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Retirement Income Redesigned: Master Plans for Distribution: An Adviser's Guide for Funding Boomers' Best Years by Deena B. Katz, Harold Evensky

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Part III. Shaping the Solutions

As advisers, it is essential that we master the effective use of various strategies to maximize the retirement resources of our clients in this revolutionary age of retirement. These chapters emphasize the challenges to advisers, who must synthesize vast quantities of information and creatively design solutions to meet the clients' current and future needs. The task is complex. But with these tools in your retirement toolbox, you'll be able to effectively guide clients through this important next stage of their lives.

Moshe A. Milevsky With Anna Abaimova

Moshe—a contributor to The Investment Think Tank—and his coauthor Anna remind the reader that planning for retirement is fraught with risk—portfolio risk, consumption and inflation risk, and mortality and longevity risk. Noting the oft-quoted statistic that life expectancy at birth is between 78 and 82, the authors remind us that although that's true, it's not particularly meaningful for planning purposes. For a married couple, each age 65, there is a better-than-even chance that at least one partner will live another 25 years. Add to this sobering fact the reality that inflation for the elderly exceeds the standard CPI measure by 0.5–1 percent, and it's obvious that retirement may be hazardous to financial health. Introducing the concept of a "retirement collar," Moshe and Anna provide a strategy for the evaluation and selection of immediate annuities as an essential element in managing the risk of ...

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