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Retirement Income Redesigned: Master Plans for Distribution -- An Adviser's Guide for Funding Boomers' Best Years 1st Edition

24 customer reviews
ISBN-13: 978-1576601891
ISBN-10: 1576601897
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Editorial Reviews


"Expert advice for retirement planning is essential but too often flaky. Nothing in this book is flaky. The expert authors are sophisticated and knowledgeable. Their presentations are rock-solid, comprehensive, and clear. They cover every important aspect of the retirement problem. Any adviser or client who reads this book will be deeply grateful to Harold Evensky and Deena Katz for putting it together."
—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."
—John Iachello
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

About the Author

Harold Evensky is chairman of Evensky & Katz, a financial-advisory firm in Coral Gables, Florida.

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.


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Product Details

  • Hardcover: 370 pages
  • Publisher: Bloomberg Press; 1 edition (April 1, 2006)
  • Language: English
  • ISBN-10: 1576601897
  • ISBN-13: 978-1576601891
  • Product Dimensions: 6.5 x 1.1 x 9.6 inches
  • Shipping Weight: 1.6 pounds (View shipping rates and policies)
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (24 customer reviews)
  • Amazon Best Sellers Rank: #29,457 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

103 of 106 people found the following review helpful By dennis wentraub on May 23, 2006
Format: Hardcover Verified Purchase
This collection of twenty essays on retirement planning shifts the focus of much of the current literature from the accumulation of assets to their distribution. "Retirementality" - how we think about and live out retirement (Anthony) - is being redefined by a generation who are living years longer than their predecessors. Indeed, "longevity risk" is one of the central themes of this book. As defined benefit pension plans disappear and the viability of social security is debated, the net reality is that longer living retirees are left with fewer streams of guaranteed life-time income. Making that nest egg last is a challenge. Failure to do so is "the probability of ruin" - to use Milevsky's indelicate phrase.

A number of these contributors see annuities as integral to generating a guaranteed life-long stream of cash. Carey and Dellinger (and Milevsky elsewhere) maintain that investment returns produced by an annuity will always be superior to identical investments outside an annuity because of the "mortality credits" from other terminated annuity policy holders which are factored into the projected income. A chapter on reverse mortgages presents an evenly balanced discussion of this additional source of income for retirees. Considering that half the population who reach 65 may need some form of expensive institutional care (Greenwald), supplemental streams of income may also prove useful to pay for a long-term care insurance policy.

"Sustained Withdrawals" (Benge) seeks to determine a "safemax" - the maximum, annual withdrawal percentage rate from a retiree's accumulated wealth during this "decumulation" (Katz) phase. Determining this rate is another key theme in this collection.
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36 of 36 people found the following review helpful By M. Giannetto on August 16, 2007
Format: Hardcover Verified Purchase
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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30 of 31 people found the following review helpful By Artephius (. VINE VOICE on September 6, 2008
Format: Hardcover Verified Purchase
Wow, I have read over 200 books about investing.....but never have I seen such a collection of valuable information about the distribution phase of investing in one book.

Twenty-five different authors contribute their own chapters covering about every aspect of the distribution phase.

I have heard both Evensky and Katz speak at the Chicago Financial Advisor Symposium, and they are both long time practitioners in the financial planning industry.

Of today's Americans who are over age 85, two-thirds of them have less than $100K in non-home assets.

On page 82, there is an interesting chart showing that at the 4% SWR level, asset allocation does have an impact on the probability of exhausting a portfolio. But once you get to a 6% SWR, asset allocation has virtually no impact on the probability of exhausting a portfolio.

On page 84, the author of this chapter argues that luck has far more impact on portfolio survival than asset selection, asset allocation, and management costs. The same author also recommends only re-balancing your portfolio every 4 years (each Presidential election year)

Pages 88-89 have 2 excellent charts which show the maximum SWR if your stocks get the same return as the DJIA......or the DJIA + 2% for a diversified portfolio.

For the case of your stock return equal to the DJIA:

40 years
30% stocks
25% bonds
45% TIPS
SWR = 3.1%

For the case of your stock return equal to the DJIA + 2%:

40 years
35% stocks
25% bonds
40% TIPS
SWR = 3.5%

The author of this chapter also develops an index for determining how much of a portfolio should be used to purchase immediate annuities.
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