The essential retirement guide: a contrarian's perspective
Table of Contents
From the Book
The Road to Retirement: Detours -- Doubts about the 70 percent retirement income target: Niggling doubts; Saving for retirement is a 2-dimensional problem; The macro case against 70 percent; Low-income workers -- Honing in on the Real Target: Setting the ground rules; Howard and Barb; Steve and Ashley 1.0; Steve and Ashley 2.0; Expressing consumption in dollars -- A New Rule of Thumb: Guiding principles; Retirement income targets under different scenarios; General rule of thumb -- Quantifying Your Wealth Target: A rough and ready estimate; A more actuarial approach -- Why Interest Rates Will Stay Low (And Why You Should Care): The rise of the savers; The Japan experience; Applicability to the US and Canada; Possible remedies; Implications -- How Spending Decreases with Age: Doubts; Quantifying the decline in consumption; Why does consumption decline?; Next steps -- Death Takes a Holiday: Present day life expectancy; Dispersion of deaths; Who is benefiting the most?; Why is mortality improving?; The future -- Estimating Your Own Life Expectancy -- Is long-term care in your future?: Long-term care (LTC); What does LTC entail?; What are the chances you will need LTC?; How long is LTC usually required? -- Paying for Long-term Care: Typical LTC insurance contract; Does the math work?; The verdict; The consequences of not insuring LTC -- Putting It All Together: New wealth targets; Buffers -- Picking a Savings Rate: Historical performance; Lessons learned; What the future holds; Generalizing the results -- Optimizing Your Savings Strategy: The goal; Strategy 1--Simple; Strategy 2--Simple Lifecycle approach; Strategy 3--Modified Lifecycle; Strategy 4--Variable contribution; Strategy 5--The SMART approach; The Third Lever; Methodology -- A Gentler Approach to Saving: Path 1--Pain now, gain later on; Path 2--Smooth and steady improvement; A comparison in dollar terms -- Rational Roulette: Call to action; Watch out for your children --
Revisiting the 4 Percent Rule: The 4 percent rule; Problems with the 4 percent rule; A more rational spending rule; A Monte Carlo simulation
Why people hate annuities (but should still buy one): Why annuities should be popular; The psychology behind the unpopularity; Tontines; The insured annuity strategy; Indexed annuities?; Forget it
How Workplace Pension Plans fit in: Why employers offer workplace plans; Getting the most out of your workplace plan; How a workplace pension plan affects your dollar target; Online forecast tools
Bubble Trouble: Why worry about financial bubbles?; Examples of recent financial bubbles; Common characteristics; The everything bubble
Carpe Diem: The numbers; Healthy life years; Trends; Personal genome testing;
A Life Well Lived: Retirement and happiness; Final thoughts Notes
Appendix A: Similarities between the US and Canada: Social Security programs; High-level comparison of retirement vehicles; A tax comparison
Appendix B: Social Security in the US and Canada: Name of Social Security pension plan; Purpose of Social Security; Earnings base for pension calculation; How pension is calculated; How the plans are funded; Normal retirement age; Early retirement age; Delayed retirement; Indexation; Other government-sponsored pension plans; Taxability
Appendix C: Retirement income targets under other scenarios
Appendix D: About the assumptions used in the book: Thoughts on Conservatism; Assumptions used to estimate personal consumption; Assumptions used to calculate future retirement savings; Assumptions used to estimate the historical accumulation of savings; Couple contemplating long-term care insurance; Assets needed to cover long-term care (LTC).
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