{"product_id":"the-essential-retirement-guide-9781119111122","title":"The Essential Retirement Guide","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eRetirement planning is difficult enough without having to contend with misinformation. Unfortunately, much of the advice that is dispensed is either unsubstantiated or betrays a strong vested interest. In \u003ci\u003eThe Essential Retirement Guide, \u003c\/i\u003eFrederick Vettese analyses the most fundamental questions of retirement planning and offers some startling insights. The book finds, for example that:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eSaving 10 percent a year is not a bad rule of thumb if you could follow it, but there will be times when you cannot do so and it might not even be advisable to try.\u003c\/li\u003e \u003cli\u003eMost people never spend more than 50 percent of their gross income on themselves before retirement; hence their retirement income target is usually much less than 70 percent.\u003c\/li\u003e \u003cli\u003eInterest rates will almost certainly stay low for the next 20 years, which will affect how much you need to save.\u003c\/li\u003e \u003cli\u003eEven in this low-interest environment, you can withdraw 5 percent or more of your retirement savings each ye\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART I The Retirement Income Target\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 The Road to Retirement 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDetours 6\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Doubts about the 70 Percent Retirement Income Target 9\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNiggling Doubts 10\u003c\/p\u003e \u003cp\u003eSaving for Retirement Is a Two-Dimensional Problem 14\u003c\/p\u003e \u003cp\u003eThe Macro Case Against 70 Percent 15\u003c\/p\u003e \u003cp\u003eLow-Income Workers 16\u003c\/p\u003e \u003cp\u003eConclusions 16\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Homing in on the Real Target 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSetting the Ground Rules 19\u003c\/p\u003e \u003cp\u003eHoward and Barb 21\u003c\/p\u003e \u003cp\u003eSteve and Ashley 1.0 23\u003c\/p\u003e \u003cp\u003eSteve and Ashley 2.0 27\u003c\/p\u003e \u003cp\u003eExpressing Consumption in Dollars 29\u003c\/p\u003e \u003cp\u003eConclusions 30\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 A New Rule of Thumb 33\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGuiding Principles 34\u003c\/p\u003e \u003cp\u003eRetirement Income Targets under Different Scenarios 35\u003c\/p\u003e \u003cp\u003eGeneral Rule of Thumb 38\u003c\/p\u003e \u003cp\u003eConclusions 40\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART II The Wealth Target\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Quantifying Your Wealth Target 43\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Rough-and-Ready Estimate 43\u003c\/p\u003e \u003cp\u003eA More Actuarial Approach 46\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Why Interest Rates Will Stay Low (And Why You Should Care) 53\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Rise of the Savers 54\u003c\/p\u003e \u003cp\u003eThe Japan Experience 57\u003c\/p\u003e \u003cp\u003eApplicability to the United States and Canada 58\u003c\/p\u003e \u003cp\u003ePossible Remedies 59\u003c\/p\u003e \u003cp\u003eImplications 61\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 How Spending Decreases with Age 65\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDoubts 66\u003c\/p\u003e \u003cp\u003eQuantifying the Decline in Consumption 68\u003c\/p\u003e \u003cp\u003eWhy Does Consumption Decline? 72\u003c\/p\u003e \u003cp\u003eNext Steps 73\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Death Takes a Holiday 75\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePresent-Day Life Expectancy 77\u003c\/p\u003e \u003cp\u003eDispersion of Deaths 78\u003c\/p\u003e \u003cp\u003eWho Is Benefiting the Most? 79\u003c\/p\u003e \u003cp\u003eWhy Is Mortality Improving? 80\u003c\/p\u003e \u003cp\u003eThe Future 82\u003c\/p\u003e \u003cp\u003eConclusions 85\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Estimating Your Own Life Expectancy 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eConclusions 93\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Is Long-Term Care in Your Future? 95\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLong-Term Care (LTC) 95\u003c\/p\u003e \u003cp\u003eWhat Does LTC Entail? 96\u003c\/p\u003e \u003cp\u003eWhat Are the Chances You Will Need LTC? 99\u003c\/p\u003e \u003cp\u003eHow Long Is LTC Usually Required? 101\u003c\/p\u003e \u003cp\u003eConclusions 102\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Paying for Long-Term Care 103\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTypical LTC Insurance Contract 103\u003c\/p\u003e \u003cp\u003eDoes the Math Work? 105\u003c\/p\u003e \u003cp\u003eThe Verdict 108\u003c\/p\u003e \u003cp\u003eThe Consequences of Not Insuring LTC 112\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Putting It All Together 115\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNew Wealth Targets 120\u003c\/p\u003e \u003cp\u003eBuffers 122\u003c\/p\u003e \u003cp\u003eConclusion 123\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART III The Accumulation Phase\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Picking a Savings Rate 127\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHistorical Performance 127\u003c\/p\u003e \u003cp\u003eLessons Learned 129\u003c\/p\u003e \u003cp\u003eWhat the Future Holds 131\u003c\/p\u003e \u003cp\u003eGeneralizing the Results 133\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Optimizing Your Savings Strategy 137\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Goal 138\u003c\/p\u003e \u003cp\u003eStrategy 1: Simple 138\u003c\/p\u003e \u003cp\u003eStrategy 2: Simple Lifecycle Approach 139\u003c\/p\u003e \u003cp\u003eStrategy 3: Modified Lifecycle 140\u003c\/p\u003e \u003cp\u003eStrategy 4: Variable Contribution 141\u003c\/p\u003e \u003cp\u003eStrategy 5: The SMART Approach 142\u003c\/p\u003e \u003cp\u003eConclusion 143\u003c\/p\u003e \u003cp\u003eThe Third Lever 144\u003c\/p\u003e \u003cp\u003eMethodology 144\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 A Gentler Approach to Saving 147\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePath 1: Pain Now, Gain Later 148\u003c\/p\u003e \u003cp\u003ePath 2: Smooth and Steady Improvement 150\u003c\/p\u003e \u003cp\u003eA Comparison in Dollar Terms 153\u003c\/p\u003e \u003cp\u003eConclusions 154\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART IV The Decumulation Phase\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Rational Roulette 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCall to Action 161\u003c\/p\u003e \u003cp\u003eWatch Out for Your Children 163\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 Revisiting the 4 Percent Rule 167\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe 4 Percent Rule 167\u003c\/p\u003e \u003cp\u003eProblems with the 4 Percent Rule 169\u003c\/p\u003e \u003cp\u003eA More Rational Spending Rule 173\u003c\/p\u003e \u003cp\u003eA Monte Carlo Simulation 176\u003c\/p\u003e \u003cp\u003eConclusions 177\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18 Why People Hate Annuities (But Should Still Buy One) 179\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Annuities Should Be Popular 180\u003c\/p\u003e \u003cp\u003eThe Psychology Behind the Unpopularity 183\u003c\/p\u003e \u003cp\u003eTontines 184\u003c\/p\u003e \u003cp\u003eThe Insured Annuity Strategy 185\u003c\/p\u003e \u003cp\u003eIndexed Annuities? Forget It 188\u003c\/p\u003e \u003cp\u003eConclusions 189\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART V Random Reflections\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19 How Workplace Pension Plans Fit In 195\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Employers Offer Workplace Plans 196\u003c\/p\u003e \u003cp\u003eGetting the Most out of Your Workplace Plan 198\u003c\/p\u003e \u003cp\u003eHow a Workplace Pension Plan Affects Your Dollar Target 202\u003c\/p\u003e \u003cp\u003eOnline Forecast Tools 203\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 20 Bubble Trouble 205\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Worry about Financial Bubbles? 206\u003c\/p\u003e \u003cp\u003eExamples of Recent Financial Bubbles 207\u003c\/p\u003e \u003cp\u003eCommon Characteristics 211\u003c\/p\u003e \u003cp\u003eThe Everything Bubble 212\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 21 Carpe Diem 215\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Numbers 217\u003c\/p\u003e \u003cp\u003eHealthy Life Years 219\u003c\/p\u003e \u003cp\u003eTrends 221\u003c\/p\u003e \u003cp\u003ePersonal Genome Testing 222\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 22 A Life Well Lived 225\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRetirement and Happiness 225\u003c\/p\u003e \u003cp\u003eFinal Thoughts 229\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix A Similarities between the United States and Canada 231\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSocial Security Programs 232\u003c\/p\u003e \u003cp\u003eHigh-Level Comparison of Retirement Vehicles 235\u003c\/p\u003e \u003cp\u003eA Tax Comparison 238\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix B Social Security in the United States and Canada 241\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eName of Social Security Pension Plan 241\u003c\/p\u003e \u003cp\u003ePurpose of Social Security 241\u003c\/p\u003e \u003cp\u003eEarnings Base for Pension Calculation 242\u003c\/p\u003e \u003cp\u003eHow Pension Is Calculated 243\u003c\/p\u003e \u003cp\u003eHow the Plans Are Funded 243\u003c\/p\u003e \u003cp\u003eNormal Retirement Age 244\u003c\/p\u003e \u003cp\u003eEarly Retirement Age 244\u003c\/p\u003e \u003cp\u003eDelayed Retirement 245\u003c\/p\u003e \u003cp\u003eIndexation 245\u003c\/p\u003e \u003cp\u003eOther Government-Sponsored Pension Plans 245\u003c\/p\u003e \u003cp\u003eTaxability 246\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix CRetirement Income Targets under Other Scenarios 249\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix D About the Assumptions Used in the Book 255\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThoughts on Conservatism 255\u003c\/p\u003e \u003cp\u003eAssumptions Used to Estimate Personal Consumption 256\u003c\/p\u003e \u003cp\u003eAssumptions Used to Calculate Future Retirement Savings 258\u003c\/p\u003e \u003cp\u003eAssumptions Used to Estimate the Historical Accumulation of Savings 260\u003c\/p\u003e \u003cp\u003eCouple Contemplating Long-Term Care Insurance 260\u003c\/p\u003e \u003cp\u003eAssets Needed to Cover Long-Term Care (LTC) 262\u003c\/p\u003e \u003cp\u003eAbout the Author 263\u003c\/p\u003e \u003cp\u003eIndex 265\u003c\/p\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49406987698519,"sku":"9781119111122","price":18.7,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781119111122.jpg?v=1730497799","url":"https:\/\/bookcurl.com\/products\/the-essential-retirement-guide-9781119111122","provider":"Book Curl","version":"1.0","type":"link"}