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09-08-2009, 08:22 AM
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#101
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Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
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His book clarifies the 8% withdrawal as a classic don't do example and he repeats it several times so he clearly advocates a 3.5% to 4% withdrawal rate . Again I have to say his book is interesting reading and a bargain at $4.99 . Maybe a little repetitive but interesting .
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09-08-2009, 08:45 AM
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#102
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Posts: 2,068
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Quote:
Originally Posted by jdw_fire
wow i am sooooo surprised. so many people on here are willing to not read a persons ideas on how to put together a sucessfull retirement withdraw plan just cus he doesnt have a clue about customer relations. well it is your retirement, more power to you
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Customer service to me is very important and I will NOT give money to a company or individual that treats customers THAT poorly (it really was beyond the pale).
However, that doesn't mean I am not willing to read or hear his ideas. It just means I won't give him money. Rather, I will take his own advice of waiting for it to appear in the library and get it there at no cost.
__________________
"We do not inherit the earth from our ancestors, we borrow it from our children.
(Ancient Indian Proverb)"
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09-10-2009, 12:58 PM
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#103
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Full time employment: Posting here.
Join Date: Jul 2005
Posts: 987
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I've tried to stay off here because I had my say and wanted to stop hijacking the thread.
But I do feel compelled to state that I am not uninterested in Mr. Otar's ideas. I am just uninterested in dealing with him and his attitude. I feel that $3.99, while not a princely sum, entitles me to not have my intelligence questioned. So I'll bide my time and get the information in other ways, or like he suggested, from the library.
__________________
I have an inferiority complex, but it's not a very good one.
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09-10-2009, 01:08 PM
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#104
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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OK, so Otar is both insightful and inciteful. We all agree on that.
Do you want me to buy you a copy and e-mail it to you?
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09-10-2009, 01:17 PM
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#105
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Full time employment: Posting here.
Join Date: Jul 2005
Posts: 987
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Quote:
Originally Posted by LOL!
Do you want me to buy you a copy and e-mail it to you?
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depends.....do I have to use paypal to pay you back?
__________________
I have an inferiority complex, but it's not a very good one.
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09-10-2009, 07:32 PM
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#106
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
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No, you just have to keep it or give it to someone else when you're done with it, same as a hardcopy book.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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09-24-2009, 12:09 AM
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#107
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Thinks s/he gets paid by the post
Join Date: Sep 2008
Posts: 2,171
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More than half of my retirement income will also be coming from a defined benefit (City employees') pension. However, one of the options in our pension system is to get a reduced monthly payment plus a lump sum equal to either half or all of your accumulated contributions. If I felt uncomfortable having so many of my eggs in the City Retirement System's basket, next year I could receive 83% of my full benefit and the smaller lump sum, or get 2/3 of the normal benefit with the larger lump sum, and buy an annuity from someone else with the lump sum. Whether this would be brainy or boneheaded depends I suppose on whether an annuity that will (at least) make up the difference in monthly income is available for the amount I'd get in the lump sum payment, and on whether the risk of default is greater with the private annuity or the City Retirement System.
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09-24-2009, 07:30 AM
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#108
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Full time employment: Posting here.
Join Date: Mar 2008
Posts: 654
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kyounge1956--
Check to see if your employer (pension fund) buys an annuity for you when you retire. If so you may be better off staying with the normal life time pension offered by the city.
I think some pensions work with and buy annuities as each individual retires,
Steve
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09-24-2009, 08:06 AM
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#109
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Thinks s/he gets paid by the post
Join Date: Jul 2006
Posts: 1,901
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Quote:
Originally Posted by kyounge1956
Whether this would be brainy or boneheaded depends I suppose on whether an annuity that will (at least) make up the difference in monthly income is available for the amount I'd get in the lump sum payment, and on whether the risk of default is greater with the private annuity or the City Retirement System.
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You should check, but I would assume your state guarantee's the city pension and the insurance annuity is probably covered up to 100K. If the state fails to cover the city pension the Fed's would step in. However, if you have a large pension you probably will not be fully covered.
__________________
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
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09-24-2009, 08:50 AM
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#110
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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Quote:
Originally Posted by Stevewc
kyounge1956--
Check to see if your employer (pension fund) buys an annuity for you when you retire. If so you may be better off staying with the normal life time pension offered by the city.
I think some pensions work with and buy annuities as each individual retires,
Steve
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Oh-oh...
Don't you understand that folks on this forum do not like annuties (regardless of understanding the various types, and how they can be intergrated into a successful retirement income/cash flow plan?) ...
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09-24-2009, 08:59 AM
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#111
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Quote:
Originally Posted by rescueme
Don't you understand that folks on this forum do not like annuties (regardless of understanding the various types, and how they can be intergrated into a successful retirement income/cash flow plan?) ...
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I'd have to characterize this statement as a bit of an exaggeration.
__________________
Numbers is hard
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09-24-2009, 09:38 AM
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#112
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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Why is that?
Going back on this thread, it looks like you have already dismissed the idea. Not to start a fight at all, but I just want to understand the several anti-annuity comments on this thread.
Disclaimer: Yes I have an annuity (SPIA), purchased at my retirement (just under 3 years ago). I wll say that it has met/exceeded my expectations as to it's function within my ER (before the age of 60)....
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09-24-2009, 09:46 AM
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#113
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Go back and look at all the threads on annuities and you will see that most of us agree there may be a case where immediate annuities make sense in certain situations. When it comes to variable annuities, I think your statement holds true.
__________________
Numbers is hard
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09-24-2009, 09:49 AM
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#114
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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Quote:
Originally Posted by REWahoo
Go back and look at all the threads on annuities and you will see that most of us agree there may be a case where immediate annuities make sense in certain situations. When it comes to variable annuities, I think your statement holds true.
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Therefore, we agree ..
I wish folks would explain what they actually mean when they use the term of "annuity" (of course, they would have to know a bit about the options available).
Peace...
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09-24-2009, 09:53 AM
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#115
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
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Quote:
Originally Posted by rescueme
Oh-oh...
Don't you understand that folks on this forum do not like annuties (regardless of understanding the various types, and how they can be intergrated into a successful retirement income/cash flow plan?) ...
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Quote:
Originally Posted by rescueme
Why is that?
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You're putting words in our mouths.
My ER, and that of many other military veterans, is founded on a government annuity.
Milevsky's 1990s annuity research concluded that they were a bad deal, but his recent book "Are You a Stock or a Bond?" concludes that certain types are not inappropriately priced.
Greaney's REHP board has an analysis of actual vs retail annuity costs. It's been useful in assessing annuity products.
Otar's e-book is a strong advocate of annuities for retirees who can't afford to risk their entire ER portfolios.
I believe you're correct, though, in claiming that the board's members are highly allergic to annuity sales pitches, abusive annuity practices like selling them inside IRAs, high-cost products like equity-indexed annuities, and high commissions.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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09-24-2009, 10:06 AM
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#116
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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Quote:
Originally Posted by Nords
I believe you're correct, though....
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Wow! (via cut/paste) at least I have one post where I'm looked at in a positive manner.
(BTW, I'm a regular poster over at B* (here very infrequently), and we welcome you, Nords )...
Additionally I don't get a military pension, but I do get a small monthly stripend as a disabled vet (but that's not for this, or any other forum, for discussion).
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09-24-2009, 03:00 PM
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#117
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
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Quote:
Originally Posted by rescueme
(BTW, I'm a regular poster over at B* (here very infrequently), and we welcome you, Nords )...
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Thanks! I left the M* Vanguard Diehards board a few years ago when the M* mods wouldn't exterminate the H0cus infestation. I think Bogleheads started up shortly after that. Seems like a big group.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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09-24-2009, 06:18 PM
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#118
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Thinks s/he gets paid by the post
Join Date: Sep 2008
Posts: 2,171
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Quote:
Originally Posted by Bikerdude
You should check, but I would assume your state guarantee's the city pension and the insurance annuity is probably covered up to 100K. If the state fails to cover the city pension the Fed's would step in. However, if you have a large pension you probably will not be fully covered.
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Where do I get this info? I googled Washington + "pension guarantee" and got a bajillion hits. Is it usually the state insurance auditor or someone? And I take it the Feds in this case would mean the Pension Guarantee corp or whatever their name is?
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09-24-2009, 07:26 PM
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#119
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Full time employment: Posting here.
Join Date: Jun 2009
Location: SoCal
Posts: 569
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So I was able to download the ebook for $3.99 via PayPal...
First - Bosco, if I were you, I would go to Amazon.com immediately (his book is showing as available for pre-order) and post your experience there. At least that will let Otar know there is some consequence for his rudeness to you.
Second - the ebook does have a lot of info in it. I am only on Ch 21 so far but my head's already spinning around some of his ideas. I think I will read it through once and will probably have to go back and re-read it again, but so far I am really impressed with some of his ideas and will probably try the free version of his calculator (don't know whether paying $99 for the full version is worth it...)
Oh, on the 8% SWR, he does state that one of his warning signs is if the WR ever touches 10% it will deplete no matter how "lucky" the portfolio is after that...
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09-24-2009, 08:45 PM
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#120
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Thinks s/he gets paid by the post
Join Date: Jul 2006
Posts: 1,901
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Quote:
Originally Posted by kyounge1956
Where do I get this info? I googled Washington + "pension guarantee" and got a bajillion hits. Is it usually the state insurance auditor or someone? And I take it the Feds in this case would mean the Pension Guarantee corp or whatever their name is?
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For your state I would look up the 'Insurance Commission' in the blue pages and give them a call. For the pbgc try this link:
Pension Benefit Guaranty Corporation (PBGC)
__________________
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
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