In this episode of Retire with Style, Dr. Wade Pfau and Dr. Alex Murguia explore the evolving world of alternative investments and their potential role in retirement planning. They discuss the concept of "Winning the Loser’s Game"—emphasizing the value of steady, disciplined strategies over high-risk maneuvers—and examine how alternatives like cryptocurrencies, private equity, and hedge funds may fit into a well-structured retirement portfolio. The conversation covers what it means to be an accredited investor, common misconceptions about alternative assets, and the importance of liquidity and regulatory oversight. They also touch on how current market dynamics are making these investments more accessible to individuals. Plus, they answer a listener question about spousal benefits under Social Security, offering practical guidance for those planning around them. Listen now to learn more!

Takeaways

• Alternative investments can enhance portfolio diversification.
• The concept of 'Winning the Loser's Game' applies to investing strategies.
• Community engagement can be fostered through shared interests like pickleball.
• Understanding the role of alternative investments is crucial for informed decision-making.
• Not all alternatives are suitable for every investor's portfolio.
• The definition of alternatives is broad and includes various asset classes.
• Investors should be cautious of the hype surrounding alternatives.
• Higher returns are often touted as a benefit of alternative investments.
• Inflation hedging is a key reason for considering alternatives.
• Access to alternative investments is becoming more democratized. Cryptocurrencies, especially Bitcoin, are seen as alternatives to traditional assets.
• The future of investing is evolving, with more access for household investors.
• Accredited investor status is crucial for accessing certain investment opportunities.
• Many misconceptions exist about the risk and accessibility of alternative investments.
• Liquidity versus illiquidity is a key consideration in alternative investments.
• Market dynamics are changing, making alternatives more relevant now.
• Technological innovations are democratizing access to alternative investments.
• Investors should assess their portfolios for potential returns in alternatives.
• Regulatory oversight is important for ensuring the safety of investments.
• Understanding Social Security benefits is essential for retirement planning.

Chapters

00:00 Introduction to Alternative Investments 02:57 The Concept of Winning the Loser's Game 06:09 Engaging the Community with Pickleball 08:58 Understanding Alternative Investments 12:05 Defining Alternatives in Investing 15:03 The Appeal of Alternative Investments 19:33 Exploring Cryptocurrencies and Their Unique Position 22:01 The Evolution of Alternative Investments for Household Investors 24:40 Understanding Accredited Investor Status and Its Implications 31:07 Debunking Myths About Alternative Investments 41:07 Why Now is the Time to Consider Alternatives 45:17 Listener Question: Social Security Spousal Benefits

Links

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

In this episode of Retire with Style, hosts Alex Murguia and Wade Pfau tackle a range of financial planning questions in a lively Q&A session. They explore Social Security strategies, the role of single premium immediate annuities (SPIAs) in retirement income, and investment approaches for managing required minimum distributions (RMDs). The discussion also covers the pros and cons of bond ladders versus Treasury bonds, along with how Roth conversions can affect adjusted gross income and Medicare premiums. Throughout the conversation, Alex and Wade highlight how thoughtful, strategic planning can help retirees maximize their income and minimize their tax burden. Listen now to learn more!

Takeaways

• Delaying social security can lead to increased spending throughout retirement.
• A social security delay bridge can mitigate sequence of returns risk.
• Single premium immediate annuities provide longevity protection and mortality credits.
• Investing RMDs for beneficiaries can allow for more aggressive strategies.
• Roth conversions impact adjusted gross income and potential IRMA surcharges.
• Tax-efficient planning can help manage future tax liabilities.
• Bond ladders are useful for meeting specific spending needs in retirement.
• Treasury bonds can be a simpler alternative to bond ladders.
• Understanding the nuances of annuities is crucial for retirement planning.
• Engaging with audience questions enhances the relevance of financial discussions.

Chapters

00:00 Introduction and Pickleball Paddle Reveal 04:30 Diving into Financial Planning Questions 05:44 Social Security Strategies and Their Impact 11:10 Building a Social Security Delay Bridge 16:11 Exploring Single Premium Immediate Annuities 22:45 Investment Strategies for RMDs 24:40 Bond Ladders vs. Treasury Bonds 26:59 Understanding Roth Conversions and IRMA

Links

Our new Retire With Style podcast website is officially LIVE! Submit questions for future episodes, learn more about us and our affiliates, and more to come! Visit RetireWithStyle.com to check it out now!

Visit our YouTube channel and watch this episode and see the new custom limited edition Retire With Style Pickleball Paddles! Follow the instructions in the comments of that video to enter for your chance to win of your very own: https://www.youtube.com/@retirewithstylepodcast

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”

In this episode of Retire With Style, Dr. Wade Pfau and Dr. Alex Murguia are joined by behavioral finance expert Dr. Daniel Crosby to explore the intersection of wealth, values, and happiness in retirement.

Together, they unpack why aligning your spending with your personal values can lead to a more fulfilling life—and how money, when used thoughtfully, can buy happiness. The conversation dives into the psychology of financial decision-making, the role of willpower, and why experiences and time often bring more joy than material possessions.

They also examine how our values evolve over time, the importance of delayed gratification, and how understanding risk more deeply can lead to better financial planning. Ultimately, this episode reframes wealth not just as a number—but as a tool for building a meaningful and purpose-driven retirement. Listen now to learn more!

Takeaways:

• Aligning spending with personal values is essential for a fulfilling and meaningful life.

• Money reflects what we value most—and using it to buy time and experiences often brings greater happiness than material goods.

• Strong relationships and shared experiences are more important to long-term happiness than income alone.

• Retirement is a transition, not just an end goal. Planning should include emotional and psychological readiness—not just finances.

• Many people are unprepared for the emotional complexity of retirement, including the challenge of redefining purpose.

• While income matters up to a point, happiness largely depends on subjective factors—and some people may remain dissatisfied regardless of wealth.

• Investing in relationships and purpose-driven goals is key to long-term well-being.

• Values may stay the same over time, but how we express them can evolve.

• Willpower is less about discipline and more about building habits and making poor choices harder to access.

• Delayed gratification is a powerful tool for achieving long-term satisfaction.

• Fear of failure can hold us back—and often becomes a self-fulfilling prophecy.

• A great advisor doesn’t just manage money—they help clients align their finances with their life goals.

• True wealth lies at the intersection of financial security and personal meaning.

Chapters

00:00 Introduction to The Soul of Wealth 01:20 Contextualizing Wealth and Values 06:22 The Psychology of Spending and Happiness 10:01 Money, Happiness, and Subjective Well-Being 14:15 Buying Time and Freedom 20:14 Retirement: Beyond Leisure and Fun 24:22 The Freedom to Choose: Beyond Escape 25:04 Aligning Spending with Values 26:06 Crafting a Meaningful Financial Plan 27:38 Elevating the Client Experience 29:27 The Dynamic Nature of Values 30:54 Willpower: The Key to Financial Discipline 33:12 Mastering Delayed Gratification 39:12 Understanding Risk in Financial Planning 45:56 Money and Meaning: A Life of Significance

Links

Visit your preferred book retailer to get your own copy of “The Soul of Wealth: 50 Reflections on Money and Meaning” by Dr. Daniel Crosby or click here to purchase from Amazon: https://retirement-researcher.ontralink.com/tl/532

Want more of this kind of insight? The Retirement Researcher Academy is where conversations like these keep going. Visit RetirementResearcher.com/Academy-RWS and use code RWS1 to get the 1st Month of your Monthly Academy subscription on us! 🔗 Join the Academy and get access to the education your future self will thank you for.

Click here to watch this episode on YouTube: https://youtu.be/bEUH0FDQFBo

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