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Pensionize Your Nest Egg: How to Use Product Allocation to Create a Guaranteed Income for Life Paperback – August 17, 2010

by Moshe A. Milevsky (Author)
4.0 4.0 out of 5 stars 26 ratings
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Pensionize Your Nest Egg: How to Use Product Allocation to Create a Guaranteed Income for Life
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Pensionize Verb. 1. To convert money into income you can't outlive. 2. To create your own personal pension, a monthly income that lasts for the rest of your natural life.

With the subpar performance of the markets, record-high personal debt levels, and shockingly low savings rates, it's clear that many Canadians expecting to retire in the next decade simply don't have a sufficient nest egg to ensure a worry-free retirement. Making matters worse, only about one-third of Canadians currently belong to a formal, or registered, pension plan; and even a large number of that "lucky third" will not retire with a guaranteed pension income.

If you no longer have the time to wait and hope for your traditional investments to pay off, the answer is to "pensionize your nest egg" using the new technique of product allocation set out in this book. Pensionize Your Nest Egg explains how to

  • Recognize if you really have a pension or just a tax-sheltered savings plan.
  • Become informed about the new risks you and your nest egg face in retirement and why asset allocation, despite its value in the accumulation stage of life, is not sufficient to protect you and your money.
  • Measure your retirement sustainability quotient (RSQ) and your Financial Legacy Value (FLV)-then choose a retirement income plan on the Retirement Income Frontier.
  • Understand how product allocation differs from asset allocation, how to allocate your nest egg across three product silos, and learn about the new financial products that are available to protect against the new risks you face.
  • Follow a seven-step process to close your Pension Income Gap and convert your retirement savings into a secure stream of lifetime income.
Whether you do it yourself or work with a financial advisor, Pensionize Your Nest Egg gives you a simple plan to create a guaranteed retirement income-for life.
Previous page
  1. Print length
    226 pages
  2. Language
    English
  3. Publisher
    Wiley
  4. Publication date
    August 17, 2010
  5. Dimensions
    6 x 0.51 x 9 inches
  6. ISBN-10
    0470680997
  7. ISBN-13
    978-0470680995
  8. See all details
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From the Back Cover

PensionizeTM Verb. 1. To convert money into income you can't outlive. 2. To create your own personal pension, a monthly income that lasts for the rest of your natural life.

With the subpar performance of the markets, record-high personal debt levels, and shockingly low savings rates, it's clear that many Canadians expecting to retire in the next decade simply don't have a sufficient nest egg to ensure a worry-free retirement. Making matters worse, only about one-third of Canadians currently belong to a formal, or registered, pension plan; and even a large number of that "lucky third" will not retire with a guaranteed pension income.

If you no longer have the time to wait and hope for your traditional investments to pay off, the answer is to "pensionize your nest egg" using the new technique of product allocation set out in this book. Pensionize Your Nest Egg explains how to

  • Recognize if you really have a pension or just a tax-sheltered savings plan.
  • Become informed about the new risks you and your nest egg face in retirement and why asset allocation, despite its value in the accumulation stage of life, is not sufficient to protect you and your money.
  • Measure your retirement sustainability quotient (RSQ) and your Financial Legacy Value (FLV)—then choose a retirement income plan on the Retirement Income Frontier.
  • Understand how product allocation differs from asset allocation, how to allocate your nest egg across three product silos, and learn about the new financial products that are available to protect against the new risks you face.
  • Follow a seven-step process to close your Pension Income Gap and convert your retirement savings into a secure stream of lifetime income.
Whether you do it yourself or work with a financial advisor, Pensionize Your Nest Egg gives you a simple plan to create a guaranteed retirement income-for life.

About the Author

MOSHE A. MILESKY, Ph.D., is an author, researcher and professor at York University in Toronto, Canada.

ALEXANDRA C. MACQUEEN is a Certified Financial Planner professional who works as a project manager at The QWeMA Group in Toronto, Canada.

Product details

  • Publisher ‏ : ‎ Wiley; 1st edition (August 17, 2010)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 226 pages
  • ISBN-10 ‏ : ‎ 0470680997
  • ISBN-13 ‏ : ‎ 978-0470680995
  • Item Weight ‏ : ‎ 10.9 ounces
  • Dimensions ‏ : ‎ 6 x 0.51 x 9 inches
  • Customer Reviews:
    4.0 4.0 out of 5 stars 26 ratings

About the authors

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  1. Moshe Arye Milevsky

    Moshe Arye Milevsky

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    Moshe Arye Milevsky is an award-winning teacher, author and scholar. He is an expert on the intersection of insurance and financial products. He is also a very popular keynote speaker who has delivered over 1,000 presentations around the world. Visit his website for more information at: www.MosheMilevsky.com

    See more on the author's page
  2. Alexandra C. Macqueen

    Alexandra C. Macqueen

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    Discover more of the author’s books, see similar authors, read author blogs and more

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Customer reviews

4 out of 5 stars
4 out of 5
26 global ratings

Top reviews from the United States

Sailaway
5.0 out of 5 stars Best retirement income guide I ever read
Reviewed in the United States on February 22, 2011
Verified Purchase
Written by a math prof and an investment advisor. The authors are Canadian and the book is written from the perspective of Canadian retirees but don't let that throw you. The Canucks came out of the last market dive in pretty good shape and they can teach us a thing or two about sane investing and conservative money management. They're also smart as whips!

This book is full of excellent retirement income advice that is as applicable to an American as it is to a Canadian. I know, I've lived in both countries under both tax systems and have retirement assets in both countries- 401(K) in the US and RRSP in Canada.

The key take away is that the old defined benefit pension plans of yesteryear were worth their weight in gold and that persons who do not have this benefit as a retirement option (like me!) should seek to emulate it through other investment vehicles like annuities. Many useful concepts like income sustainability, layering, product (not asset) diversification are covered in detail.

I definately recommend this book if you have been accumulating and haven't looked into the decumulation phase when you'll be drawing on your accumulated assets to fund your retirement. Many investors, myself included, are deficient in this very important area of retirement planning.

Its also a pretty good read for an investment book.
15 people found this helpful
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Maggie
4.0 out of 5 stars A good read. Gives you the tools needed to access ...
Reviewed in the United States on November 5, 2016
Verified Purchase
A good read. Gives you the tools needed to access your retirement needs. Good definitions of the various ways you can invest your money. Gives some examples too. Only disappointing thing is the website they point you to is no longer valid. One of the authors Moseh Milevsky, sold his company and the new company only provides the tool to advisors not the general investor. Too bad! The book was published in 2010 so it is 6 years old already. Still some good advice. I would by a second hand copy.
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SB
5.0 out of 5 stars Good book for a perspective you don't hear too often, but should at least consider.
Reviewed in the United States on December 19, 2014
Verified Purchase
This is a very good book. As mentioned by others, It looks at things from a Canadian perspective, but the main point is how to suppliment your retirement with an anuity. This may apply if you have a defined contribution plan, or even a defined benefit plan with a pension (if you don't trust your company to live up to it's promises.) He approaches it on an organized manner and leads you through how to determine your best course of action.
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Gene
4.0 out of 5 stars Pensionize your Nest Egg
Reviewed in the United States on August 22, 2012
Verified Purchase
I enjoyed reading this book. It is well written and informative. The authors goal was to describe how to create a guaranteed income for life. He does tell you the mechanics of how to accomplish this. My only critizism is that the author didn't emphasize enough or take into consideration the cost of paying for this. He does say it's around 3 1/2% annually. In this day and age where we hear that we can expect on average about 5% return on our investments that 3 1/2% is a huge number.
4 people found this helpful
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R. Neal Angel
4.0 out of 5 stars I'm using it for my classes on income planning for Boomers
Reviewed in the United States on April 24, 2013
Verified Purchase
An excellent book that addresses the unique risks faced by Boomers in their early retirement years, along with strategies to mitigate those risks. Because the author is Canadian, US readers will need to excuse his references to the Canadian retirement system. That said, the basic concepts are transferable for American audiences.
3 people found this helpful
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Jerry
5.0 out of 5 stars Five Stars
Reviewed in the United States on December 3, 2014
Verified Purchase
Smart, Clear, Consise, Revolutionary way of looking at allocating your nest egg.
One person found this helpful
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Steve S
3.0 out of 5 stars Interesting book but...
Reviewed in the United States on April 30, 2014
The book takes an interesting approach to explaining the merits of pensionizing your income during retirement. The book could be more concise. The topics are loosely tied together at the end.
One person found this helpful
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Thomas McMahon
4.0 out of 5 stars "Worthwhile Read" regarding Retirement Planning
Reviewed in the United States on July 14, 2013
Verified Purchase
Worthwhile to read -- very informative. Only negative is that it is written from a Canadian perspective, but that impacted the overall theme slightly. It helped me decide to purchase an annuity as a part of my retirement.
3 people found this helpful
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Top reviews from other countries

Gerald Parker
5.0 out of 5 stars Excellent and Accessible Book about a Thorny Financial Subject in One`s Retirement Years
Reviewed in Canada on October 12, 2011
Verified Purchase
I undertook reading this book to assess whether the sort of G.L.W.B. (guaranteed lifetime withdrawal benefit) plan that my financial advisor (with Investors Group of Canada) has explained and offered to start up for me from my R.R.S.P. Although I trust him, I always like to counter-check the worth and reliability (to accomplish my own ends, not alone to make his company a profit!) of financial instruments such as this with a/some relevant good and specifically Canadian book(s) on the subject, rather than just from the company's own literature. (In case the reader is curious, Investors Group offers its G.L.W.B. plan in collaboration with Great-West Life Assurance Co., one of the insurance companies mentioned in the book.

Americans and Brits, alas, do not have the comfort level that Canadians do in regard to investment/insurance products that Canadians do, since, in the unregulated (or far too insufficiently or negligently regulated) context of financial/insurance institutions (and of real estate, too, for that matter) in the U. S. of A. and in the U.K., there is a level of fraud that our Dominion of Canada simply does not tolerate or permit. (That is one of the reasons that the current, at time of writing this the year 2011, financial crisis, in the U. S. of A. and in the U.K., is occurring.) If feasible, I would urge Canadians residing in the U. S. of A. (which is on a fast track to transforming itself, through the venality and corruption of its profiteering institutions of finance and its cynical yet slothful and intentionally imprudent governance, into a mere "banana republic") or in the U.K., and even Americans themselves, really, ought to consider doing their investing through Canadian channels if that be feasible and not too arduously inconvenient for them.

The authors of "Pensioni[s]e Your Nest Egg" do make as good a case for this financial method (in Canada) for the elderly as the company literature from Investors/Great-West does, so I am persuaded! There is good advice here also for middle-aged workers as they plan ahead for retirement. It helps that the authors of the book and of investors/Great-West's promotional brochures all write very clearly, even somewhat entertainingly ("solidly by not stolidly", as it were!), and that they avoid unduly technical complexity, even in the math entailed. So, if one wants to be sure that his retirement funds last through the end of life, no matter how long that may be, rather than to aim (worriedly, if one is shrewd about it) at some particularly advanced and arbitrarily set age in the future when coverage becomes exhausted, then I advise that the reader also acquire this book and consider the advantages of a G.L.W.B. plan.
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Doc Terry
4.0 out of 5 stars Starts easy, ends hard!
Reviewed in Canada on October 11, 2010
Verified Purchase
This is a book that deserves to be on the bookshelf of all Canadians who have accumulated a nest egg but have little more than Government pension income when they retire. As the authors point out, most of us nurse our nest egg, spending as little as possible, to ensure that we do not run out of cash before we die. Others, in an effort to maximize their monthly income, simply convert their nest egg into joint and last annuities and enjoy the fruits of their savings. This book takes a position between these two extremes.

The early part of the book is easy reading, probably because it was written by a financial planner who understands how to explain financial matters in simple English. However, the latter part of the book is written by the Economist. He has graphs, tables, and acronyms for everything. I found it difficult to understand some of the concepts. e.g. he will write something like, "You can see this illustrated in chart 10.2" and he expects you to figure out the chart on your own.

I have another six months before I want to "pensionize" part of my nest egg, so I am sure that when I read it a second time I will get a handle on it. But, it is unfortunate that the Financial Planner didn't take charge and re-write the stuff written by the Economist.

Nevertheless, for $17 you are getting good, solid information that will help you pensionize some of your nest egg and reduce the stress that many seniors suffer as we struggle with the question of "How much can I spend?".
6 people found this helpful
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Ellen P
5.0 out of 5 stars Five Stars
Reviewed in Canada on November 11, 2015
Verified Purchase
This is an extremely great book for everyone. Fast easy to understand.
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Richard P
4.0 out of 5 stars good book for those thinking of annuities
Reviewed in Canada on April 4, 2013
Verified Purchase
I thought the book was well written although maybe a little too long for the topic covered. I will keep it around.
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Honest Pete
3.0 out of 5 stars Three Stars
Reviewed in Canada on May 23, 2016
Verified Purchase
average
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