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Retire With Style

著者： Wade Pfau & Alex Murguia
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  • 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.
    Copyright 2022 All rights reserved.
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  • Episode 124: Insights into Continuing Care Retirement Communities with Rob Cordeau

    Episode 124: Insights into Continuing Care Retirement Communities with Rob Cordeau
    2024/04/30

    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?”
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    49 分
  • Episode 123: The Importance of Long-Term Care Planning in Retirement with Neal Gordon

    Episode 123: The Importance of Long-Term Care Planning in Retirement with Neal Gordon
    2024/04/23

    In this conversation, Alex, Wade, and Neal discuss the importance of long-term care planning in retirement. They highlight the emotional aspect of planning for long-term care and the challenges of getting people to think about and prepare for it. They also discuss the demographic changes that will impact long-term care, such as the decreasing ratio of family members available to provide care and the potential shortage of caregivers in the future. The conversation touches on the different types of long-term care insurance policies and the need for open and meaningful discussions about healthcare and planning for the future. Neal shares examples of clients who have had personal experiences with long-term care and emphasizes the need for estate planning and power of attorney documents. The conversation then transitions to a discussion about long-term care insurance, with Neal explaining the challenges of traditional policies and the availability of guaranteed policies with reputable insurance companies. These policies address the issues of premium hikes and the 'use it or lose it' nature of traditional policies. The conversation explores different types of hybrid policies, including those built on a whole life or universal life chassis. The benefits of these policies include leverage, tax-free long-term care benefits, protection against sequence of returns, and potential wealth transfer. The decision-making process for choosing a policy involves considering the individual's needs, net worth, and risk tolerance. Listen now to learn more!

    Takeaways

    • Long-term care planning is a crucial aspect of retirement planning.
    • Planning for long-term care involves emotional considerations and difficult discussions.
    • Demographic changes, such as a decreasing ratio of family caregivers and potential caregiver shortages, will impact long-term care.
    • There are different types of long-term care insurance policies to consider.
    • Open and meaningful discussions about healthcare and planning for the future are essential.
    • Estate planning and power of attorney documents are essential for ensuring that clients' wishes are carried out and that their loved ones are not burdened with difficult decisions.
    • Traditional long-term care insurance policies have had challenges in the past, but there are now guaranteed policies available from reputable insurance companies.
    • Inflation riders on long-term care insurance policies are recommended to ensure coverage against future costs.
    • Hybrid long-term care insurance policies address the issues of premium hikes and the 'use it or lose it' nature of traditional policies.
    • Different types of hybrid policies include those built on a whole life or universal life chassis.
    • Benefits of hybrid policies include leverage, tax-free long-term care benefits, protection against sequence of returns, and potential wealth transfer.
    • The decision-making process for choosing a policy involves considering the individual's needs, net worth, and risk tolerance.

    Chapters

    1. Introduction and Guest Introduction
    2. Setting the Stage for the Discussion
    3. Demographic Changes and the Impact on Long-Term Care
    4. Exploring Different Types of Long-Term Care Insurance Policies
    5. The Need for Open and Meaningful Discussions about Healthcare and Planning
    6. Bringing up the Conversation about Long-Term Care
    7. The Importance of Estate Planning and Power of Attorney
    8. Challenges with Traditional Long-Term Care Insurance
    9. Guaranteed Policies: A Better Option for Long-Term Care Insurance
    10. Introduction to Hybrid Long-Term Care Insurance Policies
    11. Benefits of Hybrid Policies
    12. Hybrid Policies with Index Investing
    13. Investment Growth and Return of Premium in Hybrid Policies
    14. Hybrid Policies vs. Annuity Products
    15. Hybrid Policies with Lifetime Benefits
    16. Choosing the Right Hybrid Policy

    Links

    Register for the webinar with Retirement Researcher and Kenneth French! ‘Five Things I Know About Investing’ Wed 4/24 at 2 EST 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
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    41 分
  • Episode 122 : Thinking Like A (Financial) Economist

    Episode 122 : Thinking Like A (Financial) Economist
    2024/04/16
    In this conversation, Bob French interviews his father, Ken French, a professor of finance, about key concepts in economics and investing. They discuss the concept of marginal cost and marginal revenue, which helps individuals make decisions based on the balance between costs and benefits. They also explore risk aversion and how it affects investment decisions, as well as the winner's curse, which refers to the tendency to overestimate the value of winning bids or investments. Overall, the conversation provides valuable insights into economic thinking and decision-making. In this conversation, Bob and Ken French discuss the challenges of drawing inferences about the future based on past performance in the financial markets. They highlight the winner's curse and the noise in securities returns as factors that make it difficult to predict which asset class or active manager will outperform in the future. They also discuss the problem of overconfidence and the importance of accurate market prices. The conversation concludes with a discussion on the benefits of stock buybacks and the option value of investments. Listen now to learn more! Kenneth French's Bio: Kenneth R. French is the Roth Family Distinguished Professor of Finance at the Tuck School of Business, Dartmouth College. French is an expert on the behavior of security prices and investment strategies. He and his frequent co-author Eugene F. Fama have written many notable papers, including “The Cross-Section of Expected Stock Returns”, “Common Risk Factors in the Returns on Stocks and Bonds”, and “A Five-Factor Asset Pricing Model.” French is a research associate at the National Bureau of Economic Research, an Advisory Editor of the Journal of Financial Economics, the Journal of Banking and Finance, and the Financial Review, a member of the Editorial Board of the Critical Finance Review, a former Associate Editor of the Journal of Finance and the Review of Financial Studies, and a former President of the American Finance Association. Professor French is also a Fellow of the American Finance Association and the American Academy of Arts and Sciences, Chair of the Valpo Surf Project’s Global Board of Directors, and a member of the Board of Directors of the Cato Institute, Grassroot Soccer, and the International Rescue Committee. Professor French is a consultant to Dimensional Fund Advisors and a member of the firm’s board of directors. Before joining Dartmouth, Professor French was on the faculty of MIT’s Sloan School of Management, the Yale School of Management, and the University of Chicago Booth School of Business. Professor French received his PhD in finance from the University of Rochester in 1983. He also earned an MS and an MBA from the University of Rochester and a BS from Lehigh University. Takeaways Understanding the concept of marginal cost and marginal revenue can help individuals make informed decisions based on costs and benefits.Risk aversion is driven by the decreasing marginal utility of wealth, where the value of each additional dollar decreases as wealth increases.The winner's curse refers to the tendency to overestimate the value of winning bids or investments, and it can be observed in various contexts, such as oil lease auctions and hiring decisions.Considering these concepts can enhance economic thinking and decision-making in investing and other areas of life. Drawing inferences about the future based on past performance is challenging due to the winner's curse and the noise in securities returns.Overconfidence is a common problem in investing, and people often overestimate their ability to pick winning investments or active managers. Accurate market prices are important for allocating resources efficiently and signaling the value of different activities.Stock buybacks can be beneficial for companies and society, as they can signal undervaluation and allow companies to allocate resources more effectively.The option value of investments should be considered, as companies may choose to buy back stock when they don't have better investment opportunities. Chapters 00:00 Introduction and Setting the Stage 09:19 Navigating Risk Aversion in Investing 31:46 Enhancing Economic Thinking and Decision-Making 45:39 The Importance of Accurate Market Prices 51:42 The Benefits of Stock Buybacks Links: Register for the webinar with Retirement Researcher and Kenneth French! 'Five Things I Know About Investing' Wed 4/24 at 2 eastern 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 McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"
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    55 分

あらすじ・解説

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.
Copyright 2022 All rights reserved.
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