Praise for the Previous Edition Are You a Stock or a Bond?

“Milevsky guides us through the perilous financial wilderness in pursuit of the promised land of a secure retirement. Milevsky has the rare gift to illuminate abstract financial and mathematical concepts in everyday language and experiences. A must-read in this age of the growing burden on individuals to shoulder greater responsibility for their financial security in retirement.”

—Steven Siegel, Research Actuary, Society of Actuaries

“The author provides a holistic approach to lifetime financial planning and discusses cutting-edge ideas about how you should manage your asset allocation, demand for insurance, and many other financial decisions. In this book, Milevsky demonstrates his unique ability to explain key financial concepts using down-to-earth language.”

—Dr. William Reichenstein, CFA, Baylor University

“Milevsky brings much recent research to bear in trying to help people use concepts of modern financial economics in integrated personal financial planning. A key element he brings to the forefront here is understanding the role individual labor income, lifestyle, and longevity play in modern dynamic portfolio theory.”

—Sid Browne, Ph.D., Brevan Howard Asset Management and Columbia Business School

“This book is a must-read for anyone who desires life-long financial security. Those who read it will have a much deeper understanding of how concepts such as ‘human capital’ and ‘risk management’ are not arcane academic terms, but rather concepts that provide an extraordinarily useful road map for creating lasting financial security.”

—Jeffrey R. Brown, Professor of Finance, University of Illinois at Urbana-Champaign

“Milevsky offers an original and clear re-thinking of the most fundamental concept in one’s financial lifetime: the management of risk, in all of its not-so-obvious dimensions.”

—Nick Murray, Author, Simple Wealth, Inevitable Wealth

“This book is another example of Moshe Milevsky’s ability to make the complex understandable...an excellent primer—for both advisors and their clients alike—on the ‘How Tos’ of effective retirement income planning.”

—Jim Rogers, CFP, 2008 President, The Million Dollar Round Table (MDRT)

“In this new book, the author presents a holistic framework for investors and advisors to think about critical issues that impact investment decisions, such as human capital, mortality risk, and longevity risk. But even more importantly, Milevsky presents practical solutions that we can all follow to achieve financial security throughout our lives. This book is a must-read for everyone in the financial services industry.”

—Peng Chen, CFA, Ibbotson Associates

“This is an extremely timely and valuable book. Our financial lives have never been more complex, and the challenges for many are daunting. Milevsky provides a new perspective that can really help people make better financial decisions and attain a greater level of financial security.”

—Matt Greenwald, President, Mathew Greenwald & Associates

“The author has written an instant classic that will help people become better-educated retirement customers and also help financial advisors improve their professional skills.”

—Francois Gadenne, Chairman of the Board and Executive Director, Retirement Income Industry Association (RIIA)

“Milevsky delivers one of the best books to date on personal financial planning—a refreshing blend of content, conceptual correctness, and clarity. Buy it. Read it. Do it.”

—Richard M. Ennis, Chairman, Ennis Knupp & Associates; Editor, Financial Analysts Journal