Longevity Risk And Retirement Income Planning
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Longevity Risk And Retirement Income Planning
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Author : Patrick J. Collins
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2015-12-28
Longevity Risk And Retirement Income Planning written by Patrick J. Collins and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-28 with Business & Economics categories.
The past 50 years have seen an abundance of research on retirement planning and longevity risk. Reviewed here is the academic side of the research and its varied viewpoints and nuances. The evolution of retirement risk models, retirement portfolio problems and solutions, and annuities are some of the many topics covered.
Plan For Managing Your Retirement Risk
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Author : Moshe A. Milevsky Ph.D.
language : en
Publisher: FT Press
Release Date : 2010-07-15
Plan For Managing Your Retirement Risk written by Moshe A. Milevsky Ph.D. and has been published by FT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-07-15 with Business & Economics categories.
This is the eBook version of the printed book. This Element is an excerpt from Are You a Stock or a Bond?: Create Your Own Pension Plan for a Secure Financial Future (9780137127375)by Moshe A. Milevsky, Ph.D. Available in print and digital formats. Learn how to systematically control the risks associated with your retirement–and avoid the massive blunders that millions of Americans are still making. One of the most egregious behavioral “sins” Professors Richard Thaler and Shlomo Benartzi have identified is the tendency of too many Americans to allocate too much of their 401(k) plan–and even their own investments–to company stock. Even after the notorious cases of Enron and Worldcom, more than 5,000,000 Americans have more than 60% of their retirement savings invested in their own company’s stock....
Lifetime Income To Retire With Strength
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Author : Bruno Caron
language : en
Publisher:
Release Date : 2020-11-25
Lifetime Income To Retire With Strength written by Bruno Caron and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-25 with categories.
A shifting retirement landscape demands that retirees seek new strategies that emphasize lifetime income. Many recent social, demographic, and economic factors have heightened the already significant risks around longevity. Lifetime Income to Retire with Strength addresses those changes and other issues retirees face through the lens of longevity risk. In an era where conventional retirement planning approaches are challenged, author Bruno Caron proposes an innovative new approach based on a strategic combination of asset management, insurance, risk pooling and income generation. Emphasizing the importance of lifetime income in retirement planning, Caron offers a logical rationale for considering investment and insurance tougher as two pillars critical to retirement income planning. The book's framework invites the retirees, pre-retirees and anyone interested in retirement planning to shift from the traditional "spending rate vs. probability of ruin" trade-off to a "spending rate vs. bequest" trade-off. Through historical, actuarial and logical perspectives, Caron examines the urgent challenges around retirement planning and offers thoughtful solutions based on his experience as an actuary, entrepreneur and stock and credit analyst.
Retirement Income Redesigned
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Author : Harold Evensky
language : en
Publisher: John Wiley & Sons
Release Date : 2010-05-25
Retirement Income Redesigned written by Harold Evensky and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-05-25 with Business & Economics categories.
Clients nearing retirement have some significant challenges to face. And so do their advisers. They can expect to live far longer after they retire. And the problems they expect their advisers to solve are far more complex. The traditional sources of retirement income may be shriveling, but boomers don't intend to downsize their plans. Instead, they're redefining what it means to be retired—as well as what they require of financial advisers. Planners who aren't prepared will be left behind. Those who are will step up to some lucrative and challenging work. To help get the work done, Harold Evensky and Deena Katz—both veteran problem solvers—have tapped the talents of a range of experts whose breakthrough thinking offers solutions to even the thorniest issues in retirement-income planning: Sustainable withdrawals Longevity risk Eliminating luck as a factor in planning Immediate annuities, reverse mortgages, and viatical and life settlements Strategies for increasing retirement cash flow In Retirement Income Redesigned, the most-respected names in the industry discuss these issues and a range of others.
Managing Income In Retirement
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Author : Kevin R. Sullivan
language : en
Publisher: AuthorHouse
Release Date : 2012
Managing Income In Retirement written by Kevin R. Sullivan and has been published by AuthorHouse this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
Find out how you can have more confidence knowing that you have a plan to go into your retirement income years.
Pensionize Your Nest Egg
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Author : Moshe A. Milevsky
language : en
Publisher: John Wiley & Sons
Release Date : 2015-03-25
Pensionize Your Nest Egg written by Moshe A. Milevsky and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-03-25 with Business & Economics categories.
Guarantee your retirement income with a DIY pension Pensionize Your Nest Egg describes how adding the newapproach of "product allocation" to the tried-and-true assetallocation approach can help protect you from the risk of outlivingyour savings, while maximizing your income in retirement. This book demonstrates that it isn't the investor with the mostmoney who necessarily has the best retirement income plan. Instead,it's the investor who owns the right type of investment andinsurance products, and uses product allocation to allocate theright amounts, at the right time, to each product category. This revised second edition is expanded to include investorsthroughout the English-speaking world and updated to reflectcurrent economic realities. Readers will learn how to distinguish between the various typesof retirement income products available today, including lifeannuities and variable annuities with living income benefits, andhow to evaluate the features that are most important to meet theirpersonal retirement goals. Evaluate the impacts of longevity, inflation, and sequence ofreturns risk on your retirement income portfolio Make sense of the bewildering array of today's retirementincome products Measure and maximize your Retirement SustainabilityQuotient Learn how your product allocation choices can help maximizecurrent income or financial legacy — and how to select theapproach that's right for you Walk through detailed case studies to explore how to pensionizeyour nest egg using the new product allocation approach Whether you do it yourself or work with a financial advisor,Pensionize Your Nest Egg gives you a step-by-step plan tocreate a guaranteed retirement income for life.
Modelling Longevity Dynamics For Pensions And Annuity Business
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Author : Ermanno Pitacco
language : en
Publisher: OUP Oxford
Release Date : 2009-01-29
Modelling Longevity Dynamics For Pensions And Annuity Business written by Ermanno Pitacco and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-29 with Business & Economics categories.
Mortality improvements, uncertainty in future mortality trends and the relevant impact on life annuities and pension plans constitute important topics in the field of actuarial mathematics and life insurance techniques. In particular, actuarial calculations concerning pensions, life annuities and other living benefits (provided, for example, by long-term care insurance products and whole life sickness covers) are based on survival probabilities which necessarily extend over a long time horizon. In order to avoid underestimation of the related liabilities, the insurance company (or the pension plan) must adopt an appropriate forecast of future mortality. Great attention is currently being devoted to the management of life annuity portfolios, both from a theoretical and a practical point of view, because of the growing importance of annuity benefits paid by private pension schemes. In particular, the progressive shift from defined benefit to defined contribution pension schemes has increased the interest in life annuities with a guaranteed annual amount. This book provides a comprehensive and detailed description of methods for projecting mortality, and an extensive introduction to some important issues concerning longevity risk in the area of life annuities and pension benefits. It relies on research work carried out by the authors, as well as on a wide teaching experience and in CPD (Continuing Professional Development) initiatives. The following topics are dealt with: life annuities in the framework of post-retirement income strategies; the basic mortality model; recent mortality trends that have been experienced; general features of projection models; discussion of stochastic projection models, with numerical illustrations; measuring and managing longevity risk.
Annuities And Retirement Income Planning
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Author : Patrick J. Collins
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2016-03-16
Annuities And Retirement Income Planning written by Patrick J. Collins and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-16 with Business & Economics categories.
Annuitization is one asset management strategy for retirees seeking to secure lifetime income. The US annuity marketplace offers a variety of annuity contracts, including single premium annuities, advanced life deferred annuities, variable annuities with lifetime income guarantee riders, and ruin contingent deferred annuities. Advisers seeking to provide guidance to clients in or near retirement can benefit by understanding (1) the arguments both for and against annuitization and (2) how a client’s interests might be best represented in the marketplace. Important annuity contract provisions are highlighted and briefly discussed so the adviser can become more familiar with retirement-planning options.
Safety First Retirement Planning
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Author : Wade Donald Pfau
language : en
Publisher: Retirement Researcher Guid
Release Date : 2019-10
Safety First Retirement Planning written by Wade Donald Pfau and has been published by Retirement Researcher Guid this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10 with Business & Economics categories.
Two fundamentally different philosophies for retirement income planning, which I call probability-based and safety-first, diverge on the critical issue of where a retirement plan is best served: in the risk/reward trade-offs of a diversified and aggressive investment portfolio that relies primarily on the stock market, or in the contractual protections of insurance products that integrate the power of risk pooling and actuarial science alongside investments. The probability-based approach is generally better understood by the public. It advocates using an aggressive investment portfolio with a large allocation to stocks to meet retirement goals. My earlier book How Much Can I Spend in Retirement? A Guide to Investment-Based Retirement Strategies provides an extensive investigation of probability-based approaches. But this investments-only attitude is not the optimal way to build a retirement income plan. There are pitfalls in retirement that we are less familiar with during the accumulation years. The nature of risk changes. Longevity risk is the possibility of living longer than planned, which could mean not having resources to maintain the retiree's standard of living. And once retirement distributions begin, market downturns in the early years can disproportionately harm retirement sustainability. This is sequence-of-returns risk, and it acts to amplify the impacts of market volatility in retirement. Traditional wealth management is not equipped to handle these new risks in a fulfilling way. More assets are required to cover spending goals over a possibly costly retirement triggered by a long life and poor market returns. And yet, there is no assurance that assets will be sufficient. For retirees who are worried about outliving their wealth, probability-based strategies can become excessively conservative and stressful. This book focuses on the other option: safety-first retirement planning. Safety-first advocates support a more bifurcated approach to building retirement income plans that integrates insurance with investments, providing lifetime income protections to cover spending. With risk pooling through insurance, retirees effectively pay an insurance premium that will provide a benefit to support spending in otherwise costly retirements that could deplete an unprotected investment portfolio. Insurance companies can pool sequence and longevity risks across a large base of retirees, much like a traditional defined-benefit company pension plan or Social Security, allowing for retirement spending that is more closely aligned with averages. When bonds are replaced with insurance-based risk pooling assets, retirees can improve the odds of meeting their spending goals while also supporting more legacy at the end of life, especially in the event of a longer-than-average retirement. We walk through this thought process and logic in steps, investigating three basic ways to fund a retirement spending goal: with bonds, with a diversified investment portfolio, and with risk pooling through annuities and life insurance. We consider the potential role for different types of annuities including simple income annuities, variable annuities, and fixed index annuities. I explain how different annuities work and how readers can evaluate them. We also examine the potential for whole life insurance to contribute to a retirement income plan. When we properly consider the range of risks introduced after retirement, I conclude that the integrated strategies preferred by safety-first advocates support more efficient retirement outcomes. Safety-first retirement planning helps to meet financial goals with less worry. This book explains how to evaluate different insurance options and implement these solutions into an integrated retirement plan.
Are You A Stock Or A Bond
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Author : Moshe A. Milevsky Ph.D.
language : en
Publisher: FT Press
Release Date : 2008-08-27
Are You A Stock Or A Bond written by Moshe A. Milevsky Ph.D. and has been published by FT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-08-27 with Business & Economics categories.
“Moshe Milevsky offers an original and clear re-thinking of the most fundamental concept in one’s financial lifetime: the management of risk, in all of its not-so-obvious dimensions.”—Nick Murray, author, Simple Wealth, Inevitable Wealth “This book is another example of Moshe Milevsky’s ability to make the complex understandable...an excellent primer—for both advisors and their clients alike—on the ‘How Tos’ of effective retirement income planning.”—Jim Rogers, CFP, 2008 President, The Million Dollar Round Table (MDRT) “In this new book, the author presents a holistic framework for investors and advisors to think about critical issues that impact investment decisions, such as human capital, mortality risk, and longevity risk. But even more importantly, Milevsky presents practical solutions that we can all follow to achieve financial security throughout our lives. This book is a must-read for everyone in the financial services industry.”—Peng Chen, CFA, Ibbotson Associates “This is an extremely timely and valuable book. Our financial lives have never been more complex, and the challenges for many are daunting. Milevsky provides a new perspective that can really help people make better financial decisions and attain a greater level of financial security.”—Matt Greenwald, President, Mathew Greenwald & Associates “The author has written an instant classic that will help people become better-educated retirement customers and also help financial advisors improve their professional skills.”—Francois Gadenne, Chairman of the Board and Executive Director, Retirement Income Industry Association (RIIA) “Milevsky delivers one of the best books to date on personal financial planning—a refreshing blend of content, conceptual correctness, and clarity. Buy it. Read it. Do it.”—Richard M. Ennis, Chairman, Ennis Knupp & Associates; Editor, Financial Analysts Journal In an era when traditional corporate pensions are disappearing, Social Security’ s sustainability is in question, healthcare costs are skyrocketing, and society is dumping more and more financial risk squarely onto your shoulders, Moshe Milevsky helps you comprehensively integrate all the opportunities and risks in your life: your career risks, your portfolio risks, your housing risks, and even your personal inflation and longevity risks that could lead you to financial regret and a ruined retirement. Then, he introduces a powerful, new framework for thinking about and managing your financial future that you can use to systematically reduce your vulnerability to each of these risks and, thus, generate long-term financial security. To maximize your investment returns and protect yourself and your family, you must learn to think of yourself as a small company, with assets, liabilities, a balance sheet, an income statement, and real shareholder equity. The composition and choices you make with your financial capital should reflect the nature and security of your career or job, which is your unique “human capital.” So, for example, if You, Inc. is like a “stock,” make sure your retirement savings are tilted toward “bonds.” If your job is more secure and You, Inc. is essentially a “bond,” then make sure your retirement savings are tilted toward “stocks.” Get personal with your investments and make your financial capital serve and protect your human capital. Factoring in your unique “human capital” adds a new dimension to financial planning which is a critical next step for sound and effective investing.