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No. of Recommendations: 5
I think the income styles are an interesting concept and perhaps a better alternative to the useless risk tolerance metric traditional financial planning uses as a panacea for their clients. Use of a Risk tolerance MAY BE appropriate for some during the equities accumulation phase of retirement, but what about the deployment of ALL types of assets when in retirement?

That said, no summary can adequately summarize the facets of retirement covered in this book—-This is not a quick fix or simple how to book and is only for those inclined to take an extensive DEEP DIVE on retirement planning. The book serves as a step by step guide with an action plan for those who want to know how and figure out how they can plan ahead if they are younger or make it thru retirement with what they’ve accumulated based on their “income style”, not a risk tolerance that doesn’t have much use in the deployment phase.

I haven’t read the whole book yet, but have taken part in several of Wade’s retirement researcher webinars. His research shows that while folks are squirreling away (or not) money for retirement via 401ks and IRAs there hasn’t been a whole lot of thought and/or knowledge as to how to deploy those assets in retirement—-not to mention other types of assets.

I can only wish, at this point, that I had had all my ducks in a row as you all do on this and other TMF boards. This is meant as a thank you and compliment to you all. I rarely have much to contribute but follow your lead, thoughts and ideas as much as I am able.

The average person who relies on the financial services industry for advice and help, can understandably get confused when trying to sort out accumulation of and future deployment of assets. As Wade puts it right in the beginning of the book……

…the financial services profession remains quite siloed. There is an old saying that if the only tool you have is a hammer, then everything starts to look like a nail. This tendency is alive and well within the financial services industry as those on the investment side tend to view an investment portfolio as the solution for any problem, while those on the insurance side tend to view insurance products as the answer for any financial question. Financial advisors and other pundits tend to support the approach they feel most comfortable with or are otherwise licensed or incentivized to provide, with little consideration for what may be best for any given individual. The prevalent idea is there is one objectively superior retirement income approach for everyone, and anyone suggesting otherwise must be guided by a conflict of interest.

To this I say touché! Hit that nail on the head—-is there really such a thing as a “financial advisor or planner” that truly acts as a fiduciary?

That’s why DIY is essential when it comes to planning your retirement—-I’m preaching to the choir here. I’m not going to lie, this book is hard, and I’m not sure I’ll get through it and I like doing this stuff. TMF forums and TMF live are very helpful and easier to understand.

To answer the question asked—I believe I fall in the hybrid category Probability-Based & Commitment (Risk Wrap)

Btw, one of the TMF podcasts, Motley Fool Money, I think, recently interviewed Wade if anyone is interested.

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