- Hardcover: 370 pages
- Publisher: Bloomberg Press; 1 edition (April 1, 2006)
- Language: English
- ISBN-10: 1576601897
- ISBN-13: 978-1576601891
- Product Dimensions: 6.5 x 1.1 x 9.6 inches
- Shipping Weight: 1.6 pounds (View shipping rates and policies)
- Average Customer Review: 26 customer reviews
- Amazon Best Sellers Rank: #843,826 in Books (See Top 100 in Books)
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Retirement Income Redesigned: Master Plans for Distribution -- An Adviser's Guide for Funding Boomers' Best Years Hardcover – April 1, 2006
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"Expert advice for retirement planning is essential but too often flaky. Nothing in this book is flaky. The expert authors are sophisticated and knowledgeable. Their presentations are rock-solid, comprehensive, and clear. They cover every important aspect of the retirement problem. Any adviser or client who reads this book will be deeply grateful to Harold Evensky and Deena Katz for putting it together."
—Peter L. Bernstein; Author, Against the Gods: The Remarkable Story of Risk
"Once again, Harold and Deena have succeeded in putting together an A-team of financial experts. The end goal for this team is to help other financial professionals do the best possible job that they can as they guide their clients in their retirement years. This book is a must-have for anyone advising clients through retirement."
—J. Thomas Bradley, Jr., President, TD AMERITRADE Institutional
"Advisers have an unprecedented opportunity to work with a generation that has shaped history and will reshape the future of retirement planning. Retirement Income Redesigned provides advisers with a valuable tool for understanding and addressing the unique needs of retiring baby boomers."
Managing Director, Pershing Advisor Solutions, A service of Pershing LLC, a member of BNY Securities Group and a subsidiary of The Bank of New York Company, Inc.
"With 80 million baby boomers entering retirement over the coming decades, Retirement Income Redesigned is a must-read for financial advisers who are determined to grow their business and add value for clients. The book provides a valuable mix of conceptual planning principles, product guidance, and tangible planning 'how tos' to help advisers meet the needs of their in-and-near-retirement clients. It's a wonderful tool for gaining insights and ideas to maximize your firm's potential in attracting this valuable segment."
—Deborah McWhinney, President, Schwab Institutional
About the Author
Harold Evensky is chairman of Evensky & Katz, a financial-advisory firm in Coral Gables, Florida.
Deena B. Katz is president. Their combined experience totals more than forty-eight years. Their innovation and skill have earned them the loyalty of clients; their daring and dedication have won them the respect of their peers.
Evensky and Katz are the editors of The Investment Think Tank: Theory, Strategy, and Practice for Advisers Evensky is the author of Wealth Management: The Financial Advisor's Guide to Investing and Managing Client Assets; Katz is the author of Deena Katz on Practice Management and Deena Katz's Tools and Templates for Your Practice. Both are featured speakers at national and international legal, accounting, investment, and financial-planning conferences, and both are published widely and quoted extensively in financial journals and in newspapers.
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While the RMA Curriculum Book - The Retirement Management Analyst (RMA) Designation: Curriculum Book for RMA Candidates- is the required text to study for the RMA designation, consumers and advisors who want to build an Essential Readings library of their own will benefit from reading this book, especially if they place what they read in the context of the curriculum framework.
To see the full Essential Readings list, check the website of the Retirement Income Industry Association (RIIA).
The mission of the association includes:
- the empirical validation of academic and industry solutions, processes and products,
- the publication of solutions that pass the vetting process, and
- the education of consumers and advisors about the proper use of these solutions.
Harold book is on the Essential Readings list because it is one of the most comprehensive and yet balanced presentations of the "Probability-based" point of view with regards to retirement planning.
The other point of view is called "Safety-first".
In the 5th Edition of the RMA Curriculum, Dr. Wade Pfau expertly compares and contrasts these two points of view.
The diverging opinions about the relevance of building a "Flooring Portfolio" alongside the traditional "Upside Portfolio" derive from the range of beliefs that advisors and their clients hold about the primacy of the "probability of failure" vs. the "magnitude of failure".
Some believe that the probability of failure looms greater in people's minds than the magnitude of failure.
Others believe that consequences always trump the odds.
There is no way to tell, a-priori and for a specific situation, who is right and who is wrong because each client/advisor relationship exists within the context of unique goals, constraints and external circumstances whose resolution are only known with certainty after the fact, months or years after the critical decisions were made.
"On average"... we have data, tools and analyses that suggest reasonable solutions. But whose situation exactly mirrors that average?
Some observe that clients cannot tolerate full longevity flooring because it is too expensive. This is particularly true if one were building such a floor from financial capital only and in the current Zero Interest Rate Policy (ZIRP) environment.
The implication that a few reach about this current situation is that flooring should be ignored for pragmatic reasons and advisors should keep their focus on upside investing with risk mitigation practices (customized total return portfolios).
Time will tell for each and all.
The meaningful danger to anyone is a belief that one-size-fits-all.
Things have gotten a little better in the profession, but still, after a recent round of study prompted by the fact that I'm facing the dreaded RMDs in 2011, I've still got the impression that the financial planning & advice profession is just beginning to really get their heads around the withdrawal stage problems looming for the Boomers and almost-boomers like me, in view of the fact that many if not most of us are not going to have the luxury of using our IRAs as 3rd tier discretionary income, but for half or more of basic income.
And one of the areas I've found the literature most deficient if not clueless is the problem of RMDs for those of us heavily relying on an IRA.
The problem is, RMDs, if you take the inverse of the IRS's divisors, actually represent an unsafe withdrawal rate within about 4 years (>4%), and then escalate as if under an increasing rate of inflation. (Of course, DUH, the IRS wants you to go broke according to their one size fits all schedule, regardless of what your health, gender and genes are).
What that does to people like me who are taking out a safe withdrawal of less than 4%, is we are forced to take a taxable income stream in excess of what we currently need (in my case almost double what I need), which will result in more of your Social Security being taxable, a bite of the excess if you invest it (at your marginal tax rate), and possible exhaustion of your funds sooner than you thought under the "safe withdrawal rate" scenario for the life of the portfolio (ignoring the RMD effect).
And the literature totally ignores this problem, specifically How do we manage that excess cash flow in a tax efficient manner to conserve as much of it as we can until we DO need it? Because all the studies and advice are of safe withdrawal rates and ignore what the RMD's can do to you by exceeding the "safe rates" and possible forcing you to take out more than you planned on, along with the tax consequences of the excess and how to manage it.
This book still doesn't address the potential RMD problem, although the chapter on RMDs does mention "forced withdrawals" in passing (if you're paying attention, it can alert you). (The RMD chapter is good; I'd supplement it with Nolo Press "Taking Your Money Out" book, get the latest edition.)
Other than that, I found the material in this book enormously helpful and rate it among the best I've found so far. If you are self-managing your retirement funds, even with an advisor, this is a good book to study, and maybe get your advisor to read it too. Good solid stuff with a refreshing absence of the sort of hype and self-serving nonsense you find in too much of the "retirement planning" literature.