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The New Rules of Retirement

Book Description

Create the retirement you desire with proven financial strategies

The New Rules of Retirement throws away the rules of thumb, clichés, and obsolete ideas. It provides a proven, updated approach to retiring successfully in today's world. In this new second edition based on independent, objective research, retirement expert Robert C. Carlson uses proven, profitable techniques to coordinate all the factors that lead to financial security and independence. You'll learn how much you really need to save for retirement, how to invest that nest egg before and during retirement, and how to establish a wise and sustainable spending strategy. Carlson will explain how to overcome the threats to lifetime financial security, such as longer life expectancy, low investment returns, higher taxes, and more. Importantly, you'll learn how to plan for the wildcards of retirement planning: health care and long-term care expenses. This edition covers changes in key areas such as annuities, IRA management, estate planning, and income taxes. You'll learn how to merge these insights into your plan to enhance financial security and to provide for loved ones in the future.

Retirement no longer means being put out to pasture. Today's retirees are traveling the world, attending classes, developing new skills, starting businesses, mastering neglected hobbies, and more—well into their golden years. This guide helps ensure you have the financial independence to pursue the retirement you want through smart planning and effective financial strategies.

  • Know and overcome the threats to retiree financial security
  • Learn the right way to estimate retirement spending
  • Develop a sustainable spending strategy
  • Invest your nest egg to make it last
  • Plan for potential long-term health care
  • Leave a legacy for loved ones

The retirement is now a new phase of life, not a winding down. It's a time to live your best life and do things you couldn't before. But all the financial aspects of retirement have changed. To maintain financial security and create the retirement you desire, you need to be on top of the changes. The New Rules of Retirement provides the latest, proven strategies that help put the shine in your golden years.

Table of Contents

  1. Title Page
  2. Copyright
  3. Dedication
  4. Preface
    1. New Help for Retirement
    2. The Retirement Process
    3. Retirement Activities to Avoid
    4. The New Retirement and You
  5. About the Author
  6. Chapter 1: The New Rules of Retirement
    1. Six Threats to Lifetime Income Security
    2. You Can Create Safe, Secure, Sustainable Lifetime Income
  7. Chapter 2: Start with Spending
    1. The 80 Percent Rule
    2. The Double Trouble Method
    3. Your Starting Point
    4. How Much Will You Really Need?
    5. Uncertainty and Monte Carlo
    6. A Successful Retirement
    7. How Much Is Enough?
  8. Chapter 3: Securing and Maximizing Guaranteed Lifetime Income
    1. Securing Basic Expenses with Guaranteed Income
    2. Secrets to Boosting Social Security Benefits
    3. When to Begin Benefits—The Basic Choices
    4. Introducing Spousal Benefits
    5. Maximizing Benefits for the Divorced and Widowed
    6. Fixing Social Security Claiming Mistakes
    7. A Caution about Delaying Benefits
    8. Working Can Reduce Benefits
    9. A Note about Social Security Solvency
    10. Guaranteed Income from Annuities
    11. Immediate Annuity Basics
    12. The Advantages of Longevity Annuities
    13. Other Annuities You Might Hear About
    14. Annuity Safety
  9. Chapter 4: Tapping Your Nest Egg
    1. How Long Should It Last?
    2. The 4 Percent Rule
    3. Understanding Dynamic Spending
    4. The Endowment Formula
    5. Summary
  10. Chapter 5: Managing Your Nest Egg
    1. The Classic Advice
    2. Invest Like the Rest
    3. Two Portfolio Anchors
    4. Better Ways to Build Retirement Portfolios
    5. Your Retirement Investment Strategy
  11. Chapter 6: Handling the Medical Expense Wild Card
    1. Some Medicare Basics
    2. Enrolling in Medicare
    3. Part B Premiums
    4. Traditional Medicare versus Medicare Advantage
    5. Shopping for Medicare Supplement Plans
    6. The Retirement Advantages of HSAs
    7. Planning and Estimating Retirement Medical Expenses
    8. Final Words on Retirement Medical Expenses
  12. Chapter 7: Dealing with the Crisis in Long-Term Care
    1. Will You Need Long-Term Care?
    2. Relying on Family
    3. What Medicare Offers
    4. Medicaid and Medicaid Trust Strategies
    5. Evaluating Long-Term Care Insurance
    6. Exploring the Hybrid or Combination Policies
    7. Using Permanent Life Insurance
    8. Forging Your LTC Plan
  13. Chapter 8: Managing IRAs to Last
    1. Navigating the Required Minimum Distribution Minefield
    2. Empty an IRA Early?
    3. Converting a Regular IRA to a Roth IRA
    4. Using RMDs to Buy Life Insurance
    5. Using the Family Bank Strategy
    6. Which Account to Spend First?
    7. Which Investments for Tax-Deferred Accounts?
    8. Owning Nontraditional IRA Investments
  14. Chapter 9: Beware the Retirement Tax Ambush
    1. The Stealth Taxes
    2. Managing for a Low Tax Bracket
    3. Retirees' Special Tax Problem
  15. Chapter 10: Handling Employer Retirement Plans
    1. Defined Benefit Plan: Take an Annuity or Lump Sum?
    2. Evaluating Pension Buyout Offers
    3. 401(k) Issues and Strategies
  16. Chapter 11: The Grandkids Need Your Help More than Ever
    1. A Small Sum Builds a Large Legacy—The Installment Plan to Building a Legacy
    2. Guide to Helping with a Grandchild's Education
    3. Bringing it All Together
    4. Helping Beyond College
    5. No-Tax, Low-Cost Way to Help a Grandchild
    6. Simple, Low-Cost Ways to Help
    7. Teaching Grandkids Wealth Management
  17. Chapter 12: Estate Planning Is More than Taxes
    1. Estate Planning Essentials for Everyone
    2. Ensuring Your Estate Plan Essentials
    3. Writing a Better Will
    4. The Estate Tax
    5. The 20-Minute Estate Plan
    6. The Turnabout in Tax Planning
  18. Chapter 13: Avoiding Financial Scams and Abuse
    1. Comparing Fraud and Abuse
    2. Protecting Yourself from Scams and Abuse
    3. Making Identity Theft Less Likely
    4. Closing the Door to Your Greatest Fraud Risk
  19. Chapter 14: Choosing the Right Retirement Location
    1. Start with You
    2. Survey the Country
    3. Types of Retirement Housing
    4. Avoiding the Boomerang
    5. New World of Adult Living Choices
  20. Chapter 15: Keys to a Successful Retirement
    1. The Vacation Retirement
    2. Two Important, Overlooked Issues
    3. Key Retirement Mistakes to Avoid
    4. Keeping Up with Changes
    5. Things That Really Matter
  21. Index
  22. End User License Agreement