File Size: 1222 KB
Print Length: 122 pages
Publisher: Simple Subjects, LLC (August 18, 2016)
Publication Date: August 18, 2016
We would consider this espresso table reading for someone who has not even considered retirement; Retirement info, This book will introduce you to the basic principles and most of the things you require to consider. Just what you will not get is details. So if you are looking for a guide to give you an introduction (ie the high cliff notes) which means you can have a general conversation with your spouse, or best friend, this can be good for you. If you are getting serous, and are a beginner, you should really look at the AARP old age Survival Guide the following.
We don't really want to pummelled on the guide to much, because it really does give you a good 10, 000 foot summary. Just remember, you are getting what you pay for here as much as the 100pages is concerned.
Listed here is a list of some of the books I have read in preparing for retirement, and a one-liner, and rating for each. I am going to order them in the order I would read them:
1. The particular AARP Retirement Survival Guideline: How to Make Intelligent Financial Decisions in Very good Times and Bad (Julie Jason)
Summary: Real good overview and summary of the many considerations for old age.
2. Buckets of Money: How to Retire within splendor and Protection (Raymond Lucia)
Summary: Fascinating concept on planning for retirement. Although I'm not sure I will use the plan Raymond lays away here, I think the general concept is indeed a good idea about how to think about tapping your property as you intend for old age.
3. Usually are For Dummies (Kerry Pechter)
Rank: 4. 5/5
Summary: Great details on the highly complicated subject of annuities, a critical tool for your is not to alleviate longevity and market risk.
If you read the books above, I don't think there is a need for reading the books listed below since either indicate have the depth, or have already been covered in sufficient detail in the books above.
The Bogleheads' Guide to Retirement Planning h (Various Aurthors)
Rank: 3. 5/5
Summary: I think this book attempts to cover a little to much, and as a result has matters that I don't think are appropriate for the old age planning. Since the guide attempts to cover so many topics, it really doesn't give real good details on any one topic. I think of this book, more as an executive summary for the various matters it covers.
Can We Retire? The amount of money You Want to Retire and Just how to Manage Your Pension Savings, Explained in 100 Pages or Less (Mike Piper)
Rank: 2. 5/5
Summary: Just what do you expect for 100 pages? Although the author does appear to stay on-topic in this book, its just to wide to really give you any actionable information. Perhaps a good book if you are just wading into the whole concept of retirement and don't want to put alot of thought into details(IE the big picture). This book really does not answer the question it poses in the title.
Hope this helps
James, I heard about Mike Piper great textbooks on The Bogleheads online forum. I decided to buy this book and check him out.
The particular author boils down old age planning to about 100 pages compared to the 370 pages in The particular Bogleheads Guide to Retirement Planning and Jim Otar's 525 pages in Unveiling the Retirement Myth.
By the title, I assumed all 100 pages would focus on the choice on whether or not to retire. Rather, 30 pages focus on this key decision... and the balance of 70 webpages focus on the steps to take after you decided to retire. This is alright, but not what We expected from the subject.
My reading the time has been the time hath been about 50 minutes, but We took notes when i went to be able to write this book review. If you subtract the note taking time, my reading time was about 40 minutes.
Piper brings up that state guarantee associations exist to compliment an insurance coverage company that fails. The particular soundness of an insurance provider is critical if they are paying you a lifetime SPIA. It is extremely difficult to find data about previous insurance provider failures and whether investors lost money or not on their SPIA's. As we all keep in mind in the Sub-Prime Collision of 2008, AIG basically went bankrupt and Uncle Sam had to entente them out. William Fossiles harz has appropriately pointed away that buying SPIA's may be too risky because of the chance of insurance provider failures and inability of state guaranty associations to fill up the gap.
Piper appropriately raises the major problem of conflict-of-interest if you choose to use a financial planner. His sort of conflict-of-interest is financial planners not recommending SPIA's since it reduces the amount of assets under the AUM (assets under management) financial model........ and thus reduces the twelve-monthly income to the financial planner. This can be remedied by settling an twelve-monthly retainer cost which does not count on the vagaries of a fluctuating stock market or INDIZIO usage. In the spirit of full-disclosure, I am co-author of Chapter 18... Seeking the Help of Professionals..... within the Bogleheads Guide to Pension Planning....... and I think our section elaborates and does a much better job of describing the conflict-of-interest issue.
A very important factor I was not aware of until a pair of months ago, is that if you retire between age 55 and age 59. 5, you might be better off leaving your money in your 401K versus rolling it over to a IRA. Tax law enables you to withdraw from the 401K without the 10% penalty if you are in this situation. Piper does mention this fact.
A very important factor Piper mentions that I had not been aware of....... was that if you possess company stock in your 401K plan... you can withdraw it and pay lasting funds gains taxes versus higher ordinary income tax rates. I have not observed of this loophole before. Of course, I would suggest being fully diversified and never trading much in your own company stock....... just ask Enron employees what can happen.
Piper appropriately factors out that if you a financial advisor who uses the 1% AUM model (he charges you 1% of assets under management each year) your 4% safe withdrawal rate really becomes 3% because of the 1% AUM fee. Many advisors charge a fraction of 1% AUM, which means your SWR is higher than 3%.
Piper repeats the basic financial guide to put dividend paying opportunities into retirement accounts (bonds, bond funds, TIPS, and REIT's) and stocks in taxable accounts.
He also points out your available options if your investment income is not high enough to support you in retirement: Work extended, work part-time in old age, reduce retirement living expenditures, reduce current expenses and save more, annuitize using SPIA's which generate more than 4% (but leave nothing for your heirs), or try to get higher returns from your retirement portfolio.
Given the low savings rate and portfolio size of most Baby Boomers, I suspect many of them will faucet their equity in their home and use it for retirement living expenses via reverse mortgages. Piper really does not mention reverse mortgages as an option.
All together, a good little guide with practical advice. In our U. S. culture of short attention spans (e. g. 8 sec TV commercials)..... maybe more people can learn the very basics of old age planning versus having to read full length textbooks., Can I Retire....
I used to be a little hesitant to read the book being how small it is (under 100 pages), but I am a big fan of the Authors weekly blog posts on personal finances and investing. So I decided I would give it a quick read, and I am so happy I performed.
While I am not ready to retire yet (only 40yr old), We did take away 3 things from this book that I had not previously known from reading several other investing books.
1. SPIA (Single Premium Individual Annuity) about how each state is different in the amount the state will cover if the insurance coverage company goes bankrupt.
2. Rules regarding Back Door Roth on non-deductible tIRA contributions.
3. 3 of the bucket system for handling your portfolio in retirement.
This book was such a great read that We will be reading all the authors other textbooks as well., This guide was recommended in an AARP publication also it provided me some good information to begin with. I got a little blitzed when the author got to tax considerations and distribution planning, yet each chapter finishes with a Simple Synopsis and he suggests resources for further reading at the end. It also includes functional info on choosing the right financial planning adviser and how to avoid unnecessary fees. I recommend this as a good beginner’s guide to is not.
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