Retire With Style

In this episode, Wade Pfau and Alex Murguia interview Dennis Mattern from Creative One about the role of Independent Marketing Organizations (IMOs) in the financial industry. They discuss the difference between captive and independent advisors, the services provided by IMOs, and the importance of infrastructure for advisors. They also explore the marketing support and business partnership that IMOs offer to help advisors engage new prospects and expand their businesses. In this conversation, Dennis Mattern discusses various marketing approaches and strategies for financial advisors. He emphasizes the importance of understanding social media preferences and recognizing the different generations. Dennis explains how Creative One helps advisors grow their business through strategy sessions and the development of 30-60-90 day plans. He also highlights the significance of setting realistic expectations and finding marketing tools that align with an advisor's strengths. Dennis discusses the effectiveness of dinner seminars, educational events, and virtual webinars. He concludes by discussing the role of compliance and the importance of authenticity in marketing. Listen now to learn more!   Takeaways IMOs provide support and resources for financial advisors, including marketing, product selection, and case design. Choosing the right IMO is crucial for advisors, and they should ask the right questions to ensure the IMO can meet their needs. IMOs can help advisors engage new prospects and expand their businesses through marketing strategies and advertising support. IMOs serve as a business partner for advisors, offering guidance, expertise, and access to a wide range of insurance products and solutions. Understanding social media preferences and recognizing the different generations can help advisors tailor their marketing strategies. Setting realistic expectations is crucial for both advisors and clients. Different marketing approaches, such as dinner seminars, educational events, and virtual webinars, can be effective in reaching and engaging potential clients. Working with an IMO that has a broker dealer or an RIA can streamline the marketing and compliance process. Authenticity and finding marketing strategies that align with an advisor's strengths are key to success.   Chapters 00:00 Introduction and Background 01:49 Understanding IMO and FMO 03:42 The Role of IMOs in the Financial Industry 05:13 Captive vs. Independent Advisors 06:39 The Importance of Infrastructure for Advisors 08:59 The Evolution of IMOs 12:19 Choosing an IMO and Asking the Right Questions 14:03 Services Provided by IMOs 16:13 The Role of IMOs in Product Selection 22:48 Marketing Support from IMOs 24:01 The Importance of Business Partnership with IMOs 28:46 Engaging New Prospects and Marketing Strategies 31:25 Social Media Preferences 32:09 Recognizing Generation X 32:29 Cutting Through the Noise 33:19 Helping Advisors Grow Their Business 34:10 Setting Up a Strategy Session 34:37 Creating a 30-60-90 Day Plan 35:08 Realistic Expectations 36:17 Marketing Tools and Strategies 37:26 Different Approaches to Marketing 38:43 The Effectiveness of Dinner Seminars 39:23 Educational Events and Seminars 40:07 Virtual Events and Webinars 41:12 Considerations for Marketing Approaches 42:40 Benefits of Classroom Events 43:11 Leading with Value in Education 44:25 Virtual Events and Expanding Footprint 45:50 The Role of Compliance in Marketing 48:11 Consolidation and Differentiation in the Industry 49:25 Setting Realistic Expectations 51:09 The Role of an IMO 51:39 Facilitating the Fulfillment Process 52:09 Setting Up a Flywheel for Bringing in New Clients 55:07 Authenticity in Marketing 56:12 Considerations for Evaluating an IMO 57:11 How to Start 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 episode, Alex and Wade discuss options for funding long-term care expenses. They start by clarifying that Medicare is not a long-term care funding option, as it is for health-related issues. The four main funding options they cover are self-funding, Medicaid, traditional long-term care insurance, and hybrid policies. They focus on self-funding in this episode and discuss factors to consider when choosing a funding strategy, such as age, health, family health history, wealth levels, legacy objectives, risk tolerance, and the costs and benefits of different insurance policies. They also emphasize the importance of involving family members in the long-term care plan and considering the fungibility of assets. The episode concludes with a discussion on the impact of long-term care expenditures on one's standard of living and potential beneficiaries. This conversation explores the concept of self-funding for long-term care and the various factors to consider when making this decision. The chapters cover topics such as volatility and spending flexibility, the impact on inheritance and flexibility, insurance for long-term care, estimating reserves for self-funding, the probability of long-term care events, the ideal persona for self-funding, target date funds for long-term care, using QLAC as a planning tool, self-funding with annuities, spending guilt and behavior change, unpaid informal caregivers, and self-funding with annuities. Listen now to learn more!   Takeaways Medicare is not a long-term care funding option; it is for health-related issues. The four main funding options for long-term care expenses are self-funding, Medicaid, traditional long-term care insurance, and hybrid policies. Factors to consider when choosing a funding strategy include age, health, family health history, wealth levels, legacy objectives, risk tolerance, and the costs and benefits of different insurance policies. Involving family members in the long-term care plan is important to avoid misunderstandings and ensure support. Money is fungible, and assets can be used to fund long-term care expenses, including the house, investment portfolio, and life insurance cash value. Consider the impact of long-term care expenditures on your standard of living and potential beneficiaries. Chapters 00:00 Introduction and Overview 02:58 Medicare and Long-Term Care 06:57 Costs and Considerations 09:59 Choosing a Funding Strategy 16:12 Involving Family Members 21:54 Funding Sources for Self-Funding 23:05 Impact on Standard of Living and Beneficiaries 23:19 Volatility and Spending Flexibility 24:15 Impact on Inheritance and Flexibility 25:45 Insurance for Long-Term Care 26:33 Estimating Reserves for Self-Funding 27:05 Probability of Long-Term Care Events 27:36 Ideal Persona for Self-Funding 28:33 Target Date Fund for Long-Term Care 29:23 QLAC as a Planning Tool 30:12 Self-Funding with Annuities 32:09 Spending Guilt and Behavior Change 36:18 Unpaid Informal Caregivers 41:02 Self-Funding with Annuities   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 continue their discussion on long-term care, focusing on nursing homes and continuing care retirement communities (CCRCs). They also touch on hospice care and the importance of having a power of attorney in place. They highlight the need to carefully review contracts and consider the financial strength of CCRCs. Listen now to learn more!   Takeaways Nursing homes provide 24-hour care for individuals who need significant help with daily activities and medical issues. Hospice care focuses on providing comfort and pain relief for individuals with terminal conditions. CCRCs offer multiple levels of care within one community, allowing individuals to transition as their needs change. It is important to review CCRC contracts with an elder law attorney and consider the financial stability of the facility. Upcoming topics will include funding options for long-term care and interviews with experts in the field. Chapters   00:00 Introduction and Correction 00:31 Continuing Care Retirement Communities (CCRCs) 10:02 Hospice Care 25:52 Considerations for CCRCs 30:38 Upcoming Topics and 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/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

In this episode, Alex and Wade discuss the continuum of long-term care, focusing on the different levels of care and the importance of planning for aging in place. They explain the distinction between skilled care and custodial care, and the role of geriatric care managers and care coordinators in navigating long-term care decisions. The hosts also highlight the concept of aging in place and the modifications that can be made to homes to support this. They touch on the potential use of reverse mortgages and the importance of ensuring the safety and comfort of individuals receiving long-term care. This conversation explores various aspects of aging in place and the different options available for seniors. The importance of creating a safe and accessible living environment is emphasized, including the use of smart home technology and wheelchair accessibility. The benefits of social interaction and the potential risks of social isolation are discussed. The conversation also touches on the role of adult daycare and community centers in providing care and support for seniors. Finally, the episodes concludes with a discussion on assisted living facilities and the considerations involved in choosing the right one. Listen now to learn more!   Takeaways Understanding the continuum of long-term care is crucial for planning and making informed decisions. Skilled care refers to medical intervention, while custodial care involves assistance with daily activities. Geriatric care managers and care coordinators can provide valuable support in navigating long-term care decisions. Aging in place is a growing movement that aims to enable individuals to stay in their homes and receive in-home care. Modifications to the home, such as walk-in showers and single-floor living, can facilitate aging in place. Creating a safe and accessible living environment is crucial for aging in place. Smart home technology can enhance safety and convenience for seniors. Social interaction is important for maintaining cognitive function and overall well-being. Adult daycare and community centers can provide support and stimulation for seniors.   Chapters   00:00 Introduction to Long-Term Care Continuum 06:02 Transitioning to Different Levels of Care 09:21 Skilled Care vs Custodial Care 11:46 Geriatric Care Managers and Care Coordinators 12:44 Home Care and Aging in Place 24:05 The Importance of Aging in Place 24:47 Reducing the Risk of Falls 25:08 The Benefits of Smart Homes 26:05 Wheelchair Accessibility and Levered Handles 27:09 Good Lighting and Low Cabinets 28:08 The Importance of Social Interaction 29:06 Adult Daycare and Community Centers 29:22 Reducing Hazards to Falling 30:14 Assisted Living Facilities   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 the costs and prevalence of long-term care. They explore the probabilities of needing long-term care and the average lengths of care for men and women. They also differentiate between any long-term care needs and paid long-term care needs. The conversation provides insights into the importance of planning for long-term care and highlights the need for realistic expectations and budgeting. This conversation explores the financial implications of long-term care, including the distinction between unpaid and paid care. It highlights the impact of unpaid care on caregivers' lives and the need for paid care. The discussion also delves into the gender differences in long-term care needs and the higher costs associated with women. The Genworth Cost of Care Study provides insights into the average costs of various long-term care options. The conversation emphasizes the importance of considering inflation and demographic trends when planning for long-term care expenses.   Takeaways The probability of needing long-term care is higher for women than men, primarily due to their longer life expectancy. On average, men need long-term care for about 2.5 years, while women need it for about 3.6 years. About 56% of individuals will likely need to plan for long-term care in their retirement. Planning for long-term care should consider both the probability and length of care needed, as well as the potential costs involved. Unpaid care can have a significant financial and personal impact on caregivers, often disrupting their own retirement plans. Women tend to have longer long-term care needs and higher costs due to their longer life expectancy and caregiving roles. The Genworth Cost of Care Study provides estimates of the average costs of different long-term care options. Long-term care expenses are likely to grow faster than the overall inflation rate, making it important to plan for higher costs. Chapters   00:00 Introduction and Personal Updates 05:12 Probabilities and Length of Long-Term Care Needs 10:32 Probability and Length of Any Long-Term Care Event 18:59 Unpaid Care vs. Paid Care 19:37 The Financial Impact of Unpaid Care 20:23 The Cost of Paid Long-Term Care 21:11 Lower Probability of Needing Paid Care for Longer Durations 22:18 Long-Term Care Needs and Gender 23:08 The Impact of Unpaid Care on Women 24:05 Lifetime Expenditures for Long-Term Care 25:18 Inflation and Long-Term Care Expenses 26:35 Triggers for Long-Term Care Needs 28:18 Gender and Long-Term Care Planning 29:01 Genworth Cost of Care Study 31:05 Inflation Rate for Long-Term Care Expenses 32:02 The Progression of Long-Term Care Needs 33:27 State-by-State Differences in Long-Term Care Costs 38:01 Considering Alternative Care Options 39:46 The Growing Need for Long-Term Care   Links Join the waitlist for the next Retirement Income Challenge 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/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

In this episode, Wade and Alex introduce the long-awaited arc on long-term care planning. They discuss the importance of planning for long-term care and the impact it can have on retirement. They define what a long-term care need is and explain the activities of daily living (ADLs) that determine eligibility for long-term care benefits. They also highlight the distinction between ADLs and incidental activities of daily living. The episode concludes with a preview of the next episode, which will cover the costs and prevalence of long-term care. Listen now to learn more.   Takeaways Long-term care planning is a crucial aspect of retirement planning, as it can have a significant impact on financial security and the well-being of individuals and their families. A long-term care need is defined as requiring assistance with activities of daily living (ADLs) for more than 100 days. The six common ADLs include bathing, continence, dressing, eating, toileting, and transferring. Cognitive impairment, such as dementia, may also trigger the need for long-term care, depending on the policy's definition. It is important to distinguish between ADLs and incidental activities of daily living, as only ADLs typically qualify for long-term care benefits. The next episode will cover the costs and prevalence of long-term care, providing further insights into planning for this important aspect of retirement. Chapters   00:00 Introduction to Long-Term Care Planning 03:01 Personal Experiences and the Importance of Long-Term Care Planning 08:58 Budgeting for Long-Term Care 14:12 Determining the Amount to Set Aside for Long-Term Care 21:36 The Demographics and Increasing Need for Long-Term Care 26:39 Defining a Long-Term Care Need 27:56 Activities of Daily Living (ADLs) and Cognitive Impairment 32:46 Incidental Activities of Daily Living 36:53 Summary and Next Steps   Links  Join the waitlist for the next Retirement Income Challenge 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 and Wade answer questions on safe withdrawal rates, annuities, and retirement planning. They discuss the considerations for investing in a Qualified Longevity Annuity Contract (QLAC) and the difference between immediate and deferred annuities. They also explore the use of Single Premium Immediate Annuities (SPIAs) in combination with Fixed Index Annuities (FIAs) and the benefits of buffer assets in reducing sequence risk. Additionally, they address the challenges of finding automatic options for equity investments and provide insights for individuals who are considering retirement but are unsure about their options. Listen now to learn more.   Takeaways Consider the insurance aspect of annuities and view them as a way to protect against longevity risk and provide guaranteed income in retirement. When deciding between investing and buying a QLAC, focus on the insurance benefits and peace of mind rather than potential investment returns. SPIAs and FIAs can be used in combination to provide both guaranteed income and growth potential in retirement. Buffer assets can help reduce sequence risk and allow for a higher withdrawal rate from an investment portfolio. Retirement decisions should not be solely based on financial considerations, but also on personal fulfillment and well-being. Chapters   00:00 Introduction and Q&A on Safe Withdrawal Rate and Annuities 02:06 Considerations for Investing in a QLAC 04:16 Viewing Annuities as Insurance Products 06:07 Choosing Between Investing and Buying a QLAC 08:45 Using SPIA and FIA in Combination 16:59 Using Safe Withdrawal Rate and RMDs 21:37 Buffer Assets and Sequence Risk 24:47 Automatic Options for Equity Investments 28:40 Considering Retirement Options   Links  Registration for the next Retirement Income Challenge is OPEN: Learn more and join us for this LIVE 4-Day event starting on March 4th-7th, 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/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

In this episode, Wade and Alex discuss various topics related to retirement planning and investment strategies. They address questions about reconciling portfolio structure when spouses have different orientations, allocating between growth and value stocks, estimating healthcare expenses in retirement, investing in high-yielding stocks, using closed-end funds for retirement income, and implementing a reverse glide path for early retirement. We'll also discuss various retirement planning topics, including managing the sequence of returns risk in early retirement, blending time segmentation and total return strategies, balancing safety first and commitment orientation, and the impact of RMDs on immediate annuities. Listen now to learn more.   Takeaways When spouses have different orientations, it's important to find a middle ground that considers risk preferences and liquidity needs. The RISA framework helps determine retirement income strategies but doesn't provide specific guidance on asset allocation decisions. Estimating healthcare expenses in retirement should be part of the overall budget and doesn't require a separate reserve. Investing in high-yielding stocks or funds can be risky and may not provide the desired income or diversification. Closed-end funds may not be an efficient or recommended strategy for retirement income due to concentration and leverage risks. A reverse glide path, starting with a lower stock allocation and gradually increasing it, can help manage sequence of returns risk in early retirement. When retiring early, managing sequence of returns risk can be achieved by using a lower withdrawal rate, which may reduce the need for a reverse equity glide path. The glide path can be a way to blend time segmentation and total return strategies, such as using a bond ladder for the start of retirement and gradually increasing equity allocation. Balancing safety first and commitment orientation in retirement planning involves considering contractual protections, such as annuities, while not going overboard with them. RMDs and immediate annuities: The Secure Act 2.0 allows the excess income from an immediate annuity to be applied towards other RMDs, providing more flexibility for retirees. Chapters    00:00 Introduction 03:07 Reconciling Portfolio Structure 09:02 Allocation Decisions 13:05 Healthcare Expenses in Retirement 20:13 Allocation Decisions: Growth vs. Value Stocks 31:12 Investing in High-Yielding Stocks 36:21 Using Closed-End Funds for Retirement Income 39:24 Implementing a Reverse Glide Path 40:31 Managing Sequence of Returns Risk in Early Retirement 42:27 Blending Time Segmentation and Total Return 44:54 Balancing Safety First and Commitment Orientation 45:25 RMDs and Immediate Annuities     Links  Registration for the next Retirement Income Challenge is OPEN: Learn more and join us for this LIVE 4-Day event starting on March 4th-7th, 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, Wade and Alex discuss housing and reverse mortgages. They address the issue of pirated books on Amazon and warn listeners to ensure they are purchasing the legitimate copy of the Retirement Planning Guidebook! They then delve into the topic of using retirement savings for purchasing a house and the potential drawbacks of relying solely on a reverse mortgage. The impact of higher mortgage rates on obtaining a reverse mortgage is also explored, along with the misconceptions surrounding reverse mortgages. The episode concludes with a discussion on the metrics to consider when implementing a reverse mortgage. Listen now to learn more!    Takeaways Using retirement savings for purchasing a house may not be a responsible strategy. Higher mortgage rates can affect the benefits of a reverse mortgage. There are misconceptions surrounding reverse mortgages. Metrics such as the ratio of home value to investment portfolio can guide the decision to implement a reverse mortgage. Chapters   00:00 Introduction and Announcement 03:01 Pirated Books on Amazon 05:07 Reverse Mortgage: Using Retirement Savings 08:06 Impact of Mortgage Rates on Reverse Mortgage 16:27 Misconceptions about Reverse Mortgages 22:38 Metrics for Implementing a Reverse Mortgage 26:30 Effect of Higher Mortgage Rates on Reverse Mortgages 28:30 Conclusion   Links  The Retirement Planning Guidebook: 2nd Edition AND Reverse Mortgages 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 episode, Alex and Wade answer various Social Security questions from their listeners. They discuss the limitations of online Q&A and the importance of seeking professional advice for personalized financial planning. They also address the availability of tools for running hypotheticals on Social Security claiming strategies. The hosts delve into the complexities of claiming Social Security at different ages and the potential impact on taxes and spousal benefits. They provide insights on claiming an ex-spouse's Social Security and discuss the considerations of age difference and life expectancy in determining the optimal claiming strategy. Lastly, they share personal updates on their fitness goals and tease the next episode on reverse mortgages. Listen now to learn more!   Takeaways Seek professional advice for personalized financial planning rather than relying solely on online Q&A. Tools for running hypotheticals on Social Security claiming strategies are limited, but resources like Open Social Security can provide some insights. Claiming Social Security at different ages can have implications for taxes, spousal benefits, and survivor benefits. Eligibility for claiming an ex-spouse's Social Security depends on factors such as length of marriage and timing of divorce. Consider age difference and life expectancy when determining the optimal Social Security claiming strategy. Personal updates: Alex and Wade are working on their pull-up goals and discussing the benefits of hanging exercises. The next episode will cover reverse mortgages. Chapters   00:00 Introduction and Q&A Arc 03:01 The Limitations of Online Q&A 04:13 Tool for Running Hypotheticals on Social Security 07:43 Claiming Social Security at 70 and Tax Planning 11:31 Claiming Ex-Spouse's Social Security 14:45 Claiming Social Security at 62 and Spousal Amount at Full Retirement Age 17:41 Claiming Social Security at 69 and Spousal Amount at 67, or Waiting Until 70 22:47 Impact of Age Difference and Life Expectancy on Claiming Strategy 27:15 Personal Update: Pull-Ups and Hanging Exercises 31:19 Closing Remarks and Preview of Next Episode   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