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Pensionize Your Nest Egg: How to Use Product Allocation to Create a Guaranteed Income for Life Paperback – Aug 30 2010


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Pensionize Your Nest Egg: How to Use Product Allocation to Create a Guaranteed Income for Life + The 7 Most Important Equations for Your Retirement: The Fascinating People and Ideas Behind Planning Your Retirement Income + The Real Retirement: Why You Could Be Better Off Than You Think, and How to Make That Happen
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Product Details

  • Paperback: 256 pages
  • Publisher: Wiley (Aug. 30 2010)
  • Language: English
  • ISBN-10: 0470680997
  • ISBN-13: 978-0470680995
  • Product Dimensions: 15 x 1.1 x 22.6 cm
  • Shipping Weight: 318 g
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (8 customer reviews)
  • Amazon Bestsellers Rank: #105,354 in Books (See Top 100 in Books)
  • See Complete Table of Contents

Product Description

From the Back Cover

PensionizeTM Verb. 1.To convert money into income you can't outlive. 2. To create yourown personal pension, a monthly income that lasts for the rest ofyour natural life.

With the subpar performance of the markets, record-high personaldebt levels, and shockingly low savings rates, it's clear that manyCanadians expecting to retire in the next decade simply don't havea sufficient nest egg to ensure a worry-free retirement. Makingmatters worse, only about one-third of Canadians currently belongto a formal, or registered, pension plan; and even a large numberof that "lucky third" will not retire with a guaranteed pensionincome.

If you no longer have the time to wait and hope for yourtraditional investments to pay off, the answer is to "pensionizeyour nest egg" using the new technique of product allocation setout in this book. Pensionize Your Nest Egg explainshow to

  • Recognize if you really have a pension or just a tax-shelteredsavings plan.
  • Become informed about the new risks you and your nest egg facein retirement and why asset allocation, despite its value in theaccumulation stage of life, is not sufficient to protect you andyour money.
  • Measure your retirement sustainability quotient (RSQ) and yourFinancial Legacy Value (FLV)—then choose a retirement incomeplan on the Retirement Income Frontier.
  • Understand how product allocation differs from assetallocation, how to allocate your nest egg across three productsilos, and learn about the new financial products that areavailable to protect against the new risks you face.
  • Follow a seven-step process to close your Pension Income Gapand convert your retirement savings into a secure stream oflifetime income.
Whether you do it yourself or work with a financial advisor,Pensionize Your Nest Egg gives you a simpleplan to create a guaranteed retirement income-for life.

About the Author

MOSHE A. MILESKY, Ph.D., is an author, researcher andprofessor at York University in Toronto, Canada.

ALEXANDRA C. MACQUEEN is a Certified Financial Plannerprofessional who works as a project manager at The QWeMA Group inToronto, Canada.


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Customer Reviews

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17 of 18 people found the following review helpful By Amazon Customer on Sept. 26 2010
Format: Paperback
Pensionize Your Nest Egg is a must-read for anyone interested in securing a stable retirement income. Like the first reviewer, I make no pretense of objectivity. I know one of the authors from the Canadian Money Forum, and she's as gracious and insightful in print as she is online. The book is split into three sections.

The first section deals with pension basics such as defined benefit vs. defined contribution plans, the looming pension crisis, and the definition of pension. This section also deals with the major risks in securing retirement income: longevity risk, sequence of returns, and inflation. In defining pension (guaranteed, lifelong income stream), the authors ask a discomfiting, but necessary, question. If your employer/pension sponsor can renege on your pension benefits by declaring bankruptcy, do you actually have a pension? The authors' emphatic answer is no. Fortunately, the authors offer solutions for all of the above in part 2.

The second section deals with products that address the above problems. The authors do not endorse any particular company but introduce the concept of product allocation. Most are familiar with asset allocation, which determines the ratio of fixed-income to equities within a portfolio. Product allocation, on the other hand, refers to choosing types of financial products that address the risks cited in part 1. The authors describe 3 silos, or types of products, to purchase with your nest egg to deal with risks. One silo is composed of traditional investments like stocks, bonds, and mutual funds. Products in this silo can grow (if the market does well!) to provide inflation protection, liquidity, and a financial legacy.
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8 of 9 people found the following review helpful By Mike Piper on Oct. 5 2010
Format: Paperback
This is the first book I've read that tackles the problem so directly: How are we supposed to create reliable retirement income when market returns are so unreliable? (The answer, by the way, is to use a portion of your portfolio to purchase an annuity.)

The authors walk you through how to use annuities to create your own personal pension--guaranteed income that will last the rest of your life, just like the title says. They give you a step-by-step plan to determine how much income you need and how much of your portfolio you should annuitize in order to provide that income.

The book is very readable--hardly any jargon and no complicated math. My only complaint, if any, would be that it's a bit light on the specifics of how to choose between different annuities. (For example, which riders are worth their cost?)

Highly recommended for any soon-to-retire (or recently retired) Canadian investor.
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6 of 7 people found the following review helpful By T. Cashin on Oct. 10 2010
Format: Paperback Verified Purchase
This is a book that deserves to be on the bookshelf of all Canadians who have accumulated a nest egg but have little more than Government pension income when they retire. As the authors point out, most of us nurse our nest egg, spending as little as possible, to ensure that we do not run out of cash before we die. Others, in an effort to maximize their monthly income, simply convert their nest egg into joint and last annuities and enjoy the fruits of their savings. This book takes a position between these two extremes.

The early part of the book is easy reading, probably because it was written by a financial planner who understands how to explain financial matters in simple English. However, the latter part of the book is written by the Economist. He has graphs, tables, and acronyms for everything. I found it difficult to understand some of the concepts. e.g. he will write something like, "You can see this illustrated in chart 10.2" and he expects you to figure out the chart on your own.

I have another six months before I want to "pensionize" part of my nest egg, so I am sure that when I read it a second time I will get a handle on it. But, it is unfortunate that the Financial Planner didn't take charge and re-write the stuff written by the Economist.

Nevertheless, for $17 you are getting good, solid information that will help you pensionize some of your nest egg and reduce the stress that many seniors suffer as we struggle with the question of "How much can I spend?".
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Format: Paperback Verified Purchase
I thought the book was well written although maybe a little too long for the topic covered. I will keep it around.
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