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End User License Agreement
by Richard C. Marston
Investing for a Lifetime: Managing Wealth for the "New Normal"
Preface
Acknowledgments
Part One: Saving and Investing
Chapter 1: Introduction: Investing for a Lifetime
The New Retirement Reality—We Are on Our Own
Longevity
The Squirrel Model of Saving and Spending
Outline of the Book
Notes
References
Chapter 2: The Building Blocks of a Portfolio: Bonds and Stocks
Bonds and Stocks since 1951
The Importance of Adjusting for Inflation
Bonds and Stocks Adjusted for Inflation
Asset Allocation Decisions for Young Investors: The Case of TIAA-CREF
What Are These Long-Run Averages Missing?
Notes
References
Chapter 3: Long Swings in Returns: Are We in a “New Normal?”
Long Swings in Returns
Were You Lucky Enough to Invest during the 1980s and 1990s?
The New Normal for the Bond Investor
The New Normal for the Stock Investor
What Can Investors Do?
Notes
References
Chapter 4: A Savings Goal for Retirement
What Is Retirement Savings Trying to Achieve?
Is There a Rule of Thumb about How Much You Have to Save?
What Rate of Spending Is Safe in Retirement?
What if There Were No Social Security? Some Simple Arithmetic
Savings Goal with Social Security
Retirement Savings Goal at Higher or Lower Levels of Income
How Do We Reach the Savings Goal?
Notes
References
Chapter 5: What Rate of Savings?
How Much Does the Rate of Savings Matter?
How Much Is Enough?
Three Key Factors in Saving
How Important Is It to Start Saving Early?
What If Savings Are Withdrawn for College?
What If the Portfolio Returns Fall Short?
How Do Taxes Affect Savings?
Notes
Chapter 6: Savings and Taxes
How Taxes Reduce Investment Returns
Tax Efficiency
How Important Is Tax Deferral?
Asset Location
Concluding Comments
Notes
References
Part Two: Investment Choices
Chapter 7: Investing in U.S. Stocks
Mutual Funds and ETFs
Ways to Slice Up the U.S. Stock Market
What Do We Mean by Small-Cap Stocks?
Relative Performance of Large-Cap and Small-Cap Stocks
The Value Premium
Relative Returns on Value and Growth Stocks
Implications for Portfolios
Notes
References
Chapter 8: Foreign Stock Markets: Industrial Countries of Europe and the Pacific
Returns on Foreign Stocks
Markets Have Become More Correlated
Why Does It Pay to Diversify into Foreign Stocks?
Role of Currencies in Returns Earned by U.S. Investors
Is There a Shortcut to Investing in Foreign Stocks?
Concluding Comments
Notes
References
Chapter 9: Emerging Markets
What Is an Emerging Market?
Emerging Stock Market Indexes
Emerging Stock Market Returns
Risks of Investing in Emerging Stock Markets
So Why Invest in Emerging Markets At All?
Concluding Comments
Notes
References
Chapter 10: Investing in Bonds: The Basics
Bond Yields and Bond Returns
But What If I Buy and Hold?
Bond Investing When Interest Rates Are at Record Lows
Laddering the Bond Portfolio
Notes
Chapter 11: Investing in Bonds: The Wider Bond Market
Corporate Bonds
Other Investment Grade Bonds
High-Yield Bonds
Treasury Inflation-Protected Securities (TIPS)
Municipal Bonds
Concluding Comments
Notes
References
Chapter 12: Investing in Real Estate: REITs
Real Estate Investment Trusts (REITS)
How Well Do REITs Fit in a Portfolio?
REITS and the Financial Crisis
REITs as a Source of Income for Investors
Concluding Comments
Notes
References
Chapter 13: The Home as an Investment
Capital Gains on Housing by State and Metropolitan Area
The Housing Bust
Rates of Return on Housing
Concluding Comments
Notes
References
Part Three: Wealth Management
Chapter 14: Choosing a Portfolio: Fitting the Pieces Together
Why Mix Bonds and Stocks?
Long-Term “Strategic” Asset Allocation
Life-Cycle Investing
A Model Portfolio
Investing for College
Rebalancing Defined
Concluding Comments
Notes
Chapter 15: Best Practices for Investing
Drags on Returns
Measuring Manager Performance
To Index or Not
Overall Portfolio Performance
Concluding Comments
Notes
References
Chapter 16: Investment Income for Retirement
Solution 1: Bond Investments—Maturity and Credit Risk
Solution 2: Municipal Bonds
Solution 3: Stocks with Higher Dividend Yields
Solution 4: Real Estate Investment Trusts (REITs)
Limits of Income Strategies
Will Income Be High Enough in Retirement?
Notes
References
Chapter 17: Spending in Retirement
A Spending Rule for Retirement
Two Issues with Implementing Spending Rules
Adding Annuities to Enhance Spending
The Beginnings of a Retirement Plan
Notes
References
Chapter 18: Retirement: Putting Together a Plan
The Role of Social Security
Putting Together a Retirement Plan: Spending out of Social Security and Savings
How Does the Plan Change If I Retire Earlier or Later?
A Retirement Plan Incorporating Annuities
What If the Retiree Has a Defined Benefit Pension?
What Could Go Wrong with This Plan: The New Normal
Notes
References
Chapter 19: The “New Normal” and Retirement
Retirement If There Is a New Normal
Did This Retirement Plan Survive the Financial Crisis?
The Most Difficult Features of the Plan to Follow in Practice
A Final Word or Two
Notes
About the Author
About the Companion Website
Index
End User License Agreement
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