Last month, I suggested some books to get you started on investing. This month, we move on to the different but related topic of retirement planning. Those of us who are fortunate enough to be employed for a significant number of years expect to retire at some point. The choices that we make years – sometimes decades – before retirement can have a huge impact on our standard of living when we are no longer working. Investments can be a valuable part of planning for retirement, and I encourage you to check out the blog post on investing, but there are many other moving parts to retirement: homes, debt management, pensions and 401Ks, Social Security, and insurance. Here are some books to help make sure your retirement years will be your best years.
How to Retire with Enough Money: And How to Know What Enough Is by Teresa Ghilarducci. A great overview for anyone who is starting to think about retirement, this book briefly covers many important topics such as 401K’s, saving, spending and debt, investments, and even the role of civic involvement in creating a better retirement system for the future. It also has an excellent resource list at the end to help you delve deeper into some of the topic covered.
The Money Class: Learn to Create Your New American Dream by Suze Orman. A trusted name in finance for over 3 decades, Suze Orman’s latest book takes the form of 5 money classes, with additional resources available on her online Classroom for those who read her book. While not strictly a book on retirement, the lessons taught in The Money Class set the foundation for a successful retirement, starting with financial honesty (a big hallmark of Orman) and an understanding of what she calls the “New American Dream.” It also includes a lesson that gives specific advice for workers in their 20s-30s, 40s-50s, and in retirement age, respectively.
Falling Short: The Coming Retirement Crisis and What to Do About It by Charles D. Ellis, Andrew Eschtruth and Alicia Haydock. This small but substantial book offers an honest evaluation of the retirement landscape and the hard choices Americans will face in the future. Painstakingly researched and brutally honest, Falling Short is written to influence both individual decisions (retire at 70 if possible, keep money in your 401K plan) as well as policymakers (make 401K opt out instead of opt in, making adjustments to Social Security to shore it up).
Get What’s Yours- The Revised Secrets to Maxing Out Your Social Security by Laurence J. Kotlikoff, Philip Moeller, and Paul Solman. Social Security is a vital program that a majority of Americans will rely on for a portion- and for some all- of their retirement income. Yet Social Security’s rules are so vast (there are 2,728 of them), complicated and unintuitive that the Social Security Administration itself may not be the best place to get advice! Authors Laurence Kotlikoff, Philip Moeller, and Paul Solman have done all the homework for you and developed proven strategies on how to get the most out of social security, regardless of which situation you are in. This book is a bit on the denser side, but keep in mind that you won’t need to read through the whole thing, just the parts that apply to you. Important note: make sure to check out the revised 2016 version of the book to get the most current information on Social Security.
~ posted by Di Z.