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Cover
by Steve Heller
Retirement Life Insurance
Cover
Title Page
Copyright
Acknowledgments
Contents
Preface
Chapter 1: The Retirement Crisis in Brief
A Tale of Two Widows
Chapter 2: A New Use for Life Insurance
Retirement Income Security and Life Insurance
Prerequisites for Calculating Sustainable After-Tax Spending
Calculating Sustainable After-Tax Spending
Chapter 3: A Visit with the Financial Planner
Back to Our Two Sisters…
The Comparison between Results with and without Insurance
How is the Amount of Life Insurance Calculated?
Including Existing Life Insurance
Optimizing the Timing of Social Security
Entering Client Personal Data
Entering Client Asset Data
Entering Client Income Information
Full Retirement Age and the Primary Insurance Amount
Estimating Sustainable Spending before Adding Insurance
When to Take Social Security
Annuities or Pensions
Expected Additional Expenses
Sustainable Spending Including Additional Expenses
Indexing for Inflation
Existing Life Insurance
Assumptions on Inflation and Return on Investments
The Social Security Optimization after Setting the Assumptions
How Much Life Insurance Would Optimize Sustainable Spending?
What is Sustainable Spending?
Life Insurance is a Perfect Match for the Risk of Dying Early in Retirement
How Spending Money on Life Insurance Premiums Can Increase Sustainable Spending
Another Look at the Comparative Results with and without Life Insurance
Illustrating Comparative Results with the “Manual Death Years” Feature
How the Insurance Payout Fits In
How Sustainable Spending Can be Affected by the Year of Death of One of the Clients
Changing Assumptions May have Nonintuitive Effects
Chapter 4: Another Visit with the Financial Planner
Year Numbers
Cash
Nominal vs. Real Return
The Need for an Annual Review
Traditional Retirement Account Assets
Withdrawal Strategies to Optimize Taxes
Four Different Withdrawal Strategies
Other Ways to Improve Sustainable Spending
Significant Improvements in Sustainable Spending by Adding Insurance
Roth Assets
Taxable Assets
Taxable Assets Basis
Estimating Taxes vs. Precise Tax Calculations
Chapter 5: The Withdrawal Source Section of the Spreadsheet
Cash Delta
Why it’s Not Important to Calculate Future Results Precisely
Traditional Retirement Account Delta
Roth Delta
Sale Basis
Long Term Capital Gains
Taxable Bought
Qualified Dividends
Social Security
Taxable Income
Nontaxable Income
Chapter 6: Cash, Taxes, and Insurance Premiums The Next Day…
Cash before Taxes and Insurance
Estimated Federal Income Tax
Insurance Premiums
Cash after Taxes and Insurance
Chapter 7: Calculating Sustainable Retirement Spending
A Very Simplified Example of the Sustainable Income Calculation
A Well-Known Solution to the Problem of Level Payments When there is Interest being Paid
Chapter 8: Adding an Annuity
Chapter 9: Can an Annuity Improve Sustainable Retirement Spending?
Where to Find Annuity Payment Information
Why Knowing the Exact Starting Dates of an Annuity is Important
Deferred Annuities Can Also Improve Sustainable Retirement Spending
What Happens after the Death of One or Both Annuitants?
Adjusting Annuity Payments to CPI
Why we Might Want to Compare Last Year’s Projections with this Year
Worst Case Longevity Results
Median Longevity Results
The Worst Case Years of Death
Selecting the Starting Date for Life Insurance
Appendix A: Reference Manual for the Gui Interface of the Rhino Retirement Analyzer V1.0, Basic Mode
The Opening Screen
The Personal Data Tab
DOB
Sex
Rating
Max Lifespan
Median Lifespan
Entering Some Reasonable Data for the Personal Tab
The Assets Tab
Cash
TRA
RRA
Taxable
Tax Basis
Entering Some Reasonable Data for the Assets Tab
The Income Tab
Salary
Retirement Date
QD
SS Start Date
SS FRA Date
Estimate PIA
PIA
Estimated SS Benefit
Entering Some Reasonable Data for the Income Tab
The Annuities or Pensions Tab
Lives Covered
Adjusted to CPI
Return of Premium
Annuity Cost
Annuity Basis
Starting Date
Monthly Payment
Estimated Taxable Amount
Entering Some Reasonable Data for the Annuities or Pensions Tab
The Expected Additional Expenses Tab
Expected Additional Expenses Spreadsheet
Index to Inflation?
Entering Some Data for the Expected Additional Expenses Tab
The Existing Life Insurance Tab
Starting Date
Term
Face Amount
Yearly Premium
Estimate Premium
Entering Some Reasonable Data for the Existing Life Insurance Tab
The Assumptions Tab
Inflation
Portfolio Assets Nominal Return
Cash Nominal Return
Entering Some Reasonable Data for the Assumptions Tab
The Suggested Insurance Tab
The Suggested Annuities Tab
Starting Date
Values for 100K Basis
Monthly Payment
Estimated Taxable Amount
Adjusted to CPI
Return of Premium
Other Features of the GUI Main Screen
Saving, Reloading, and Clearing Data
Appendix B: Reference Manual for the GUI for the Rhino Retirement Analyzer v1.0, Expert Mode
The Expert Mode Checkbox
Tax Verification
Manual Yearly Spending
Manual Death Years
Appendix C: Tutorial for the Scripting Language and Command-Line Interface of the Rhino Retirement Analyzer v1.0
Why does the Rhino Retirement Analyzer Need a Command-Line Interface and a Scripting Language?
The rra File Type: Initializing the Program with Previously Saved Data
A Command-Line Example
A Sample rra Script File
A Sample File Header
The Variable Assignment Portion of the Sample Script File
The Function Execution Portion of the Sample rra File
Other Options for Command-Line Use
The rrr File Type: Recording a Run of the Program for Later Replaying
Uses for the .rrr File Type
Appendix D: The Market for Retirement Spending Optimization
Does the Public Know that Retirement Spending Optimization is a Problem?
Appendix E: The Genesis of the Rhino Retirement Analyzer (and this Book)
A General Description of the Current Version of the Program
Appendix F: What is Included, What is Excluded, and Known Limitations of the Program
Factors that are Included in the Rhino Retirement Analyzer Calculations
Taxes
Social Security
Insurance Analysis
Annuities and Pensions
Assumptions
Lifespan Estimates
Factors that are Not Included in the Rhino Retirement Analyzer Calculations
Taxes
Social Security
Assumptions
Pensions and Annuities
Known Limitations of the Program
Disclaimer and Caveats
Index
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