Enhancing Retirement Success Rates in the United States Leveraging R
“Dr. Chien’s book aims to help middle class retirees get a better handle on their retirement finances by ensuring that all of their key household assets are considered in the planning process. It is essential reading for retirees and their advisors
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Leveraging Reverse Mortgages, Delaying Social Security, and Exploring Continuous Work Chia-Li Chien
Enhancing Retirement Success Rates in the United States
Chia-Li Chien
Enhancing Retirement Success Rates in the United States Leveraging Reverse Mortgages, Delaying Social Security, and Exploring Continuous Work
Chia-Li Chien Financial Planning Program California Lutheran University Thousand Oaks, CA, USA
ISBN 978-3-030-33619-6 ISBN 978-3-030-33620-2 (eBook) https://doi.org/10.1007/978-3-030-33620-2 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: © Melisa Hasan This Palgrave Pivot imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To my parents, husband, and daughter.
Preface
Good financial behavior of saving early, saving regularly, and conservative spending depends heavily on how much individuals are emotionally challenged by life situations. For many, financial planning is a luxury service, but, in truth, all families and individuals can benefit from the valuable advice of financial planning practitioners. Objective-based planning demands tactical solutions to help clients achieve their goals. The investment strategies during the accumulation stage (or period of saving for retirement) are different from the strategies applied during the distribution stage or actual retirement. Retirement planning is one of many planning areas in the comprehensive financial plan and is interconnected with investment planning, risk management, estate planning, and tax planning. It takes a professional to sort through the specialty areas. Emotionally, individuals may want to spend as much as possible to enj
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