Looking for The Four Pillars of Retirement Income

Midpack

Midpack

Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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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?
 
Though his fondness for annuities will likely severely annoy many here. :)

Ha
 
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
 
Midpack said:
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.
Click to expand...
http://www.early-retirement.org/for...reading-list-with-a-military-twist-46732.html

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?
 
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.
 
RonBoyd said:
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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Try putting it under your pillow. Knowledge Osmosis is a powerful, if little known phenomenon. :)
 
walkinwood said:
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
Click to expand...

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.
 
racy said:
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.
Click to expand...


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' ?
 
chinaco said:
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' ?
Click to expand...
Well stated, the two I mentioned both seem more like "medleys" of ideas. I'd like something more A to Z comprehensive.
Nords said:
What specifically are you looking for? "Buckets of money" guidance?
Click to expand...
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.
 
chinaco said:
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' ?
Click to expand...

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.
 
chinaco said:
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' ?
Click to expand...

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
 
racy said:
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.
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I can't wait for the special supplement: "Lessons Learned 2008-2009".
 
chinaco said:
Anybody read "Are you a Stock or a Bond?..." by Milevsky
Click to expand...
Table of Contents looks interesting and my local library has it, so I've requested it. Thanks...
 
chinaco said:
Anybody read "Are you a Stock or a Bond?..." by Milevsky
Click to expand...
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
 
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.
 
NW-Bound said:
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%.
Click to expand...
Just looking for the strategies/tactics for most efficient distribution...
 
I will be sure to read one or two to see what I miss. Still have some time, as I am still making enough to live on with my part-time work. Thanks.
 
I finally finished the book, although it took a couple of tries. Our state library only has one copy but some other patron kept requesting it before I could renew it... was that you, Clif? OK, OK, I know it's due today but I'll turn it in tomorrow before they open. And this time I really mean it.

I particularly enjoyed Bengen's article on sustainable withdrawals. He starts at 4.15% and then messes with all the different parameters-- longer than 30 years, other asset classes like small-cap stocks & Treasuries, varying equity allocations during ER, and alternative withdrawal plans. Very nice.

There's hardly a chapter in here that I didn't enjoy, and it's an easy book to skim if the text is too boring or the math is too hard.

I think Deena Katz' first chapter on Boomers describes it best:
New Realities: Retirement is bad for you
As Boomers rapidly approach the traditional age for retirement, we realize that after years of uncontrolled consumption and extravagant lifestyles, coupled with new demands of family circumstances, we simply have not saved enough. So in inimitable Boomer style, we find an alternative: we won't retire. But we're not likely to admit that the decision to reject traditional retirement is forced on us by a lack of resources. Boomers have never seen themselves as limited by a lack of resources. No. Boomers will undoubtedly retire "conventional retirement" by redefining it.
Boomers with creativity and opportunity will reframe the meaning of retirement and eventually assign negative connotations to the word, as if it meant dropping out and becoming physically and intellectually idle. We'll describe those who attempt full retirement as "slackers". Instead of retirement being a threat because we failed to save adequately, it will be a hazard because, like smoking, it's bad for us.
Click to expand...

Lots of that "research" and "journalism" going around these days...
 
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