This title is out of print.
For the growing number of Americans who do not have access to a Defined Benefit (DB) pension plan, they must figure out how to generate a sustainable income they cannot outlive. This book provides the answers.
Preface: How Much Risk Are You Really Handling? xiii
Introduction: Pensions are Dying; Long Live Pensions xvii
Chapter 1: You, Inc. 1
Chapter 2: Insurance Is a Hedge for Human Capital 21
Chapter 3: Diversification over Space and Time 37
Chapter 4: Debt Can Be Good at All Ages 59
Chapter 5: Personal Inflation and the Retirement Cost of Living 75
Chapter 6: Sequence of Investment Returns 87
Chapter 7: Longevity Is a Blessing and a Risk 107
Chapter 8: Spending Your Retirement in Monte Carlo 117
Chapter 9: Annuities Are Personal Pensions 141
Chapter 10: Product Allocation Is the New Asset Allocation 163
Chapter 11: Conclusion: Plan for Managing Your Retirement Risks 185
Appendix: Additional References and Notes 195
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Moshe A. Milevsky, Ph.D., lectures at the Schulich School of Business, where he earned his Ph.D., and has been nominated for teaching awards. He is Executive Director of the IFID Centre, a nonprofit corporation that is dedicated to research at the intersection of wealth management, personal finance, and insurance.
Dr. Milevsky has published five books and over fifty peer-reviewed articles on pensions, insurance, investments, derivative pricing, and retirement income planning. He co-founded the Journal of Pension Economics and Finance, authored The Calculus of Retirement Income, and has delivered seminars at the London School of Economics, The Wharton School of the University of Pennsylvania, University of Michigan, and universities throughout Europe, South America, and Asia.
Dr. Milevsky recently received a Graham and Dodd scroll award from the CFA Institute in recognition of his research on comprehensive life cycle investing, and in 2006 he was co-awarded a U.S. patent for inventing techniques designed to optimize asset allocation during retirement through the use of life annuities.
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