Financial and Life Planning Resource Directory

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Money: Expense management, budgeting
Consumers/clients
	Aguila, Emma, et al, Changes in Consumption at Retirement
		RAND Corporation, October 2008, Free http://www.rand.org/pubs/working_papers/2008/RAND_WR621.pdf The authors dispute the previous common wisdom that consumption drops at retirement. This is true for food expenditures, which previous studies have tracked, but not for non-durable goods purchases overall.
	Hinch, Phillips, "How New and Expected Tax Increases Will Affect Your Clients", Journal of Financial Planning, June 2010 (Vol. 23, No. 6)
		Hinch discusses changes already included in the recent Healthcare legislation, as well as future increases we can reasonably anticipate
	Klinger, William J., "Creating Safe, Aggressive Retirement Income Profiles", Journal of Financial Planning, May 2010 (Vol. 23, No. 5)
		Klinger uses a Monte Carlo model that assumes declining expenses in older age.
	Laura, Robert, "Mental Budgeting: Strategies For Addressing Why People Spend, Instead Of How Much", Integrative Adviser, September 2009 (Vol. 2, No. 3)
		http://www.aiflp.org/pdfs/IntegrativeAdviserNo0203.pdf, Free Laura describes a process through which consumers can fix their household budgeting issues by focusing on their priorities, without getting stuck on the specific numbers.
	Shambo, James A., "The Hedonic Pleasure Index: An Enhanced Model for Spending Inflation", Journal of Financial Planning, November 2008
		Shambo says that, in planning for individuals, future expenses should be based on the 'consumption function', not the Consumer Price Index. He points out that up-wardly mobile young clients may experience expense growth 300bp above the CPI. He offers a simple tool for estimating this effect.
	Shapiro, Matthew D., Buffering Shocks to Well-Being Late in Life
		University of Michigan Retirement Research Center, September 2009, Free http://www.mrrc.isr.umich.edu/publications/papers/pdf/wp211.pdf Shapiro argues that neither reduced health nor widowhood (in either men or women) reduces economic well-being, since data shows that neither eventuality tends to lead to reductions in consumption.
	Smith, Karen E., et al, How Seniors Change Their Asset Holdings During Retirement
		Boston College Center for Retirement Research, December 2009, Free http://crr.bc.edu/images/stories/Working_Papers/wp_2009-31.pdf The authors discovered that higher-income seniors increase their assets in retirement, middle-income seniors reduce their assets but at a rate that in most cases will not deplete assets, but many low-income seniors have fewer assets and spend them at a rate that will deplete them.
	Spending the Nest Egg: Retirement Income Decisions among Older Investors
		Vanguard Center for Retirement Research, October 2008, Free https://institutional.vanguard.com/iam/pdf/CRRSNE.pdf This study found that half of people age 55-75 with $50,000 or more in savings tapped into their savings in the past year, mostly in lump sums rather than regular, systematic withdrawals. It predicts that this proportion will increase.
	Stolz, Richard F., "Shielding Against College Investment Hazards and Bridging the Affordability Gap", Journal of Financial Planning, February 2010 (Vol. 23, No. 1)
		Financial experts comment, focusing on investment risk, but also emphasizing the importance of understanding the big picture concerning both family finances more broadly and also issues beyond just the financial ones in college planning.