In this episode of Excess Returns, our good friend Matt Zeigler interviews retirement planning expert Wade Pfau. They discuss key concepts in retirement income planning, including the 4% rule, variable withdrawal strategies, and Pfau's "safety first" approach. They discuss Wade's work on retirement income styles and the RISA (Retirement Income Style Awareness) framework he developed to help retirees and advisors determine appropriate strategies. They also explore topics like the benefits of delaying Social Security, the role of annuities in retirement planning, and managing sequence of returns risk. Wade also shares insights on tax-efficient withdrawals, evolving retirement challenges, and balancing frugality with enjoying life in the present.

00:00 - Introduction
02:55 - Discussion about the 4 percent rule
05:04 - Explanation of the 4 percent rule’s origins and methodology
07:40 - Applying the 4 percent rule globally and findings
11:14 - Importance of bond yields and market valuations
13:39 - Bond ladder strategies and their implications
15:04 - Variable withdrawal strategies to manage sequence risk
22:46 - Introduction to safety first retirement planning
25:09 - Essentials vs. discretionary spending in retirement
26:22 - Asset liability matching with annuities
28:24 - Explanation of risk pooling in annuities
33:42 - The importance of delaying Social Security
36:15 - Psychological considerations in claiming Social Security
37:20 - Rising equity glide path strategy
42:21 - Behavioral and practical aspects of equity glide paths
43:32 - Introduction to the RISA framework
50:53 - Different retirement income styles and their implications
54:15 - Strategies for different generations
56:26 - Long-term planning for future generations
57:11 - Evolution of retirement planning research
59:55 - Changes in retirement planning and defined benefit systems

MORE INFO ABOUT WADE
https://www.retirementresearcher.com

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