Nationally known personal finance expert Terry Savage helps you answer the most important retirement questions
During a time when looking to the future is more important than ever, author Terry Savage offers street smart advice for the many soon-to-be retirees wondering how much longer they will have to work to make up for the losses in their retirement accounts. The New Savage Number provides the strategic guidance and hands-on techniques necessary to plan a successful, satisfying retirement.
Throughout the book, Savage helps you figure out how much money you need to retire-your savage number-and how to invest to reach that goal. Then, as retirement looms, she guides you through the process of planning withdrawals so the money lasts your entire lifetime. In between, Savage offers practical advice on everything from getting personal finances organized to insuring retirement plans against the disastrous need for long-term care. An informative, engaging book that future retirees of every age can utilize, The New Savage Number
Contains updated chapters reflect the current economy including changes to the mortgage market and stock market performance
Takes issues such as social security, long term insurance, and new investment risks into consideration
Offers guidance on continuing to earn income in retirement
Written with every retirement bound individual in mind, The New Savage Number, Second Edition provides you with the tools needed to rescue your retirement.
Table of Contents
- Introduction: Can You Retire?
- 1. THE SAVAGE NUMBER
- 2. TIME IS MONEY
3. THE 10 KEY QUESTIONS
- 3.1. How Long Will I Live?
- 3.2. What Will Inflation Do to the Value of My Savings?
- 3.3. How Can I Save Enough?
- 3.4. How Should I Invest the Money I've Saved for Retirement?
- 3.5. How Much Will I Spend to Live in Retirement?
- 3.6. How Much Can I Withdraw Each Month without Running Out of Money?
- 3.7. What's the Biggest Danger to My Retirement Plans?
- 3.8. How Can I Earn Money during Retirement?
- 3.9. How Can I Retain Control of My Financial Life?
- 3.10. What If I Have Money Left Over When I Die?
- 3.11. Getting the Answers
2. MONTE CARLO YOUR MONEY
- 4. THE SAVAGE ANSWER: MONTE CARLO MODELING
- 5. SAVING UP, DRAWING DOWN
- 6. GETTING IT ALL TOGETHER
- 7. A ROAD MAP TO MONTE CARLO
3. INVESTING FOR RETIREMENT
8. STOCKS, BONDS, AND CHICKEN MONEY
- 8.1. Realistic Stock Market Expectations
- 8.2. Understanding Bonds
- 8.3. Keep Your Nest Eggs Safe With Chicken Money
- 8.4. A Minute on Mutual Funds
- 9. BEYOND THE BASICS
10. ONE-STEP RETIREMENT INVESTING
- 10.1. Buying the Whole Market
- 10.2. Retirement Investing Made Easy: Targeted Retirement Funds
- 10.3. Starting Small—No Excuses!
- 8. STOCKS, BONDS, AND CHICKEN MONEY
4. STREAMS OF RETIREMENT INCOME
11. WHERE WILL THE MONEY COME FROM?
- 11.1. The Balancing Act: Income Versus Principal
- 11.2. Gainful Employment in Retirement
- 11.3. Withdrawals from Retirement Accounts
- 11.4. Generating Income from Your Portfolio
12. ANNUITIES FOR INCOME AND TAX-DEFERRED GROWTH
- 12.1. Immediate Annuities
- 12.2. Tax-Deferred Annuities
- 12.3. The Latest Annuity Products
- 12.4. Tax-Deferred Annuity Withdrawals
- 12.5. Tax-Deferred Annuity Exchanges
- 12.6. Your IRA Inside an Annuity?
- 12.7. Annuities: The Real Risk Factor
13. SOCIAL SECURITY AND MEDICARE
- 13.1. Social In-Security
- 13.2. Medicare
- 13.3. A Final Thought About Social Security and Medicare
- 14. HOW TO TURN YOUR HOME INTO YOUR PENSION
- 11. WHERE WILL THE MONEY COME FROM?
5. LONG-TERM CARE: THE GREATEST RISK OF ALL
- 15. LONG-TERM CARE INSURANCE: WHO NEEDS IT?
16. HOW TO UNDERSTAND LONG-TERM CARE COVERAGE
- 16.1. Rising Demand, Soaring Costs
- 16.2. When to Buy? While You Can!
- 16.3. How Do I Use My Policy?
16.4. What Should My Long-Term Care Policy Cover?
- 16.4.1. Elimination Period
- 16.4.2. Daily or Monthly Benefit
- 16.4.3. Length of Benefit
- 16.4.4. Inflation Protection
- 16.4.5. Reimbursement Policy
- 16.4.6. Guarantee Period
- 16.4.7. Spousal Discounts
- 16.4.8. Intergenerational Transfers
- 16.4.9. Care Coordinators
- 16.4.10. Optional Riders
- 16.4.11. Partnership Programs
- 16.4.12. International Coverage
17. BUYING YOUR LONG-TERM CARE POLICY
- 17.1. Which Insurance Company Should You Choose?
- 17.2. What Should it Cost?
- 17.3. 10-Pay: Controlling Price Risk
- 17.4. Long-Term Care Policies and Income Taxes
- 17.5. Paying for Long-Term Care with Life Insurance and Annuities
- 17.6. Employee Group Long-Term Care Policies
- 17.7. The Federal Long-Term Care Insurance Program
- 17.8. Long-Term Care Insurance from Affinity Programs
- 17.9. A Final Argument: The Cost of not Having Long-Term Care Insurance
6. ESTATE PLANNING: THE PRICE OF SUCCESS
18. WHAT'S LEFT?
- 18.1. What Could Happen?
- 18.2. What is Your Estate?
- 18.3. What are Estate Taxes?
- 18.4. What Is Probate?
- 18.5. What is a Revocable Living Trust?
- 18.6. Health-Care Power of Attorney
- 18.7. Living Will
- 18.8. Durable Power of Attorney
- 18.9. Naming Retirement Plan Beneficiaries
- 18.10. What Else Should You Consider?
- 18.11. Moving Assets Out of Your Estate
- 18.12. Life Insurance and Your Estate
- 18.13. Spouses and Estate Planning
- 18.14. Choosing an Estate Planner
- 18. WHAT'S LEFT?
- Title: The New Savage Number: How Much Money Do You Really Need to Retire?
- Release date: September 2009
- Publisher(s): Wiley
- ISBN: 9780470538760