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Other titles in the Wiley Finance series:
Investing for a Lifetime: Managing Wealth for the "New Normal" (Wiley Finance)by Richard C. Marston
Synopses & Reviews
A comprehensive guide to lifelong financial planning best practices
Investing for a Lifetime +Website: An Interactive Education in Managing Wealth for the "New Normal" is the comprehensive guide to planning for lifelong financial security. Written by a Wharton Professor for the Private Wealth Management Program, the book provides professionals with the facts they need to serve their clients' best interests. Taking into account the most common concerns clients express, the book details retirement preparation from the perspectives of saving and investing, investment choices, and wealth management. The companion website underscores the concepts presented in the text with lectures, casework, short papers, and more, providing examples and clarification of the methods discussed. The book offers guidance on the "best practices" every financial advisor needs to know when planning for their clients' futures.
One of the smartest things an individual can do is realize just how unstable the world truly is. Globalization induced billions to enter the market with very low interest rates in the 1980s, and countries either promised too much or consumed too much. The result is today's market instability, and the millions of people nearing retirement age with not nearly enough assets. Investing for a Lifetime provides the education that allows advisors to feel confident in their clients' security. Topics include:
The biggest questions about saving for retirement are "how" and "how much." The book provides concrete guidelines to answering both of those questions, as well as planning for retirement spending on an individual basis. Financial professionals want to shape a comfortable future for those who have entrusted it to them, and Investing for a Lifetime provides the facts, techniques, and methods that can make the difference.
"Investing for a Lifetime is packed not only with solid financial advice, but also vivid examples drawn from recent market history. This is the book that investors need to read as they reassess their finances after a tumultuous decade and a half for the stock and real-estate markets."
—Jonathan Clements, author of The Little Book of Main Street Money and columnist for The Wall Street Journal Sunday
Investing for a Lifetime
saving, investing, and spending
Investing for a Lifetime is designed to make saving and investing understandable to the investor. Written as a guide through the main investment decisions throughout a lifetime, author Richard C. Marston demonstrates how younger investors can set savings goals, how both younger and older investors can choose investment portfolios to achieve these goals, and how investors can sustain spending once reaching retirement.
Younger and older investors alike should understand savings goals that will provide enough income to sustain spending in retirement. They should devise rates of saving that allow them to reach their goals by the time of retirement. Though retirement is often the main goal of investing, it's not the only one. Marston discusses how funding a child's education or saving for a down payment for a home affects overall saving.
Sensible investing is also necessary for savings goals to be realized. Investing need not be complicated, but Marston explains that a diversified portfolio should include a mix of different types of U.S. stocks, foreign stocks, real estate as well as bonds. He describes each of these asset classes and shows how they fit in an investor's portfolio. He shows how investors can monitor the performance of their portfolios by establishing benchmarks for each asset class to judge how well their investments are doing.
He focuses particular attention on those investors nearing retirement. In today's low interest rate environment, he discusses whether it is possible to fund retirement from interest and dividends alone. He shows how savings combined with Social Security can fund retirement spending. And he asks how the "New Normal" of lower returns might force investors to save more than in past decades, and to spend less in retirement than in the past.
This is a book for investors who want to understand more about the savings and investment process, particularly those who worry about whether their retirement savings will last a lifetime.
About the Author
RICHARD C. MARSTON is the James R.F. Guy Professor of Finance at the Wharton School of the University of Pennsylvania. A graduate of Yale College and MIT, where he received his PhD, Marston was also a Rhodes Scholar at Oxford University. He has taught asset allocation for over twenty years in the CIMA Program sponsored by the Investment Management Consultants Association. In 2014 he received IMCA's Matthew McArthur Award for outstanding contributions to investment management. Since 1999, he has been Academic Director of the Private Wealth Management Program, a week-long program for ultra-high net worth investors. Marston has lectured on investments throughout the United States and in over a dozen foreign countries. He is the author of numerous articles and books, including his most recent book, Portfolio Design (Wiley, 2011).
Table of Contents
PART ONE Saving and Investing 1
CHAPTER 1 Introduction: Investing for a Lifetime 3
CHAPTER 2 The Building Blocks of a Portfolio: Bonds and Stocks 11
CHAPTER 3 Long Swings in Returns: Are We in a “New Normal?” 23
CHAPTER 4 A Savings Goal for Retirement 37
CHAPTER 5 What Rate of Savings? 49
CHAPTER 6 Savings and Taxes 61
PART TWO Investment Choices 73
CHAPTER 7 Investing in U.S. Stocks 75
CHAPTER 8 Foreign Stock Markets: Industrial Countries of Europe and the Pacifi c 89
CHAPTER 9 Emerging Markets 101
CHAPTER 10 Investing in Bonds: The Basics 115
CHAPTER 11 Investing in Bonds: The Wider Bond Market 129
CHAPTER 12 Investing in Real Estate: REITs 145
CHAPTER 13 The Home as an Investment 157
PART THREE Wealth Management 169
CHAPTER 14 Choosing a Portfolio: Fitting the Pieces Together 171
CHAPTER 15 Best Practices for Investing 187
CHAPTER 16 Investment Income for Retirement 199
CHAPTER 17 Spending in Retirement 209
CHAPTER 18 Retirement: Putting Together a Plan 223
CHAPTER 19 The “New Normal” and Retirement 239
About the Author 249
About the Companion Website 251
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