Retirement Income Redesigned

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.

Clients nearing retirement have some significant challenges toface. And so do their advisers. They can expect to live far longerafter they retire. And the problems they expect their advisers tosolve are far more complex. The traditional sources of retirementincome may be shriveling, but boomers don't intend to downsizetheir plans. Instead, they're redefining what it means to beretired--as well as what they require of financial advisers.Planners who aren't prepared will be left behind. Those who arewill step up to some lucrative and challenging work.To help get the work done, Harold Evensky and DeenaKatz--both veteran problem solvers--have tapped thetalents of a range of experts whose breakthrough thinking offerssolutions to even the thorniest issues in retirement-incomeplanning:* Sustainable withdrawals* Longevity risk* Eliminating luck as a factor in planning* Immediate annuities, reverse mortgages, and viatical and lifesettlements* Strategies for increasing retirement cash flowIn Retirement Income Redesigned, the most-respected namesin the industry discuss these issues and a range of others.

Acknowledgments ixAbout the Contributors xiForeword by Walter Updegrave xxiiiPART ONE: FACING THE NEW REALITIES 11 Boomers: A Force for Change 5Deena B. Katz2 Maslow Meets Retirement 17Mitch Anthony and Lewis J . Walker3 Decision Making at Retirement: High Stakes for the Long Haul33Donald G. MacGregor4 Reinventing Retirement 49Mitch AnthonyPART TWO: ASSESSING THE RISKS 655 Psychological Impediments to Retirement-Income Planning69Mathew Greenwald6 Lifelong Retirement Income: How to Quantify and Eliminate Luck77Jim C. Otar7 Balancing Mortality and Modeling Risk 97Cynthia Saltzman8 Monte Carlo Mania 117Robert D. Curtis9 Understanding Required Minimum Distributions 141April K. CaudillPART THREE: SHAPING THE SOLUTIONS 15710 Risk Management During Retirement 163Moshe A. Milevsky With Anna Abaimova11 Withdrawal Strategies: A Cash Flow Solution 185Harold Evensky12 Asset Allocation: The Long View 203Laurence Booth13 Sustainable Withdrawals 217William P. Bengen14 Tools and Pools: Strategies for Increasing Retirement CashFlow 237Robert P. Kreitler15 Creating Portfolios With Lower Volatility 255Louis P. Stanasolovich16 Reverse Mortgages in Distribution Planning 281Roxanne Alexander and Michael J. Anderson17 Life Insurance Benefits--No Waiting 305Douglas Head18 Longevity Risk Insurance 311Roger G. Ibbotson, Michael C. Henkel, and Peng Chen19 Immediate Annuities: Structure, Mechanics, and Value323R. H. "Rick" Carey and Jeffrey K. Dellinger20 The Search for Software 343Joel P. BruckensteinContinuing Education Exam 353Index 361