Moshe Arye Milevsky

Leading Financial Strategist

In an era when traditional corporate pensions are disappearing, Social Security’s sustainability is in question, and healthcare costs are skyrocketing, Moshe Milevsky is here to help. Introducing audiences to his powerful framework for managing financial health, Milevsky shows people how to protect their vulnerability to risk and generate long-term security.

Milevsky is an associate professor of finance at the Schulich School of Business at York University; a member of the faculty in the joint Kellogg-Schulich Executive MBA Program at Northwestern University; and the executive director of the Individual Finance and Insurance Decisions Centre. The focus of his teaching, research, and consulting work is in the interplay between investment management, personal finance, and insurance.

He is the author of ten books including, The Seven Most Important Equations for Your Retirement; Your Money Milestones; Are You a Stock or a Bond?; The Calculus of Retirement Income; Wealth Logic; and Money Logic. He has also written over 60 peer-reviewed white papers, and more than 200 popular magazine and newspaper articles on all aspects of personal finance.

Milevsky is a 2002 Fellow of the Fields Institute for Research in Mathematical Sciences. He received two National Magazine Awards in 2003 for his popular writing, and received a Graham and Dodd scroll award from the CFA Institute for a 2006 article in the Financial Analysts Journal. In 2008, he was honored with a lifetime achievement award from the Retirement Income Industry Association. In 2009 he was selected as an MDRT Main Platform speaker.


The 7 Most Important Conversations of Retirement Income Planning

Prof. Milevsky will review the 7 most important conversations (a.k.a. equations) or principles around sound retirement income planning, by presenting the scientific breakthroughs that are at the core of providing a sustainable retirement income. The narrative will weave in the biographies and life stories of people behind these discoveries, many of whom are quite colorful and interesting characters in their own right. Think of it as the (60-­minute) college version of the course: Retirement Calculus for Poets! Based on the book published in 2012 (by WILEY).

Pensionize Your Nest Egg: How to Use Product Allocation to Create a Guaranteed Income for Life

As global stock markets remain volatile, now is a good time to remember that your 401(k) – despite its name or its size – is not a pension. And, more importantly, retirement planning is more than just a number. It’s what you do with that number, and the products you buy with that number, that count. In recent years, an increasing number of companies have frozen or eliminated their traditional plans and replaced them with Defined Contribution (DC) pensions. But, despite the word pension in the title, absolutely nothing is guaranteed. Prof. Milevsky will argue that it is time to start thinking about Pensionizing – at least some fraction of – Your Nest Egg. How do you do that? He will discuss the role of single-­premium income annuities (SPIAs), deferred income annuities (DIAs) and other types of longevity insurance and annuities that are part of Modern Product Allocation. Based on the (2nd edition) book published in Spring 2015 (by WILEY). Presentation can be geared to clients as well as advisors.

Are You a STOCK or a BOND? Identify Your Own Human Capital for a Secure Financial Future

Young people own large quantities of human capital – which is defined as the discounted value of their future wages and salary – but very little financial capital on their personal balance sheet. Older and retiring individuals have negligible reserves of human capital, but hopefully have amassed sufficient financial capital to generate a sustainable income for life. Strategic financial planning is the process of efficiently converting human capital into financial capital, while maintaining the highest and smoothest possible standard of living over what can potentially be 100 years of life. Prof. Milevsky will address how this simple framework can guide financial decisions over the human lifecycle. By the end of his remarks he guarantees that everyone in the audience will be asking themselves: Am I a Stock, or a Bond, or something in between? Based on the (2nd edition) book published in 2013 (by WILEY).

The Past, Present and Future of Longevity…Insurance

Millennia ago, pension annuities were paid with bread and wine. A century from now they might be in Bitcoin or some other form of currency. From obscure tontines to contemporary DIAs, Prof. Milevsky will examine the assorted ways in which members of society have insured themselves against the high, and unanticipated, cost of living longer than expected. He will discuss aggregate vs. individual longevity risk, long-­run investment sequencing volatility, the unique inflation rate experienced by the elderly as well as the longevity of de-accumulation portfolios. Overall, he delivers a practical framework for how to “think about” modern insurance and financial product solutions -­ including variable, fixed, deferred and immediate annuities and the important role they play in a sustainable retirement. Using a unique mixture of humor, financial history and mathematics for poets, Prof. Milevsky raises the audience’s level of comfort with the new vocabulary of 21st century retirement income planning. Based on: King William’s Tontine: Why the Retirement Annuity of the Future Should Resemble Its Past (Cambridge University Press, 2015).