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Retirement Income Redesigned: Master Plans for Distribution -- An Adviser's Guide for Funding Boomers' Best Years

Retirement Income Redesigned: Master Plans for Distribution -- An Adviser's Guide for Funding Boomers' Best Years



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.

Acknowledgments ix

About the Contributors xi

Foreword by Walter Updegrave xxiii


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
Mitch Anthony


5 Psychological Impediments to Retirement-Income Planning 69
Mathew Greenwald

6 Lifelong Retirement Income: How to Quantify and Eliminate Luck 77
Jim C. Otar

7 Balancing Mortality and Modeling Risk 97
Cynthia Saltzman

8 Monte Carlo Mania 117
Robert D. Curtis

9 Understanding Required Minimum Distributions 141
April K. Caudill


10 Risk Management During Retirement 163
Moshe A. Milevsky With Anna Abaimova

11 Withdrawal Strategies: A Cash Flow Solution 185
Harold Evensky

12 Asset Allocation: The Long View 203
Laurence Booth

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
Douglas Head

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

Index 361