So what is the first thing you do when you start thinking of the BIG R? You buy books on retirement, of course! LOTS OF THEM! Here's a teeny sampling of my reading list ...
RETIRE HAPPY: WHAT YOU CAN DO NOW TO GUARANTEE A GREAT RETIREMENT, by Richard Stim & Ralph Warner. 2008.
This is a typical Nolo Press book (Nolo books are always being stolen from my library), so you can be sure that it is exceedingly useful, straightforward and comprehensive. My favourite chapters are Ch.7. Convert Debt into Retirement Savings; Ch.8. Where will the Money Come From? and Ch. 9. Growing and Protecting Retirement Assets. RETIRE HAPPY might be a little too basic for you finance fanatics, but it's a great jumping off point and would be my first purchase.
RETIREMENTOLOGY: RETHINKING THE AMERICAN DREAM IN A NEW ECONOMY, by Gregory Salsbury. 2010.
This is not a retirement financial guide per se, and, in fact, might be more useful for those who are still a fair distance from throwing in the towel. But it talks about the irrational ways we behave when it comes to money ("I'm not really spending $900 on a 50 inch TV -- I'm saving money because its ON SALE!") and how *number crunching* should not scare us off planning for our retirement. This book is also surprisingly humorous and engaging for such a serious subject.
YOU CAN RETIRE YOUNG! HOW TO RETIRE IN YOUR 40s OR 50s WITHOUT BEING RICH! by Larry Ferstenou. 2002.
Even if it is a bit dated (originally published in 2002, the author doesn't really discuss the high costs of health care & his compound interest rates are way off), this book is nevertheless an entertaining & practical account of how a frugal married couple saved their balls off and lived off their investments. Of course, they don't mention until much later in the book that they also work part-time, but I forgive them because I'm such a sweet old lady.
20 RETIREMENT DECISIONS YOU NEED TO MAKE RIGHT NOW by Ray E. Levitre. 2010.
If you can understand this sentence "If your IRA contains after-tax contributions, withdrawals are made on a pro-rata basis" without eventually hallucinating about neighing sex starved centaurs, then this book is FOR YOU! Recommended only for financial geeks and Lovers of Spreadsheet Literature.
- Decision #1: Do I have enough money to retire now?
- Decision #2: Is it worthwhile to develop a comprehensive financial plan if I'm already close to retirement?
- Decision #3: Who should I trust to advise me about my financial future?
- Decision #4: How much can I safely withdraw from my portfolio?
- Decision #5: If I retire early, is it okay to withdraw funds from my IRA?
- Decision #6: When should I begin taking Social Security?
- Decision #7: Which pension payout option should I choose?
- Decision #8: Which retirement plan distribution option should I choose?
- Decision #9: How should I manage my personal savings?
- Decision #10: How much should I invest in stocks, bonds, and cash?
- Decision #11: How should I diversify my investment portfolio?
- Decision #12: What should I do if the bulk of my portfolio is invested in one or two stocks?
- Decision #13: What criteria should I use to identify the best investments?
- Decision #14: Should I buy load or no-load mutual funds, annuities, and life insurance?
- Decision #15: How will I manage my portfolio on an ongoing basis?
- Decision #16: How will I cover my medical expenses during retirement?
- Decision #17: Should I buy long-term care insurance?
- Decision #18: Should I cancel my life insurance policy, since I no longer need the coverage?
- Decision #19: Should I pay off my mortgage at retirement?
- Decision #20: What strategies should I use to ensure that my estate passes to my heirs and not to Uncle Sam?
A really excellent book featuring tales of the mildly geriatric as they embark on the 2nd half of life. There's no glossy fairy tales here -- every story is told with delightful honesty, and sometimes, an overlay of regret. Stories range from an adventurous feller who decides to live on a houseboat to a somewhat sad account of a native American whose later life is complicated by a stroke.
All books are available on AMAZON.
Posts
Interesting list--I thought I was pretty familiar with retirement books but I haven't read a single one on your list. I plan to remedy that!
ReplyDeletePersonally, I found RETIREMENTOLOGY the most engaging -- it certainly explains a lot of my .. err .. behavior.
ReplyDeleteOMG! Only a librarian could make a bibliography this concise and comphrehensive at the same time! LOL! I don't think I had realized before that you are? a fellow librarian??? Well, either way you love books and that's everything in my book... er, no pun intended... OK, just a little one! (smile)
ReplyDeleteHugs and enjoy your week my friend!
Beth
P.S. Being retired already (disability) I can tell you there is no formula... you just stay broke most of the time, LOL!
I'm not a librarian, sad to say. I'm a cataloging assistant, one of those lower forms of life in our industry, hahaha! However, I could send you email in MARC form if you are feeling nostalgic, heh.
ReplyDeleteThese are books that you definitely need to look up if you’re planning your retirement! I think the book about the 20 decision about retirement is a nice read, especially decision #8. Choosing a retirement plan is an important part of retirement planning. Two of the most important things you have to consider are your financial resources as a retiree and the place where you will settle down on your retirement. I think these two will basically shape what kind of retirement you head into, which is why you should consider both carefully.
ReplyDelete@Cara Larose
What a comprehensive list! I especially like 20 Retirement Decisions You Need To Make Right Now by Ray Levitre. Planning for your retirement entails a lot of decision making, and each step you take can make or break your future lifestyle. The title of the book is fitting as well. Deciding for your retirement should not be postponed. It is something to be dealt head on if you want to reap the fruits of your labor. Thanks for sharing!
ReplyDelete-Fermina Dazey