**Topics Covered:**
* Why the 4% rule is a U.S. artifact—and where it doesn’t work
* The importance of sequence risk and how early retirement returns dominate long-term outcomes
* Wade’s “Four Ls” of retirement planning: Lifestyle, Longevity, Liquidity, and Legacy
* The limitations of fixed withdrawal strategies and the value of variable withdrawal rules
* The misunderstood role of annuities and why risk pooling matters
* How RISA helps investors match their personality and preferences to the right retirement strategy
* The power of flexibility and focusing on what really matters in retirement
**Timestamps:**
00:00 – The 4% rule: What it misses
02:00 – Introduction and Wade Pfau’s influence
03:00 – Wade’s Four Ls of Retirement Planning
06:00 – Lifestyle vs. longevity in financial planning
09:00 – Frameworks like the 4Ls and 3Cs in practice
10:00 – The U.S. bias in retirement research
13:00 – Explaining the true meaning of the 4% rule
15:00 – The impact of market returns early in retirement
18:00 – Sequence risk and the U-shaped equity glidepath
24:00 – Behavioral reasons to avoid 100% equity in retirement
29:00 – Variable withdrawal strategies in real life
33:00 – Why flexibility beats rigid rules
36:00 – Personal stories and behavioral traps
40:00 – A rational look at annuities and mortality credits
44:00 – Why annuities can beat bonds for secure income
47:00 – Jesse Livermore’s hidden annuity lesson
49:00 – RISA explained: commitment vs. optionality, safety vs. probability
56:00 – Applying RISA to real-world retirement planning
58:00 – Wade’s one lesson for investors
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