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Looking for The Four Pillars of Retirement Income
Old 01-27-2011, 01:59 PM   #1
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Looking for The Four Pillars of Retirement Income

Lots of good investing and retirement planning books that I know of, but are there any really good books laying out what's on the other side financially. I have the Bogleheads Retirement book and Retirement Income Redesigned, but they are more like short stories than a comprehensive plan. I know the basics, but what are the great books on retirement income A to Z?
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Old 01-27-2011, 03:31 PM   #2
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"Spend Til the End" by Laurence Kotlikoff is very good.
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Old 01-27-2011, 03:35 PM   #3
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Though his fondness for annuities will likely severely annoy many here.

Ha
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Old 01-27-2011, 06:34 PM   #4
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I remember a similar thread from the past, but can't find it.

I haven't found a book that really lays out a post-retirement financial plan that covers investing, draw down, ira & SS strategies, etc.

Spend Till the End is good, but if you're looking for a roadmap - it doesn't provide one (from what I remember - I read it when it first came out)

I have used papers in the Journal of Financial Planning, Bob Clyatt's book and bits & pieces from other places to formulate my plan. I still don't have a coherent plan for T-IRA withdrawals & SS, but I have time to do that.

Has anyone read this book by Larry Swedroe?
Amazon.com: The Only Guide You'll Ever Need for the Right Financial Plan: Managing Your Wealth, Risk, and Investments (Bloomberg) (9781576603666): Larry E. Swedroe, Kevin Grogan, Tiya Lim: Books
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Old 01-27-2011, 06:37 PM   #5
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Otar's "Unveiling the Retirement Myth" with his associated retirement income spreadsheet.
Let's see the forum software will provide the link automatically to the previousl long thread on this book.

Otar: Unveiling the Retirement Myth
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Old 01-27-2011, 06:46 PM   #6
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You asked & here it is
Amazon.com: The Four Pillars of Retirement Plans: The Fiduciary Guide to Participant Directed Retirement Plans (9780470449998): David B. Loeper: Books

I haven't read it - just found it doing a search on Amazon.
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Old 01-27-2011, 07:01 PM   #7
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Originally Posted by Midpack View Post
Lots of good investing and retirement planning books that I know of, but are there any really good books laying out what's on the other side financially.
An updated FIRE recommended reading list (with a military twist)

I don't want to go all retro on you, but how about:
- Bob Clyatt's "Work Less, Live More" with its 4%/95% withdrawal plan around the portfolio's asset allocation,
- Schultheis' "Coffeehouse Investor", and
- Bud Hebeler's "J.K. Lasser's Your Winning Retirement Plan"?

I don't remember whether Swedroe's "The Only Guide to a Winning Investment Strategy You'll Ever Need" goes into specific withdrawal guidance.

What specifically are you looking for? "Buckets of money" guidance?
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Old 01-27-2011, 07:08 PM   #8
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Retirement Income Redesigned - Master Plans for Distribution, An Advisor's Guide for Funding Boomers' Best Years, edited by Harold Evensky & Deena B. Katz

The book is about the distribution phase, not the accumulation phase, of retirement portfolio planning. Many experts contribute chapters, including: Jim C. Otar, Harold Evensky, William P Bengen, and others.
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Old 01-27-2011, 07:17 PM   #9
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I've had it sitting beside my desk (on a table) for a couple months now... yet to be opened. I guess, that doesn't count, huh?

I'll get right on that.
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Old 01-27-2011, 08:11 PM   #10
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I've had it sitting beside my desk (on a table) for a couple months now... yet to be opened. I guess, that doesn't count, huh?

I'll get right on that.
Try putting it under your pillow. Knowledge Osmosis is a powerful, if little known phenomenon.
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Old 01-27-2011, 08:29 PM   #11
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I just started reading it.
So far so good.
I really like the list you guys have recommended on this thread.
I plan to start reading some of them when I finish the one I'm on.
Steve
PS. Mainly posted to make it easy to find the book list later when I need it.
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Old 01-28-2011, 04:28 PM   #12
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Retirement Income Redesigned - Master Plans for Distribution, An Advisor's Guide for Funding Boomers' Best Years, edited by Harold Evensky & Deena B. Katz

The book is about the distribution phase, not the accumulation phase, of retirement portfolio planning. Many experts contribute chapters, including: Jim C. Otar, Harold Evensky, William P Bengen, and others.

Have you read the book?

Does it provide any new material (from the authors) or a comprehensive framework for planning or is it just a medley of ideas and research from different authors' ?
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Old 01-28-2011, 05:17 PM   #13
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Does it provide any new material (from the authors) or a comprehensive framework for planning or is it just a medley of ideas and research from different authors' ?
Well stated, the two I mentioned both seem more like "medleys" of ideas. I'd like something more A to Z comprehensive.
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What specifically are you looking for? "Buckets of money" guidance?
I know the Buckets of Money concept, and I may well read it but I wouldn't follow any concept until I know as many as possible first.

I am looking for the best strategies for producing income from a nest egg. Just one example, I've read/heard in general to spend all taxable first and keep sheltered as long as possible. There has to be more to it than that.
1) At anything above the lowest tax bracket, I would think it could be more tax efficient to draw from both simultaneously (take just enough from sheltered to stay below target tax bracket with the rest coming from taxable - and factoring in cap gains, etc.)
2) Could depend on future tax rates. Not out of the question that future rate/brackets could be higher, also begs the question of withdrawing from sheltered to pay taxes now while rates are lower.
It would help me to see this kind of issue discussed in more detail. I know there are no right answers and the future is uncertain. But I've been able to learn enough about accumulation to make more right calls than bad ones - would like to be as knowledgeable about distribution.
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Old 01-28-2011, 05:33 PM   #14
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Have you read the book?

Does it provide any new material (from the authors) or a comprehensive framework for planning or is it just a medley of ideas and research from different authors' ?
I've read most of it (albeit a while ago). IIRC, it was pretty advanced... it is, after all, a textbook for Financial Planners (and Ilk). It should not be considered a Primer.

I, nevertheless, recommend it for what it is.
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Old 01-28-2011, 07:33 PM   #15
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Have you read the book?

Does it provide any new material (from the authors) or a comprehensive framework for planning or is it just a medley of ideas and research from different authors' ?
Yes, I read it and thought it was very informative. There are 3 sections: Facing the New Realities, Assessing the Risks and Shaping the Solutions.

I was most interested in the last section. The chapters in Shaping the Solutions are:
*Risk Management During Retirement - Moshe A. Milevsky w/ Anna Abaimova
*Withdrawal Strategies: A Cash Flow Solution - Harold Evensky
*Asset Allocation: The Long View - Laurence Booth
*Sustainable Withdrawals - Wm. P. Bengen
*Tools and Pools: Strategies for Increasing Retirement Cash Flow - Robert P. Kreitler
*Creating Portfolios With Lower Volatility - Louis P. Stanasolovich
*Reverse Mortgages in Distribution Planning -R. Alexander and M.J. Anderson
*Life Insurance Benefits-No Waiting - Douglas Head
*Longevity Risk Insurance - R. G. Ibbotson, M.C. Henkel & Peng Chen
*Immediate Annuities: Structure, Mechanics and Value - R.H. Carey, J.K. Dellinger
*The Search for Software - Joel P. Bruckenstein
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Old 01-29-2011, 12:08 AM   #16
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Yes, I read it and thought it was very informative. There are 3 sections: Facing the New Realities, Assessing the Risks and Shaping the Solutions.
I can't wait for the special supplement: "Lessons Learned 2008-2009".
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Old 01-29-2011, 05:03 AM   #17
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Anybody read "Are you a Stock or a Bond?..." by Milevsky


Amazon.com: Are You a Stock or a Bond?: Create Your Own Pension Plan for a Secure Financial Future (9780137127375): Moshe A. Milevsky: Books
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Old 01-29-2011, 07:17 AM   #18
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Anybody read "Are you a Stock or a Bond?..." by Milevsky
Table of Contents looks interesting and my local library has it, so I've requested it. Thanks...
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Old 01-29-2011, 09:06 AM   #19
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Anybody read "Are you a Stock or a Bond?..." by Milevsky
Yep-- very good.

It's noted for his shift on SPIAs, where he says they were generally a bad deal before but in recent years have become worth the price. He recommends annuitizing a portion of retirement assets if your human capital turned out to be more stock than bond.

I put up a post with a military perspective on the blog but it's applicable to anyone whose human capital turned out to be more bond than stock:
Tailor your investments to your military pay and your pension | Military Retirement & Financial Independence
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Old 01-29-2011, 09:17 AM   #20
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I did not know one has to read more books about the distribution phase. I thought that all I need to know is I would be safe with SWR of less than 3%.

And about human capital, oh yeah, I stumbled across that idea myself. Intuitively, I want to keep working part-time a bit longer, so that I can afford to be a bit more aggressive with my stock allocation.
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