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Conserving Client Portfolios During Retirement Paperback – May 1, 2006
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Top Customer Reviews
This book is probably worth more to me that every other book I have ever read on retirement planning (and I have read several dozen). Bill Bengen is a genius in the area of retirement planning and a pioneer in developing models to determine sustainable withdrawal rates. His work is considered by others (financial planners included) as the "gold standard". I cannot say enough about how much I learned from reading his book. It's simply a "must read".
You would be remiss (bordering on negligent) in not adding this tremendous work to your library.
William Bengen, a Certified Financial Planner (CFP) of many years, wanted a statistical history to show his clients how their portfolios could vary during 30-odd years of retirement. Finding none available, he compiled his own. This book is the end result.
He begins with a basic portfolio and how it has varied statistically for retirees from the 1920's on. Each chapter introduces additional variables that affect a clients' portfolios. In the process many treasured financial principles are upheld while a few are surprisingly debunked. (Hint: 4% may not be best for some.)
Written by a professional CFP for professional CFP's, this is no Tom Clancy novel. Considering the subject, however, it is clear, well-written and very readable. (I would go further and add it is downright fascinating--though I should add the disclaimer that my interest might be motivated by conserving my own portfolio for the next 30-odd years.)
Because it is a book for professionals, it has a heavy price tag. For myself, a retiree active in my investments, the price is far cheaper than what a CFP would cost. Please note this is not a replacement for professional advice, particularly for those not fully comfortable with investing and financial planning.
Pros: 1) Valuable, enlightening--even indispensable--information on its specific subject matter; 2) Highly readable for a topic that could easily have been dense and dull
Cons: 1) Expensive--though for this retiree the price was well worth it; 2) Written for a narrow audience--professionals and financially astute (ahem) amateurs.
Most Recent Customer Reviews
It's OK. Basically describes "safe" withdrawal rates. Author used a spreadsheet - there are other methods that may be better for your use.Published 19 months ago by Gary B Montross
This book definitely gives you a lot to think about during retirement. You will ponder all of your possibilities pro and con.Published on March 1, 2014 by Bill B