9780470538760

The New Savage Number How Much Money Do You Really Need to Retire

by
  • ISBN13:

    9780470538760

  • ISBN10:

    0470538767

  • Edition: 2nd
  • Format: Paperback
  • Copyright: 2009-09-28
  • Publisher: Wiley

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Summary

Will you ever be able to retire? How much money will you need? And how will you be able to reach your Savage Number? Financial expert and author Terry Savage offers street-smart advice for those hoping to retire. Whether you're approaching retirement age, just starting out, or in the middle of your career, Savage helps you create a long-term plan for financial security.

Author Biography

Terry Savage has financial expertise that comes from experience. She started her career as a stockbroker and became a founding member of-and the first woman trader on-the Chicago Board Options Exchange. Terry is a nationally known expert on personal finance and is a regular TV investment and financial markets commentator. She is the nationally syndicated Chicago Sun-Times personal finance columnist, contributor to TheStreet.com, and author of three bestselling books. Terry has won numerous awards, including the National Press Club Award, and received two Emmys for her television work.

Table of Contents

Prefacep. xv
Introduction: Can You Retire?p. 1
Retro-Retirement
The Savage Numberp. 7
Shaping Retirement Realityp. 9
Avoiding Generation Warfarep. 12
Hoping for a Miracle?p. 14
You're Not Alonep. 15
The Likely Solution: Retro-Retirementp. 17
The Starting Pointp. 18
Time Is Moneyp. 19
Consuming Time and Moneyp. 21
Running Out of Timep. 22
What's Your Time Worth?p. 23
The Time Value of Moneyp. 24
How to Avoid Wasting Time (and Money)p. 25
The 10 Key Questionsp. 27
How Long Will I Live?p. 29
What Will Inflation Do to the Value of My Savings?p. 30
How Can I Save Enough?p. 31
How Should I Invest the Money I've Saved for Retirement?p. 32
How Much Will I Spend to Live in Retirement?p. 33
How Much Can I Withdraw Each Month without Running Out of Money?p. 34
What's the Biggest Danger to My Retirement Plans?p. 35
How Can I Earn Money during Retirement?p. 36
How Can I Retain Control of My Financial Life?p. 37
What If I Have Money Left Over When I Die?p. 38
Getting the Answersp. 39
Getting Your "Ballpark Estimate"p. 40
Monte Carlo Your Money
The Savage Answer: Monte Carlo Modelingp. 45
Monte Carlo Modeling: How It Worksp. 46
Beware of Averagesp. 48
Monte Carlo Modeling and Retirement Planningp. 52
Monte Carlo and Youp. 56
Do-It-Yourself Monte Carlo: ToolsforMoney.comp. 58
Saving Up, Drawing Downp. 59
Accumulation Phasep. 61
Withdrawal Phasep. 63
The Right Balancep. 64
Seven Best Ways to Save for Retirementp. 65
Getting It All Togetherp. 69
Online, on Paper, on Your Computerp. 71
Free Online Money Managementp. 72
The Basics: Paying Bills Onlinep. 74
Organizing Your Online Financial Lifep. 76
A Credit Checkupp. 78
Portfolio Trackingp. 79
Quickenp. 80
Morningstarp. 81
Moving Beyond Tracking-to Advicep. 85
Resources for Getting It Togetherp. 85
A Road Map to Monte Carlop. 87
The Best Routesp. 90
Financial Enginesp. 91
Morningstar Asset Allocatorp. 93
T. Rowe Pricep. 94
Fidelityp. 95
Vanguardp. 96
Financial Plannersp. 98
Arriving in Monte Carlop. 99
Choosing a Financial Adviserp. 100
Investing for Retirement
Stocks, Bonds, and Chicken Moneyp. 105
Realistic Stock Market Expectationsp. 108
Stock Market Returns-Then and Nowp. 109
Historic Returns-The Big Picturep. 110
Long Term-Do You Have 20 Years?p. 112
Persuasive Perspectivep. 113
Opportunity of a Lifetime?p. 114
What to Expect-The Next 20 Yearsp. 116
Understanding Bondsp. 119
How You Can Lose Money in Bondsp. 120
The Advantage of Bond Fundsp. 121
Total Return, Total Riskp. 122
Stocks versus Bonds-An Alternative?p. 125
Keep Your Nest Eggs Safe with Chicken Moneyp. 125
Chicken Money Investmentsp. 126
Chicken Money and Riskp. 128
A Minute on Mutual Fundsp. 128
Resources for Stocks, Bonds, and Chicken Moneyp. 130
Beyond the Basicsp. 133
Exchange-Traded Fundsp. 135
Real Estate Investment Trustsp. 137
Gold and Natural Resourcesp. 138
The U.S. Dollarp. 140
Optionsp. 141
Futuresp. 142
Hedge Fundsp. 144
Resources for Investingp. 146
One-Step Retirement Investingp. 149
Buying the Whole Marketp. 151
Index Mutual Fundsp. 151
Exchange-Traded Funds: Spidersp. 152
Futures: E-mini S&P 500p. 152
Retirement Investing Made Easy: Targeted Retirement Fundsp. 153
How Targeted Retirement Funds Workp. 154
Comparing the Companiesp. 155
Starting Small-No Excuses!p. 157
U.S. Global Funds-ABC Planp. 158
ShareBuilderp. 158
Make the Callp. 159
Streams of Retirement Income
Where Will the Money Come From?p. 163
The Balancing Act: Income versus Principalp. 165
Gainful Employment in Retirementp. 166
Withdrawals from Retirement Accountsp. 168
Where and When to Withdrawp. 168
Required Minimum Distributions and Required Beginning Datep. 170
Getting It Rightp. 171
Generating Income from Your Portfoliop. 172
Laddering: A Bond Strategy for Retirementp. 172
Covered Call Writing to Add Investment Incomep. 173
Income Resourcesp. 175
Annuities for Income and Tax-Deferred Growthp. 177
Immediate Annuitiesp. 179
Tax-Deferred Annuitiesp. 181
Fixed-Rate Tax-Deferred Annuitiesp. 182
Variable Tax-Deferred Annuitiesp. 182
The Latest Annuity Productsp. 183
Guaranteed Minimum Income Benefitsp. 183
Equity-Indexed Annuities: A Warningp. 186
Tax-Deferred Annuity Withdrawalsp. 188
Tax-Deferred Annuity Exchangesp. 188
Your IRA Inside an Annuity?p. 189
Annuities: The Real Risk Factorp. 190
Annuity Information and Pricingp. 191
Social Security and Medicarep. 193
Social In-Securityp. 194
How Much Can You Expect?p. 196
How Much Can You Earn?p. 198
How to Apply for Benefitsp. 199
Medicarep. 200
Medicare Enrollmentp. 200
How Medicare Worksp. 201
Medicare Supplement Policiesp. 202
Medicare Prescription Coverage-Part Dp. 203
A Final Thought about Social Security and Medicarep. 204
Government Benefit Resourcesp. 204
How to Turn Your Home into Your Pensionp. 205
Reverse Mortgagesp. 206
Reverse Mortgage for Incomep. 207
Reverse Mortgage for Purchasep. 209
More Income from Your House Using Trustsp. 210
Installment Salep. 210
Private Annuity Trustp. 211
Reverse Mortgage Resourcesp. 213
Long-Term Care: The Greatest Risk of All
Long-Term Care Insurance: Who Needs It?p. 217
The Government's Role in Long-Term Carep. 219
Insurance for Your Retirementp. 222
Our Parents, Ourselvesp. 223
Long-Term Care Insurance: A Woman's Issuep. 224
What If You Don't Use It?p. 225
Why You Shouldn't Procrastinate!p. 226
Long-Term Care-The Factsp. 227
How to Understand Long-Term Care Coveragep. 229
Rising Demand, Soaring Costsp. 231
When to Buy? While You Can!p. 232
How Do I Use My Policy?p. 234
What Should My Long-Term Care Policy Cover?p. 235
Elimination Periodp. 235
Daily or Monthly Benefitp. 236
Length of Benefitp. 236
Inflation Protectionp. 237
Reimbursement Policyp. 237
Guarantee Periodp. 238
Spousal Discountsp. 239
Intergenerational Transfersp. 239
Care Coordinatorsp. 240
Optional Ridersp. 240
Partnership Programsp. 241
International Coveragep. 242
Key Elements of a Long-Term Care Insurance Policyp. 242
Buying Your Long-Term Care Policyp. 243
Which Insurance Company Should You Choose?p. 244
What Should It Cost?p. 245
10-Pay: Controlling Price Riskp. 246
Long-Term Care Policies and Income Taxesp. 247
Paying for Long-Term Care with Life Insurance and Annuitiesp. 248
Acceleration Ridersp. 249
Blended Life Insurance Policiesp. 249
Blended Annuitiesp. 250
Employee Group Long-Term Care Policiesp. 251
The Federal Long-Term Care Insurance Programp. 252
Long-Term Care Insurance from Affinity Programsp. 252
A Final Argument: The Cost of Not Having Long-Term Care Insurancep. 253
Resources for Purchasing Long-Term Care Insurancep. 254
Estate Planning: The Price of Success
What's Left?p. 259
What Could Happen?p. 261
What Is Your Estate?p. 263
What Are Estate Taxes?p. 263
What Is Probate?p. 264
What Is a Revocable Living Trust?p. 265
Health-Care Power of Attorneyp. 266
Living Willp. 266
Durable Power of Attorneyp. 267
Naming Retirement Plan Beneficiariesp. 267
Your 401(k) Plan Beneficiaryp. 268
Your IRA Beneficiaryp. 269
What Else Should You Consider?p. 271
Guardianship of Childrenp. 271
Bequests to Minor Childrenp. 271
Trusts for Disabled Adult Childrenp. 271
Division of a Businessp. 272
Moving Assets Out of Your Estatep. 272
529 College Savings Plans to Avoid Estate Taxesp. 273
Reverse Mortgage to Fund Life Insurance Outside the Estatep. 273
Life Insurance and Your Estatep. 274
What Kind of Life Insurance Do You Need?p. 274
Keep Life Insurance Outside Your Estatep. 275
Changing Policiesp. 276
Spouses and Estate Planningp. 276
Choosing an Estate Plannerp. 278
Estate Planning Checklistp. 279
Conclusionp. 281
Acknowledgmentsp. 283
Indexp. 287
Table of Contents provided by Ingram. All Rights Reserved.

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