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04405aam a2200409Ki 4500 001 B81F741E09F411EBB8199CE23BECA4DB 003 SILO 005 20201009010011 008 191029s2019 vaua 001 0 eng d 010 $a 2019912666 020 $a 1945640065 020 $a 9781945640063 035 $a (OCoLC)1125266286 040 $a SFB $b eng $e rda $c SFB $d OCLCO $d ORX $d OCLCF $d SO$ $d NZAUC $d TOH $d VP@ $d SILO 050 4 $a HQ1063.2.U6 082 04 $a 332.024/014 $2 23 100 1 $a Pfau, Wade Donald, $d 1977- $e author. 245 10 $a Safety-first retirement planning : $b an integrated approach for a worry-free retirement / $c Wade D. Pfau, PhD, CFA, RICP. 264 1 $a Vienna, Virginia : $b Retirement Researcher Media, $c [2019]. 300 $a xi, 354 pages : $b illustrations ; $c 23 cm. 490 1 $a The retirement researcher's guide series 504 $a Includes bibliographical references and index. 505 0 $a Overview of retirement income planning -- Fixed-income assets -- Stocks and diversified investment portfolios -- Income annuities (Risk pooling) -- Variable annuities -- Fixed index annuities -- Life insurance -- Fitting income annuities into a financial plan -- Product allocation for retirement. 520 $a 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. 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. 650 0 $a Retirement income $z United States $x Planning. 650 0 $a Retirement $x Planning. 650 0 $a Finance, Personal. 650 7 $a BUSINESS & ECONOMICS / General. $2 bisacsh 650 7 $a Finance, Personal. $2 fast $0 (OCoLC)fst00924449 650 7 $a Retirement income $x Planning. $2 fast $0 (OCoLC)fst01096356 650 7 $a Retirement $x Planning. $2 fast $0 (OCoLC)fst01096304 651 7 $a United States. $2 fast $0 (OCoLC)fst01204155 830 0 $a Retirement Researcher's guide series. 941 $a 1 952 $l SAPG074 $d 20201009010714.0 956 $a http://locator.silo.lib.ia.us/search.cgi?index_0=id&term_0=B81F741E09F411EBB8199CE23BECA4DB 994 $a Z0 $b LJWInitiate Another SILO Locator Search