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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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From the Back Cover
PensionizeTM Verb. 1. To convert money into income you can't outlive. 2. To create your own personal pension, a monthly income that lasts for the rest of your natural life.
With the subpar performance of the markets, record-high personal debt levels, and shockingly low savings rates, it's clear that many Canadians expecting to retire in the next decade simply don't have a sufficient nest egg to ensure a worry-free retirement. Making matters worse, only about one-third of Canadians currently belong to a formal, or registered, pension plan; and even a large number of that "lucky third" will not retire with a guaranteed pension income.
If you no longer have the time to wait and hope for your traditional investments to pay off, the answer is to "pensionize your nest egg" using the new technique of product allocation set out in this book. Pensionize Your Nest Egg explains how to
- Recognize if you really have a pension or just a tax-sheltered savings plan.
- Become informed about the new risks you and your nest egg face in retirement and why asset allocation, despite its value in the accumulation stage of life, is not sufficient to protect you and your money.
- Measure your retirement sustainability quotient (RSQ) and your Financial Legacy Value (FLV)—then choose a retirement income plan on the Retirement Income Frontier.
- Understand how product allocation differs from asset allocation, how to allocate your nest egg across three product silos, and learn about the new financial products that are available to protect against the new risks you face.
- Follow a seven-step process to close your Pension Income Gap and convert your retirement savings into a secure stream of lifetime income.
About the Author
MOSHE A. MILESKY, Ph.D., is an author, researcher and professor at York University in Toronto, Canada.
ALEXANDRA C. MACQUEEN is a Certified Financial Planner professional who works as a project manager at The QWeMA Group in Toronto, Canada.
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Top Customer Reviews
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.Read more ›
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.
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?".
Most recent customer reviews
This is an extremely great book for everyone. Fast easy to understand.Published 8 months ago by Ellen P
I undertook reading this book to assess whether the sort of G.L.W.B. (guaranteed lifetime withdrawal benefit) plan that my financial advisor (with Investors Group of Canada) has... Read morePublished on Oct. 12 2011 by Gerald Parker
This book presents topics which are good for thought, but it seems too heavy on the theoretical and does not really address the actualities of applying the principles to real life. Read morePublished on Aug. 23 2011 by Ready for Retirement
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