Retirement Income Redesigned: Master Plans

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	• Retirement Income Redesigned: Master Plans for Distribution: An Adviser's Guide for Funding Boomers' Best ... Bloomberg Press, 2006 - 370 pages average customer review:based on 6 reviews view larger image
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highly recommended

Practical Advice for a Control Freak

I found this collection of essays helpful in securing a better understanding of the implications of portfolio decumulation strategies in early retirement. The essays are written for the practitioner and hence are easier to understand than much of the recent academic literature. I will recommend this book to my CFA.

Excellent source of advice

I have been reading retirement and investment books extensively over the past 2 years (Graham, Gibson, Slott, Stein etc.) and while some have touched on saving for retirement, few have touched on withdrawal strategy. In this book, Harold has gone to great length to spell out the retiree's psychological and economic needs, and offers up excellent options to address both. That section, plus the other fine chapters by other authors, make this a must-have book for the enlightened counselor.

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Excellent Technical Discussion

As a recent retiree, who is not a professional financial planner, I found this book very helpful in understanding the "technical" details of various financial planning tools. I was particularly interested in Monte Carlo analysis (which I use) and how this tool can be used to objectively (albeit not in the most easily understandable form for a lay person) quantify my investment portfolio risk.

It was also very interesting in how the Monte Carlo tool is being misused to evaluate risks other than simple investment portfolio risk. I would agree with the authors conerns about how certain financial planners are trying to use Monte Carlo analysis to evaluate risk far beyond the investment portfolio.

Traditional financial planning advice would suggest an ultra-conservative investment strategy high in fixed income securities. For those willing and able to accept the variablity of the stock market, a significantly higher level of income can be generated with little additional risk. Monte Carlo is the tool (properly used) to evaluate investment strategies.

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Retirement Income Redesigned: Master Plans

The book is a series of articles by different authors. It is only appropriate for professionals or trained amateurs in the field. Quality is uneven. The best is the editors one article which is worth the price of the collection.

Money Well Spent

I have read over two dozen books on investing and retirement planning and this is among my favorites. First, there are few books which talk to the subject of distribution (as opposed to accumulation) strategies. Second, the authors have chosen to allow other experts to contribute to their book - 25 of them to be precise. So you are not just getting the advice of one or two people, but the opinions of over two dozen renowned experts in the field. There is a tremendous amount of wisdom contained in the chapters.

As anyone who is a student of investing and retirement planning will know, Harold Evensky is quoted routinely and widely recognized as an expert in his field. Simply getting his advice is more than worth the price of admission. An example is the Evensky & Katz Cash Flow Reserve Strategy (E&KS) which is discussed in chapter 11. I have no doubt I will use this strategy in my own distribution planning.

Also not to be missed in the work of Bill Bengen on sustainable withdrawals, which is presented in chapter 13. Anyone who is contemplating managing their own cash flows in retirement (and even those who entrust this to others) should not miss Bill's views and opinions. He is arguably the leading expert on sustainable withdrawal rates in the financial planning business. I would highly recommend that you also consider purchasing his book, Conserving Client Portfolio's During Retirement, in addition to this fine work. Fortunately that book has recently become available on Amazon so it is now easy to find and obtain. I purchased my copy about 9 months ago and had to order it directly from the Financial Planning Association.

While you may not agree with every opinion expressed in this book, it will certainly get you to thinking (perhaps outside the box) and pressure testing what you think you know.

I'm sure I will use it as a constant guide in managing my own finances.

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reviews: page 1, 2

For years, financial planners have focused on helping their clients accumulate wealth for retirement. Now, as millions of those boomer clients head into retirement, there is little quality information on how to manage that wealth in retirement. Evensky and Katz, two of the nation's best-known financial planners, asked leading experts to give advisers a toolkit and roadmap to the new landscape. Included are valuable insights and practical approaches for increasing retirement cash flow, withdrawal strategies, longevity insurance, creating portfolios with low volatility, and decision making. Each of the 26 contributors offers fresh research and solutions for forecasting income needs, evaluating client needs, and communicating effectively with clients. Armed with these more effective approaches to distribution and improved methodologies for planning, financial advisers and wealth managers will be able to make their clients? golden years shine ever more brightly.

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