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The Value of Debt in Retirement


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Table of Contents

Foreword xv Acknowledgments xvii Introduction xxi Part I: Basic Ideas and Core Concepts Chapter 1: A Better Path 3 A Successful but Controversial Debut 4 The Fifth Indebted Strength 7 Who Can Benefit from This Book? Not Only Millionaires! (But They Can, Too) 9 Everyday Example #1: Immediately Better Credit Card Debt 11 Getting beyond the ABLF and Focusing on Retirement 12 Notes 14 Chapter 2: Debt in Retirement: Conventional Wisdom, Right and Wrong 17 What Some Popular Retirement Books Get Right and Wrong about Debt 18 The Good versus Bad Debt Camp 19 Bach Where We Started: The Irresolutely Against Debt Camp 20 The (Very Small) Sometimes It s Okay to Have Debt Camp 21 Everyday Example #2: A Bridge Loan over Troubled Quarters 22 Notes 24 Chapter 3: Why and Whether to Adopt a Holistic Debt ]Inclusive Approach in Retirement 27 A First Look at the Three Main Types of Debt: Oppressive, Working, and Enriching 28 Seven Rules for Being a Better Debtor 30 In the Company of Longer Life Spans 31 Winging Your Way to a Successful Retirement: The Whole Chicken Approach 33 Everyday Example #3: A Holistic Business Recipe for Success 35 Notes 37 Part II: The Power of Debt in Reducing Taxes, Increasing Return, and Reducing Risk Chapter 4: Returning to the Return You Need 43 Cash Flow and Incoming Money: The Ultimate Key to Resource Management 45 You Have to Get Your Numbers Right! 46 Regardless of Your Net Worth, Distributions Are Rarely Constant over Time in Retirement 49 How Much Can You Safely Take Out? 52 How You May Be Able to Increase Your Rate of Return 54 How Is This Possible? A Big ]Picture Overview 56 Risks and Problems 57 Everyday Example #4: Retiring the Loan Survivor 58 Notes 60 Chapter 5: The Power of Debt Meets Our Ridiculous Tax Code: $5.5 Million Net Worth, $240,000 Income, and $4,000 in Taxes! 61 Some Brief Preliminaries: Income versus Incoming Money 63 The Websters: A Tale That Taxes the Imagination 64 Your De Facto Tax Advisor 76 An Inconvenient Truth 77 How to Pay Almost No Taxes in Retirement: A Few More Examples 78 Everyday Example #5: Auto You Not Be Sure You Are Getting the Best Loan? 81 Notes 84 Chapter 6: Risk Matters More Than Return 87 Why Your Personal Risk Tolerance May Not Matter 88 A Simple Understanding of Risk 91 An Overview: What Time Is It? 95 A Detailed Understanding: How the Watch Works 97 Proof That Debt Can Reduce Your Risk in Retirement 105 Everyday Example #6: A Lot to Think About? Not Really 107 Notes 109 Part III: How to Get There: A Glide Path Chapter 7: The World Is Full of Risk Especially Now 113 Not Your Usual Serious Caution 114 Learning from What Companies Do Value Liquidity! 114 What about Interest Rate Risk? Fixed versus Floating Rate Debt 117 Investment Risks: It Isn t the Debt That Matters, It Is the Quality of Your Investment Decisions! 119 Asset Allocation and Investment Considerations 119 A Six ]Step Approach to Diversified Investing in Retirement 120 Lessons from Math and History Suggest Caution 121 Be Careful What You Watch! 124 My Opinions on Asset Allocation 126 Notes 130 Chapter 8: The Sooner the Better: Moving from Oppressive to Working to Enriching Debt 133 Understanding the Implications of These Ideas for Your Life Plans 138 Getting a Handle on Whether You Should Adopt a Strategic Debt Approach 138 The Need ]Want ]Have Matrix 139 Watch Those Ratios! A First Glide Path into Retirement 144 What If You Are Not Optimal Today? 147 Dying with Debt? 147 Final Mortgage Considerations 148 Notes 150 Chapter 9: Conclusion: Lots of Tricks and Tools 151 A Checklist Review 153 Bringing It All Together: A Strategic Debt Strategy in Action 156 A Last Word: The Value of Debt in Retirement 159 Notes 160 Part IV: Guides Guide 1: Leaving a Legacy 163 General Giving Philosophy 164 The Benefi ts of Giving While You re Working 167 Giving to Create Income 168 Notes 172 Guide 2: Managing the ROI of Retirement 175 Retirement ROI : Resources, Outer Pragmatics, and Inner Dynamics 176 Retirement Is Coming: A Holistic Roadmap of the Territory before You Retire 176 Meta ]Management against a Background of Accelerating Change 177 Staying Eff ective and Informed over Time 180 Resource Management for the Long Haul 181 Partial Retirement/Partial Income 182 You Can Test ]Run Retirement 183 Real Estate, Small Business Ventures, and Personal Guarantees 184 Medicare 185 Long ]Term Care Insurance 185 Thoughts on Life Insurance 187 Reverse Mortgages 187 How You Should (or Should Not) Factor in Inheritance 188 Outer Pragmatics: Real World Concerns, Issues, and Details 189 Legal Planning 191 Medical Planning 192 Residency Planning 192 Life Planning 193 Inner Dynamics: Meaning, Purpose, and Pleasure in Retirement 194 Sharpening the Saw 196 Particular Considerations on Retirement and ROI for the LGBT Community 197 Notes 201 Guide 3: How to Help Your Family and Buy the Stuff You Want and Need: A Reference Guide 203 Act Like a Company/Think Like a CFO 203 Principles When Financing the Purchase of a Desired Item 204 Managing Credit Card Debt 208 Helping Your Kids with Their Credit Card Debt 208 Helping Your Parents 208 Buying a Luxury Car 209 Buying a Boat/Airplane/Art/Antiques/Jewelry, Paying for a Dream Vacation, Financing a Hobby (Horseback Riding, Car Racing) 210 Paying for Fractional Ownership (Home/Plane/Boat) 211 Helping Out Our Kids and Student Loans 212 Homes: Downsizing/Moving/Building 212 Purchasing a Second Home: Pluses and Minuses 213 Rent versus Buy a Second Home 217 One Hundred Percent Financing: The No ]Down ]Payment Real Estate Purchase Option 219 Notes 221 Part V: Appendices Appendix A: About the Companion Website 225 Appendix B: Details for Chapter 4 227 Understanding the Ideas of Chapter 4, with Charts and Tables 227 Notes 234 Appendix C: Chapter 5 Detail 235 Understanding RMDs 235 The Liger at Work Again 237 Understanding Cost Basis and a Step ]Up in Basis 244 Notes 246 Appendix D: Details for Chapter 6 A Study of Withdrawal Rates in Retirement 249 Background: How the 4 Percent Rule Came to Life 250 Trinity Study Results 251 Trinity Study: Unfortunate Timing 258 Notes 260 Appendix E: A More Detailed Discussion on Risk, Return, and Correlation 263 Notes 266 Appendix F: More Detail on ABLF, Risk Details, and Official Statement of Disclosure and Understanding 267 More Detail on ABLF 267 Statement of Disclosure and Understanding 268 With Respect to ABLFs 270 Additional Important Notes 272 Notes 275 Glossary 277 Bibliography 283 About the Author 287 Index 289

About the Author

THOMAS J. ANDERSON worked in investment banking in New York before moving into private wealth management. He has his MBA from the University of Chicago and a B.S.B.A. from Washington University in St. Louis. His extensive academic studies at some of the top schools in finance and economics, international experiences, and institutional background deliver a unique perspective on global markets. He has been recognized as one of the top 40 advisors under 40 by On Wall Street magazine and four times by Barron's magazine as one of America's Top 1,000 Advisors: State by State. Tom lives in Chicago with his wife and three children.

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