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"Imagine that you board an airliner and are told that you will be piloting the plane. Such is the plight of tens of millions of Americans, on whom have been foisted a jumble of 401(k), 403(b), and 457 defined contribution plans, and are as well qualified to manage their retirement portfolios as they are to pilot a jet from Los Angeles to Boston. Since things aren't changing any time soon, you may very well need flying lessons, and pronto. Frank Armstrong's The Retirement Challenge: Will You Sink or Swim? is just the ground school you need."-William Bernstein, author of A Splendid Exchange: How Trade Shaped the World and The Four Pillars of Investing: Lessons for Building a Winning Portfolio"Armstrong and Doss have written a simple and understandable guide through the maze that is our financial world. If your goal is to outperform the vast majority of investors on the road to retirement, The Retirement Challenge: Will You Sink or Swim? paves the way."-TAYLOR LARIMORE, coauthor of The Bogleheads' Guide to Investing "This is a great handbook for those planning for retirement. Armstrong and Doss not only tell you the right way to build a plan, they also show you how to avoid purchasing products from the wolves of Wall Street that lead investors to be sheared like sheep."-LARRY SWEDROE, author of The Only Guide to Alternative Investments You'll Ever Needand Wise Investing Made Simple "In today's investment markets, this is an invaluable book. If you care about the quality of the rest of your life, you owe it to yourself and your family to read The Retirement Challenge: Will You Sink or Swim?"-HAROLD EVENSKY, CFP (R), AIF (R), President, Evensky & Katz In 48 quick, practical lessons, Armstrong shows how to assess what you have and what you'll need to build a simple, reliable retirement plan. Better yet, the book's easy online calculators do all the math for you. Investing for retirement has never been so sensible and simple! Includes free access to comprehensive Web-based tools and resources at www.Sink-Swim.com:More than 75 easy-to-use online calculators and budget spreadsheets to help you get on track and stay on track Sample asset allocation plans you can adjust for any stage of your career and any portfolio Up-to-the-minute updates on pension law, regulation, enforcement, and estate planning Free Sink or Swim Newsletter, and much more
Contents
Acknowledgements xivAbout the Authors xvIntroduction 1Part I: Overview of the Retirement Problem 7Lesson 1: You Are On Your Own 8Lesson 2: The Changing Face of Retirement 15Lesson 3: The Retirement Problem 20Part II: Meet Your Retirement Plans 23Lesson 4: Defined Benefit Plans 24Lesson 5: Defined Contribution Plans-An Overview 30Lesson 6: The Basic Defined Contribution Plan 32Lesson 7: Profit-Sharing Plans 37Lesson 8: Employee-Funded Plans 38Lesson 9: Generic Problems with Pension Plans 39Lesson 10: The 401(k) Plan 47Lesson 11: The 403(b) Plan-Not-For-Profit Enterprises 50Lesson 12: The Roth 401(k), 403(b) Option 55Lesson 13: Section 457 Plans for Municipal and State Employees 56Lesson 14: Making the Most of Your 401(k), 403(b), or 457 Plan 58Lesson 15: IRAs 60Lesson 16: Retirement Planning for the Self-Employed 72Lesson 17: How Does Your Plan Stack Up? 75Lesson 18: What Can Go Wrong 80Lesson 19: Should You Contribute to It? 87Lesson 20: Alternatives to Qualified Plans 89Lesson 21: Help from the Courts 93Part III: Where Are You in Your Career? 95Lesson 22: Early and Mid-Career 97Lesson 23: Changing Jobs: Smart Moves for Your Pension Plan 99Lesson 24: At Age 50, the Catch-Up Provisions 111Lesson 25: Approaching Retirement Transition Planning 112Lesson 26: Early Retirement Tactics: How to Avoid the Tax Traps 114Lesson 27: 70 is the New 65: Delayed Retirement Advantages 120Lesson 28: At Retirement 125Part IV: How Much Will You Need? 143Lesson 29: Sustainable Withdrawal Rates 148Lesson 30: Forecasting Your Needs 152Part V: Investing to Meet Your Goals 161Lesson 31: The Anti-Cramer Guide to Investment Success 162Lesson 32: Start Early 163Lesson 33: Cleaning Up Credit Card Debt 169Lesson 34: Costs Matter 173Lesson 35: Taxes Matter 176Lesson 36: Control Risk 178Lesson 37: Concentrated Stock 185Lesson 38: The Perils of Company Stock 187Lesson 39: Taking the Right Amount of Risk 193Lesson 40: It's the Portfolio, Stupid! 197Lesson 41: Traditional Active Managers Are a Waste of Money 198Lesson 42: Investment Vehicles 201Lesson 43: Building Your Buckets 208Lesson 44: Periodic Maintenance 214Lesson 45: Investing During Retirement 216Lesson 46: Selecting an Advisor 224Lesson 47: Reaching Your Goals 233Lesson 48: Public Policy Issues 240Glossary 243Index 251
