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| definitive guide to retirement income: How Much Can I Spend in Retirement? Wade Pfau, 2017-10 How much can you spend in retirement? Naturally, this is an essential question for those approaching this important life transition. Essentially, if you wish to retire one day, you are increasingly responsible for figuring out how to save during your working years and convert your savings into sustainable income for an ever-lengthening number of retirement years. The nature of risk also changes in retirement, as the lifestyle of retirees become more vulnerable to the impacts of market volatility, unknown longevity, and spending shocks. Retirees have one opportunity to build a successful plan. It is not an easy task, but it is manageable. This book focuses on sustainable spending from investments, which is an important piece of any retirement plan. People want to know if they have saved enough to be able to fund their lifestyle in retirement. In this book, I explain the findings of a large body of financial planning research regarding sustainable spending from investment portfolios in the face of a variety of retirement risks. That body of research tends to begin with the 4 percent rule of thumb for retirement spending. I explain how and why it was developed, what it means, and when it may or may not be appropriate for retirees. William Bengen''s 1994 study gave us the concept of the SAFEMAX, which is the highest sustainable spending rate from the worst-case scenario observed in the US historical data. The Trinity study added portfolio success rates from the historical data for different spending strategies. Both studies suggest that for a thirty-year retirement period, a 4 percent inflation-adjusted withdrawal rate using a 50-75 percent stock allocation should be reasonably safe. I have reservations about the 4 percent rule. It may be too aggressive for current retirees for reasons including increasing longevity, historically low interest rates coupled with higher than average stock market valuations, the impact of the international experience with the 4 percent rule casting a different light than 20th century US historical data, the need to maintain a rather aggressive asset allocation to have the best shot at success, and because the 4 percent rule assumes that investors do not pay any fees or otherwise underperform the underlying market indices. However, other factors suggest that sustainable spending may be even higher than traditional studies imply. Reasons for this include that actual retirees may tend to reduce their spending with age, that they build more diversified portfolios than used in the basic research studies, that real-world retirees may be willing to adjust spending for realized portfolio performance, and that some retirees may have the capacity and tolerance to accept higher portfolio failure probabilities because they have other sources of income from outside their portfolios. Related to these points, I also analyze nine variable spending strategies for retirees as well as the use of strategies that support short-term spending needs with individual bonds and longer-term spending needs with stocks. Retirees need to weigh the consequences between spending too little and spending too much-that is, being too frugal or running out of assets. This book is about implementing what I call the probability-based school of thought for retirement planning. It is especially relevant for people who plan to fund their retirements using an investment portfolio and those who are hesitant about using income annuities or other insurance products. I will explore annuities and insurance more extensively in later volumes since I do believe in the value of risk pooling as an additional source of returns to more efficiently meet retirement spending goals. But for now, we have plenty to discuss within the world of sustainable spending from an investment portfolio in retirement. The book concludes with a discussion about how to put these ideas together into a retirement spending plan. |
| definitive guide to retirement income: Retirement Income Redesigned Harold Evensky, Deena B. Katz, 2010-05-25 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. |
| definitive guide to retirement income: Maximize Your Retirement Income Scott M. Peterson, 2011-06 There are hundreds of books on saving for retirement, but have you ever considered the crucial choices you'll have to make once you get there? Most of the decisions you'll make at this stage of life are irrevocable and can make the difference between the retirement you've dreamed of and a nightmare. You'll face tough questions, such as: How do I manage my investments during my retirement years to keep up with inflation, while still limiting my exposure to market volatility? When should I (and my spouse) start Social Security to maximize income? How much can I safely withdraw from my retirement funds without depleting my accounts too early? What is the best way to maximize my pension income and still provide for my spouse during our lifetimes? Maximize Your Retirement Income answers these and many other retirement questions. Through Peterson's easily grasped, compelling examples, you'll learn to avoid common mistakes, identify hidden income sources, and guard against inflation through investment strategies designed specifically for retirees. Book jacket. |
| definitive guide to retirement income: The Ultimate Retirement Guide for 50+ Suze Orman, 2020-02-25 The instant NEW YORK TIMES BESTSELLER WALL STREET JOURNAL BESTSELLER PUBLISHERS WEEKLY BESTSELLER USA TODAY BESTSELLER #1 PERSONAL FINANCE EXPERT Revised & Updated for 2023 THE PATH TO YOUR ULTIMATE RETIREMENT STARTS RIGHT HERE! Retirement today is more complex than ever before. It is most definitely not your parents' retirement. You will have to make decisions that weren't even part of the picture a generation ago. Without a clear-cut path to manage the money you’ve saved, you may feel like you're all on your own. Except you're not—because Suze Orman has your back. Suze is America's most recognized personal finance expert for a reason. She's been dispensing actionable advice for years to people seeking financial security. Now, in this revised and updated Ultimate Retirement Guide for 50+, which reflects recent changes in retirement rules passed by Congress, Suze gives you the no-nonsense advice and practical tools you need to plan wisely for your retirement in today's ever-changing landscape. You'll find new rules for downsizing, spending wisely, delaying Social Security benefits, and more—starting where you are right now. Suze knows money decisions are never just about money. She understands your hopes, your fears, your wishes, and your desires for your own life as well as for your loved ones. She will guide you on how to let go of regret and fear, and with her unparalleled knowledge and unique empathy, she will reveal practical and personal steps so you can always live your Ultimate Retirement life. I wrote this book for you, Suze says. The worried, the fearful, the anxious. I know you need help navigating the road ahead. I've helped steer people toward happy and secure retirements my whole life, and that's exactly what I want to do for you. |
| definitive guide to retirement income: Savings Fitness Barry Leonard, 2007-12 Many people mistakenly believe that Social Security (SS) will pay for all or most of their retire. needs, but the fact is, since its inception, SS has provided little protection. A comfortable retire. usually requires SS, pensions, personal savings & invest. The key tool for making a secure retire. a reality is financial planning. It will help clarify your retire. goals as well as other financial goals you want to ¿buy¿ along the way. It will show you how to manage your money so you can afford today¿s needs yet still fund tomorrow¿s. You¿ll learn how to save your money to make it work for you & how to protect it so it will be there when you need it. Explains how you can take the best advantage of retire. plans at work, & what to do if you¿re on your own. Illustrations. |
| definitive guide to retirement income: Retirement Income for Life Frederick Vettese, 2020-10-20 Canada’s #1 bestselling retirement income book is now completely revised and updated. Vettese will show you how to mitigate risk and secure your financial future in these unpredictable times. As COVID-19 rocks the economy in an unprecedented black swan event, retirees and those who are preparing to retire need answers to pressing questions about their financial futures. Originally published in 2018, the second edition of Retirement Income for Life, has been completely revised and updated, and now includes: New chapters on early retirement, retiring single, what to do when one spouse dies young, and more. Three strategies for mitigating your personal financial risk in the current downturn in equities and other investment products. Advice on how to plan for (and even benefit from) the coming bear market, resulting from COVID-19, which will create unprecedented equity buying opportunities, possibly as early as 2021. Information on the impact of unbearably low interest rates on annuities and fixed income investments and what to do if you hold them. The reasons retirees should be deferring CPP until age 70 and why the case for this is stronger than ever. Author Frederick Vettese demystifies a complex and often frightening subject and provides practical, actionable advice based on five enhancements the reader can make to mitigate risk and secure their financial future. With over one thousand Canadians turning 65 every day, the cultivation of good decumulation practices — the way in which you draw down assets in retirement, ideally to have a secure income for the rest of your life — has become an urgent matter that no one can afford to ignore. |
| definitive guide to retirement income: Your Complete Guide to a Successful and Secure Retirement Larry E. Swedroe, Kevin Grogan, 2021-02-23 Fully revised and updated second edition. This is your one-stop, definitive resource as you prepare for a secure and comfortable retirement. Investment and personal finance experts Larry Swedroe and Kevin Grogan present uniquely comprehensive coverage of every important aspect you need to think about as you approach retirement, including: Social Security, Medicare, investment planning strategy, portfolio maintenance, preparing your heirs, retirement issues faced by women, the threat of elder financial abuse, going beyond financials to think about your happiness, and much more. These topics are explained with the help of specialists in each subject. And everything is based on the science of investing – evidenced with studies from peer-reviewed journals. Overall, this adds up to a complete retirement guide, packed with the latest and best knowledge. Don't enter your retirement without it. |
| definitive guide to retirement income: Managing Investment Portfolios John L. Maginn, Donald L. Tuttle, Dennis W. McLeavey, Jerald E. Pinto, 2007-03-09 A rare blend of a well-organized, comprehensive guide to portfolio management and a deep, cutting-edge treatment of the key topics by distinguished authors who have all practiced what they preach. The subtitle, A Dynamic Process, points to the fresh, modern ideas that sparkle throughout this new edition. Just reading Peter Bernstein's thoughtful Foreword can move you forward in your thinking about this critical subject. —Martin L. Leibowitz, Morgan Stanley Managing Investment Portfolios remains the definitive volume in explaining investment management as a process, providing organization and structure to a complex, multipart set of concepts and procedures. Anyone involved in the management of portfolios will benefit from a careful reading of this new edition. —Charles P. Jones, CFA, Edwin Gill Professor of Finance, College of Management, North Carolina State University |
| definitive guide to retirement income: Plan Your Prosperity Kenneth L. Fisher, 2012-10-30 Whether you’re in retirement, just getting ready to retire, or 5, 10, or 40 years out, this book can help you invest smarter your whole life and yes, plan better for retirement. Harmful mythology abounds about retirement investing. Many retirees or soon-to-be retirees have heard a plethora of advice. Take 100 (or 120) and subtract your age to get your equity allocation, put the rest in bonds or cash. Buy only bonds. Buy only high dividend stocks. Or some combination! Buy equity-indexed annuities or some “guaranteed” income product. All examples of a potentially harmful myth many folks believe to be smart, strategic moves. Investors believe preparing for retirement requires a radically different set of tools or a dizzying array of products. Navigating the world of retirement products and services can be a full-time job. But investing for retirement is, in practice, not much (if at all) different from investing. In Your Retirement Plan, Ken Fisher will give readers a workable strategy to either develop their own retirement investing plan or work more successfully with a professional to increase the likelihood of achieving long-term goals while avoiding common pitfalls. The book will include easy-to-follow steps like How to think, correctly, about investing time horizon. How to better figure how much income you need How to determine if a portfolio can provide that income How to figure how much to save each year to achieve retirement goals What pitfalls to avoid And more. . . . In this retirement planning book that's not just for retirees, Fisher will hand readers the tools and confidence they need to better plan for the future. |
| definitive guide to retirement income: How to Make Your Money Last - Completely Updated for Planning Today Jane Bryant Quinn, 2020-01-07 NOW COMPLETELY UPDATED to reflect the changes in tax legislation, health insurance, and the new investment realities. In this “highly valuable resource” (Publishers Weekly, starred review) Quinn “provides simple, straightforward” (The New York Times) solutions to the universal retirement dilemma—how to make your limited savings last for life—covering mortgages, social security, income investing, annuities, and more! Will you run out of money in your older age? That’s the biggest worry for people newly retired or planning to retire. Fortunately, you don’t have to plan in the dark. Jane Bryant Quinn tells you how to squeeze a higher income from all your assets—including your social security account (get every dollar you’re entitled to), a pension (discover whether a lump sum or a lifetime monthly income will pay you more), your home equity (sell, rent, or take a reverse mortgage?), savings (how to use them safely to raise your monthly income), retirement accounts (invest the money for growth in ways that let you sleep at night), and—critically—how much of your savings you can afford to spend every year without running out. There are easy ways to figure all this out. Who knew? Quinn also shows you how to evaluate your real risks. If you stick with super-safe investment choices, your money might not last and your lifestyle might erode. The same might be true if you rely on traditional income investments. Quinn rethinks the meaning of “income investing,” by combining reliable cash flow during the early years of your retirement with low-risk growth investments, to provide extra money for your later years. Odds are, you’ll live longer than you might imagine, meaning that your savings will stretch for many more years than you might have planned for. With the help of this book, you can turn those retirement funds into a “homemade” paycheck that will last for life. |
| definitive guide to retirement income: Retirement Planning Guidebook Wade Pfau, 2023-03-20 |
| definitive guide to retirement income: Safety-First Retirement Planning Wade Donald Pfau, 2019-10 Two fundamentally different philosophies for retirement income planning, which I call probability-based and safety-first, diverge on the critical issue of where a retirement plan is best served: in the risk/reward trade-offs of a diversified and aggressive investment portfolio that relies primarily on the stock market, or in the contractual protections of insurance products that integrate the power of risk pooling and actuarial science alongside investments. The probability-based approach is generally better understood by the public. It advocates using an aggressive investment portfolio with a large allocation to stocks to meet retirement goals. My earlier book How Much Can I Spend in Retirement? A Guide to Investment-Based Retirement Strategies provides an extensive investigation of probability-based approaches. But this investments-only attitude is not the optimal way to build a retirement income plan. There are pitfalls in retirement that we are less familiar with during the accumulation years. The nature of risk changes. Longevity risk is the possibility of living longer than planned, which could mean not having resources to maintain the retiree's standard of living. And once retirement distributions begin, market downturns in the early years can disproportionately harm retirement sustainability. This is sequence-of-returns risk, and it acts to amplify the impacts of market volatility in retirement. Traditional wealth management is not equipped to handle these new risks in a fulfilling way. More assets are required to cover spending goals over a possibly costly retirement triggered by a long life and poor market returns. And yet, there is no assurance that assets will be sufficient. For retirees who are worried about outliving their wealth, probability-based strategies can become excessively conservative and stressful. This book focuses on the other option: safety-first retirement planning. Safety-first advocates support a more bifurcated approach to building retirement income plans that integrates insurance with investments, providing lifetime income protections to cover spending. With risk pooling through insurance, retirees effectively pay an insurance premium that will provide a benefit to support spending in otherwise costly retirements that could deplete an unprotected investment portfolio. Insurance companies can pool sequence and longevity risks across a large base of retirees, much like a traditional defined-benefit company pension plan or Social Security, allowing for retirement spending that is more closely aligned with averages. When bonds are replaced with insurance-based risk pooling assets, retirees can improve the odds of meeting their spending goals while also supporting more legacy at the end of life, especially in the event of a longer-than-average retirement. We walk through this thought process and logic in steps, investigating three basic ways to fund a retirement spending goal: with bonds, with a diversified investment portfolio, and with risk pooling through annuities and life insurance. We consider the potential role for different types of annuities including simple income annuities, variable annuities, and fixed index annuities. I explain how different annuities work and how readers can evaluate them. We also examine the potential for whole life insurance to contribute to a retirement income plan. When we properly consider the range of risks introduced after retirement, I conclude that the integrated strategies preferred by safety-first advocates support more efficient retirement outcomes. Safety-first retirement planning helps to meet financial goals with less worry. This book explains how to evaluate different insurance options and implement these solutions into an integrated retirement plan. |
| definitive guide to retirement income: The Vanguard Guide to Investing During Retirement , 1997 For those nearing retirement, making the right investment decisions can mean the difference between living well and merely getting by. This book shows you how to get the most from your savings, select the right mix of investments, and increase your investment income without undue risk. |
| definitive guide to retirement income: 12 Ways to Retire on Less Harriet Edleson, 2021-05-29 Learn how to save and prepare for retirement no matter your age or your income. 12 Ways to Retire on Lessoffers a roadmap for anyone seeking financial security and peace of mind for their retirement years ahead, regardless of savings or income in the present moment. In a time when fewer retirees have the kind of pension many of their parents had, those looking to retire can be especially vulnerable. But here, the author outlines those steps people can take to ensure their security and enjoy those activities they look forward to in the future. Offering case studies and actionable steps in the form of bullet points, questions and lists, the book focuses on the importance of planning and analyzing one’s total financial picture in the context of goals, hopes, and dreams. |
| definitive guide to retirement income: Retire Ready Brian O'Shea, 2004 The twin topics of retirement and superannuation are daunting for many Australians. Information is sometimes unclear and confusing due to jargon, complex mathematical tables and constantly changing government regulations. Retire Ready is a practical handbook with contributions from a wide range of commentators that explains in clear, concise, jargon-free language what retirees need to know to get started on a journey that can have a positive life-changing effect. |
| definitive guide to retirement income: Reverse Mortgages Wade Donald Pfau, 2018-02-06 Reverse mortgages have been surrounded by negativity. They were often mentioned alongside phrases like last resort, out of money, and bad choice. In 2014, intrigued by the seemingly universal bad rap reverse mortgages had cultivated, Dr. Wade Pfau began researching them in depth. Over the course of the next year, he came to the conclusion that reverse mortgages aren't inherently a bad idea, though they are often misunderstood and not used in a most beneficial way. In fact, Dr. Pfau realized that reverse mortgages---when used correctly---can provide an added layer of security for retirees and allow them to enjoy retirement more by gaining liquidity from an illiquid asset. This second edition of the book is fully revised and updated for the modification of reverse mortgage rules affecting applications after October 2, 2017. |
| definitive guide to retirement income: The Complete Cardinal Guide to Planning for and Living in Retirement Hans Scheil, 2016-02-01 The Complete Cardinal Guide to Planning For and Living in Retirement offers comprehensive coverage of everything you need to know to begin strategizing for your retirement years. With clear and simple language, Hans Scheil who has 40 years of experience providing long-term care insurance and financial planning explains the details of Social Security and Medicare, long-term care insurance, asset management, taxes, and how to find qualified advisors. These explanations are illustrated by real-world examples drawn from Han Scheil s own practice. |
| definitive guide to retirement income: How Much Money Do I Need to Retire? Todd Tresidder, 2020-01-02 Learn how retirement really works before it's too late... This book is the best I've seen on how to navigate the retirement savings question. (Forbes) Most so-called experts plug your numbers into a retirement formula to tell you how much money you need to retire. Unfortunately, the conventional approach is fundamentally flawed. If you fail to learn how retirement savings truly works, then you'll either underspend and be miserable or overspend and run out of money. How Much Money Do I Need to Retire takes you beyond the scientific facade of modern retirement planning. Author and former hedge fund manager Todd R. Tresidder has helped thousands of people find financial freedom through his website and podcast. Now you too can use his advice to take the guesswork out of your retirement planning. In this book, you'll learn: Why the best way to describe most retirement estimates is garbage-in/garbage-out The five critical assumptions that can destroy your financial security How to reduce the amount you need to retire by as much as $600,000 Three strategies to maximize spending today while protecting for the future How to calculate the amount of money you really need to retire on the first try without software, online calculators, or being a math genius Read this book to know more about your retirement planning than your financial adviser. Tresidder's book contains refreshingly straightforward, easy-to-understand, and concise advice on how to retire wealthy. This missing link of personal finance books will make you sleep easier. No retirement is secure without it. Buy the book today so you can retire with confidence! |
| definitive guide to retirement income: Redefining Retirement Wade Pfau, 2021 Safety-first retirement planning helps to meet financial goals with less worry. This book explains how to evaluate different insurance options and implement these solutions into an integrated retirement plan. |
| definitive guide to retirement income: You Can Retire Early! Deacon Hayes, 2017-11-07 The definitive guide to financial independence at any age! Retiring early is not limited to lottery winners or the super rich. In fact, with proper planning, we can all retire at a younger age than we ever dreamed—but only with the right plan. Personal finance expert Deacon Hayes explains the practical, concrete steps you can take to start your retirement when you’re young enough to thoroughly enjoy it, including: *Developing a personalized retirement plan *Maximizing income *Understanding opportunity cost *Assessing and reducing debt *Selecting the right investment vehicles *Sticking to the plan With Hayes’s guidance, you can achieve financial independence and enjoy an active, happy, and long retirement. |
| definitive guide to retirement income: The Financial Planning Workbook Coventry House Publishing, 2024-07-19 |
| definitive guide to retirement income: Rock Retirement Roger Whitney, 2017-10-03 “A guide for planning that rich season of life, based not just on money, but also on how to create meaningful relationships, memories, and legacy.” —Dan Miller, author of 48 Days to the Work You Love Rock Retirement offers inspirational advice on how to enjoy the journey to retirement to its fullest. Traditional retirement advice usually boils down to saving more, sacrificing more, and settling for less. This approach makes people dependent on systems outside their control, such as the market, economy, and investment returns. The result: people lose power over determining their life. What sets Rock Retirement apart is its holistic approach to helping people take back control and act intentionally towards the life they want. It addresses the fears, hopes, and dreams that people have about retirement, goes way beyond the numbers, and shows them how to balance living well today and tomorrow. “Too many books think retirement is just about finances. Instead, retirement is about looking at life in full and working out what it is you want to do and then turning to finances to make it happen. That’s exactly the focus of the practical and helpful guide.” —Andrew Scott, coauthor of The 100-Year Life “Roger Whitney lays out a plan for today’s modern retiree. If you are exhausted with being fed that retirement is the end game of life, then Roger’s book is a must-read!” —Darryl W. Lyons, author of 18 to 80 “If you’re dreaming of a retirement free of worry, chao and confusion, Rock Retirement will give you the clarity, a solid plan and fresh inspiration to help you get where you want to go.” —Jevonnah “Lady J” Ellison, author of Love Letters for Leading Ladies |
| definitive guide to retirement income: Taking the Mystery Out of Retirement Planning U.S. Department of Labor, 2008 Designed for those about 10 years from retirement, this comprehensive publication has step-by-step worksheets to help you figure out how much money you need to retire and how to make sure your funds will last during your retirement. |
| definitive guide to retirement income: Social Security 101, 2nd Edition Michele Cagan, Alfred Mill, 2024-10-01 Learn the ins and outs of the social security system in this accessible, easy-to-navigate guide with refreshed, updated information in Social Security 101, 2nd Edition. Too often, writing about social security turns the noteworthy details of the benefits into boring details about regulations or biased political arguments that would put even a diehard bureaucrat to sleep. Social Security 101, 2nd Edition, cuts out the tedious explanations and instead provides a hands-on lesson that keeps you engaged as you learn all you need to know about the federal program that’s been around since the Great Depression. From the history of social security to its likely role in the future, this primer is packed with hundreds of entertaining tidbits and concepts that will keep you on track as you learn how to maximize your benefits. Whether you want to learn about calculating your retirement age or estimating your projected payments, Social Security 101 has all the answers—even the ones you didn’t know you were looking for. |
| definitive guide to retirement income: The Bogleheads' Guide to Retirement Planning Taylor Larimore, Mel Lindauer, Richard A. Ferri, Laura F. Dogu, 2011-02-22 The Bogleheads are back-with retirement planning advice for those who need it! Whatever your current financial situation, you must continue to strive for a viable retirement plan by finding the most effective ways to save, the best accounts to save in, and the right amount to save, as well as understanding how to insure against setbacks and handle the uncertainties of a shaky economy. Fortunately, the Bogleheads, a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, are here to help. Filled with valuable advice on a wide range of retirement planning issues, including some pearls of wisdom from Bogle himself, The Bogleheads' Guide to Retirement Planning has everything you need to succeed at this endeavor. Explains the different types of savings accounts and retirement plans Offers insights on managing and funding your retirement accounts Details efficient withdrawal strategies that could help you maintain a comfortable retirement lifestyle Addresses essential estate planning and gifting issues With The Bogleheads' Guide to Retirement Planning, you'll discover exactly what it takes to secure your financial future, today. |
| definitive guide to retirement income: The Truth About Retirement Plans and IRAs Ric Edelman, 2014-04-08 From one of America’s most trusted financial advisors: a guide to making the most of your retirement plans and assuring long-term financial security. Everyone knows that investing in your retirement is important. Yet only half of all eligible Americans contribute to a retirement plan. That’s because 401(k)s, 403(b)s, 457s, and IRA plans are complicated, confusing, and costly. New York Times bestselling author and acclaimed financial advisor Ric Edelman has counseled thousands of savers and retirees, and has accumulated his advice in this book. Edelman has created a step-by-step guide. With illuminating examples and simple explanations, he shares everything you need to know as a plan participant: how much you need to retire comfortably, how to make wise choices among your investment options, and how to maximize the benefits of your 401(k). Along the way, he debunks the myths and clears up the confusion. |
| definitive guide to retirement income: The Essential Retirement Guide Frederick Vettese, 2015-11-12 Retirement planning is difficult enough without having to contend with misinformation. Unfortunately, much of the advice that is dispensed is either unsubstantiated or betrays a strong vested interest. In The Essential Retirement Guide, Frederick Vettese analyses the most fundamental questions of retirement planning and offers some startling insights. The book finds, for example that: Saving 10 percent a year is not a bad rule of thumb if you could follow it, but there will be times when you cannot do so and it might not even be advisable to try. Most people never spend more than 50 percent of their gross income on themselves before retirement; hence their retirement income target is usually much less than 70 percent. Interest rates will almost certainly stay low for the next 20 years, which will affect how much you need to save. Even in this low-interest environment, you can withdraw 5 percent or more of your retirement savings each year in retirement without running out of money. Your spending in retirement will almost certainly decline at a certain age so you may not need to save quite as much as you think. As people reach the later stages of retirement, they become less capable of managing their finances, even though they grow more confident of their ability to do so! Plan for this before it is too late. Annuities have become very expensive, but they still make sense for a host of reasons. In addition, The Essential Retirement Guide shows how you can estimate your own lifespan and helps you to understand the financial implications of long-term care. Most importantly, it reveals how you can calculate your personal wealth target - the amount of money you will need by the time you retire to live comfortably. The author uses his actuarial expertise to substantiate his findings but does so in a jargon-free way. |
| definitive guide to retirement income: Tax-Free Income for Life David McKnight, 2020-11-17 The follow-up to the bestselling The Power of Zero, providing a blueprint to build a guaranteed, tax-free income stream that lasts for the long run. American retirees face a looming crisis. We are living longer than ever before, and most experts predict a dramatic rise in tax rates within the next ten years. The hard truth is that no matter how much you save, you are likely to outlive your money or watch it be taxed into oblivion. But when traditional retirement distribution strategies won't provide sufficient income in the face of higher taxes, what can you do? Tax-Free Income for Life lays out a comprehensive, step-by-step roadmap for a secure retirement. McKnight shows how the combination of guaranteed, inflation-adjusted lifetime income and a proactive asset-shifting strategy can shield you from longevity risk and the cascade of unintended consequences that result from higher taxes. It's an innovative and proven strategy that maximizes return while effectively neutralizing the two biggest risks to retirement savings. If ever there were a solution for the American retiree, it's guaranteed tax-free income for life. |
| definitive guide to retirement income: Wealth After Work William G. Gale, J. Mark Iwry, David C. John, 2021-07-27 Pensions and retirement saving plans have helped millions of households build financial security. But tens of millions of people have been left behind, without access to these wealth accumulation vehicles. For many others, the plans they have do not ensure financial security in retirement. The problems that underlie these failures can be addressed. This book proposes concrete, practical ways to make dependable retirement income accessible for all Americans—not just those with means. Individual accounts have eclipsed traditional pensions as the primary vehicle for retirement saving in the United States—a shift that underlies many sources of retirement insecurity. The 401(k) plan and similar accounts have increased financial security for many people but have done nothing for millions more. Many of those who do have such plans are burdened with the need to make numerous saving, investment, and withdrawal decisions that stress their financial acumen. Financial advice that is unbiased, unconflicted, and affordable is often difficult to find. Managing wealth in retirement—especially the need to convert retirement savings into steady income—poses significant challenges that current financial instruments and practices do not adequately address. Economic downturns like the Great Recession and the COVID-19 pandemic increase financial insecurity and make addressing these issues more urgent. Written by noted experts in the field, Wealth After Work offers practical solutions that address these concerns. The proposals show how policymakers can help all Americans gain access to retirement savings accounts, obtain better information about their savings choices, and better manage their wealth in retirement. By proposing solutions that build on, rather than replace the existing system, the book provides a nuanced, practical guide to reform that would benefit all Americans. |
| definitive guide to retirement income: The Dumb Things Smart People Do with Their Money Jill Schlesinger, 2020-02-04 You’re smart. So don’t be dumb about money. Pinpoint your biggest money blind spots and take control of your finances with these tools from CBS News Business Analyst and host of the nationally syndicated radio show Jill on Money, Jill Schlesinger. “A must-read . . . This straightforward and pleasingly opinionated book may persuade more of us to think about financial planning.”—Financial Times Hey you . . . you saw the title. You get the deal. You’re smart. You’ve made a few dollars. You’ve done what the financial books and websites tell you to do. So why isn’t it working? Maybe emotions and expectations are getting in the way of good sense—or you’re paying attention to the wrong people. If you’ve started counting your lattes, for god’s sake, just stop. Read this book instead. After decades of working as a Wall Street trader, investment adviser, and money expert for CBS News, Jill Schlesinger reveals thirteen costly mistakes you may be making right now with your money. Drawing on personal stories and a hefty dose of humor, Schlesinger argues that even the brightest people can behave like financial dumb-asses because of emotional blind spots. So if you’ve saved for college for your kids before saving for retirement, or you’ve avoided drafting a will, this is the book for you. By following Schlesinger’s rules about retirement, college financing, insurance, real estate, and more, you can save money and avoid countless sleepless nights. It could be the smartest investment you make all year. Praise for The Dumb Things Smart People Do with Their Money “Common sense is not always common, especially when it comes to managing your money. Consider Jill Schlesinger’s book your guide to all the things you should know about money but were never taught. After reading it, you’ll be smarter, wiser, and maybe even wealthier.”—Chris Guillebeau, author of Side Hustle and The $100 Startup “A must-read, whether you’re digging yourself out of a financial hole or stacking up savings for the future, The Dumb Things Smart People Do with Their Money is a personal finance gold mine loaded with smart financial nuggets delivered in Schlesinger’s straight-talking, judgment-free style.”—Beth Kobliner, author of Make Your Kid a Money Genius (Even If You’re Not) and Get a Financial Life |
| definitive guide to retirement income: Retire Secure! James Lange, 2015-10 In the new edition of Retire Secure! CPA and attorney James Lange supplements his proven methods for making the most of your retirement plans with updated information, analysis and examples as well as offers recommendations for new tax-saving strategies for retirees and older Americans. Always a strong proponent of contributing as much as you can to all the tax-deferred retirement plans available to you, Jim makes a convincing case for adding a slight modification to his pay taxes later adage - pay taxes later, except for the Roth. On the accumulation side of the equation, when individuals are working to save money for retirement, he delves into great detail on the differences between traditional and Roth retirement plan options. Retire Secure! delivers the most sophisticated financial and legal advice in the most accessible of manners. Jim makes it possible for the reader to gain a unique understanding of these stages and plan for them. |
| definitive guide to retirement income: The Power of Zero, Revised and Updated David McKnight, 2018-09-04 OVER 300,000 COPIES IN PRINT, WITH A NEW CHAPTER ON THE 2018 TAX CUTS. There's a massive freight train bearing down on the average American investor, and it's coming in the form of higher taxes. The United States Government has made trillions of dollars in unfunded promises for programs like Social Security and Medicare—and the only way to deliver on these promises is to raise taxes. Some experts have even suggested that tax rates will need to double, just to keep our country solvent. Unfortunately, if you're like most Americans, you've saved the majority of your retirement assets in tax-deferred vehicles like 401(k)s and IRAs. If tax rates go up, how much of your hard-earned money will you really get to keep? In The Power of Zero, McKnight provides a concise, step-by-step roadmap on how to get to the 0% tax bracket by the time you retire, effectively eliminating tax rate risk from your retirement picture. Now, in this expanded edition, McKnight has updated the book with a new chapter on the 2017 Tax Cuts and Jobs Act, showing readers how to navigate the new tax law, and how they can extend the life of their retirement savings by taking advantage of it now. The day of reckoning is fast approaching. Are you ready to do what it takes to experience the power of zero? |
| definitive guide to retirement income: Can I Retire Yet? Darrow Kirkpatrick, 2016-05-20 You've worked hard, lived carefully, and saved diligently. You've reached major milestones and accumulated more assets than you dreamed possible, and yet you hesitate. Can I retire? This book will help answer that question by showing you.... The tools you need to live a secure and independent retirement, without worrying about money What you must know before leaving a career behind How much it will cost you to live in retirement, and how to manage your cash flow The current choices for retirement health care, including lesser-known but effective options The threat from inflation: two secrets that politicians and bankers will never admit A realistic assessment of the impact that income taxes will have on your retirement Social Security's role in your retirement: when you should claim and how much it's worth to you How to construct and manage an investment portfolio for income and growth in retirement About immediate annuities and why you need multiple sources of retirement income The key variables and unknowns in your retirement withdrawal equation Reviews of the best retirement calculators, and tips for how to use them accurately Beyond the simplistic 4% Rule to the latest research on safe withdrawal rates Realistic bracketing of your retirement savings needs, without over caution or overconfidence The history of economic cycles and the related asset classes for optimal retirement security A survey of strategies plus original research for how to orchestrate your retirement distributions A practical retirement fuel gauge alerting you to problems while you still have time to act Backup plans: the lifeboat strategies for ensuring you'll never be without essential income The 6 crucial questions to answer before you can retire The one, simple, powerful, non-financial reason that you can and should retire earlier than later |
| definitive guide to retirement income: Living Off Your Money Michael H. McClung, 2016-09-17 It's common knowledge few people save enough for retirement. What's unfortunate is those who do, rarely invest it well during retirement. To a degree, this squanders what has been diligently saved. There are too many wrong answers and not enough right guidance for retirees, and it's difficult to discern which is which. The art and science to getting it right is explained in this book. |
| definitive guide to retirement income: The Bogleheads' Guide to Investing Taylor Larimore, Mel Lindauer, Michael LeBoeuf, 2006-04-20 Within this easy-to-use, need-to-know, no-frills guide to building financial well-being is advice for long-term wealth creation and happiness, without all the worries and fuss of stock pickers and day traders. |
| definitive guide to retirement income: 401(k)s For Dummies Ted Benna, Brenda Watson Newmann, 2011-05-04 Get the most out of your 401(k) in any economy Filled with sample 401(k) portfolios for every stage of life Invest your 401(k) money wisely and make the most of your retirement Want to know what kind of investment mix you need to make your retirement money grow? Don't know what to do with a 401(k) account from your last job? Worried that your company's 401(k) plan doesn't cut it? Relax! This simple, plain-English guide shows you how to manage your accounts, minimize your risks, and maximize your returns. The Dummies Way * Explanations in plain English * Get in, get out information * Icons and other navigational aids * Tear-out cheat sheet * Top ten lists * A dash of humor and fun |
| definitive guide to retirement income: Your Complete Guide to Factor-Based Investing Andrew L. Berkin, Larry E. Swedroe, 2016-10-07 There are hundreds of exhibits in the investment factor zoo. Which ones are actually worth your time, and your money? Andrew L. Berkin and Larry E. Swedroe, co-authors of The Incredible Shrinking Alpha, bring you a thorough yet still jargon-free and accessible guide to applying one of today's most valuable quantitative, evidence-based approaches to outperforming the market: factor investing. Designed for savvy investors and professional advisors alike, Your Complete Guide to Factor-Based Investing: The Way Smart Money Invests Today takes you on a journey through the land of academic research and an extensive review of its 50-year quest to uncover the secret of successful investing. Along the way, Berkin and Swedroe cite and distill more than 100 academic papers on finance and introduce five unique criteria that a factor (at its most basic, a characteristic or set of characteristics common among a broad set of securities) must meet to be considered worthy of your investment. In addition to providing explanatory power to portfolio returns and delivering a premium, Swedroe and Berkin argue a factor should be persistent, pervasive, robust, investable and intuitive. By the end, you'll have learned that, within the entire factor zoo, only certain exhibits are worth visiting and only a handful of factors are required to invest in the same manner that made Warren Buffett a legend. Your Complete Guide to Factor-Based Investing: The Way Smart Money Invests Today offers an in-depth look at the evidence practitioners use to build portfolios and how you as an investor can benefit from that knowledge, rendering it an essential resource for making the informed and prudent investment decisions necessary to help secure your financial future. |
| definitive guide to retirement income: Money for Life Steven G. Vernon, 2012 Money for Life addresses the concerns of a wide range of people who are planning their retirements and hoping to create a retirement income that last for life. Part One of this valuable guidebook outlines specific action steps and describes the various retirement income generators in an easy-to-understand manner, using charts, illustrations, and examples. It also introduces the Money for Life retirement income rating system to help you choose the solution that works best for you. Part Two serves as a resource for readers who want more details on the methods for generating a retirement income and on specific retirement tax and insurance issues.-- Back cover. |
| definitive guide to retirement income: Individual retirement arrangements (IRAs) United States. Internal Revenue Service, 1990 |
| definitive guide to retirement income: Good Money Revolution Derrick Kinney, 2022-02-22 WALL STREET JOURNAL and USA TODAY NATIONAL BESTSELLER! Do you feel like you deserve to make more money? In Good Money Revolution, you'll learn to make more money, live the life you deserve, and change the world, too. Derrick Kinney is the fresh financial voice to guide you there. This book gives you a shame-free, simple success plan for your money—without cutting out your favorite latte! You hate debt and worked hard paying it down. Now you wonder, What’s next? As you worry about the future, you can’t afford to get it wrong and need a financial plan that fits your unique goals and dreams. You want to make more money and make the world better, but you don’t have a clue where to start. You should have a bigger paycheck, enjoy real financial freedom, and live the life you’ve always wanted. If you’re not making the money you deserve, and you’re not making the impact on the world you’ve always wanted, there’s a better way for your money today. Money is good and you should have more of it. But not for the reasons you might think. Here’s a secret: lots of money won’t make you happy—until you add meaning to your money. When you connect your cash to a cause, your money to a movement, and your profits to a purpose you love, you will make more money and create a life full of meaning and purpose. In Good Money Revolution, you’ll discover: The secret to making more money—your Generosity Purpose 5 money mindsets keeping you from cash How to teach your money to make you money—and use it for good The 3 Levers of Money: Save More, Crush Your Debt, and Earn More How to transform your business and create a raving customer base Don't just make money. Make Good Money. This book will show you how. Welcome to the Good Money Revolution. |
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