Book description
Clients nearing retirement have some significant challenges to face. And so do their advisers. They can expect to live far longer after they retire. And the problems they expect their advisers to solve are far more complex. The traditional sources of retirement income may be shriveling, but boomers don't intend to downsize their plans. Instead, they're redefining what it means to be retired—as well as what they require of financial advisers. Planners who aren't prepared will be left behind. Those who are will step up to some lucrative and challenging work.
To help get the work done, Harold Evensky and Deena Katz—both veteran problem solvers—have tapped the talents of a range of experts whose breakthrough thinking offers solutions to even the thorniest issues in retirement-income planning:
Sustainable withdrawals
Longevity risk
Eliminating luck as a factor in planning
Immediate annuities, reverse mortgages, and viatical and life settlements
Strategies for increasing retirement cash flow
In Retirement Income Redesigned, the most-respected names in the industry discuss these issues and a range of others.
Table of contents
- Copyright
- Praise for: Retirement Income Redesigned
- Praise for: The Investment Think Tank
- ACKNOWLEDGMENTS
- ABOUT THE CONTRIBUTORS
- FOREWORD
-
I. Facing the New Realities
- 1. Boomers: A Force for Change
- 2. Maslow Meets Retirement
-
3. Decision Making at Retirement: High Stakes for the Long Haul
- 3.1. The Cycle of Decision Making
-
3.2. Decision Making and Context
- 3.2.1. Endowment Effects in Distribution Planning
- 3.2.2. Framing Effects of Gains Versus Losses
- 3.2.3. The Problem of Evaluation
- 3.2.4. The Challenges of Decomposition
- 3.2.5. Biases in Setting Priorities and Objectives
- 3.2.6. Accounting for Client Change
- 3.2.7. Estimating Health Care Expenditures
- 3.2.8. Changes in Cognitions and Emotions
- 3.2.9. Coda
-
4. Reinventing Retirement
- 4.1. Whatever Happened to the Golden Years?
- 4.2. Removing "Tired" from Retired
- 4.3. Financing the Rewired Life
-
4.4. The New Retirementality
- 4.4.1. Myth No. 1: Age 65 Is Old
- 4.4.2. Myth No. 2: Being Retired Means You No Longer Work
- 4.4.3. Myth No. 3: You Have to Be 62 to Do What You Really Want to Do
- 4.4.4. Myth No. 4: Retirement Is Exclusively an Economic Event
- 4.4.5. Myth No. 5: A Life of Ease Is the Ultimate Retirement Goal
- 4.4.6. Myth No. 6: I Can Do My Own Retirement Planning
-
II. Assessing the Risks
- 5. Psychological Impediments to Retirement-Income Planning
- 6. Lifelong Retirement Income: How to Quantify and Eliminate Luck
- 7. Balancing Mortality and Modeling Risk
- 8. Monte Carlo Mania
- 9. Understanding Required Minimum Distributions
-
III. Shaping the Solutions
- 10. Risk Management During Retirement
- 11. Withdrawal Strategies: A Cash Flow Solution
- 12. Asset Allocation: The Long View
-
13. Sustainable Withdrawals
- 13.1. Outliving a Portfolio
- 13.2. The Maximum Safe Withdrawal Rate
- 13.3. Raising Safemax Through Asset Selection
- 13.4. Raising Safemax Through Alternative Withdrawal Schemes
- 13.5. Raising Safemax Through Investment Returns
- 13.6. Bequests
- 13.7. Equity Allocations During Retirement
- 13.8. Advising Clients on Sustainable Withdrawals
- 14. Tools and Pools: Strategies for Increasing Retirement Cash Flow
- 15. Creating Portfolios With Lower Volatility
-
16. Reverse Mortgages in Distribution Planning
-
16.1. The Reverse Mortgage: A Viable Option?
- 16.1.1. What Is a Reverse Mortgage?
- 16.1.2. Types of Reverse Mortgages
- 16.1.3. Home Equity Conversion Mortgages
- 16.1.4. Fannie Mae Reverse Mortgage Products
- 16.1.5. Financial Freedom Products
- 16.1.6. Eligibility Requirements
- 16.1.7. Key Product Differences
- 16.1.8. Maximum Mortgage Amounts
- 16.1.9. Reverse Mortgage Costs
- 16.1.10. Obtaining the Loan
- 16.1.11. Cost-Benefit Analysis
- 16.1.12. Tax Issues
- 16.2. Checking for Fit
-
16.1. The Reverse Mortgage: A Viable Option?
- 17. Life Insurance Benefits—No Waiting
- 18. Longevity Risk Insurance
- 19. Immediate Annuities: Structure, Mechanics, and Value
- 20. The Search for Software
- Continuing Education Exam
- ABOUT BLOOMBERG
Product information
- Title: Retirement Income Redesigned: Master Plans for Distribution: An Adviser's Guide for Funding Boomers' Best Years
- Author(s):
- Release date: April 2006
- Publisher(s): Wiley
- ISBN: 9781576601891
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