

Retire With Style
Wade Pfau & Alex Murguia
The purpose of Retire With Style is to help you discover the retirement income plan that is right for you. The first step is to discover your retirement income personality. Your hosts Wade Pfau, PhD, CFA, RICP and Alex Murguia, PhD walk you through creating and implementing a retirement plan that will help you reach your goals, and that you’ll be able to stick with.
Start by going to risaprofile.com/style and sign up to take the industry’s first financial personality tool for retirement planning.
Start by going to risaprofile.com/style and sign up to take the industry’s first financial personality tool for retirement planning.
Episodes
Mentioned books

Aug 26, 2025 • 34min
Episode 193: Retire with Style Live: Part 1
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”

Aug 19, 2025 • 36min
Episode 192- Beyond The 4% Rule
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

Aug 12, 2025 • 37min
Episode 191: From Cash to HELOCs What’s in Your Buffer Toolbox
In this episode of Retire with Style, Alex Murguia and Wade Pfau explore how buffer assets can help manage sequence risk in retirement. They discuss different types of buffer assets—including cash, home equity lines of credit (HELOCs), multi-year guaranteed annuities (MYGAs), and whole life insurance—and examine the trade-offs involved with each. Wade also shares insights on the evolving role of reverse mortgages in retirement planning, emphasizing the importance of weighing costs and long-term implications when incorporating these tools into a financial strategy.
Takeaways
Buffer assets help manage sequence risk by providing a safety net.
Cash, HELOCs, and life insurance can serve as buffer assets.
HELOCs may not be reliable during market downturns.
MIGAs can be considered buffer assets under certain conditions.
CDs can also function as buffer assets if withdrawal penalties are minimal.
Reverse mortgages offer unique advantages but come with costs.
The perception of reverse mortgages has evolved over time.
Long-term care costs can be partially covered by reverse mortgages.
Whole life insurance allows borrowing against cash value.
Understanding the terms of financial products is crucial for effective planning.
Chapters
00:00Introduction and Overview of Sequence Risk
02:24Understanding Buffer Assets
05:32Exploring Alternatives: HELOCs and Other Options
08:51Evaluating Multi-Year Guaranteed Annuities (MIGAs) as Buffer Assets
10:51The Role of CDs and Fixed Indexed Annuities
13:27The Case Against Gold as a Buffer Asset
16:12Reverse Mortgages: Risks and Benefits
19:19Changing Perceptions of Reverse Mortgages
22:31Long-Term Care and Reverse Mortgages
25:38Whole Life Insurance Loans and Their Implications
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”

Aug 5, 2025 • 28min
Episode 190- Buffer Assets, Bad Timing, and Better Plans
In this episode of Retire with Style, hosts Alex Murguia and Wade Pfau explore how to manage sequence of returns risk in retirement. They break down four key strategies: spending conservatively, staying flexible with spending, reducing investment volatility, and using buffer assets. The discussion also touches on how sequence risk can arise more than once—especially for early retirees—and how having a pension can affect your overall risk tolerance. Throughout the episode, they emphasize the value of starting retirement on solid footing and building a margin of safety into your plan.
Takeaways
Sequence of returns risk is crucial for retirees.
Four strategies to manage sequence of returns risk exist.
Spending conservatively can mitigate risk.
Flexible spending strategies can adapt to market conditions.
Reducing investment volatility is essential for stability.
Buffer assets provide a safety net during downturns.
Early retirement years are particularly vulnerable to risk.
A good start in retirement can set the tone for success.
Pension income can change portfolio risk tolerance.
Understanding personal risk preferences is key to financial planning.
Chapters
00:00Introduction to Sequence of Returns Risk
07:33Understanding the Four Strategies to Manage Risk
17:14Exploring Multiple Sequence of Returns Risks
19:30Portfolio Risk and Pension Considerations
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

Jul 29, 2025 • 38min
Episode 189: Gold Is Shiny- But Is It Smart?
In this episode of Retire with Style, Wade Pfau and Alex Murguia tackle listener questions on a range of financial topics, including gold’s volatility, alternative investments, and how to measure retirement success. They discuss the realities of investment returns, the impact of recent U.S. bond downgrades, and the importance of understanding risk, using historical data, and maintaining a solid investment strategy in retirement.
Takeaways
Gold has lower average returns and higher volatility than stocks.
Alternative investments require careful evaluation due to lack of historical data.
Quantifying retirement success rates can provide clearer financial goals.
The magnitude of failure in financial planning is crucial to understand.
Investors should assess the compensated risk of their investments.
Monte Carlo simulations can help in understanding potential outcomes.
The funded ratio approach simplifies retirement planning.
US bond downgrades may not significantly impact long-term market trajectories.
Understanding the underlying assumptions of financial plans is essential.
Risk assessment is a key component of effective financial planning.
Chapters
00:00 Introduction and Overview of Q&A Session
02:33 Debating Gold's Volatility and Investment Value
08:56 Exploring Alternative Investments and Their Evaluation
19:03 The Importance of Theoretical Justification in Investments
20:17 Understanding Retirement Planning Tools
23:04 Probability of Success vs. Rate of Return
27:21 Magnitude of Failure in Financial Planning
30:31 The Funded Ratio Approach
34:06 Evaluating Financial Advisors
36:15 Impact of US Bond Downgrades
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”

Jul 22, 2025 • 43min
Episode 188: Are TIPS the Retirement Safety Net You’ve Been Missing?
In this episode of Retire with Style, Alex Murguia and Wade Pfau explore Treasury Inflation-Protected Securities (TIPS) and their role in retirement planning. They cover the history of TIPS, their tax implications, and how they help protect against inflation. The conversation also addresses the drawbacks of TIPS, current market conditions, and the importance of clear communication- especially for couples where one partner is less engaged in financial matters.
Takeaways
TIPS were introduced in 1997 to protect against inflation.
TIPS provide a real rate of return that adjusts with inflation.
Tax implications of TIPS make them less efficient than other investments.
It's important to consider the inflation protection TIPS offer in retirement planning.
Market timing is not a sound strategy for investing in TIPS.
Communicating financial plans should focus on meaning rather than just numbers.
Delaying Social Security can provide inflation-adjusted income.
Laddering SPIAs can be an effective strategy for income planning.
Understanding your spouse's values can enhance financial discussions.
Having a contingency plan for financial management is crucial.
Chapters
00:00 Introduction to TIPS and Their Importance
02:57 Understanding TIPS: Historical Context and Current Trends
06:00 Tax Implications and Asset Location for TIPS
09:01 Inflation Protection Strategies in Retirement
12:01 Evaluating the Downsides of TIPS
14:58 Conclusion and Final Thoughts on TIPS
18:21 Understanding TIPS and Their Role in Portfolios
27:15 Communicating Financial Plans to Less Interested Spouses
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

Jul 15, 2025 • 29min
Episode 187: Couples, Roths, and SPIAs- Oh My!
Explore the intricacies of retirement planning, from social security strategies tailored for couples to navigating bond ladders effectively. Discover how delaying benefits can favor higher earners and how low earners gain flexibility. Learn about the smart use of surplus funds for growth and the tax advantages of SPIAs funded by Roth IRAs. Flexibility in financial strategies is key, challenging traditional rules to personalize retirement planning for unique needs.

Jul 8, 2025 • 32min
Episode 186: How to Build a Retirement Plan That Lasts (and Saves on Taxes)
In this episode of Retire with Style, Alex Murguia and Wade Pfau answer listener questions on retirement planning for high earners. They explore tax strategies like Roth conversions and qualified charitable distributions, and discuss how tools like life insurance and annuities can help hedge longevity risk and support a stable retirement income.
Takeaways
The importance of community engagement in retirement planning.
High earners face unique tax challenges and strategies.
Qualified charitable distributions can help manage tax implications.
Roth conversions can be beneficial for reducing future RMDs.
Understanding the widow's penalty in retirement planning is crucial.
Annuities can provide income stability in later years.
Life insurance can hedge against the risk of not living long enough.
The interplay between income sources and tax brackets is complex.
Gifting strategies can help manage estate taxes effectively.
Combining life insurance and annuities can optimize retirement income.
Chapters
00:00 Introduction and Community Engagement
03:12 Exploring Tax Strategies for High Earners
06:09 Navigating Retirement Risks for Couples
11:49 Hedging Against Longevity Risks in Retirement
28:59 Conclusion and Future Q&A Sessions
Links
If you want to better understand how to protect your retirement from bad market timing, don’t miss Retirement Researcher’s free webinar: “Four Ways to Manage Sequence of Returns Risk,” hosted by Wade Pfau happening July 15th, 2025 from 1:00 - 2:00 PM ET. You’ll learn practical strategies to reduce volatility’s impact on your retirement income. Register now at retirewithstyle.com/podcast.
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

Jul 1, 2025 • 1h 5min
Episode 185: Retire with Style Live Q&A
In this live Q&A session, Alex Murguia and Wade Pfau answer questions on key aspects of retirement income planning, including withdrawal strategies, the 4% rule, tax considerations, and the role of financial advisors. They discuss how age and financial circumstances can influence withdrawal rates and highlight the importance of using guardrails to manage risk. The conversation also touches on Medicare, ACA subsidies, gifting strategies, and investment approaches to help protect against inflation. Altogether, it offers practical insights for retirees planning their financial future.
Takeaways
The 4% rule is a guideline for a 30-year withdrawal strategy.
Withdrawal rates can vary based on age and time horizon.
Guardrails can help manage sequence of returns risk in retirement.
Tax strategies are crucial for overfunded retirees to minimize liabilities.
Medicare and ACA subsidies can impact retirement income planning.
Gifting strategies can help manage estate taxes and provide for heirs.
Investment strategies should consider inflation protection, especially for those without Social Security.
Financial advisors can provide valuable guidance in retirement planning.
Risk management is essential to ensure sustainable income in retirement.
Planning for retirement involves both financial and non-financial considerations.
Chapters
00:00 Introduction to Retirement Income Strategies
06:07 Understanding the 4% Rule and Its Variations
11:55 Exploring Withdrawal Rates for Different Ages
21:01 Strategies for Overfunded Retirement Scenarios
30:14 Balancing Total Return and Income Protection Strategies
32:40 Spending Strategies for Retirement Accounts
35:50 Charitable Giving and Roth Accounts
39:31 Mortgage vs. Roth IRA Contributions
43:57 Withdrawal Strategies in Retirement
49:41 Key Steps Before Retirement
53:08 Roth Conversions and IRMA
56:28 Inflation Protection for Educators
01:01:15 Understanding Risk-Wrapper 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

Jun 24, 2025 • 53min
Episode 184: Can Tech Replace Your Financial Advisor?
In this episode of Retire with Style, Wade Pfau and Alex Murguia talk with John Manganaro, senior reporter at ThinkAdvisor, about the shifting landscape of retirement income planning. They explore how technology is reshaping financial planning, the growing need for holistic advice, and the challenges both advisors and consumers face in finding effective tools. John offers insights into the future of financial software, the value of human advisors, and the behavioral side of planning-highlighting the importance of addressing both financial and lifestyle goals in retirement.
Takeaways
Technology is expanding what financial advisors can do.
Holistic advice is becoming essential for effective retirement planning.
An aging population is driving greater demand for financial planning.
Advisors are increasingly using advanced tools for tax-efficient retirement income strategies.
The advisor’s role remains critical in implementing and personalizing financial plans.
Behavioral factors are just as important as the numbers in financial planning.
More new advisors are focusing on serving middle-class clients.
AI may help democratize access to quality financial advice.
New software solutions are reshaping how the industry delivers financial planning.
Many next-generation advisors are driven by a desire to help others, not just manage wealth.
Chapters
00:00 Introduction to Retirement Income Planning
03:00 The Role of Technology in Financial Planning
06:03 Understanding Holistic Financial Advice
09:05 The Evolution of Financial Planning Tools
11:54 Challenges in Accessing Financial Advice
14:57 The Future of Financial Software Solutions
25:56 Exploring Social Security Strategies
28:07 Preparing for Retirement: Lifestyle Considerations
30:00 Behavioral Challenges in Financial Planning
33:00 The Evolution of Financial Software
39:07 The Role of AI in Financial Advice
42:57 The New Wave of Financial Advisors
Links
Upcoming Retirement Researcher Webinar: What’s Involved When Working With an Advisor. Join Jason Rizkallah and Brian Bass from McLean Asset Management on Wednesday, June 25th at 1PM ET for a FREE webinar exploring how to evaluate and work with a financial advisor. Register now at retirewithstyle.com/podcast.
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”