Books for Retirement Money Management/Decumulation

[SunnyOne]

There are lots of books to read on the subject of on investment and growing a portfolio, but I keep coming up short when it comes to books on managing a portfolio in retirement: wealth preservation, spending and tax strategies, Roth conversions, etc.

Yes, lots of 1-2 page articles available in various places online, but after finishing them, I still need a better understanding/have questions. It seems me this topic should be at least as deep as the topic of getting to this point.

Any recommendations? thanks

[VanWinkle]

"How to make your money last" by Jane Quinn Bryant is a good after retirement book concerning draw down, taxes, and roth conversions. It is easy to understand and not overly complicated.

[North Texas Cajun]

edited by Harold Evensky and Deena Katz has been a tremendous help for me. It’s expensive at $63 new, but good used copies are available at Amazon for about $13. Each chapter has a different expert author. Some chapter titles:

Withdrawal Strategies: a Cash Flow Solution
Asset Allocation: the Long View
Sustainable Withdrawals
Creating Portfolios with Lower Volatility
Reverse Mortgages in Distribution Planning
Immediate Annuities
Longevity Risk Insurance

I suggest you read the reviews at Amazon.

Here’s the link:

https://www.amazon.com/Retirement-Income-Redesigned-Distribution-Advisers/dp/1576601897?ref_=mw_olp_product_details#aw-udpv3-customer-reviews_feature_div

[LOL!]

JBQ's book is very good and I like it, but it doesn't go into some of the things mentioned by the OP.

But most of the things mentioned by the OP apply to pre-retirement and people working, too. Just because one is retired does not mean that they manage their portfolio differently or change the way they were doing wealth preservation, or change the way they were spending money, or the way they were managing their taxes.

Perhaps the only difference is how one withdraws from a portfolio, but there is no magic in that. I think that is particular true if one has been doing their own tax preparation for at least the past 5 to 10 years. If one has used a paid preparer, then it is tougher because one may not be as familiar with all the tax breaks that the IRS gives taxpayers.

So is there a book? Besides the JBQ book, there are the IRS tax publications which are quite good. Browse them and read at least one per month. Maybe start with IRS Publication 590B.

Some things to pay attention to: How are dividends and distributions taxed? How are realized capital gains taxed? How are IRA withdrawals taxed? How are SS benefits taxed? What about the IRMAA extra taxes? What about Roth conversions? What about RMDs? QCDs? Charitable donations? Gifts to family members and other non-charities?

Then there is healthcare: ACA? Medicare? Others?

[North Texas Cajun]

by Wade Pfau has been recommended to me by two smart guys. I have not yet purchased it. You may want to also read the reviews at Amazon.

https://www.amazon.com/How-Much-Spen...clid=EAIaIQobC

[North Texas Cajun]

Here’s an article which may be more detailed than some you’ve read. This associate of Michael Kitces explains how one can safely withdraw more than the standard 4% if he can flex his spending during temporary market downturns.

https://www.kitces.com/blog/dynamic-...e-adjustments/

I liked this one because I feel the 4% withdrawal rule is too conservative, and doesn’t take into account the safe income from Social Security which most of us enjoy.

[North Texas Cajun]

Do you follow the Boglehead forums?

Here’s a link to some discussion about retirement withdrawal rates. You could then go from their to the different discussions about each withdrawal strategy.

https://www.bogleheads.org/wiki/Withdrawal_methods

[hevensky]

Quote:

Originally Posted by North Texas Cajun edited by Harold Evensky and Deena Katz has been a tremendous help for me. It’s expensive at $63 new, but good used copies are available at Amazon for about $13. Each chapter has a different expert author. Some chapter titles: Withdrawal Strategies: a Cash Flow Solution Asset Allocation: the Long View Sustainable Withdrawals Creating Portfolios with Lower Volatility Reverse Mortgages in Distribution Planning Immediate Annuities Longevity Risk Insurance I suggest you read the reviews at Amazon. Here’s the link: https://www.amazon.com/Retirement-In...ws_feature_div

Thanks for the kind words about our book. Harold

[Midpack]

I found the same thing, way more written about accumulation versus decumulation/distribution. There may be more current sources, but these were the two best I found/read/referred to (I retired 8 years ago). Bogleheads has sections on retirement income distribution, but it's not solely that. The Evensky/Katz book is more wonky, for those (like me) who want more detail - and it shows various approaches without favoring one (e.g. Pfau used to be more open, now he somehow concludes we all need annuities - not the answer for everyone IMO).

[T-Minus]

I found McClung’s book “Living Off Your Money: The Modern Mechanics of Investing During Retirement with Stock and Bonds” to be very thoughtful, informative and data-driven:

https://www.amazon.com/Living-Off-Yo.../dp/0997403403

McClung also has chapters on decumulation during retirement. That said, there is a lot of discussion (pro and con) about his findings in various Boglehead’s forums. The Early Retirement Now site also has a lot of related discussion: https://earlyretirementnow.com/

[capjak]

Here are the ones I have read and would recommend top Tier:
Bobleheads Guide to Retirement Planning
Life Annuities: An Optimal Product for Retirement Income by Moshe Milevsky
How Much Can I spend by Wade Pfau
Safety First by Wade Pfau
Go Roth Your Guide to Roth IRA and Other Roth Accounts
The Investor's Manifesto: Preparing for Prosperity,Armagedan....
How to Make Your Money Last: The indispensable Retirement ...by Jane Quinn
How a Second Grader Beats Wall Street by Alan Roth
Living Off Your Money Michael McClung (Technical detail is amazing)

Forum: Bogleheads Forum: answers 90% of questions read and enjoy:

https://www.bogleheads.org/forum/index.php