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Old 01-21-2008, 03:57 PM   #41
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FD,


I forget whether it is Ferry or Swedroe but one likes annuities as I recall and the other doesn't so they seem to disagree to disagree. And I don't recall why. Do you recall that from the Boglehead forum.

I did look at annuities once and now I can't recall what they base their payout on. What factors influence the rate, T-Bonds or the like?
Annuities have their pros and cons.

First, stay away from variable annuities as an investment, you can probably do better choosing investments yourself while accumulating assets.

Second, if considering annuities, consider an immediate annuity. This means you write a check to an insurance company, they invest the money for a promise to pay you $X a month or $Y per year. You can pay more, or get less initially, to have $x or $y adjust upward for inflation.

Pros- annuities cannot be touched by lawsuit. If you become destitute, sued or other, creditors cannot get access to your money. See OJ Simpson as exhibit A.

Cons- more than likely you are going to see about a 4% return on your money from the annuity. Obviously the market will do better. The annuity basically transfers that risk to the insurance company. In addition, another con is that if you die young, your kids/heirs do not get the remaining balance- you could write the annuity check for 750k today, die in a car crash on way home, and the insurance company just made 750k. For this reason sign the paperwork at your house (LOL).

If you expect to live a long time, an annuity could work out as a real good thing for you. You might end up with a 10% type annual return when all is said and done if you outlive life expectancy tables the insurance companies use.

In your case, you have 2 M which needs to generate an income of 65k.

SS takes 15k of this off the table (because SS provides you 15k per year). So 2 M needs to generate 50k per year. 50k can be generated by 1.25 M (4% SWR), so consider using 750k to purchase the annuity in this case. I don't know what 750k would give you per year, my guess is between 21k and 30k annually. You would need to ask an insurance agent for specifics.
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Old 01-21-2008, 04:05 PM   #42
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Cons- more than likely you are going to see about a 4% return on your money from the annuity. Obviously the market will do better. The annuity basically transfers that risk to the insurance company. In addition, another con is that if you die young, your kids do not get the remaining balance.
You would be lucky to get 4%, more likely 2%. (IRR)
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Old 01-21-2008, 04:09 PM   #43
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jIMOh, again thanks for sharing your work so freely. I suspect that any portfolio based on individual stocks would not be suitable for her but I might consider it using my Private Access rep at Fidelity to consul her. Trouble is that I seem to have a new person every 5 years, they move on to other areas or into Fund management as the progress.

Later this evening I will spreadsheet some of these div suggestions and other's suggestions and make a few runs to see what the income stream might look like. I need to re-learn those criteria and this Peter's book (Suggested on another post by clifp) is getting there soon, Next chapter.

And also a PRFDX and ADVDX portfolio option. She would be fine with that. She is degreed in liberal arts and more than capable of learning the financial stuff but she has a point, why does she have to.

If she ever agrees to take an interest, I would prefer to leave her a MM, CD/bond (paying yearly into MM), dividend, and growth port.

But meantime the Roth conversion is very interesting reading and considering.

Thanks


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12 stocks will work, 20 would spread the risk out. 44 would spread risk out, and might have high transaction costs to maintain. You will need to draw the line somewhere. I have a "plan" to build a dividend stream like I describe to you, but am nowhere near that situation now (I need to payoff my mortgage first).

I do not think you need 4-5 stocks in a given sector, 2 should be enough, maybe even one. Have a blue chip position, a REIT position and a mid cap/small cap position.

8 Blue chips. If you picked MSFT, PG, GE, XOM, MRK, IP, MMM, PO (that's Phillip Morris, correct?) that would be 8 strong blue chips spread among software, consumer durables, oil, financial and government and a few other sectors. Might add an insurance company and investment company to this mix for financial exposure.

Then for stock #2 in each sector of interest:
If you added a financial stock, maybe add one like ALD which is smaller.
If you added another health care stock, add one which is smaller.
etc... meaning add the second one as the smaller company in another portion of portfolio. Maybe 8 smaller stocks which compliment the big ones.

REITs I would get 3-4, because you are depending on that bucket for 25% of the dividend income, spread that risk around. There is commercial real estate, foreign real estate, domestic real estate and similar. I would get one of each for sure.

If considering a company with a 2.40 dividend, the 2.40 is the only thing I look at (not the yield). You need to examine payout ratio (% of profits paid out in dividends). I believe this should be under 25% for a good company-but check that metric (payout ratio). I am guessing that ratio might be higher than one for some financial stocks right now, might shy away from there, for now.

You need to look at expenses to build this up. $9 per stock to buy, $9 per stock to sell. If a company cancels its dividend you will need to sell (as it is not providing it's function to you anymore). You will need a watch list as well so you have ideas for what to buy in place of a stock which stops paying you a dividend. Small and mid caps which pay dividends also tend to get bought out a lot (from my research), so you will need to come up with a way to replace these stocks as well.

I also second the other posters idea of considering an annuity for a portion of the portfolio. That would simplify things for wife. Might cost you more now for the peace of mind going forward. Keep it simple for wife.

You need to remember (realize?) 2 things, IMO

1) realize you have more saved than needed (meaning your SWR is lower)
2) do not let the high amount saved force you into an ultra conservative philosophy from this point forward. Shift to be more conservative, but not ultra conservative.

I would build portfolio with dividend stock mutual funds because if wife wants hands off, she could not manage a 44 stock portfolio. 1 or 2 mutual funds would be much simpler. I like dividend investing, right now I do all mone through a mutual fund (PRFDX) and hopefully you can see that fund does an excellent job of preserving principal (and increasing principal). That is the basic premise of dividend investing, IMO.

My wife will learn what she has to (she administers 401ks for a living, so she knows things, just nothing about our current holdings). I have more money invested in my name (I have been investing for 11 years, she only has been for about 5-6 years). I also put in 10% plus IRAs, she is only 6% plus a partial IRA contribution each year. So in my case keeping it simple is a word document with all holdings listed, and what to do if I die before her (rolling over, asset allocation, funds to pick).

You case needs to be simpler. If you use two dividend stock funds (PRFDX and ADVDX) then remind her this provides 25k of the 64k needed.

The other 39k is withdrawn from the IRA each year.
Another $X k is converted from the IRA to a Roth each year.

$Y is paid in taxes each year.
If you withdraw from the Roth, the tax bill goes down to $Z each year.

More than likely if you open an account with $1 M at a place like Fidelity, they will provide you with a financial advisor. Get one now, verify what I am suggesting is a good choice for your situation, then have the advisor file it with your account info.

Provide your wife with the advisors name, and if you pass, as her to call the advisor and ask him questions

1) has the plan worked as designed in the past?
2) what is outlook for plan for next 5 years (will IRA be completely comverted to a Roth?
3) when Roth withdraws are needed, how should they be done?
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Old 01-21-2008, 04:22 PM   #44
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jIMOh, again thanks for sharing your work so freely. I suspect that any portfolio based on individual stocks would not be suitable for her but I might consider it using my Private Access rep at Fidelity to consul her. Trouble is that I seem to have a new person every 5 years, they move on to other areas or into Fund management as the progress.
More likely they "wash out" of the business, there is high turnover in those customer service areas of Fidelity............
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Old 01-22-2008, 04:46 AM   #45
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IMO CD Ladders are SIMPLE to maintain. That is what Excel was invented for. I am far from any type of math wizard - my formal level of math education is about 5th grade (before algebra). Currently I have 58 CD's, in three types of accounts (Traditional IRA, Roth IRA and Regular), under two names (DW and I), at 4 Institutions, with maturities from 3 months to 7 years. All on a single page spread sheet with 16 Columns. Very easy to manage - a caveman (caverperson?) could do it.
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Old 01-22-2008, 08:28 AM   #46
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Maybe find a CFP in your area which is younger than you to share your plan with. Hopefully that CFP is still in business 40 years later if your wife needs to consult with someone.

Decide on a plan, run it by a CFP (for a fee) and implement it yourself. Then file this person's info away with life insurance and other documents. If one of you needs to change the plan later, go back to same person.
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Old 01-22-2008, 09:36 AM   #47
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Maybe find a CFP in your area which is younger than you to share your plan with. Hopefully that CFP is still in business 40 years later if your wife needs to consult with someone.

Decide on a plan, run it by a CFP (for a fee) and implement it yourself. Then file this person's info away with life insurance and other documents. If one of you needs to change the plan later, go back to same person.
Tough to find a CFP that is fee-only............
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Old 01-22-2008, 09:37 AM   #48
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IMO CD Ladders are SIMPLE to maintain. That is what Excel was invented for. I am far from any type of math wizard - my formal level of math education is about 5th grade (before algebra). Currently I have 58 CD's, in three types of accounts (Traditional IRA, Roth IRA and Regular), under two names (DW and I), at 4 Institutions, with maturities from 3 months to 7 years. All on a single page spread sheet with 16 Columns. Very easy to manage - a caveman (caverperson?) could do it.
How do you shop rates??
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Old 01-22-2008, 09:43 AM   #49
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FD: I just use PFCU, Navy Federal, VyStar CU (Formally JAX Navy), and one bank (Capital One). Needless to say currently I am in the "accumulate cash" mode as the rated are not too good with the exception of PFCU (5.25% 7 year) which I have recently actually used for the 7th rung (2015 Maturity).

I have looked at Bank Rate but that site is really a poor source as they NEVER have the best rates posted.
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Old 01-22-2008, 09:46 AM   #50
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R Wood,
thanks for the breakdown of how you've implemented a CD ladder. I planned to do everything within Fidelity and was wondering if you have been in CDs for enough time to assess whether you are feeling any inflation erosion like most caution on this thread.

Also, how does this 3/4% cut in the FED factor in as you roll over your CD's at maturity.
thanks


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IMO CD Ladders are SIMPLE to maintain. That is what Excel was invented for. I am far from any type of math wizard - my formal level of math education is about 5th grade (before algebra). Currently I have 58 CD's, in three types of accounts (Traditional IRA, Roth IRA and Regular), under two names (DW and I), at 4 Institutions, with maturities from 3 months to 7 years. All on a single page spread sheet with 16 Columns. Very easy to manage - a caveman (caverperson?) could do it.
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Old 01-22-2008, 03:16 PM   #51
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clifp, thanks for the comments. Good reading. She is warming to the idea of some discussion about the specifics, so progress, yeah.

First, yes, if it were my portfolio, lots of stories on that one but it would derail this nice discussion and learning curve for me.

On CDs, I really agree on the CDs if I were to buy lots, it would be a royal pain, but I researched some pretty solid issues. Wachovia for example, although, their exposure in CA worries Moody's evidently. So yeah, I would shoot for jumbo CDs of 100k and so would need 9 in taxable and 12 in IRA.

But hopefully with them rolling over at 3 year, the 5 years, the hassle is spread out.

I feel that 2mil can safely and sufficiently provide here income, except as you point out, the inflation risk. So, I'm still hopeful. If the port were another 1/2 mil, I would not hesitate.

----
And, thanks for reminding me of my concerns with TR funds. The limited history does not include a real challenging market environment. Will the investing model hold up? Big question in my mind. I wonder if CFB would comment on that part, and share his feeling since he felt comfortable with them. And seems to do due diligence in investing.

----------------

We have bounced the idea of annuities around a bit and she feels exactly as you mention, no access would scare her. AND, her longevity history is as unknown as mine. We both come from a line of stock with early mid-life accidental demise.

----------------
If the CD idea eventually proves a bad choice my next best thought was this:
Taxable
MM Funded for 3 years of expenses
Wellington funded to $800k
IRA
TR2015 funded to $1mil

Both funds set up to pay dividends into the MM.

Or
(still trying to find time to spreadsheet.)

a TBD port based on some of jIMOh suggestions.

PS: my own port "was" MM, VTI, VEU, VWO and BND until Nov, 2007, yep sold at top, except for VWO. Whew.


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So many different ways to solve the problem. It is is nice to see the OP actively participating in the thread.

Stepping back a bit; a couple of observations. Pappy Bear you are obviously sophisticated enough investor that you could construct and manage any of these choices.

The real question is what type of investment would your wife be most comfortable managing? This is something none of us is in a position to know. I think spending some time with her going over the pro and cons of each alternative would time well spent.

Example
CD Ladder: Pros very safe investment almost certain to be able to meet retirement needs of $65K
Cons: Total income likely lowest, some inflation risk. Somewhat of hassle/ area for worry when rolling over the CDs. (Before taking over my 82 yearl old mom's finances a few years ago, I always had monthly phones calls
that started with I have a CD maturing what do I do? Even now after handling her finances I find maintaining a CD ladder some what of pain. You either but a lot of 10-20K CD or search very hard to find the best CD for a $100K investment.

Target Retirement or Managed Payout
Pro's: Likely to have best total return. Fairly hassle free.
Cons: Market risk, and some interest rate risk. Limited history means we have no way of knowing how they handle bear or extended turbulent
markets.

Annuities: Almost as safe as CD, very predictable income stream. Zero hassle unless you want to get out of the contract than big hassle and expense.
Cons: Money is gone for use in an emergency, or leaving to heirs or charity. Some risk that the insurance company will fail.

....
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Old 01-22-2008, 03:21 PM   #52
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Cons- more than likely you are going to see about a 4% return on your money from the annuity. Obviously the market will do better. The annuity basically transfers that risk to the insurance company. In addition, another con is that if you die young, your kids/heirs do not get the remaining balance- you could write the annuity check for 750k today, die in a car crash on way home, and the insurance company just made 750k. For this reason sign the paperwork at your house (LOL).
That is not accurate. Most companies have cash refund options where the beneficiaries can either continue the payments or take a lump sum equal to the lump sum less premiums paid.

You can also do 20 year period certain, joint life, etc. Again, it depends on what you want to do. SPIA's don't work for everybody, but they can work.
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Old 01-22-2008, 04:20 PM   #53
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I wonder if CFB would comment on that part, and share his feeling since he felt comfortable with them.
Well thats the thing...theres risk associated with the investment and hence the potential for premium being paid. Its dependent on the US markets as there is little pure foreign content in the nearer TR funds. We've had a good run in equities and in bonds over the last 15 years...the next 15 might suck.

What I do know is that there are two ways to play the game. One is to play knowing you'll lose but hope not too badly, and that you'll expire before you run out of money. One is to play to win, do your best to lay the odds well in your favor, and go for it.

I know cash investments havent and at current rates wont beat inflation, no matter how clever you are with the strategy and how lucky you are at seeing and snatching up the best rates when they're available. I know that most fixed income investments wont beat inflation of the type that I experience and expect to experience in the future. Nationalized health care will zero that out to a reasonable level, but I'll believe that when I see it.

Thats why I came to the plan i'm in. Lots of equities and a little fixed income in a bucket I wont touch for 15-20 years. Lots of fixed income, cash, cd's and chunk of equities in the near bucket to use and possibly use up. Then tap my second bucket, slack it back to a lower equity percentage, take early social security for both of us to alleviate the spending draw by a good amount, as well as a couple of very small pensions. That second bucket ought to take us well into our 90's, and at that point our house will be worth a few million and we can reverse mortgage it or sell it and rent a little place for the rest of it.

About the only thing that shoots a hole in that plan is an apocalyptic event. I dont worry about those, because you cant stop, avoid or mitigate them.

I just wouldnt hold a portfolio with under 25% equities. You cant win without that piece of the puzzle, unless you're very smart, very lucky, and also really, really engaged with your financials.

As far as bonds vs cash, I'd take cash/cd's at rates over 6%. At rates under 5% you're really not getting rewarded enough to not look at bonds.

But 25-50% us equities and the rest in US bonds and some cash? Might not be enough diversity. Thats why these new managed payout funds have a bit more appeal to me for set-it-and-forget-it investing.

Of course, a hundred guys on the bogleheads/diehards forum would skewer me for saying that, feeling that US bonds and equities, and maybe a little bit of foreign content are all anyone ever needs...
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Old 01-22-2008, 04:23 PM   #54
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FD,
I'm intigued by a concept of an annuity ladder. But, is there something in an annuity type that makes sense for this scenario?

Use 900k of the taxable portfolio money to buy a 15 year annuity, with the idea of letting the IRA portfolio grow in a TR type fund until RMDs are required and then conver the IRA portolio to a lifetime annuity.

The thinking is that the IRA port might frow to say $2.5 million and she'd be , lets just say more mature age, and get a fairly high annuity payout for the rest of her life.

Hmmmm, annuity ladders, I like it.

thanks for the comments.

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That is not accurate. Most companies have cash refund options where the beneficiaries can either continue the payments or take a lump sum equal to the lump sum less premiums paid.

You can also do 20 year period certain, joint life, etc. Again, it depends on what you want to do. SPIA's don't work for everybody, but they can work.
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Old 01-22-2008, 04:34 PM   #55
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FD,
I'm intigued by a concept of an annuity ladder. But, is there something in an annuity type that makes sense for this scenario?

Use 900k of the taxable portfolio money to buy a 15 year annuity, with the idea of letting the IRA portfolio grow in a TR type fund until RMDs are required and then conver the IRA portolio to a lifetime annuity.

The thinking is that the IRA port might frow to say $2.5 million and she'd be , lets just say more mature age, and get a fairly high annuity payout for the rest of her life.

Hmmmm, annuity ladders, I like it.

thanks for the comments.
You don't "ladder" annuities.........

You may be forgetting about RMD's that will increase every year in the SPIA scenario for the IRA..........

CFB was right that an inflation hedge includes a healthy dose of equities, like them or hate them.

Try to ignore the markets and CNBC, make a decision based on what will make YOU happy..........there is more than one path to follow.........

The two biggest challenges facing folks in retirement are:

Health risk
Risk of outliving your money

How will you address those two issues??
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Old 01-22-2008, 05:04 PM   #56
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CFB,
I appreciate you sharing your strategy. I can see that you have taken into account many issues that are clearly either already at your door and will be with reasonable certainty during your lifetime. Meaning, you know your current financial obligations and have a reasonably clear view of future obligations that will arise. And likewise, I don't see nationalize health for a long time, but hopefully Medicare is still reasonably affordable by age 65.

One question is when you say lots of equities that won't be touched for 15-20 years, are those individual stocks?

Likewise again, I like the idea of taking SS as soon as possible. Just makes sense, it may be less per month but it also frees up investments to compound. And I'm getting a near unanimous response that equities are required to provide the growth needed to avoid inflation.

I guess if I was talking about $10 million in the portfolio, even putting the cash in a mattress and withdrawing as needed would be a winner. So I was kinda hoping that $2 million might survive with some reasonable 5-6% rate.

Thanks for the sharing. I see your plan has lots of safety valves built in.



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Originally Posted by cute fuzzy bunny View Post
Well thats the thing...theres risk associated with the investment and hence the potential for premium being paid. Its dependent on the US markets as there is little pure foreign content in the nearer TR funds. We've had a good run in equities and in bonds over the last 15 years...the next 15 might suck.

What I do know is that there are two ways to play the game. One is to play knowing you'll lose but hope not too badly, and that you'll expire before you run out of money. One is to play to win, do your best to lay the odds well in your favor, and go for it.

I know cash investments havent and at current rates wont beat inflation, no matter how clever you are with the strategy and how lucky you are at seeing and snatching up the best rates when they're available. I know that most fixed income investments wont beat inflation of the type that I experience and expect to experience in the future. Nationalized health care will zero that out to a reasonable level, but I'll believe that when I see it.

Thats why I came to the plan i'm in. Lots of equities and a little fixed income in a bucket I wont touch for 15-20 years. Lots of fixed income, cash, cd's and chunk of equities in the near bucket to use and possibly use up. Then tap my second bucket, slack it back to a lower equity percentage, take early social security for both of us to alleviate the spending draw by a good amount, as well as a couple of very small pensions. That second bucket ought to take us well into our 90's, and at that point our house will be worth a few million and we can reverse mortgage it or sell it and rent a little place for the rest of it.

About the only thing that shoots a hole in that plan is an apocalyptic event. I dont worry about those, because you cant stop, avoid or mitigate them.

I just wouldnt hold a portfolio with under 25% equities. You cant win without that piece of the puzzle, unless you're very smart, very lucky, and also really, really engaged with your financials.

As far as bonds vs cash, I'd take cash/cd's at rates over 6%. At rates under 5% you're really not getting rewarded enough to not look at bonds.

But 25-50% us equities and the rest in US bonds and some cash? Might not be enough diversity. Thats why these new managed payout funds have a bit more appeal to me for set-it-and-forget-it investing.

Of course, a hundred guys on the bogleheads/diehards forum would skewer me for saying that, feeling that US bonds and equities, and maybe a little bit of foreign content are all anyone ever needs...
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Old 01-22-2008, 05:15 PM   #57
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Portfolio size has a huge influencing factor.

For people well north of $2M and 30 years or so to go, one can be a lot more conservative.

For those under $1.2-1.3M and no very strong urges to LBYM themselves out the wazoo, more swinging for the fences may be needed.

For those in the 1.5-2.5M phase, or like me have to plan for 40-50 years of retirement, a lot of hybrid diversity and levels of planning make sense. I chose to plan mine out as though its in a phase where I get to "normal" retirement age, and a second phase of "regular" retirement.

My long term money was mostly in target retirement 2025 with a little TR 2045 until recently. I reallocated about half of that to REITS and small cap value index funds since they've both had the snot knocked out of them. Not sure they qualify as bargains, but I was bored...

My allocations right now are running about 25/60/15 equities/bonds/cash for my first bucket and about 85/15 equities/bonds for my second bucket.
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Old 01-22-2008, 05:16 PM   #58
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FD,
I was kiddingly trying to "coin" some new internet term like: The Puppy Belly Annuity Ladder", ala, Coffehouse, Napkin, etc. Maybe Puppy Belly will replace the tired old Bogle Head stuff.

I can see it now: "Applications the annual Puppy Belly reunion in San Diego are being taken by the Marriott Inn."

Not sure I understand the issues of RMD vs SPIA. Any elaboration?

Those risk factors are in our planning, she has Tricare from a previous marriage. And "out living" part is too hard to address.

Thanks for the comments.



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Originally Posted by FinanceDude View Post
You don't "ladder" annuities.........

You may be forgetting about RMD's that will increase every year in the SPIA scenario for the IRA..........

CFB was right that an inflation hedge includes a healthy dose of equities, like them or hate them.

Try to ignore the markets and CNBC, make a decision based on what will make YOU happy..........there is more than one path to follow.........

The two biggest challenges facing folks in retirement are:

Health risk
Risk of outliving your money

How will you address those two issues??
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Old 01-22-2008, 10:53 PM   #59
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Quote:
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FD,
Not sure I understand the issues of RMD vs SPIA. Any elaboration?
You were talking about a SPIA in an IRA. Grand idea, except things could get a little complicated over time and require work, as RMD's will continue to go up, and the SPIA is a fixed payment. It will require taking from another part of the IRA to meet the requirements.

I tend to be conservative and think WAY ahead, but which retired person would like to be selling mutual funds or stocks to meet a large RMD in a market like this
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Old 01-23-2008, 09:29 AM   #60
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CFB, thanks for the comments and although I do have a bit more than the round numbers I posted, it is not enough to be well North of $2mil. So yeah, I feel right on the edge of being able to pull off an all fixed income port.

Thanks for sharing the bucket allocations. I notice you favor bonds over CDs, is that based on yield or risk mitigation? I'm mulling over a portfolio for her that might be fairly simple to manage: say 50/50 Stock/Bond Indexes. With a MM account to accumulate divs and cap gains distros. Maybe leave instructions to rebalance every 5 years.


FD, oh, now I understand, yeah that RMD distribution period table is pretty interesting, especially the "115 years and over" columne. Thanks for bringing that up, I had forgotten that every year requires and increased withdrawal if assets are growing. Darn complicated be retired.

BTW, I have a pretty convincing spreadsheet uses this strategy.
1. Buy 1mil (in taxable and IRA) of 5.25% 7yr CDs from Penfed.
2. Live off the taxable income with supplements from an existing MM of $100k.
3. Let the IRA CD grow and reinvest yields.
4. Convert both accounts to SPIA single life annuites at end of CD mature date.

The results are damned interesting. In the middle of the 35 year period, the annuities pay out too much, so a new investment must be bought. But the payments never end. So living to 100 is not so scary but the annuity income will probably not buy much red wine. Unless she likes MD 20/20.

Thanks to all for the inputs, I'm still plugging away at spreadsheets and will share the results, pos or neg.



Quote:
Originally Posted by cute fuzzy bunny View Post
Portfolio size has a huge influencing factor.

For people well north of $2M and 30 years or so to go, one can be a lot more conservative.

For those under $1.2-1.3M and no very strong urges to LBYM themselves out the wazoo, more swinging for the fences may be needed.

For those in the 1.5-2.5M phase, or like me have to plan for 40-50 years of retirement, a lot of hybrid diversity and levels of planning make sense. I chose to plan mine out as though its in a phase where I get to "normal" retirement age, and a second phase of "regular" retirement.

My long term money was mostly in target retirement 2025 with a little TR 2045 until recently. I reallocated about half of that to REITS and small cap value index funds since they've both had the snot knocked out of them. Not sure they qualify as bargains, but I was bored...

My allocations right now are running about 25/60/15 equities/bonds/cash for my first bucket and about 85/15 equities/bonds for my second bucket.
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