Book Description
For years, financial planners have focused on helping their clients accumulate wealth for retirement. Now, as millions of those boomer clients head into retirement, there is little quality information on how to manage that wealth in retirement. Evensky and Katz, two of the nation's best-known financial planners, asked leading experts to give advisers a toolkit and roadmap to the new landscape. Included are valuable insights and practical approaches for increasing retirement cash flow, withdrawal strategies, longevity insurance, creating portfolios with low volatility, and decision making. Each of the 26 contributors offers fresh research and solutions for forecasting income needs, evaluating client needs, and communicating effectively with clients. Armed with these more effective approaches to distribution and improved methodologies for planning, financial advisers and wealth managers will be able to make their clients? golden years shine ever more brightly.
Customer Reviews:
Money Well Spent.......2007-08-16
I have read over two dozen books on investing and retirement planning and this is among my favorites. First, there are few books which talk to the subject of distribution (as opposed to accumulation) strategies. Second, the authors have chosen to allow other experts to contribute to their book - 25 of them to be precise. So you are not just getting the advice of one or two people, but the opinions of over two dozen renowned experts in the field. There is a tremendous amount of wisdom contained in the chapters.
As anyone who is a student of investing and retirement planning will know, Harold Evensky is quoted routinely and widely recognized as an expert in his field. Simply getting his advice is more than worth the price of admission. An example is the Evensky & Katz Cash Flow Reserve Strategy (E&KS) which is discussed in chapter 11. I have no doubt I will use this strategy in my own distribution planning.
Also not to be missed in the work of Bill Bengen on sustainable withdrawals, which is presented in chapter 13. Anyone who is contemplating managing their own cash flows in retirement (and even those who entrust this to others) should not miss Bill's views and opinions. He is arguably the leading expert on sustainable withdrawal rates in the financial planning business. I would highly recommend that you also consider purchasing his book, Conserving Client Portfolio's During Retirement, in addition to this fine work. Fortunately that book has recently become available on Amazon so it is now easy to find and obtain. I purchased my copy about 9 months ago and had to order it directly from the Financial Planning Association.
While you may not agree with every opinion expressed in this book, it will certainly get you to thinking (perhaps outside the box) and pressure testing what you think you know.
I'm sure I will use it as a constant guide in managing my own finances.
Excellent source of advice.......2007-08-04
I have been reading retirement and investment books extensively over the past 2 years (Graham, Gibson, Slott, Stein etc.) and while some have touched on saving for retirement, few have touched on withdrawal strategy. In this book, Harold has gone to great length to spell out the retiree's psychological and economic needs, and offers up excellent options to address both. That section, plus the other fine chapters by other authors, make this a must-have book for the enlightened counselor.
Excellent Technical Discussion.......2007-03-10
As a recent retiree, who is not a professional financial planner, I found this book very helpful in understanding the "technical" details of various financial planning tools. I was particularly interested in Monte Carlo analysis (which I use) and how this tool can be used to objectively (albeit not in the most easily understandable form for a lay person) quantify my investment portfolio risk.
It was also very interesting in how the Monte Carlo tool is being misused to evaluate risks other than simple investment portfolio risk. I would agree with the authors conerns about how certain financial planners are trying to use Monte Carlo analysis to evaluate risk far beyond the investment portfolio.
Traditional financial planning advice would suggest an ultra-conservative investment strategy high in fixed income securities. For those willing and able to accept the variablity of the stock market, a significantly higher level of income can be generated with little additional risk. Monte Carlo is the tool (properly used) to evaluate investment strategies.
An Important Book for Financial Advisers.......2006-05-24
This collection of twenty essays on retirement planning shifts the focus of much of the current literature from the accumulation of assets to their distribution. "Retirementality" - how we think about and live out retirement (Anthony) - is being redefined by a generation who are living years longer than their predecessors. Indeed, "longevity risk" is one of the central themes of this book. As defined benefit pension plans disappear and the viability of social security is debated, the net reality is that longer living retirees are left with fewer streams of guaranteed life-time income. Making that nest egg last is a challenge. Failure to do so is "the probability of ruin" - to use Milevsky's indelicate phrase.
A number of these contributors see annuities as integral to generating a guaranteed life-long stream of cash. Carey and Dellinger (and Milevsky elsewhere) maintain that investment returns produced by an annuity will always be superior to identical investments outside an annuity because of the "mortality credits" from other terminated annuity policy holders which are factored into the projected income. A chapter on reverse mortgages presents an evenly balanced discussion of this additional source of income for retirees. Considering that half the population who reach 65 may need some form of expensive institutional care (Greenwald), supplemental streams of income may also prove useful to pay for a long-term care insurance policy.
"Sustained Withdrawals" (Benge) seeks to determine a "safemax" - the maximum, annual withdrawal percentage rate from a retiree's accumulated wealth during this "decumulation" (Katz) phase. Determining this rate is another key theme in this collection. The rub is that relying solely on historical average rates of return and conservative withdrawal percentage rates mean little to a portfolio's survival if the sequence of market returns is negative in the early years of retirement. Benge's research looks at different withdrawal rates, asset mixes, various timing strategies, and adjustments to the withdrawal rate when it is a goal to leave nest egg assets as a bequest. Meanwhile, Stanaslovich in "Creating Portfolios With Lower Volatility" raises the bar with a gloomy projection of low returns for a variety of asset classes into the next decade.
This book should be read by financial planners, brokerage advisers working with retiring clients, and informed investors who want to manage their own affairs.
Amazon.com
A staple of American conversation, from barstools to sermons to op-ed pages, is that money isn't everything. And yet it seems that nowadays, nothing else counts nearly so much. In this book, Andrew Hacker, an eminent sociologist, uses his knack for making statistics come alive to address such questions as "Has affirmative action helped African-Americans financially?," "Do the same professions that used to ensure lifelong economic security still do so?," and "Are the rich getting richer, and if so, why aren't the poor doing better as well?" Hacker doesn't conclude with a call for income redistribution--he doesn't think it would be heeded--but the facts he amasses tell the story of a country that inordinately promotes non-social ambition and, just as excessively, penalizes children.
Book Description
Described by Newsweek as "a political scientist doing with statistics what Fred Astaire did with hats, canes, and chairs...he makes them live and breathe," Andrew Hacker provides a comprehensive protrayal of income and wealth in American society.
Combining keen insight with a flair for bringing a human dimension to facts and figures, bestselling author Andrew Hacker shows how the changing economy affects our lives. His clear-eyed analysis illuminates the real results of women's fight for salary parity, the impact of affirmative action on the income of minorities, the effect immigration has on the job market, and more.
Download Description
Combining keen insight with a flair for bringing a human dimension to facts and figures, bestselling author Andrew Hacker shows how the changing economy affects our lives. His clear-eyed analysis of the data illuminates the real results of women's fight for salary parity, the impact of affirmative action on the income of African-Americans, the effect immigration has on the job market, and more. "A titillating collection of statistical snapshots designed to reveal who makes how much in America and why". -- Clay Chandler, The Washington Post "Andrew Hacker...uses numbers to enlighten instead of obscure, making sure the statistics come alive by illustrating their inexorable messages with cases involving real people. This wise, creative book is filled with equally fascinating explanations of financial behavior". -- Steve Weinberg, Baltimore Sun "If you are the ordinarily nosy sort...Hacker indulges your curiosity about how much other people make and how much they have squirreled away". -- Fredric Smoler, Worth
Customer Reviews:
Thinly veiled class warfare.......2006-12-26
I am disappointed to have bought this book. More judgmental than analytical, the author clearly has an agenda and presents many one-sided arguments in support of it, resulting in numerous rhetorical fouls (e.g. completely ignoring the important distinction between statistical correlation and causation) in addition to complete dismissal of basic economic tenets.
The statistics presented are quite unidimensional and are given with opinion frequently presented as fact. After conventional attacks on the very real problems of CEO salary levels and increasing gaps between our nation's very rich and very poor, the book takes a turn for the surreal. To whit, while questioning salary differentiation between different types of medical specialists: "While we allow ourselves to be entranced by the mysteries of medicine, none of us really knows whether orthopedic surgery is any more complicated than overhauling a transmission. We know that police officers deliver babies with no ill effects, and on at least one occasion, a submarine corpsman has performed a successful appendectomy. Much of medicine now depends on high-tech equipment, which most of us wouldn't know how to plug in. As it happens, doctors are just as baffled by it."
The author offers this passage and many like it without trace of irony, satire, or devil's advocacy. If you are the type to argue that we will run out of a natural commodity in XX years by linearly projecting today's consumption rate into the future while ignoring the impact of increasing scarcity on prices and economic viability of substitutions (and therefore decreased demand levels and consumption rates), then this book is for you.
Long on statistics, short on insight.......2005-08-25
Long on statistics, short on insight., August 29, 1999
Rather dry. Not very much that you couldn't figure out by yourself; not
much original insight. The author uses statistics throughout to the
point that it almost becomes meaningless. Anyone with the most limited
experience with statistics knows that you can make them say just about
anything you want.
What I had hoped for was some insight into why there is so much
economic disparity in this country and what we can, or should, do about
it. Instead the author gave more of a status quo, "we are here,"
appoach.
The last chapter was maybe the most insteresting. It focused on the
economic changes in the US since WW2. It is anybody's guess what the
future will bring, but it seems like it will continue as it is now
until there is some big crash or other disaster.
3.5 stars for the Mad Statistician.......2005-05-08
A mack daddy of statistical research analysis, the author pulls off another grand compilation of information relating to the title. The fun part about reading his stuff is that the stats are easy for everyone to see and relate, in otherwords its very simple...and he throws in tidbits of information that you won't be able to catch if you read too fast...for example for every $1000.00 the descendents of the puritans make the descendents of the ex-enslaved make $700.00, which means that they are making approximately three quarters of what they were approximately said to be worth almost two hundred and fifty years ago. whew, some stat...
An interesting look at how money gets distributed in the US........1999-07-10
Andrew Hacker's Money is a great look at who has the money in America and how they got it. He talks in great detail about how the rich stay rich and the poor stay poor. I was astounded to read that in 1997 there were 137 individuals who claimed over $1 billion in income. Almost 70,000 tax returns claimed an income of at least $1 million. There are far more rich people out there than I thought and it leads me to believe that if they can do it, so can I.
Brief Response to Brian Carey's review.......1999-02-12
As a former student of Professor Hacker, I've developed much respect for the man. While that certainly biases my opinion of his books (as I do view him as the God of Political Science), I know that I will always be getting a fresh perspective as I've never known anyone who could "cut the crap" better than Professor Hacker.
One of the most important lessons I learned from him is to always read between the lines; so that we may learn to think beyond the 68% norm. While Dr. Hacker could certainly fill hundreds of more pages with his insightful comments and statistical analyses, he knows that in between the lines, there is a whole other book yet to be created by the reader. I regret not having learned that until after he had already given me my final grade.
Book Description
A revised and expanded edition of the shocking study that changed the way we think of wealth in America. A work that sparked widespread controversy when it was first published, Top Heavy is acclaimed economist Edward N. Wolff's eloquent presentation of the facts of wealth inequality in the United States. In a completely revised and updated edition of the book the Boston Review hailed as "the leading contemporary study of the distribution of wealth," Wolff reveals the unprecedented rise in recent years of wealth inequality and shows how it is one of the major forces challenging democracy and economic opportunity in America. Wolff vividly illustrates how the gap between the haves and the have-nots in terms of wealth is greater now than at any time since 1929, immediately preceding the Great Depression. As the nation considers trillion-dollar tax cuts and the abolishment of the estate tax, Top Heavy takes a sobering look at how the wealth of the top 1% of households continues its heartstopping expansion while the current distribution of wealth in America invites the surprisingly apt comparison with the class-dominated societies of nineteenth-century Europe. Top Heavy will continue to be an essential reference point in any discussion of what an economically healthy America might look like. B/W charts and graphs throughout.
Customer Reviews:
A must.......2007-01-10
This is a must read for anyone interested in economic inequality. Excellent social science and readable.
Timely proposals to ease America's most pressing political and social problem.......2005-12-29
No feature of American political life astonishes me more than the almost complete silence of politicians and journalists and the media concerning the most pressing problem is contemporary American life: the dramatically increasing inequality between the haves and have nots in the United States. According to Federal Reserve figures the share of the national wealth held by the top 1% of the population has risen from 20$ in 1979 to 37% by 1997. I have not seen figures since that date, but after Clinton continued the deregulation started by Reagan and continued by Bush 41 and then Bush 43 engaged on an inconceivably lavish give-back program in the nation's history, it would be impossible to imagine that the figures have improved since then. What is the figure now? 40%? 45%? 48%? Here is what frightens me: Edward Wolff published the revised version of his novel in 2002, submitting the manuscript to the publishers before Bush's incredible largesse to the rich took place in 2002. The problem was, in Wolff's view (and in the view of most responsible economists), pressing and dire in 2001. How much worse has it gotten since a string of tax cuts and policy changes that have unquestionably have made a serious problem vastly worse?
Wolff's concern in this well-documented work are twofold: first, he wants to delineate the nature of the economic inequality that currently pervades the United States to a degree found in no other developed country; second, he wants to suggest one way partially to rectify the problem: for the United States to adopt a wealth tax similar to one that exists in several other nations.
Most people, when they think of economic inequality, think in terms of income inequality. Such inequality does indeed exist, but Wolff shows that the most damaging inequality is wealth inequality. The point, once stated, is obvious. Two families with the same income could nonetheless have very significant differences in economic well-being if one has far more wealth than the other, i.e., property and durable goods and other holdings. The problem in the United States, as demonstrated by the Fed statistics I noted above, is that virtually all the wealth is held by the top 20% of the populace, with the top 1% holding a disproportionate amount of that.
Wolff proposes one way to close the growing and vast gap between the wealthy and the mass of Americans: taxing wealth. Even the most conservative of taxes on aggregate wealth would, based on 1998 figures, generate approximately $52 billion dollars in tax revenue. The goal in Wolff's conception is to shift the tax burden more fairly toward the ones who possess the greatest wealth. He notes that in 2001 the United States had only two forms of wealth tax in place, both of which Bush has assaulted with impassioned intensity: estate taxes and capital gains taxes. Eliminating both of these are regressive taxes in that they ease the tax burden on the wealth while doing nothing to aid the poor or middle class. In other words, instead of the Bush administration doing something about economic inequality, they have intensified it.
I found Wolff's proposals to be highly persuasive. Unfortunately, we are still nationally in the throes of all kinds of mythology about taxes. We imagine that taxes are harmful to the economy, that it is unfair to expect the wealthy to pay a significantly higher tax rate, and that cutting taxes somehow stimulates the economy. In fact, as Wolff points out, a wealth tax would actually be highly stimulative by forcing the very wealthy to shift their wealth into more productive forms of investment.
But quite apart from whatever is economically productive, there are a host of moral and political questions. Is a society that allows wealth to accumulate among those who already have an inordinate amount conducive to the greater good? Is a society that persistently fails to aide those who have the least just? I will confess that my heart never bleeds for the very wealthy when they are asked to pay a bit more. Nor do I buy the rather absurdist arguments that tax cuts for the wealthy promotes economic growth. Historically, shifting wealth to the middle class has always been vastly more stimulative to the economy than shifting it to the rich. And shifting wealth to the rich has never generated any benefits to the middle class or the poor. As Will Rogers pointed out in the 1920s, another era where people thought giving more to the rich would benefit all, some people think that gold is like water: put it at the top and it runs down and nourishes everyone down below. But, Rogers pointed, out, gold isn't like water at all. You put it at the top and it just stays there. Until we as a nation start addressing the problem of our nation's severe economic inequality, the gold is just going to stay there.
the alarm has been sounded.......2004-02-26
This study of the distribution of wealth in America is disheartening indeed. Though it only surveys the economic scene until 1989 (a postscript brings it up to 1992), it is not hard to believe that things haven't changed much since then. Basically, it concludes that the gap between the rich and the poor has increased to a greater extent than at any time since before the Great Depression, and that the gap between the rich and the poor is greater than in most European countries.
Not only does this book outline the problem in detail, but it proposes a restructured tax system similar to that existing in many European countries, a tax system which would ease the burden on the poor, while placing little extra tax burdens on the rich-- and still raise billions more in tax revenue. Though this book is filled with statistical analyses, it is slim (fewer than a hundred pages), and those not mathematically inclined can skip to the conclusions here and there, which are written in clear, understandable prose. Well worth reading, and certain to be a wake-up call to anyone who has suspected that the middle class has been disappearing in this country.
Very Nice Survey of Wealth Inequality.......1999-11-28
Ed Wolff's book--a review of his earlier work on wealth, with some new additional material added--documents that the United States today is a more unequal society than at any time since the Great Depression.
According to his numbers--which are lousy, but are nevertheless the best we have or are likely to acquire-- in 1929 the richest one percent of households had about 41 percent of the economy's total wealth. But the leveling associated with the Depression and World War II had reduced the richest one percent's share to about 22 percent by 1945. Thereafter, the leveling trend continued. By the mid-1970s, the richest one percent's share--including the implicit value of rights and claims on the Social Security system. of total wealth was down to 13-16 percent of the economy's total wealth. But by the late 1980s, the richest one percent's' wealth was back up to 21 percent of the economy's total wealth. And scattered pieces of information suggest that the trend toward increasing inequality has continued into the 1990s.
Increasing inequality is not due to a surge in entrepreneurial activity: economic growth was unusually low in the 1980s (in substantial part because of the drain on investment resulting from the Reagan deficits). The fortunes made were, for the most part, not to any unusual extent the by-product of especially rapid economic growth.
Rising inequality is cause for alarm for two reasons: First, in a time of high inequality politics becomes nasty and democracy becomes less secure and stable. Second, an unequal economy--an economy in which the chances of striking it rich are larger and the chances of failing to maintain middle-class incomes are larger--fails to provide adequate social insurance. Risk-averse people would, if given a choice when young, overwhelmingly prefer to live in an equally rich overall but more equally distributed society.
Average customer rating:
- A log-normal distribution
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Top Heavy: A Study of the Increasing Inequality of Wealth in America (A Twentieth Century Fund Report)
Edward N. Wolff
Manufacturer: Twentieth Century Foundation
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Customer Reviews:
A log-normal distribution.......2005-03-17
Edward N. Wolff's study is an extremely clear statistical analysis of a for many reasons rather misty affair: wealth distribution in the US.
His conclusion is that 'in 1989 the top 1 % of US families owned 48 percent of total US wealth'.
His book confirms the ground-breaking sociological studies of William G. Domhoff.
As Richard C. Leone remarks in his excellent introduction: ' We Americans have always flattered ourselves that we have more of two good things than almost anyone else: democracy and opportunity. To be sure, neither is simple.'
For, beneath the top heavy wealthy lays the vast majority of US citizens with their burdens of debt, while a lower part hasn't even social security.
In order to rectify the skewed situation, the author proposed a modest wealth tax, which at the top would not have been more than 10 %. Unfortunately, US fiscal policy went the other way round: taxation on the wealthy was further reduced.
This short study (with many illustrative tables) is a must read for economists and laymen.
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Thinking about Inequality: Personal Judgment and Income Distributions
Yoram Amiel , and
Frank Cowell
Manufacturer: Cambridge University Press
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ASIN: 0521461316 |
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What is inequality? In recent years there has been an explosion of interest in the subject that has yielded a substantial body of formal tools and results for income-distribution analysis. But does the standard axiomatic structure coincide with public perceptions of inequality? Or is the economist's concept of inequality a thing apart, perpetuated through serial brainwashing in the way the subject is studied and taught? Amiel and Cowell examine the evidence from a large international questionnaire experiment using student respondents. Along with basic "cake-sharing" issues, related questions involving social-welfare rankings, the relationship between inequality and overall income growth and the meaning of poverty comparisons are considered.
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2001 Planning for Retirement Distributions
Eric Donner , and
Victor M. Finmann
Manufacturer: Harcourt Professional Publishing
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ASIN: 0156072327 |
Customer Reviews:
AWESOME Guide........2002-04-23
This book is the Retirement Distribution Bible! I use this for many clients. Combined with their software makes it an invaluable tool.
Book Description
This digital document is a journal article from Journal of Monetary Economics, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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There is a well documented interdependence between the investment and saving decisions of entrepreneurial households. I study this interdependence in a dynamic, general equilibrium model with heterogeneous agents and occupational choice. The simulated economy replicates U.S. data on the distribution of wealth and income, and the shares of wealth and income for each occupation. The dominant incentive behind the high level of savings of business households is the desire to relax a wealth constraint in financing entrepreneurial projects in order to operate their firms at an optimal size. Because successful firms grow over time, entrepreneurs enter business despite lower initial earnings than they would receive in paid employment.
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Household Behaviour, Equivalence Scales, Welfare and Poverty (Contributions to Statistics)
Manufacturer: Physica-Verlag Heidelberg
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The book presents a quantitative analysis of household income distribution, welfare, poverty, cost of raising children, and taxation problems. The innovative construction of equivalence scales as an instrument for the assessment of these variables allows a unified treatment of households of different sizes and age composition with the aim of advancing meaningful and relevant research on welfare, taxation, and poverty. Each chapter of the book offers a self-contained theoretical and methodological presentation, enhanced with applications to real-life case studies.
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- Run With the Bulls Without Getting Trampled: The Qualities You Need to Stay Out of Harm's Way and Thrive at Work
- Salt of the Earth: The Church at the End of the Millennium: An Interview With Peter Seewald
- Steel and Steelworkers: Race and Class Struggle in Twentieth-Century Pittsburgh (Suny Series in American Labor History)
- Strategic Management: An Integrated Approach
- The Antitrust Revolution: Economics, Competition, and Policy
- The Cigarette Century: The Rise, Fall, and Deadly Persistence of the Product That Defined America
- The Coming Economic Collapse: How You Can Thrive When Oil Costs $200 a Barrel
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- The Economics of World War II : Six Great Powers in International Comparison (Studies in Macroeconomic History)
- The Economics of World War II : Six Great Powers in International Comparison (Studies in Macroeconomic History)
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