Harold Evensky & Deena B. Katz 
Retirement Income Redesigned 
Master Plans for Distribution — An Adviser’s Guide for Funding Boomers’ Best Years

Clients nearing retirement have some significant challenges to
face. And so do their advisers. They can expect to live far longer
after they retire. And the problems they expect their advisers to
solve are far more complex. The traditional sources of retirement
income may be shriveling, but boomers don’t intend to downsize
their plans. Instead, they’re redefining what it means to be
retired–as well as what they require of financial advisers.
Planners who aren’t prepared will be left behind. Those who are
will step up to some lucrative and challenging work.

To help get the work done, Harold Evensky and Deena
Katz–both veteran problem solvers–have tapped the
talents of a range of experts whose breakthrough thinking offers
solutions to even the thorniest issues in retirement-income
planning:

* Sustainable withdrawals

* Longevity risk

* Eliminating luck as a factor in planning

* Immediate annuities, reverse mortgages, and viatical and life
settlements

* Strategies for increasing retirement cash flow

In Retirement Income Redesigned, the most-respected names
in the industry discuss these issues and a range of others.

Table of Content

Acknowledgments ix

About the Contributors xi

Foreword by Walter Updegrave xxiii

PART ONE: FACING THE NEW REALITIES 1

1 Boomers: A Force for Change 5

Deena B. Katz

2 Maslow Meets Retirement 17

Mitch Anthony and Lewis J . Walker

3 Decision Making at Retirement: High Stakes for the Long Haul
33

Donald G. Mac Gregor

4 Reinventing Retirement 49

Mitch Anthony

PART TWO: ASSESSING THE RISKS 65

5 Psychological Impediments to Retirement-Income Planning
69

Mathew Greenwald

6 Lifelong Retirement Income: How to Quantify and Eliminate Luck
77

Jim C. Otar

7 Balancing Mortality and Modeling Risk 97

Cynthia Saltzman

8 Monte Carlo Mania 117

Robert D. Curtis

9 Understanding Required Minimum Distributions 141

April K. Caudill

PART THREE: SHAPING THE SOLUTIONS 157

10 Risk Management During Retirement 163

Moshe A. Milevsky With Anna Abaimova

11 Withdrawal Strategies: A Cash Flow Solution 185

Harold Evensky

12 Asset Allocation: The Long View 203

Laurence Booth

13 Sustainable Withdrawals 217

William P. Bengen

14 Tools and Pools: Strategies for Increasing Retirement Cash
Flow 237

Robert P. Kreitler

15 Creating Portfolios With Lower Volatility 255

Louis P. Stanasolovich

16 Reverse Mortgages in Distribution Planning 281

Roxanne Alexander and Michael J. Anderson

17 Life Insurance Benefits–No Waiting 305

Douglas Head

18 Longevity Risk Insurance 311

Roger G. Ibbotson, Michael C. Henkel, and Peng Chen

19 Immediate Annuities: Structure, Mechanics, and Value
323

R. H. ‘Rick’ Carey and Jeffrey K. Dellinger

20 The Search for Software 343

Joel P. Bruckenstein

Continuing Education Exam 353

Index 361

About the author

Harold Evensky is chairman of Evensky & Katz, a
financial-advisory firm in Coral Gables, Florida.

Deena B. Katz is president. Their combined experience
totals more than forty-eight years. Their innovation and skill have
earned them the loyalty of clients; their daring and dedication
have won them the respect of their peers.

Evensky and Katz are the editors of The Investment Think Tank:
Theory, Strategy, and Practice for Advisers Evensky is the
author of Wealth Management: The Financial Advisor’s Guide to
Investing and Managing Client Assets; Katz is the author of
Deena Katz on Practice Management and Deena Katz’s Tools
and Templates for Your Practice. Both are featured speakers at
national and international legal, accounting, investment, and
financial-planning conferences, and both are published widely and
quoted extensively in financial journals and in newspapers.