{"product_id":"a-richer-retirement-isbn-9781394343171","title":"A Richer Retirement","description":"\u003cp\u003e\u003cb\u003eNATIONAL BESTSELLER\u003cbr\u003e\u003cbr\u003eKnow exactly how much you can safely spend each year after you retire without outliving your nest egg\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIn \u003ci\u003eA Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More,\u003c\/i\u003e entrepreneur, researcher, and financial planner, William P. Bengen, delivers a straightforward, soup-to-nuts guide for maximizing your withdrawals from your investment accounts during your retirement. The author explains how you can draw heavily on your retirement accounts without spending yourself into premature poverty.\u003c\/p\u003e \u003cp\u003eThis book is a comprehensive roadmap to constructing your personal retirement withdrawal plan. You'll learn how to compute a low-risk maximum withdrawal rate so that you can enjoy your retirement savings to the utmost. You'll also discover guidance on why and how to adjust your withdrawals during retirement to help make sure that your accounts last your entire life.\u003c\/p\u003e \u003cp\u003eYou'll also find:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eThe eight elements of a comprehensive personal retirement withdrawal plan\u003c\/li\u003e \u003cli\u003eTechniques for selecting your withdrawal rate based on the eight elements, inflation, and stock market valuation\u003c\/li\u003e \u003cli\u003eA template for your withdrawal plan that will help you recognize if you're overspending (or underspending!) and exactly how to address that issue\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003ePerfect for well-informed laypeople entering, nearing, or in retirement, \u003ci\u003eA Richer Retirement\u003c\/i\u003e is a can't-miss retirement playbook for everyone who wants to make the most of their retirement savings without outliving their nest egg. It's also an essential read for financial professionals who serve clients in or close to retirement.\u003c\/p\u003e \u003cp\u003eIntroduction xvii\u003c\/p\u003e \u003cp\u003eAcknowledgments xxi\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 The Problem: Outliving Your Retirement Savings 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 Portfolio Longevity, Bear Markets, and Inflation 2\u003c\/p\u003e \u003cp\u003e1.2 My Research Methodology 7\u003c\/p\u003e \u003cp\u003e1.3 Genesis of the “4% Rule” 10\u003c\/p\u003e \u003cp\u003e1.4 Recent Research 12\u003c\/p\u003e \u003cp\u003e1.5 The “Balloon” Analogy 13\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 The Solution: Introducing “safemax” 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 The “Universal SAFEMAX” 15\u003c\/p\u003e \u003cp\u003e2.2 A Brief History of the Universal SAFEMAX 18\u003c\/p\u003e \u003cp\u003e2.3 Over-Use of the Universal SAFEMAX 19\u003c\/p\u003e \u003cp\u003e2.4 “Feeling Lucky” Method for Selecting a Personal SAFEMAX 22\u003c\/p\u003e \u003cp\u003e2.5 SAFEMAX and Stock Valuations: The “Kitces Chart” 24\u003c\/p\u003e \u003cp\u003e2.6 Inflation and SAFEMAX 27\u003c\/p\u003e \u003cp\u003e2.7 How Well Does Our SAFEMAX “Fitted Curve” Agree With History? 36\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 THE Eight ELEMENTS OF A PERSONAL RETIREMENT Withdrawal Plan 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Element #1: Withdrawal Scheme 40\u003c\/p\u003e \u003cp\u003e3.2 Element #2: Planning Horizon 41\u003c\/p\u003e \u003cp\u003e3.3 Element #3: Taxable Vs. Non-Taxable Portfolios 42\u003c\/p\u003e \u003cp\u003e3.4 Element #4: Leaving a Legacy to Heirs 43\u003c\/p\u003e \u003cp\u003e3.5 Element #5: Asset Allocation 43\u003c\/p\u003e \u003cp\u003e3.6 Element #6: Portfolio Rebalancing Frequency 44\u003c\/p\u003e \u003cp\u003e3.7 Element #7: The Superinvestor: Striving for Above-Market Returns 44\u003c\/p\u003e \u003cp\u003e3.8 Element #8: Withdrawal Timing 45\u003c\/p\u003e \u003cp\u003e3.9 The “Standard Configuration” for the “4.7% Rule” 45\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Element #1: Withdrawal Schemes 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 “COLA” Withdrawal Scheme 47\u003c\/p\u003e \u003cp\u003e4.2 “Fixed Annuity” Withdrawal Scheme 48\u003c\/p\u003e \u003cp\u003e4.3 “Fixed Percentage” Withdrawal Scheme 54\u003c\/p\u003e \u003cp\u003e4.4 “Front-Loaded” Withdrawal Scheme 65\u003c\/p\u003e \u003cp\u003e4.5 Performance-Based Withdrawal Schemes 68\u003c\/p\u003e \u003cp\u003e4.6 David Blanchett’s Retirement “Smile” 75\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Element #2: Planning Horizon 79\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Life Expectancy and Planning Horizon 79\u003c\/p\u003e \u003cp\u003e5.2 Universal SAFEMAX Vs. Planning Horizon (Standard Configuration) 80\u003c\/p\u003e \u003cp\u003e5.3 SAFEMAX Vs. Planning Horizon (Other Sample Retirees) 82\u003c\/p\u003e \u003cp\u003e5.4 Conclusion 85\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Element #3: Taxable Vs. Non-taxable Portfolios 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 My Initial Dilemma 88\u003c\/p\u003e \u003cp\u003e6.2 Investment Characteristics 89\u003c\/p\u003e \u003cp\u003e6.3 SAFEMAX and Portfolio Tax Rates 90\u003c\/p\u003e \u003cp\u003e6.4 Which PTR Do I Use for My Portfolio? 93\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Element #4: Leaving a Legacy to Your Heirs 95\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 SAFEMAX Vs. Legacy for the Standard Configuration 96\u003c\/p\u003e \u003cp\u003e7.2 SAFEMAX Vs. Real and Nominal Legacy 97\u003c\/p\u003e \u003cp\u003e7.3 SAFEMAX Vs. Legacy for Other Sample Retirees 98\u003c\/p\u003e \u003cp\u003e7.4 Conclusion 101\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Element #5: Asset Allocation 103\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 The Significance of Asset Allocation 103\u003c\/p\u003e \u003cp\u003e8.2 SAFEMAX Vs. Asset Allocation: A Historical Perspective 104\u003c\/p\u003e \u003cp\u003e8.3 Which Asset Allocation Is Right for Me? 110\u003c\/p\u003e \u003cp\u003e8.4 Treasury Bills Vs. US Government Bonds: What’s the Optimum Mix? 111\u003c\/p\u003e \u003cp\u003e8.5 How Do I Allocate Among Multiple Stock Asset Classes? 115\u003c\/p\u003e \u003cp\u003e8.6 Even More Asset Classes? 117\u003c\/p\u003e \u003cp\u003e8.7 Exotica: Alice in Assetland 118\u003c\/p\u003e \u003cp\u003e8.8 Optimum Asset Allocation Vs. Planning Horizon 127\u003c\/p\u003e \u003cp\u003e8.9 Varying Equity Allocation During Retirement: Is It Effective? 131\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Element #6: Portfolio Rebalancing 137\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 SAFEMAX Vs. Portfolio Rebalancing Interval 138\u003c\/p\u003e \u003cp\u003e9.2 Portfolio Rebalancing Vs. Glidepath Investing 143\u003c\/p\u003e \u003cp\u003e9.3 Rebalancing and Portfolio Returns 144\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Element #7: the “superinvestor” – Striving for Above-market Returns 149\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Element #8: Timing of Withdrawals 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Creating and Managing a Personal Retirement Withdrawal Plan (five Case Studies) 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1 Withdrawal Plan #1 160\u003c\/p\u003e \u003cp\u003e12.2 The Current Withdrawal Rate, a Powerful Tool 162\u003c\/p\u003e \u003cp\u003e12.3 The Synthetic CWR Template 164\u003c\/p\u003e \u003cp\u003e12.4 Synthetic CWR Template for Retiree #1 166\u003c\/p\u003e \u003cp\u003e12.5 Managing a Personal Withdrawal Plan 167\u003c\/p\u003e \u003cp\u003e12.6 Managing Withdrawal Plan #1 (Early Bear Market) 169\u003c\/p\u003e \u003cp\u003e12.7 Withdrawal Plan #2 171\u003c\/p\u003e \u003cp\u003e12.8 Managing Withdrawal Plan #2: Unexpected High Inflation 174\u003c\/p\u003e \u003cp\u003e12.9 Withdrawal Plan #3 180\u003c\/p\u003e \u003cp\u003e12.10 Managing Withdrawal Plan #3 (Front-Loaded Withdrawal Scheme) 188\u003c\/p\u003e \u003cp\u003e12.11 Withdrawal Plan #4 191\u003c\/p\u003e \u003cp\u003e12.12 Managing Withdrawal Plan #4 (Saving the Best for Later) 193\u003c\/p\u003e \u003cp\u003e12.13 Withdrawal Plan #5 197\u003c\/p\u003e \u003cp\u003e12.14 Managing Withdrawal Plan #5 (Changing Horses Mid-Stream) 200\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Topics of Special Interest 207\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e13.1 Has the 4.7% Rule Already Failed? 207\u003c\/p\u003e \u003cp\u003e13.2 Required Minimum IRA Distributions and SAFEMAX 212\u003c\/p\u003e \u003cp\u003e13.3 Should I “Buy-and-Hold”? 215\u003c\/p\u003e \u003cp\u003e13.4 Annuities 217\u003c\/p\u003e \u003cp\u003e13.5 When the Shiller CAPE Is “Off the Charts” 219\u003c\/p\u003e \u003cp\u003e13.6 Is It Science? 220\u003c\/p\u003e \u003cp\u003e13.7 Should I Wait for a Higher SAFEMAX to Retire? 224\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Go Forth and Plan! 229\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendixes\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAppendix A Books Worth Reading 233\u003c\/p\u003e \u003cp\u003eAppendix B Articles Worth Reading 235\u003c\/p\u003e \u003cp\u003eAppendix C Software Worth Using 239\u003c\/p\u003e \u003cp\u003eAbout the Author 241\u003c\/p\u003e \u003cp\u003eIndex 243\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eWILLIAM P. BENGEN\u003c\/b\u003e is a financial researcher and former Certified Financial Planner licensee. He’s an expert in the sustainability of withdrawals from stock and bond portfolios and is frequently quoted in major financial publications. He’s a recipient of the NAPFA’s Robert J. Underwood Distinguished Service Award.   \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eA Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More,\u003c\/i\u003e William P. Bengen, an entrepreneur, researcher, and financial planner delivers an easy-to-understand, soup-to-nuts guide for maximizing your withdrawals from your investment accounts during your retirement. Bengen explains how you can draw heavily on your retirement accounts without incurring undue risk or spending yourself into premature poverty. \u003c\/p\u003e\u003cp\u003eThis book is a detailed roadmap to creating your personal retirement withdrawal plan. You’ll learn how to compute a maximum withdrawal rate compatible with your family’s risk tolerance, allowing you to enjoy your retirement savings as much as possible. You’ll also discover guidance on when, why, and how to adjust your withdrawals during retirement to make sure that your savings last your entire life. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eA Richer Retirement\u003c\/i\u003e explains the eight elements of a comprehensive, low-risk personal retirement withdrawal plan, as well as specific techniques for selecting your withdrawal rate based on those elements, inflation, and stock market valuations. The author also includes five withdrawal plan case studies that will help you recognize if you’re over- or under-spending and how to properly adjust the pace of your withdrawals. \u003c\/p\u003e\u003cp\u003eBengen walks you through concepts like “SAFEMAX” — a historically “safe” withdrawal rate — and the materiality of the risk of running out of money in retirement. \u003c\/p\u003e\u003cp\u003ePerfect for anyone entering, nearing, or already in retirement, \u003ci\u003eA Richer Retirement\u003c\/i\u003e is a must-read playbook for those who want to make the most of their savings and retirement accounts without outliving their nest egg. It’s also an essential resource for financial professionals and planners who serve clients preparing for or in retirement.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003ePraise for A RICHER RETIREMENT\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e“Bill Bengen has delivered a tour de force of retirement planning. Although written for retail clients, financial advisors and other professionals will benefit from his analysis of the most difficult problem facing retirement planners: how to make one’s ‘nest egg’ last a lifetime. Bengen has quantified the elements and risks underlying how much retirees can spend over a 30-year (or sometimes longer) retirement horizon.”\u003cbr\u003e \u003cb\u003e—ROBERT HUEBSCHER,\u003c\/b\u003e Founder of Advisor Perspectives, and former Vice Chairman, VettaFi and the Toronto Stock Exchange\u003c\/p\u003e \u003cp\u003e“No other researcher has explored so deeply how to navigate the complexities of safely taking income out of a retirement portfolio or explained it so clearly that even a novice investor can understand the how and why.”\u003cbr\u003e \u003cb\u003e—BOB VERES,\u003c\/b\u003e Owner, Inside Information\u003c\/p\u003e \u003cp\u003e“How much retirees can reasonably spend in retirement is the hardest problem in financial planning, and no one has studied it for as long and with as much rigor as William Bengen. \u003ci\u003eA Richer Retirement\u003c\/i\u003e builds upon his seminal research with the goal of helping retirees maximize their incomes and live their best lives. Chock-full of data and astute observations, it’s a tremendous resource for both retirees and their financial advisors.”\u003cbr\u003e \u003cb\u003e—CHRISTINE BENZ,\u003c\/b\u003e Director of Personal Finance and Retirement Planning, Morningstar\u003c\/p\u003e \u003cp\u003e“Bill Bengen introduced the field of retirement income planning to financial professionals and academics. This book provides a deeper dive into the factors that influence how much a retiree can safely withdraw from investments to create a lifestyle. How should a retiree deal with investment risk, inflation, the high price of stocks, and longer lifespans? In a style that is both comprehensive and a delight to read, Bill demystifies investing and spending for today’s retiree.”\u003cbr\u003e \u003cb\u003e—MICHAEL FINKE,\u003c\/b\u003e Professor and Expert in Retirement Investing, Income Planning, and Life Satisfaction\u003c\/p\u003e \u003cp\u003e“For the past thirty years, William Bengen’s sustainable spending research has served as the heart and soul of the ‘Total Return’ retirement income style. \u003ci\u003eA Richer Retirement\u003c\/i\u003e documents all he has learned and pushes the analysis forward with new techniques for maximizing the spending power of your retirement investments.”\u003cbr\u003e \u003cb\u003e—WADE PFAU, PhD, CFA, RICP,\u003c\/b\u003e Author of \u003ci\u003eRetirement Planning Guidebook: Navigating the Important Decisions for Retirement Success\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e“Bengen delivers a well-researched, rigorous, and readable book that clearly presents the methodology and assumptions required to develop a safe withdrawal rate while providing valuable insights into the risks of withdrawal strategies in retirement. Importantly he shows how to manage the strategy throughout retirement.”\u003cbr\u003e \u003cb\u003e—LARRY SWEDROE,\u003c\/b\u003e Author of 18 books on investing, including \u003ci\u003eEnrich Your Future\u003c\/i\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988644118757,"sku":"NP9781394343171","price":25.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781394343171.jpg?v=1761781092","url":"https:\/\/k12savings.com\/es\/products\/a-richer-retirement-isbn-9781394343171","provider":"K12savings","version":"1.0","type":"link"}