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The Essential Retirement Guide
Cover of The Essential Retirement Guide
The Essential Retirement Guide
A Contrarian's Perspective
Borrow Borrow Borrow Borrow
A Contrarian Twist to Saving for Your Golden Years

The Essential Retirement Guide: A Contrarian's Perspective brings a much-needed shift in thinking to the age-old question of how best to prepare for your retirement. This handbook helps you reject confusing, outdated information and figure out how much wealth youreally need to retire securely. In the process, this groundbreaking text discusses when to save, why to save, how to save, and how much to save—providing new insights in an environment that is cluttered with misinformation about retirement planning. This comprehensive resource explains when you should start saving for your golden years, how to prioritize your retirement saving amid other spending obligations, and how much you can comfortably spend each year once you have retired. Additionally, the text provides hard data that underscores the fragility of humans in spite of ever-increasing lifespans and how that fragility should inform our actions in the earlier stages of our retirement.

With baby boomers approaching their golden years, retirement planning has become more popular than ever before. This book offers fresh insights on how to:

  • Dispel some of the inconsistent messages about retirement, such as the conventional retirement income target and the 4 percent rule
  • Determine your lifespan and how it is affected by your lifestyle
  • Consider the possibility of long-term care and how it may affect your retirement planning
  • Prepare for the change in spending habits that typically occurs over the course of retirement
  • The Essential Retirement Guide: A Contrarian's Perspective takes a fresh look at retirement saving strategies and guides you in creating a plan that fits your finances and your lifestyle.

    The EPUB format of this title may not be compatible for use on all handheld devices.

    A Contrarian Twist to Saving for Your Golden Years

    The Essential Retirement Guide: A Contrarian's Perspective brings a much-needed shift in thinking to the age-old question of how best to prepare for your retirement. This handbook helps you reject confusing, outdated information and figure out how much wealth youreally need to retire securely. In the process, this groundbreaking text discusses when to save, why to save, how to save, and how much to save—providing new insights in an environment that is cluttered with misinformation about retirement planning. This comprehensive resource explains when you should start saving for your golden years, how to prioritize your retirement saving amid other spending obligations, and how much you can comfortably spend each year once you have retired. Additionally, the text provides hard data that underscores the fragility of humans in spite of ever-increasing lifespans and how that fragility should inform our actions in the earlier stages of our retirement.

    With baby boomers approaching their golden years, retirement planning has become more popular than ever before. This book offers fresh insights on how to:

  • Dispel some of the inconsistent messages about retirement, such as the conventional retirement income target and the 4 percent rule
  • Determine your lifespan and how it is affected by your lifestyle
  • Consider the possibility of long-term care and how it may affect your retirement planning
  • Prepare for the change in spending habits that typically occurs over the course of retirement
  • The Essential Retirement Guide: A Contrarian's Perspective takes a fresh look at retirement saving strategies and guides you in creating a plan that fits your finances and your lifestyle.

    The EPUB format of this title may not be compatible for use on all handheld devices.

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    Recommended for you

    About the Author-
    • FREDERICK VETTESE is the Chief Actuary of Morneau Shepell, one of the largest human resources consulting and technology companies and one of the top five defined benefit pension plan providers in North America. Fred has spent his entire career providing retirement consulting and actuarial services in respect of workplace pension plans. Much of his professional time these days is spent in the public eye, speaking at professional conferences and writing on retirement issues for the national newspapers and other media. In his spare time, Fred struggles enthusiastically with both his golf game and his piano. He was born and raised in Toronto, Canada, where he continues to reside with his wife Michelle.

      The Essential Retirement Guide is Fred's second book. In 2012, Bill Morneau and Fred co-authored The Real Retirement, a book that explained why Canada was not suffering a retirement crisis. Fred can be reached at fvettese@morneaushepell.com.

    Table of Contents-
    • Preface xiii

      Acknowledgments xvii

      PART I The Retirement Income Target

      Chapter 1 The Road to Retirement 3

      Detours 6

      Chapter 2 Doubts about the 70 Percent Retirement Income Target 9

      Niggling Doubts 10

      Saving for Retirement Is a Two-Dimensional Problem 14

      The Macro Case Against 70 Percent 15

      Low-Income Workers 16

      Conclusions 16

      Chapter 3 Homing in on the Real Target 19

      Setting the Ground Rules 19

      Howard and Barb 21

      Steve and Ashley 1.0 23

      Steve and Ashley 2.0 27

      Expressing Consumption in Dollars 29

      Conclusions 30

      Chapter 4 A New Rule of Thumb 33

      Guiding Principles 34

      Retirement Income Targets under Different Scenarios 35

      General Rule of Thumb 38

      Conclusions 40

      PART II The Wealth Target

      Chapter 5 Quantifying Your Wealth Target 43

      A Rough-and-Ready Estimate 43

      A More Actuarial Approach 46

      Chapter 6 Why Interest Rates Will Stay Low (And Why You Should Care) 53

      The Rise of the Savers 54

      The Japan Experience 57

      Applicability to the United States and Canada 58

      Possible Remedies 59

      Implications 61

      Chapter 7 How Spending Decreases with Age 65

      Doubts 66

      Quantifying the Decline in Consumption 68

      Why Does Consumption Decline? 72

      Next Steps 73

      Chapter 8 Death Takes a Holiday 75

      Present-Day Life Expectancy 77

      Dispersion of Deaths 78

      Who Is Benefiting the Most? 79

      Why Is Mortality Improving? 80

      The Future 82

      Conclusions 85

      Chapter 9 Estimating Your Own Life Expectancy 87

      Conclusions 93

      Chapter 10 Is Long-Term Care in Your Future? 95

      Long-Term Care (LTC) 95

      What Does LTC Entail? 96

      What Are the Chances You Will Need LTC? 99

      How Long Is LTC Usually Required? 101

      Conclusions 102

      Chapter 11 Paying for Long-Term Care 103

      Typical LTC Insurance Contract 103

      Does the Math Work? 105

      The Verdict 108

      The Consequences of Not Insuring LTC 112

      Chapter 12 Putting It All Together 115

      New Wealth Targets 120

      Buffers 122

      Conclusion 123

      PART III The Accumulation Phase

      Chapter 13 Picking a Savings Rate 127

      Historical Performance 127

      Lessons Learned 129

      What the Future Holds 131

      Generalizing the Results 133

      Chapter 14 Optimizing Your Savings Strategy 137

      The Goal 138

      Strategy 1: Simple 138

      Strategy 2: Simple Lifecycle Approach 139

      Strategy 3: Modified Lifecycle 140

      Strategy 4: Variable Contribution 141

      Strategy 5: The SMART Approach 142

      Conclusion 143

      The Third Lever 144

      Methodology 144

      Chapter 15 A Gentler Approach to Saving 147

      Path 1: Pain Now, Gain Later 148

      Path 2: Smooth and Steady Improvement 150

      A Comparison in Dollar Terms 153

      Conclusions 154

      PART IV The Decumulation Phase

      Chapter 16 Rational Roulette 159

      Call to Action 161

      Watch Out for Your Children 163

      Chapter 17 Revisiting the 4 Percent Rule 167

      The 4 Percent Rule 167

      Problems with the 4 Percent Rule 169

      A More Rational Spending Rule 173

      A Monte Carlo Simulation 176

      Conclusions 177

      Chapter 18 Why People Hate Annuities (But Should Still Buy One) 179

      Why Annuities Should Be Popular 180

      The Psychology Behind the Unpopularity 183

      Tontines...

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    A Contrarian's Perspective
    Frederick Vettese
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