August 20, 2024

Episode 140: Are you ready for our Retirement Income Challenge? Join us as we begin next week.

44 minutes

The Retirement Income Challenge is a four-day event that helps individuals create a retirement income plan. Day one focuses on the Retirement Income Style Assessment (RISA), which analyzes two factors: probability-based safety first and optionality versus commitment. Day two introduces the funded ratio, a balance sheet approach to financial planning that compares assets to liabilities. The funded ratio helps individuals understand if they have enough assets to meet their retirement goals. Day three explores how the RISA and funded ratio work together to fill income gaps and create a comprehensive retirement income plan. The conversation covers the Retirement Income Style Awareness (RISA) framework and the Retirement Income Challenge. The hosts discuss the importance of reliable income to cover essential expenses in retirement and the role of the RISA framework in providing alternatives to fill income gaps. They emphasize that shooting for 100% on the RISS percentages is not necessary and that it's important to have reliable income covering essential expenses. They also mention the non-financial aspects of retirement and the importance of planning for what you want to do in retirement. The hosts highlight the interactive nature of the Retirement Income Challenge and the value it provides in helping individuals gain clarity and confidence in their financial plan for retirement. Listen now to learn more!

Takeaways

The Retirement Income Challenge helps individuals create a retirement income plan

The Retirement Income Style Assessment (RISA) analyzes two factors: probability-based safety first and optionality versus commitment

The funded ratio is a balance sheet approach that compares assets to liabilities to determine if individuals have enough assets to meet their retirement goals

The RISA and funded ratio work together to fill income gaps and create a comprehensive retirement income plan The RISS framework provides alternatives to fill income gaps in retirement and ensures reliable income covers essential expenses.

Shooting for 100% on the RISS percentages is not necessary; it's important to have reliable income covering essential expenses.

Planning for the non-financial aspects of retirement, such as what you want to do, is crucial.

The Retirement Income Challenge is an interactive session that helps individuals gain clarity and confidence in their financial plan for retirement.

Chapters

00:00 Introduction to the Retirement Income Challenge

09:57 Day One: The Retirement Income Style Assessment (RISA)

11:33 Day Two: The Funded Ratio

23:37 Day Three: Integrating the RISA and Funded Ratio

25:33 The Role of the RISA Framework in Retirement Planning

28:40 Shooting for 100% on the Funded Ratio: Is It Necessary?

30:55 Planning for the Non-Financial Aspects of Retirement

39:25 The Value of the Retirement Income Challenge

Links

Registration for the next Retirement Income Challenge is OPEN: Learn more and join us for this LIVE 4-Day event starting on August 26th-29th, 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

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By Wade Pfau & Alex Murguia

3.9

152152 ratings