So many of us see retirement as a mere stop-over on the way to an early grave. So we float through it in a daze, or spend one long-delayed vacation trying to catch up with all the years we missed.
It’s a big responsibility. The average person is responsible for planning the retirement of, on average, over 3 people who rely on them. That isn’t easy. I’ve always wanted to be able to retire early and live on my own terms, but it would take some serious saving up. I’ve always had the idea that money was hard to come by and that there would be no way to save enough for retirement. I had no idea that I could actually retire early just by reading some books and researching some strategies!
Retirement planning. The mere mention of these two words will make your eyes glaze over faster than a microwaved burrito left sitting out of its packaging. “Gee, if only there was a book about retirement planning that would make it easy to understand!” I can hear all you plan-a-holics saying as you read this on a hammock on a beach somewhere on a tropical island.
I’m sure you have a friend, at least one of your parents, or maybe just someone you know that doesn’t have a clue how to plan for their retirement. Maybe they don’t even stop to think about it because they are young and just plain out don’t think about the future.
Interested in investing in your retirement but unsure of how to start? The Smartest Retirement Book You’ll Ever Read helps turn clueless investors into confident savers. The book teaches how to get the most out of retirement, some pitfalls to be cautious of, how to make money go further and how to avoid popular retirement mistakes.
Dan Solin is the author of the Smartest series of investing books and The Smartest Sales Book You’ll Ever Read. This retirement book also offers advice on how to:
Avoid scams that rob you of your hard-earned savings
Stretch your dollars as long as your days
Sidestep common mistakes that can leave your partner or spouse facing financial hardship
- Stick with passively managed Index Funds (lower taxes and lower cost) and studies show they consistently beat actively managed mutual funds.
2- Say no to Annuities
3- The 4% rule of withdrawal is mostly right (but have 2 years of income in MMA to lean on during bear markets)
4- Delay retirement and delay collection of SS if you can until age 70
5- Reverse Mortgages are too good to be true. Avoid them.
6- Most people should have a long term insurance plan–50% of us will end up needing long term hospital stay or assisted living and it can drain your income. Go with a short fat policy (most stays are less than a year but very expensive)–rather than a long-thin policy.
7- Have a Will
8- Transfer 401 K’s to IRA’s with a low cost carrier (Vanguard, T-Rowe Price). One of the best thing you can do for your kids is leave them a ROTH IRA (collects and divests tax free).
Everyone’s financial needs will be different in retirement. And those needs can change after members have retired. That’s why we’ve added Smart Retire, to the Smart Pension Master Trust.
Smart Retire lets members blend different options to provide flexibility and security throughout retirement.
Smart Retire is a clear, simple way for members to plan what to do with their pension savings and gives them the flexibility to manage their money in retirement.