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Daryl Diamond - Your Retirement Income Blueprint: A Six-Step Plan to Design and Build a Secure Retirement

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Book:
Your Retirement Income Blueprint: A Six-Step Plan to Design and Build a Secure Retirement
Author:
Daryl Diamond
Publisher:
Wiley
Genre:
Books / Religion
Year:
2011
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As more and more Canadian boomers are approaching retirement, the transition from accumulating assets in their working years to creating a reliable stream of income in retirement is becoming a top-priority issue for a huge segment of the population. Your Retirement Income Blueprint is an antidote for Canadians who are generally ineptly advised, under-serviced, and over-charged by advisors on planning retirement income. Based on the authors specialized experience in retirement income planning, this book will help readers to work through the many stages of their retirement and adapt their income plans to account for constantly changing health and family issues. The book will help you to:

Combine government and personal sources of income most efficiently
Determine which assets to use first and which to defer
Preserve government benefits and entitlements that are in many cases needlessly wasted or lost
Create results that are more survivor- and estate-friendly than traditional approaches
Greatly reduce taxes on retirement income and to the aggregate estate.

Your Retirement Income Blueprint lays out a six-step process for taking apart accumulated assets, making the most out of what you have taken a lifetime to save, and creating an income that lasts as long as you do.

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Table of Contents

To Karen, Geoff and Kelly
for making it all so amazing

PREFACE

THE EVOLUTION OF A BOOK AND OF A DEMOGRAPHIC

In 2002, I had the opportunity to publish a work entitled Buying Time. When Buying Time was first written, the leading edge of the Baby Boom generation was turning 55. Now, as those on the cusp of that generation turn 65 and begin applying for their Old Age Security, we are in the midst of a perfect (retirement) storm. The transition from the accumulation years to the income years is now a front-and-centre issue for retiring Baby Boomers (and those hoping to retire soon), and rightly so. Theyre concerned about our present economic environment and some issues that await us in the future. Common concerns include:

the wave of Boomers is just starting to turn 65 in 2011

historically low interest rates

a stock market disaster in late 2008 and early 2009, which still has many unnerved

significant upcoming changes to the Canada Pension Plan, particularly affecting those between the ages of 60 and 65

limited private sector participation in defined benefit pension plans

government debt, which is already high and will continue to increase as the demand for government-provided medical care is going skyrocket over the next 20 years

As a result of these and other factors, those coming up to retirement (as well as some already in retirement) are desperately looking for solutions. And while I will be making references to the Baby Boom generation, the principles and strategies presented in this book apply to anyone within 10 years of a target retirement date and those who have retired within the past 10 years.

The information contained within this book is the result of over 20 years of putting together retirement income plans for retirees and then working with them, through the years, as their retirement life changes. As an advisor who is one of the pioneers in the retirement income area of financial planning, I have worked through different rates of inflation, changes to the taxation of income and assets, as well as dramatic swings in both the stock market and interest rates. I have lived through them along with my clients, and I have worked through them with my clients. As I like to say, I have retired a few hundred timesvicariously, through the clients I serve. As such, I am able to include in this book the practical application of what we have found to be effective strategies as well as the experience and insights of having worked in this area of financial planning since 1988. My business practice, which is composed of qualified planners and support staff, is dedicated to serving retirees.

There is no question that each retirement scenario is unique and each situation must be weighed on its own merits. The material put forward in this book is predicated on what has been employed successfully with my clients. I am able to share with you nearly a quarter of a centurys experience and insight into this process.

It is my goal to bring together various concepts and strategies and, in doing so, to show you how to create more enjoyable retirement years through a comprehensive planning process and the efficient use of your assets.

This is not intended to be a do it yourself book. By facilitating more comprehensive communication between investors and advisors, it is intended to be a do it properly and do it better book.

INTRODUCTION

Golf Clubs or Hockey Sticks?

It is common to use a golf game as an analogy when comparing the years when we are accumulating assets and the years when we are drawing income from those assets. To acknowledge that there is a difference between these two times in ones life, the comparison suggests that those years when we are saving money and building retirement assets are the front nine. The back nine represents the time when we are withdrawing money from personal assets, pensions and government benefits in order to create the cash flow required to fund retirement. Well, in my experience, that comparison is only partially accurate.

Lets maintain the premise that the accumulation years are like playing the front nine in a game of golf. You finish those first nine holes, and then you go into the clubhouse for lunch. When you come out of the clubhouse and start taking income, the analogy needs to change. Imagine that instead of stepping on the tenth tee, you are stepping onto a freshly flooded ice rink. The playing field changes because there are such substantial differences between the planning approaches, investment strategies, risk-management issues and sheer dynamics of these two phases in someones life. It is not simply a continuation of the same thing.

The point here is that if you are attempting to play the game of hockey using the same equipment and same skill sets that you use to play golf, you are not going to do a very efficient job. But that is how different things become when it is time to draw retirement income. You need to be aware of this and so does the advisor or institution with whom you align yourself.

There are many concepts and well-known rules of thumb for the accumulation years that do not apply in the same way, or apply at all, in the income years. Some of the traditional approaches are, in fact, detrimental to creating the most efficient income stream. Planning retirement income is a very different art and science than planning the accumulation of assets, and there are few advisors who are proficient in it. That is what is missing for consumers.

That may be why you picked up this book. You know there is something more to this whole retirement income process, but you just arent sure what that is. You feel something is missing in your current situation, but you dont know what, and you dont know where to find it. This has never been more important than it is now, as you seek a greater level of comfort, security and enjoyment in your retirement.

Why YouNeeda Blueprint

How can you have an understanding and a clear view of how this is all going to piece together for you if there is no plan in place and no process for you to work through as you move through the many phases that will make up your retirement years? You cant, unless you have your own blueprint.

A blueprint is formally defined as a technical drawing that represents an architectural or an engineering design. More generally, and in the context I use it here, the term blueprint has come to refer to any detailed plan.

The operative word here is detailed. I have seen so-called plans that consist of two or three pages of cursory projections and fifteen pages of product recommendations. That is not detailed planning. That is pushing products, and it is offered far too often to consumers and may explain why there is so much confusion in the marketplace. The retirement income area of financial planning is not a product-driven market. Products do assist in providing solutions but, done properly, the emphasis is first on planning and process.

Your blueprint is a detailed plan that incorporates processes, proven strategies and a defined course of action. It should not only be efficient in terms of asset use and taxation but it should also be custom designed to assist you in achieving those things you wish to do in retirement. Keep in mind that it needs to be put together by someone who is proficient in this area of planning.

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