Episode 135: RISA® in Action with James Matthews

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/