Investing for a Lifetime is designed to make saving and investing understandable to the investor. Wharton Professor Richard C. Marston, 2014 recipient of the Investment Management Consultants Association's prestigious Matthew R. McArthur Award, guides an investor through the main investment decisions throughout a lifetime.
Investing for a Lifetime shows:
how younger investors can set savings goals
how both younger and older investors can choose investment portfolios to achieve these goals
how investors can sustain spending once reaching retirement.
Younger and older investors alike should understand savings goals that will provide enough income to sustain spending in retirement. They should devise rates of saving that allow them to reach their goals by the time of retirement. Though retirement is often the main goal of investing, it's not the only one. Marston discusses how funding a child's education or saving for a down payment for a home affects overall saving.
Sensible investing is also necessary for savings goals to be realized. Investing need not be complicated, but Marston explains that a diversified portfolio should include a mix of different types of U.S. stocks, foreign stocks, real estate as well as bonds. He describes each of these asset classes and shows how they fit in an investor's portfolio. He shows how investors can monitor the performance of their portfolios by establishing benchmarks for each asset class to judge how well their investments are doing.
He focuses particular attention on those investors nearing retirement. In today's low interest rate environment, he discusses whether it is possible to fund retirement from interest and dividends alone. He shows how savings combined with Social Security can fund retirement spending. And he asks how the "New Normal" of lower returns might force investors to save more than in past decades, and to spend less in retirement than in the past.
Investing for a Lifetime is for investors who want to understand more about the savings and investment process, particularly those who worry about whether their retirement savings will last a lifetime.
Table of contents
Part One: Saving and Investing
- Chapter 1: Introduction: Investing for a Lifetime
- Chapter 2: The Building Blocks of a Portfolio: Bonds and Stocks
- Chapter 3: Long Swings in Returns: Are We in a “New Normal?”
Chapter 4: A Savings Goal for Retirement
- What Is Retirement Savings Trying to Achieve?
- Is There a Rule of Thumb about How Much You Have to Save?
- What Rate of Spending Is Safe in Retirement?
- What if There Were No Social Security? Some Simple Arithmetic
- Savings Goal with Social Security
- Retirement Savings Goal at Higher or Lower Levels of Income
- How Do We Reach the Savings Goal?
- Chapter 5: What Rate of Savings?
- Chapter 6: Savings and Taxes
Part Two: Investment Choices
- Chapter 7: Investing in U.S. Stocks
- Chapter 8: Foreign Stock Markets: Industrial Countries of Europe and the Pacific
- Chapter 9: Emerging Markets
- Chapter 10: Investing in Bonds: The Basics
- Chapter 11: Investing in Bonds: The Wider Bond Market
- Chapter 12: Investing in Real Estate: REITs
- Chapter 13: The Home as an Investment
Part Three: Wealth Management
- Chapter 14: Choosing a Portfolio: Fitting the Pieces Together
- Chapter 15: Best Practices for Investing
- Chapter 16: Investment Income for Retirement
- Chapter 17: Spending in Retirement
Chapter 18: Retirement: Putting Together a Plan
- The Role of Social Security
- Putting Together a Retirement Plan: Spending out of Social Security and Savings
- How Does the Plan Change If I Retire Earlier or Later?
- A Retirement Plan Incorporating Annuities
- What If the Retiree Has a Defined Benefit Pension?
- What Could Go Wrong with This Plan: The New Normal
- Chapter 19: The “New Normal” and Retirement
- About the Author
- About the Companion Website
- End User License Agreement
- Title: Investing for a Lifetime: Managing Wealth for the "New Normal"
- Release date: June 2014
- Publisher(s): Wiley
- ISBN: 9781118900949
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