important to capture market risk and consider factors such as value, small-cap, and REITs. Growth indices may not necessarily provide a premium over value stocks in the long term. Chapters 00:00 Introduction and Small Talk 02:45 Navigating Low Yields and Portfolio Allocation in Retirement 09:15 Optimal Allocation of Assets in Taxable, Tax-Deferred, and Tax-Avoided Accounts 25:58 The Importance of Tax Diversification and Asset Location 26:41 Investing in Stocks: Capturing Market Risk and Considering Factors   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, Wade and Rob answer listener questions about retirement planning. They discuss topics such as asset allocation, selling RSUs, managing sequencing risk, and when to claim Social Security. They provide insights on diversification, tax implications, and the importance of considering both sequence risk and concentration risk. They also suggest strategies like creating a bond ladder and using IRA distributions to bridge the income gap. The episode ends with a plan to continue answering more listener questions in the next episode. Listen now to learn more!   Takeaways Consider the risks and benefits of holding concentrated positions, such as RSUs, in your portfolio Evaluate the tax implications of selling RSUs and consider the potential benefits of diversification Use Social Security claiming software to determine the optimal claiming strategy for both spouses Explore strategies like bond ladders and IRA distributions to bridge income gaps in retirement Balance the preservation of principal with the need for growth and income in your retirement portfolio Chapters 00:00 Introduction and Q&A Format 05:42 Managing Concentrated Positions and Sequencing Risk 27:43 Creating a Bond Ladder to Bridge Income Gaps 29:54 Using IRA Distributions to Manage Tax Liability 35:23 Balancing Preservation of Principal with Growth and Income   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”

In this conversation, Alex Murguia and Wade Pfau discuss various topics related to retirement planning, including glide paths, asset allocation, index funds, and tax planning. They address questions about implementing a rising equity glide path, asset allocation across different types of accounts, the performance of index funds, and the availability of withdrawal strategy software for retirees. They also touch on the topic of Medicare and HSA contributions. Overall, the conversation provides valuable insights into retirement planning strategies and considerations.   Takeaways Implementing a glide path for retirement asset allocation depends on individual circumstances and goals, and there is no one-size-fits-all approach. When considering asset allocation across different types of accounts, it is generally recommended to place tax-efficient assets in taxable accounts and tax-inefficient assets in tax-deferred accounts. Index funds generally reflect the performance of the stocks in the index they follow, and their daily performance is based on the weighted average of the proportion of each stock in the index. Withdrawal strategy software packages for retirees are primarily available to investment advisors and may not be easily accessible to individual consumers. Individuals who work for employers with more than 20 employees can delay applying for Medicare after age 65 to continue contributing to their HSA accounts, but it is important to consult with HR and understand the implications of signing up for Medicare. Chapters 00:00 Episode 131 Starts 01:29 Asset Allocation and Glide Paths in Retirement 04:07 Understanding Index Fund Performance 07:10 The Drawbacks of Equal-Weighted Indices 10:47 Tax-Efficient Asset Location 21:46 Limitations of Withdrawal Strategy Software 28:00 Managing Medicare and HSA Contributions 32:33 The Value of Professional Advice in Retirement Planning   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”

In this conversation, Alex and Bob discuss the impact of the election on the stock market and retirement planning. They emphasize the importance of looking at historical data and not getting caught up in the rhetoric and uncertainty of the election cycle. They also highlight the recency effect and how campaigns are information machines that can influence market movements. They discuss the complexity of interpreting campaign statements and the countervailing effects they can have. They also mention the upcoming webinar where they will dive deeper into the numbers and provide more insights. The conversation explores the relationship between presidential elections and the stock market. The hosts discuss whether there is a correlation between the political party in power and stock market performance. They also touch on other factors such as the height and handedness of presidents and their impact on the stock market. The hosts emphasize the importance of taking a long-term view when it comes to investing and retirement planning, rather than trying to time the market based on election cycles.   Takeaways Look at historical data and avoid getting caught up in the rhetoric and uncertainty of the election cycle. Campaigns are information machines that can influence market movements. Interpreting campaign statements and their impact on the market is complex and uncertain. Consider the countervailing effects of policy proposals and how they may impact the economy and stock market. Join the upcoming webinar for a deeper dive into the numbers and insights. There is no clear correlation between the political party in power and stock market performance. Other factors such as height and handedness of presidents also do not have a significant impact on the stock market. Taking a long-term view and focusing on retirement planning is more important than trying to time the market based on election cycles. Understanding historical context and having a framework for interpreting market events can help investors make informed decisions.   Chapters 00:00 Introduction and Setting the Stage 00:29 Discussion on the Election and Stock Market 05:08 The Recency Effect and Campaign Season 07:20 Interpreting Market Movements After an Election 08:46 The Challenge of Timing the Market Based on Current Expectations 09:15 The Difficulty of Predicting Market Reactions to Campaign Statements 13:14 The Volatility of Campaign Season and Uncertainty 15:12 Considering the Impact of Policy Proposals 22:38 Upcoming Webinar and Deeper Dive into the Numbers 25:30 The Impact of Presidential Elections on the Stock Market 33:51 The Relationship Between Election Years and Market Volatility 37:25 Long-Term Investing and Retirement Planning 41:16 Understanding Historical Context and Interpreting Market Events Links Register now to attend the next webinar with Retirement Researcher, “The Election and The Stock Market: Understanding the Effects on Your Investments” on 6/25/24 at 1PM ET hosted by Bob French. Visit risaprofile.com/podcast to reserve your spot! 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, the conversation covers various aspects of long-term care, including qualifying for long-term care insurance, alternative options for funding long-term care, and the role of Medicaid. Alex and Wade also discuss the importance of planning for long-term care and the potential challenges faced by individuals who cannot afford to pay for care. The conversation concludes with a discussion on how to invest funds set aside for long-term care. The conversation covers various topics related to financial planning and investment management. They discuss fee-only planners, annuities, engaging a fee-only planner, strategies to lower risk during retirement, buying whole life insurance for teenage children, and investing to keep up with inflation. They also touch on the reinvestment of dividends and capital gains for a 74-year-old to offset RMDs. The conversation ends with a lighthearted discussion about push-ups. Listen now to learn more!   Takeaways Traditional long-term care insurance is difficult to qualify for if you have chronic conditions. Alternative options for funding long-term care include hybrid life insurance with long-term care, annuity with long-term care, and deferred income annuities. Medicaid can be an option for long-term care if you have depleted your other resources. Investing funds set aside for long-term care depends on your liquidity mindset and the timeline for needing the funds. Transparency and client preferences should guide the choice of compensation models for financial planners. Fee-only planners charge a fee for investment management and financial planning, while commission-based planners earn a commission on annuity sales. Engaging a fee-only planner may be worth it if you have enough assets, typically around $500,000 or more. Whole life insurance for teenage children can be used to protect their insurability in case of future health issues. Lowering risk during retirement can be achieved through strategies like adjusting asset allocation, creating bond ladders, and building an income floor. Investing in TIPS (Treasury Inflation Protected Securities) can help preserve the inflation-adjusted value of your principal. Dividends can be taken out to offset RMDs (Required Minimum Distributions) for IRA accounts. Both Wade and Alex need to get back on track with their push-up routines. Chapters 00:00 Episode 130 starts 00:17 Exploring Alternative Options for Long-Term Care Funding 07:23 Considering Medicaid as a Long-Term Care Option 14:35 Investing Long-Term Care Reserve Assets 19:59 Transparency and Client's Best Interests 23:34 Lowering Risk During Retirement Transition 31:13 Reinvesting Dividends and Capital Gains for RMDs 39:32 The Importance of Regular Exercise   Links Register now to attend the next webinar with Retirement Researcher, "The Election and The Stock Market: Understanding the Effects on Your Investments" on 6/25/24 at 1PM ET hosted by Bob French. Visit risaprofile.com/podcast to reserve your spot! The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”

In this conversation, Wade Pfau and Alex Murguia discuss retirement planning and how to determine how much can be spent from a portfolio without running out of money. They touch on the use of Monte Carlo simulations and the funded ratio approach. They also highlight the limitations of Monte Carlo simulations and the importance of considering the magnitude of failure and the potential for underspending in retirement. The conversation emphasizes the need for individualized planning and the importance of working with a financial advisor. The conversation in this part focuses on the funded ratio and its implications for retirement planning. The funded ratio is a tool that measures the ratio of assets to liabilities in retirement. It is used to determine if a retiree has enough assets to cover their retirement expenses. The conversation also touches on the relationship between withdrawal rates and failure rates, the role of long-term care costs in the funded ratio, and the impact of political and environmental uncertainties on retirement planning. Takeaways Monte Carlo simulations are a common method used in retirement planning to determine the probability of success, but they have limitations and can be sensitive to assumptions. The funded ratio approach, which focuses on a fixed rate of return, can provide a different perspective on retirement planning and allows for more control over assumptions. It is important to consider the magnitude of failure and the potential for underspending in retirement when using Monte Carlo simulations or the funded ratio approach. Individualized planning and working with a financial advisor are crucial for determining how much can be spent from a portfolio without running out of money. The funded ratio is a useful tool for assessing retirement readiness and determining if a retiree has enough assets to cover their retirement expenses. Higher withdrawal rates are associated with higher failure rates, so it's important to find a balance between spending and ensuring a successful retirement. Long-term care costs should be factored into the funded ratio as a contingency expense, as they are a high probability, high-cost event. Political and environmental uncertainties can be addressed through scenario analysis and contingency planning, but it's important not to let short-term events dictate long-term investment strategies. The Retirement Income Challenge offered by Retirement Researcher provides an opportunity to learn more about retirement planning and create a comprehensive retirement plan. Chapters 00:00 Introduction 01:59 Retirement Planning and the Use of Monte Carlo Simulations 08:24 The Pros and Cons of Monte Carlo Simulations 25:19 Addressing Questions about the Funded Ratio 33:08 Incorporating Long-Term Care Costs in the Funded Ratio   Links Join the waitlist for the next Retirement Income Challenge by visiting www.retirementresearcher.com/challenge  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 different features of long-term care insurance. They cover topics such as waiting periods, benefit periods, benefit amounts, inflation adjustments, and methods of payment. They also touch on the administrative aspects of managing long-term care insurance and qualifying expenses. In this conversation, Alex and Wade discuss various aspects of long-term care insurance. They cover topics such as the definition of activities of daily living, the differences between policies, the option for couples to pool their benefits, the concept of hybrid policies, underwriting requirements, coverage for living abroad, liquidity and death benefit options, ways to lower premiums, and the importance of sharing your long-term care plan with family members. The conversation concludes with a discussion on implementation and monitoring of the plan, including the importance of staying healthy and reviewing the plan regularly.   Takeaways Long-term care insurance policies have different features that need to be considered, such as waiting periods, benefit periods, and benefit amounts. Waiting periods determine how long you have to wait before the benefits kick in. Benefit periods determine how long the benefits will last. Benefit amounts can be paid per day or per month, and the total benefit pool depends on the policy. Inflation adjustments are important to consider to protect the value of the benefits over time. Methods of payment include reimbursement, indemnity, and cash methods. Managing long-term care insurance can be administratively burdensome, and it may be helpful to have a trusted person or professional assist with the process. Qualifying expenses for long-term care insurance coverage depend on the policy and may include in-home care, assisted living, nursing home care, and more. Understand the definition of activities of daily living and how they are defined in different policies. Consider the option for couples to pool their benefits in a joint policy. Explore hybrid policies that combine long-term care insurance with other benefits. Be aware of the underwriting requirements and shop around for the best health classification. Check if the policy covers living abroad if that is a consideration. Consider the liquidity and death benefit options in hybrid policies. Explore ways to lower premiums, such as choosing a lower level of inflation protection or a shorter benefit period. Share your long-term care plan with relevant family members and make sure they are aware of the policy and any care coordinators. Implement and monitor your plan regularly, reviewing it annually and making adjustments as needed. Stay healthy and take care of your health to reduce the need for long-term care.   Chapters 00:00 Understanding the Different Features of Long-Term Care Insurance 06:10 Navigating Waiting Periods and Benefit Periods 08:13 Determining Benefit Amounts and Inflation Adjustments 15:21 Exploring Methods of Payment for Long-Term Care Insurance 24:28 Qualifying Expenses for Long-Term Care Insurance Coverage 24:56 Understanding Activities of Daily Living and Policy Differences 27:17 Pooling Benefits for Couples in Joint Policies 28:37 Exploring Hybrid Policies 29:00 Navigating Underwriting and Health Classification 30:36 Considering Coverage for Living Abroad 31:38 Understanding Liquidity and Death Benefit Options 33:05 Lowering Premiums through Various Strategies 35:23 Sharing Your Long-Term Care Plan with Family Members 37:57 Implementing and Monitoring Your Plan 39:16 Staying Healthy to Reduce the Need for Long-Term Care   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 conversation, Alex and Wade discuss traditional long-term care insurance policies. They address the declining popularity of these policies and the shift towards hybrid policies. They also cover topics such as premium payments, care coordinators, and the importance of starting early with long-term care planning. Wade emphasizes the need to read the specific details of the policy and the potential for premium hikes. They also mention the option of Medicaid for those with limited assets. Overall, the conversation highlights the considerations and factors involved in choosing a long-term care insurance policy. In this conversation, Wade Pfau and Alex Murguia discuss the different types of long-term care insurance policies, focusing on traditional policies and hybrid policies. They cover the key features and considerations of each type, including coverage options, premium hikes, and the use-it-or-lose-it aspect. They also highlight the advantages of hybrid policies, such as level premiums, relaxed underwriting, and the ability to tap into the death benefit for long-term care expenses. The conversation concludes with a discussion on the perceived disadvantages of traditional policies and how hybrid policies aim to address them.   Takeaways Traditional long-term care insurance policies are becoming less popular, with less than 6% of Americans age 50 and older having these policies. The direction is shifting towards hybrid policies, which combine life insurance with long-term care benefits. Premium payments for traditional long-term care insurance can increase over time, and it's important to budget for potential premium hikes. Care coordinators can be valuable in helping individuals find the right care options. For those with limited assets, Medicaid may be a viable option for long-term care coverage. Starting early with long-term care planning is recommended, as waiting too long can lead to health issues that may disqualify individuals from coverage. Traditional long-term care insurance policies have coverage options for nursing home care, assisted living, at-home care, and other services, but they may not cover in-home care or respite care. Hybrid long-term care insurance policies, which combine life insurance or annuities with long-term care benefits, have become more popular due to their level premiums, relaxed underwriting, and the ability to tap into the death benefit for long-term care expenses. Hybrid policies offer more flexibility and liquidity compared to traditional policies, and they eliminate the risk of accidental lapses or premium hikes. While traditional policies may have lifetime benefits, hybrid policies typically have finite benefit periods, but they may offer continuation of care riders that provide additional long-term care benefits beyond the death benefit. Reviewing the language and features of your existing life insurance policy may reveal that you already have a long-term care benefit through an acceleration of death benefit rider. Hybrid policies can be a better use of assets, as they reduce the need for a large cash reserve and provide the potential for higher returns on invested assets. Hybrid policies have different names in the insurance industry, such as asset-based long-term care insurance or life insurance with a long-term care overlay. Chapters 00:00 Introduction and Overview 03:03 The Decline of Traditional Long-Term Care Insurance 04:23 The Rise of Hybrid Policies 06:20 Understanding Premium Payments 08:00 The Role of Care Coordinators 09:30 Considering Medicaid for Limited Assets 10:22 The Importance of Starting Early 26:45 Understanding Level Premiums 28:37 Hybrid Policies: The Darling of Long-Term Care Insurance 37:05 Different Approaches to Hybrid Policies 41:02 Advantages of Hybrid Policies 44:05 Flexibility and Liquidity of Hybrid Policies 45:08 Eliminating Disadvantages of Traditional Policies 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 Medicaid as a funding source for long-term care. They touch on the importance of Medicaid planning and the different rules and qualifications that vary from state to state. They also highlight the need for specialized elder law attorneys to navigate the complexities of Medicaid. Wade shares his personal experience with his parents' Medicaid coverage and the benefits it provides. The episode concludes with a reminder to consider Medicaid as an option for parents who may not have sufficient savings for long-term care. Listen now to learn more!   Takeaways Medicaid is a state-based funding source for long-term care that is generally considered a last resort option. Medicaid planning involves shifting assets from countable to non-countable categories to qualify for Medicaid benefits. Every state has different rules and qualifications for Medicaid, so it's important to consult with a specialized elder law attorney. Medicaid reimbursements may be less than the actual cost of care, so it's beneficial to enter long-term care facilities before needing Medicaid. Consider Medicaid as an option for parents who may not have sufficient savings for long-term care. Chapters 00:00 Introduction and Personal Updates 10:56 Discussing Films and Personal Interests 13:33 Transition to Discussing Medicaid 19:14 Qualifications and Asset Limits for Medicaid 23:01 Medicaid Planning and Non-Countable Assets 26:55 Personal Experiences with Medicaid Coverage 28:25 Importance of Medicaid Transition and Considerations 29:22 Conclusion and Preview of Future Episodes   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 conversation, Alex, Wade, and Jason discuss the importance of incorporating long-term care into financial planning. They share a real-life example of a client who unexpectedly needed long-term care earlier than anticipated and how having a long-term care policy helped preserve their assets. They also discuss the different types of long-term care insurance policies, such as hybrid policies, and the factors to consider when deciding whether to self-insure or purchase insurance. The conversation highlights the need to stress test financial plans for long-term care events and the value of care coordinator benefits in insurance policies. In this conversation, Jason Rizkallah discusses the process of obtaining long-term care insurance. He explains that the decision between insurance and self-insurance varies and is often influenced by factors such as cost, eligibility, and pre-existing conditions. Rizkallah also outlines the steps involved in signing up for a long-term care policy, including determining coverage amounts, obtaining quotes from providers, and going through the underwriting process. He emphasizes the importance of working with a knowledgeable long-term care specialist to navigate the complexities of the insurance market. The conversation concludes with a discussion on the need for early planning and the availability of options for long-term care coverage. Takeaways Incorporating long-term care into financial planning is crucial due to the high probability and cost of long-term care events. Stress testing financial plans for long-term care events helps clients understand the potential impact on their financial situation. Hybrid policies, which combine life insurance and long-term care coverage, can provide both a death benefit and long-term care benefits. The cost of long-term care insurance should be compared to the potential out-of-pocket expenses to determine the value of the coverage. Care coordinator benefits in insurance policies can be valuable for individuals who may have difficulty finding appropriate care on their own. The decision between long-term care insurance and self-insurance depends on factors such as cost, eligibility, and pre-existing conditions. The process of obtaining long-term care insurance involves determining coverage amounts, obtaining quotes from providers, and going through the underwriting process. Working with a knowledgeable long-term care specialist can help navigate the complexities of the insurance market and increase the chances of approval. Early planning is crucial for long-term care, as the probability of needing care increases with age. There are options available for long-term care coverage, including hybrid policies that offer flexibility and known benefits. Chapters 00:00 Introduction and Guest Introduction 07:26 Benefits of Hybrid Policies 23:02 Factors to Consider in Long-Term Care Planning 32:16 Options for Long-Term Care Coverage   Links We're hosting another YouTube LIVE Q&A episode for RWS! Attend live on the Retire With Style YouTube channel on 5/13 at 1:00 PM ET. Can't make it live? Click here to submit your questions: https://www.surveymonkey.com/r/7JMMPRM 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 are joined by Rob Cordeau to discuss Continuing Care Retirement Communities (CCRCs). They provide an overview of what CCRCs are and how they relate to long-term care planning. They also explore how CCRCs can be an alternative to long-term care insurance and the different financing models for CCRCs. The conversation covers topics such as the large upfront costs of CCRCs, the benefits of living in a CCRC, and the options for refundable entrance fees. Rob Cordeau provides insights into continuing care retirement communities (CCRCs). He clarifies that purchasing a CCRC is not a real estate purchase but rather a contract to live in the community throughout one's life. The entrance fee varies based on the size and features of the apartment, and there are different types of contracts, including non-refundable and refundable options. Rob also discusses the financial aspects of CCRCs, such as the relationship between entrance fees and ongoing cash flow, the potential tax deductibility of entrance fees, and the importance of financial due diligence when choosing a CCRC. Takeaways CCRCs are retirement communities that offer various levels of care on one campus, including independent living, assisted living, and skilled nursing care. CCRCs can be an alternative to long-term care insurance, especially for those who want to downsize and plan for their long-term care needs. There are different financing models for CCRCs, including large upfront costs with lower ongoing monthly costs or lower upfront costs with higher ongoing monthly costs. Some CCRCs offer refundable entrance fees, where a portion of the fee is returned to the resident or their heirs upon moving out or passing away. CCRCs are not real estate purchases but contracts to live in a community throughout one's life. The entrance fee varies based on the size and features of the apartment. CCRCs offer different types of contracts, including non-refundable and refundable options. Financial planning is crucial when considering a CCRC, including modeling the affordability of entrance fees and monthly service fees. Some entrance fees may be tax deductible, depending on the contract. Due diligence is essential to assess the financial stability and reputation of a CCRC. CCRCs may not be suitable for individuals who prefer independent living in their own homes. Buyer's remorse is rare among individuals who have thoroughly considered and chosen a CCRC. Chapters 1. Introduction and Overview of CCRCs 2. Exploring Different Financing Models for CCRCs 3. Understanding Refundable Entrance Fees in CCRCs 4. Understanding the Dynamics of CCRCs 5. Financial Underwriting and Considerations for CCRCs 6. Different Types of Contracts Offered by CCRCs 7. Financial Planning for CCRCs 8. CCRCs vs. Independent Living: Choosing the Right Option   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?”