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The New Savage Number: How Much Money Do You Really Need to Retire?, 2nd Edition


The New Savage Number

How Much Money Do You really Need to Retire?

Second Edition

Terry Savage

Bestselling Author Of The Savage Truth On Money

Personal Finance

Praise for the Previous Edition

"At last, there is one source for retirement savings and all of its implications. Terry Savage has done it again: put it in plain English for the millions of people who need to know what awaits them financially in their golden years. I get thousands of questions each week about this topic. Now I have the answers, from someone I would trust with my financial life. Great job, Terry!"
—James J. Cramer, markets commentator,, and CNBC author of Jim Cramer's Real Money: Sane Investing in an Insane World

"It is astonishing how little most of us plan ahead for retirement. Terry has done it all for us in this book."
—Jim Rogers, author of Adventure Capitalist and Hot Commodities

"The Savage Number greets you with cold realities and then shows you the path down the yellow brick road. It is a comprehensive and compelling guide to taking control of your financial future. The bottom line: you can plan and choose to save, or you can work forever."
—Dallas L. Salisbury, President and CEO, Employee Benefit Research Institute

Nationally known personal finance expert Terry Savage

helps you answer the most important retirement questions

Will you ever be able to retire? How much money will you need? And how will you be able to reach your Savage Number? Financial expert and author Terry Savage offers street-smart advice for those hoping to retire. Whether you're approaching retirement age, just starting out, or in the middle of your career, Savage helps you create a long-term plan for financial security.

The New Savage Number provides the strategic guidance and hands-on techniques necessary to plan a successful retirement. Savage helps you figure out how much money you need to retire—your Savage Number—and how to invest to reach that goal. Then, as retirement looms, she guides you through the process of planning withdrawals. Savage offers advice on everything from getting personal finances organized to hedging against inflation to protecting against the devastating costs of long-term care.

Terry Savage has financial expertise that comes from experience. She started her career as a stockbroker and became a founding member of—and the first woman trader on—the Chicago Board Options Exchange. Terry is a nationally known expert on personal finance and is a regular TV investment and financial markets commentator. She is the nationally syndicated Chicago Sun-Times personal finance columnist and author of three bestselling books. Terry has won numerous awards, including the National Press Club Award, and received two Emmys for her television work.

Preface to New Edition.

Introduction: Can You Retire?

Part 1 Retro-Retirement.

1 The Savage Number.

Shaping Retirement Reality.

Avoiding Generation Warfare.

Hoping for a Miracle?

You're Not Alone.

The Likely Solution: Retro-Retirement.

The Starting Point.

2 Time Is Money.

Consuming Time and Money.

Running Out of Time.

What's Your Time Worth?

The Time Value of Money.

How to Avoid Wasting Time (and Money).

3 The 10 Key Questions.

How Long Will I Live?

What Will Inflation Do to the Value of My Savings?

How Can I Save Enough?

How Should I Invest the Money I've Saved for Retirement?

How Much Will I Spend to Live in Retirement?

How Much Can I Withdraw Each Month without Running Out of Money?

What's the Biggest Danger to My Retirement Plans?

How Can I Earn Money during Retirement?

How Can I Retain Control of My Financial Life?

What If I Have Money Left Over When I Die?

Getting the Answers.

Getting Your “Ballpark Estimate”.

Part 2 Monte Carlo Your Money.

4 The Savage Answer: Monte Carlo Modeling.

Monte Carlo Modeling—How It Works.

Beware of Averages.

Monte Carlo Modeling and Retirement Planning.

Monte Carlo and You .

Do-it-Yourself Monte Carlo.

5 Saving Up, Drawing Down.

Accumulation Phase.

Withdrawal Phase.

The Right Balance.

Seven Best Ways to Save for Retirement.

6 Getting It All Together.

Online, On Paper, On Your Computer.

Free Online Money Management.

The Basics: Paying Bills Online.

Organizing Your Online Financial Life.

A Credit Check-up.

Portfolio Tracking.

Moving beyond Tracking—To Advice.

Resources for Getting It Together.

7 A Road Map to Monte Carlo.

The Best Routes.

Arriving in Monte Carlo.

Choosing a Financial Adviser.

Part 3 Investing for Retirement.

8 Stocks, Bonds, and Chicken Money.

Realistic Stock Market Expectations.

Understanding Bonds.

Keep Your Nest Eggs Safe with Chicken Money.

A Minute on Mutual Funds.

Resources for Stocks, Bonds, and Chicken Money.

9 Beyond the Basics.

Exchange-Traded Funds.

Real Estate Investment Trusts.

Gold and Natural Resources.



The U.S. Dollar.

Hedge Funds.

Resources for Investing.

10 One-Step Retirement Investing.

Buying the “Whole” Market.

Retirement Investing Made Easy: Targeted Retirement Funds.

Starting Small—No Excuses!

Make the Call.

Part 4 Streams of Retirement Income.

11 Where Will the Money Come From?

The Balancing Act: Income versus Principal.

Gainful Employment in Retirement.

Withdrawals from Retirement Accounts.

Generating Income from Your Portfolio.

Income Resources.

12 Annuities for Income and Tax-Deferred Growth.

Immediate Annuities.

Tax-Deferred Annuities.

The Latest Annuity Products.

Tax-Deferred Annuity Withdrawals.

Tax-Deferred Annuity Exchanges

Your IRA Inside an Annuity?

Annuities: The Real Risk Factor.

Annuity Information and Pricing/Insurance Company Safety Ratings.

13 Social Security and Medicare.

Social In-Security.


A Final Thought about Social Security and Medicare.

Government Benefit Resources.

14 How to Turn Your Home into Your Pension.

Reverse Mortgages.

More Income from Your House Using Trusts.

Reverse Mortgage Resources.

Part 5 Long-Term Care: The Greatest Risk of All.

15 Long-Term Care Insurance: Who Needs It?

The Government’s Role in Long-Term Care.

Insurance for Your Retirement.

Our Parents, Ourselves.

Long-Term Care Insurance: A Woman’s Issue.

What If You Don’t Use It?

Long-Term Care—The Facts.

16 How to Understand Long-Term Care Coverage.

Rising Demand, Soaring Costs.

When to Buy? While You Can!

How Do I Use My Policy?

What Should My Long-Term Care Policy Cover?

Key Elements of a Long-Term Care Insurance Policy.

17 Buying Your Long-Term Care Policy.

Which Insurance Company Should You Choose?

What Should It Cost?

10-Pay: Controlling Price Risk.

Long-Term Care Policies and Income Taxes.

Paying for Long-Term Care with Life Insurance and Annuities.

Employee Group Long-Term Care Policies.

The Federal Long-Term Care Insurance Program.

Long-Term Care Insurance from Affinity Programs.

A Final Argument: The Cost of Not Having.

Long-Term Care Insurance.

Resources for Purchasing Long-Term Care Insurance.

Part 6 Estate Planning: The Price of Success

18 What’s Left?

What Could Happen?

What Is Your Estate?

What Are Estate Taxes?

What Is Probate?

What Is a Revocable Living Trust?

Health-Care Power of Attorney.

Durable Power of Attorney.

Living Will.

Naming Retirement Plan Beneficiaries.

What Else Should You Consider?

Moving Assets Out of Your Estate.

Life Insurance and Your Estate.

Spouses and Estate Planning.

Choosing an Estate Planner.

Estate Planning Checklist.