In this episode of Retire with Style, Alex Murguia and Wade Pfau explore key retirement planning strategies, including how couples can optimize Social Security benefits, what to do with surplus funds from bond ladders, and the potential benefits of purchasing single premium immediate annuities (SPIAs) from Roth IRAs. They highlight the importance of maintaining flexibility and tailoring strategies to each retiree’s unique circumstances.

Takeaways

• Delaying social security can benefit the higher earner in a couple.
• The low earner has flexibility in claiming social security earlier.
• Using software can help determine optimal social security claiming strategies.
• Survivorship benefits are crucial in social security planning.
• Bond ladders are used for retirement income, not just reinvestment.
• Surplus funds from bond ladders can be invested in growth portfolios.
• Roth IRAs can be beneficial for purchasing SPIAs.
• SPIAs can provide tax-free income streams in retirement.
• Tax diversification is important in retirement planning.
• Real-life financial planning requires flexibility beyond strict rules.

Chapters

00:00 Introduction and Overview 01:16 Social Security Strategies for Couples 06:41 Managing Bond Ladder Surplus Funds 16:29 Exploring SPIAs in Retirement

Links

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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”