Retirement Income Redesigned: Master Plans for Distribution -- An Adviser's Guide for Funding Boomers' Best Years
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.
About the Contributors xi
Foreword by Walter Updegrave xxiii
PART ONE: FACING THE NEW REALITIES 1
1 Boomers: A Force for Change 5
Deena B. Katz
2 Maslow Meets Retirement 17
Mitch Anthony and Lewis J . Walker
3 Decision Making at Retirement: High Stakes for the Long Haul 33
Donald G. MacGregor
4 Reinventing Retirement 49
PART TWO: ASSESSING THE RISKS 65
5 Psychological Impediments to Retirement-Income Planning 69
6 Lifelong Retirement Income: How to Quantify and Eliminate Luck 77
Jim C. Otar
7 Balancing Mortality and Modeling Risk 97
8 Monte Carlo Mania 117
Robert D. Curtis
9 Understanding Required Minimum Distributions 141
April K. Caudill
PART THREE: SHAPING THE SOLUTIONS 157
10 Risk Management During Retirement 163
Moshe A. Milevsky With Anna Abaimova
11 Withdrawal Strategies: A Cash Flow Solution 185
12 Asset Allocation: The Long View 203
13 Sustainable Withdrawals 217
William P. Bengen
14 Tools and Pools: Strategies for Increasing Retirement Cash Flow 237
Robert P. Kreitler
15 Creating Portfolios With Lower Volatility 255
Louis P. Stanasolovich
16 Reverse Mortgages in Distribution Planning 281
Roxanne Alexander and Michael J. Anderson
17 Life Insurance Benefits—No Waiting 305
18 Longevity Risk Insurance 311
Roger G. Ibbotson, Michael C. Henkel, and Peng Chen
19 Immediate Annuities: Structure, Mechanics, and Value 323
R. H. "Rick" Carey and Jeffrey K. Dellinger
20 The Search for Software 343
Joel P. Bruckenstein
Continuing Education Exam 353
Deena B. Katz is president. Their combined experience totals more than forty-eight years. Their innovation and skill have earned them the loyalty of clients; their daring and dedication have won them the respect of their peers.
Evensky and Katz are the editors of The Investment Think Tank: Theory, Strategy, and Practice for Advisers Evensky is the author of Wealth Management: The Financial Advisor's Guide to Investing and Managing Client Assets; Katz is the author of Deena Katz on Practice Management and Deena Katz's Tools and Templates for Your Practice. Both are featured speakers at national and international legal, accounting, investment, and financial-planning conferences, and both are published widely and quoted extensively in financial journals and in newspapers.
—Peter L. Bernstein; Author, Against the Gods: The Remarkable Story of Risk
"Once again, Harold and Deena have succeeded in putting together an A-team of financial experts. The end goal for this team is to help other financial professionals do the best possible job that they can as they guide their clients in their retirement years. This book is a must-have for anyone advising clients through retirement."
—J. Thomas Bradley, Jr., President, TD AMERITRADE Institutional
"Advisers have an unprecedented opportunity to work with a generation that has shaped history and will reshape the future of retirement planning. Retirement Income Redesigned provides advisers with a valuable tool for understanding and addressing the unique needs of retiring baby boomers."
Managing Director, Pershing Advisor Solutions, A service of Pershing LLC, a member of BNY Securities Group and a subsidiary of The Bank of New York Company, Inc.
"With 80 million baby boomers entering retirement over the coming decades, Retirement Income Redesigned is a must-read for financial advisers who are determined to grow their business and add value for clients. The book provides a valuable mix of conceptual planning principles, product guidance, and tangible planning 'how tos' to help advisers meet the needs of their in-and-near-retirement clients. It's a wonderful tool for gaining insights and ideas to maximize your firm's potential in attracting this valuable segment."
—Deborah McWhinney, President, Schwab Institutional