-Bill Bengen, retired financial planner, father of the "4% Rule," and author of Conserving Client Portfolios During Retirement
Wade Pfau is among the most trusted names in personal finance. He's clear, fair, and bases his advice on solid research. You never have to get trapped by a financial huckster again. Wade's books and blogs are your reality check. Mine, too!
-Jane Bryant Quinn, personal finance columnist, and author of How to Make Your Money Last: The Indispensable Retirement Guide
Wade is one of the most prominent thought leaders in the retirement income planning industry today. His research and writing are refreshing, engaging, and thorough, and his works are must-reads for financial planners and retirees. This series is sure to become a treasured resource for those interested in better understanding retirement readiness and preparing others for retirement success.
-David M. Blanchett, PhD, CFP®, CFA, Head of Retirement Research, Morningstar Investment Management LLC
My thought after I finished reading this book was that I had walked up to the mountain top and encountered a guru, a wise, patient man who explained everything I wanted to know (and more) and gave me confidence as I walked down the mountain again - which is exactly right for the retirement drawdown stage. Wade is a wise, patient teacher, with a gift for clear and logical explanation that enables readers to have any question answered in a way that can be applied to themselves.
-Don Ezra, award-winning investment consultant and author, now happily a retired co-chair, global consulting, Russell Investments
Wade Pfau is, in my opinion, today's leading expert in the field of retirement income planning. This series of books provides readers with valuable information gleaned from his important research and is a must read for those who want to be better prepared for their retirement years.
-Mel Lindauer, Forbes.com columnist and co-author, The Bogleheads' Guide to Investing and The Bogleheads' Guide to Retirement Planning.
This book provides an almost encyclopedic coverage of current thinking in retirement income strategies for those who prefer investments to annuities to take care of themselves rather than depend on their children. Clearly a lot of work has gone into this book. I have not seen any other on retirement investment that is more comprehensive and evidenced based, including my own. Full of tables, charts, and statistical insights, it may well become a standard for anyone seeking the coveted Certified Financial Planner designation. And for current CFP holders, it is a great way to bring yourself up to date with current research.
-Stephen J. Huxley, Ph.D., Chief Investment Strategist at Asset Dedication and co-author of the book, Asset Dedication
A retirement manual deeply examines the theory behind common investment and spending models.
In this book, Pfau (Reverse Mortgages, 2016) is writing for financially savvy readers interested in exploring thereasoning behind models for retirement planning, with a spotlight on strategies driven by spending expectations. Withfrequent references to Monte Carlo simulations and the work of financial adviser William Bengen, Pfau leads readersthrough spending and investment tactics, presenting the many possible outcomes based on known probabilities andassumptions about the economy of the coming decades. The volume delves into the relationship between spending andreturns, demonstrating how each can be adjusted to compensate for changes in the other and for the retiree's personalgoals and risk tolerance. With graphs illustrating every arrangement discussed, the book makes it clear that readers whoplan to take an active role in managing their retirement funds must have the patience to study all possible scenarios inorder to approach investing knowledgeably. The author is candid about the shortcomings of historical data as a basis forinvestment decisions because of the unusually low interest rates of the present day and the fact that the information isdrawn from a limited number of overlapping periods that disproportionately emphasize the mid-20th century. While thework is focused primarily on the underlying theory, it does spend some time on concrete investment advice, highlightingthe advantages of delaying Social Security payouts and explaining how to build a bond portfolio. The volume will likelybe of greatest relevance to readers who are comfortable with statistical analysis and have the financial expertise toimplement the high-level recommendations in the context of their own economic situations; audiences in search of moredirect tips on retirement planning should look elsewhere. But for those with the necessary background knowledge, Pfauoffers a clear and coherent text ("The argument is that when retirees instead have a front-end bond ladder, they knowthere is time for stocks to recover before they need to be sold"), which should help those intending to actively managetheir retirement funds.
A detailed and well-written guide to retirement planning for those with financial literacy.
- Kirkus Reviews