10 Best Retirement Planning Books [Updated 2023]
Retirement is a stage in the life of a human being that is inevitable and will occur once the individual has completed their career span. They need to plan out their future accordingly and utilize their savings wisely. Below is the list of the top 10 best retirement planning books to read in 2023:
- The 5 Years Before You Retire ( Get this book )
- The New Rules of Retirement: Strategies for a Secure Future ( Get this book )
- How to Retire with Enough Money: And How to Know What Enough Is ( Get this book )
- How to Make Your Money Last ( Get this book )
- How to Retire Happy, Wild and Free ( Get this book )
- How to Retire Happy ( Get this book )
- The Complete Cardinal Guide to Planning for and Living in Retirement ( Get this book )
- Retirement Income Planning: The Baby Boomers 2017 Guide ( Get this book )
- The Smartest Retirement Book You’ll Ever Read ( Get this book )
- The Truth about Retirement Plans and IRA’s ( Get this book )
Let us discuss each retirement planning book in detail, along with its key takeaways and reviews.
#1 – The 5 Years Before You Retire
by Emily Guy Birken
Since 5 years is an ideal time frame to consider life post-retirement, this best retirement planning book is a comprehensive guide before time starts running out. In addition, the book emphasizes how Americans cannot save sufficient income, despite starting well in advance. Accordingly, meticulous guidance is offered through each financial, medical, and familial decision, from taking employee benefits offered by the company for the 401k program, enrolling in medicare, or considering housing as an investment option.
Key Takeaways from this Best Retirement Planning Book
The initial portion of the book is on the slower side since it focuses on budgeting techniquesBudgeting TechniquesBudgeting is a method used by businesses to make precise projections of revenues and expenditure for a future specific period of time while taking into account various internal and external factors prevailing at that time. and filling out worksheets. It is, subsequently, when the need for a correct financial planner surfaces is when things become interesting. The planner should understand the difference between a fiduciary and a salaried person and how they can guide based on their client’s financial status. It also offers advice on the importance of medical programs and tackling complex government programs and how once retirement occurs, one does not have to focus on the numbers but enjoy life and meet changing demands for self and the family.<< Get this book >>
#2 – The New Rules of Retirement: Strategies for a Secure Future
by Robert C. Carlson
This best retirement planning book provides the latest and proven strategies that guide one to put a silver lining in an individual’s life to be met in the retirement years. It stresses that retirement is considered a new phase of life, not the sunset. Modern-day retirees are traveling the globe, pursuing new hobbies, developing new skills, becoming entrepreneurs, and better into their golden years. This guide helps ensure one has the financial independence to pursue retirement through intelligent planning and effective financial strategies.
Key Takeaways from this Best Retirement Planning Book
Some of them can be listed as follows:
- Create awareness of the potential threats to the financial security of retirees and accordingly overcome them
- Learn the right way to estimate retirement spending and develop a sustainable strategy to spend judiciously
- Invest and diversify the individual portfolio to enhance returns even during difficult situations
- Plan for potential long-term healthcare
- Leave a legacy for close ones
#3 – How to Retire with Enough Money: And How to Know What Enough Is
by Teresa Gilda Rucci
Specific statisticsStatisticsStatistics is the science behind identifying, collecting, organizing and summarizing, analyzing, interpreting, and finally, presenting such data, either qualitative or quantitative, which helps make better and effective decisions with relevance. suggest that most of the American population above 50 has around $30,000 saved for retirement. At this rate, millions of Americans who are expected to retire over the next decade will be living near the poverty level. The current social security reforms are expected to be insufficient to meet the needs of middle-class Americans.
This best retirement planning book dissects the confusion, misinterpretations, and poor policy-making, making most Americans overspend or save poorly. It commences with acknowledgment of what a person or household is required to save in terms of their demands and financial ability and by maintaining a thumb rule of saving 8-10 times the annual salary before retirement while keeping humble expectations from the social security reforms offered by the government.
It also offers several good ideas to get the current level of expenses under control without the assistance of financial planners as much as possible. The importance is highlighted on why paying off a loan or mortgage should amount while maintaining a simplistic language, which is easier for all the readers.<< Get this book >>
#4 – How to Make Your Money Last
by Jane Bryant Quinn
This top retirement planning book is considered a treasure chest of financial secrets, tips, and advice for individuals who have retired or are about to retire shortly. It is considered of tremendous value to the working class, including those who have recently commenced their careers. It eases the reader into the mindset of retirement and displays clarity that the financial and personal anxiety that many experiences are commonplace.
The author provides a guide for taking complete control of this phase in life, not just from the monetary side but also from the psychological angle. The general saving options and investments offer safe money, which will help in the payment of bills but to ensure that one has spending money for 10-20 years post-retirement, there is a need to invest in growthInvest In GrowthGrowth Investing refers to capital allocation in potentially high earning companies such as small caps and startups, which grow much faster than the overall industry or mature companies. Because the returns on such investments are high, the risk that such investors face is also higher..
This book on retirement planning is a short, punchy, and compassionate guide that will offer direction in matters such as:
- Deciding on social security
- Choosing supplemental health coverage and life insurance policies
- Managing the house as an Asset
- A decision on how long one should work to have sufficient money in retirement age.
#5 – How to Retire Happy, Wild and Free
by Ernie J. Zelinski
This best retirement planning book offers an inspirational insight into how one should thoroughly enjoy their life. Many of us consider retirement as an end of life, but it can mean an entirely new beginning to life for which there was no time to explore. The author highlights that the key to enjoying an active and satisfying retirement depends on much more than having adequate financial resources. One should also focus on other aspects such as maintaining physical and mental health, desired leisure activities, and improving social circle. The retirement wisdom in this book will prove to be much more important than the amount of money saved for retirement.
It offers inspirational advice on how to follow dreams for self rather than for others, how to put retirement in a correct perspective, and how to enjoy life without any guilt. The easy to read format, lively cartoons, and captivating quotations make it a friendly read for anyone. The author has focussed on the below aspects apart from the above:
- Garner courage to take early retirement to reap more benefits
- Better envision individual retirement goals, including living aspects
- Channelize money in a judicious manner so that one does not necessarily require a million dollars to retire
- Above all, make your retirement years the best time of life.
#6 – How to Retire Happy
by Stan Hinden
One of the best-selling books, this guide helps readers make the right decisions at an early age to ensure a happy and healthy retirement. It delivers all the expert advice in an easy-to-understand language in a step-by-step style.
The author has highlighted his personal experiences, the errors he made, and what others should carefully consider before making decisions on retirement. This retirement planning book is recommended for readers of all ages since those at young ages can start planning for the same at the earliest. The expenses during a younger age are significantly high as the burden of managing a home and family exists. Subsequently, there will be a lot of money to save in older age.
Some of the essential highlights of this retirement planning book are:
- Fully updated material on strategies for the management of social security.
- How to handle the financial realities of the post-meltdown economy?
- The author’s personal experience with the long-term realities of Alzheimer’s care.
- Guidance on Health insurance, Medicare, and prescription drug plans.
#7 – The Complete Cardinal Guide to Planning for and Living in Retirement
by Hans Scheil
Through this top retirement planning book, the author, with his 40 years of experience in financial planningFinancial PlanningFinancial planning is a structured approach to understanding your current and future financial goals and then taking the necessary measures to accomplish them. Because this does not begin and end in a specific time frame, it is referred to as an ongoing process. and business, attempts to answer important questions about retirement with the help of real-life examples such as:
- What are smart investment strategiesInvestment StrategiesInvestment strategies assist investors in determining where and how to invest based on their expected return, risk appetite, corpus amount, holding period, retirement age, industry of choice, and so on. for financing retirement years
- How to tackle changes in tax rates post-retirement
- If one survives for more years than the retirement savings last
- How to approach choosing a financial and legal professional for planning retirement
- The best manner to transfer life insurance and other assets to the next kin
The financial complexities faced in retirement can be a tough ask. This guide offers all the tools one requires to understand how to make informed decisions for someone post-retirement with the help of effective retirement options. In addition, it explains simple and effective strategies one can put in place with the aid of professionals for making retirement financially successful.<< Get this book >>
#8 – Retirement Income Planning: The Baby Boomers 2017 Guide
by Mark J.Orr
This best retirement planning book is ideally suitable for people within 10-15 years of retirement or already retired looking for a better plan. The author highlights the top 5 retirement risks:
- Living a longer life than expected
- Inflationary risks
- Stock and Bond market risksMarket RisksMarket risk is the risk that an investor faces due to the decrease in the market value of a financial product that affects the whole market and is not limited to a particular economic commodity. It is often called systematic risk.
- Rising Healthcare costs
- Higher taxation risks
The focus is on creating a dependable and increasing lifetime monthly cash flowCash FlowCash Flow is the amount of cash or cash equivalent generated & consumed by a Company over a given period. It proves to be a prerequisite for analyzing the business’s strength, profitability, & scope for betterment. that offers true financial freedom and peace of mind in what can be expected to be as much as a 30-year retirement. Instead of allocating the assetsAllocating The AssetsAsset Allocation is the process of investing your money in various asset classes such as debt, equity, mutual funds, and real estate, depending on your return expectations and risk tolerance. This makes it easier to achieve your long-term financial goals. that most planners focus on, the author devotes the bulk of his practice towards income and strategy allocation, which reduces the 5 retirement risks mentioned above.
This guide offers all the intelligent and safe retirement planning strategies to accomplish the same. It covers all the bases one needs to help to avoid making a planning mistake and make sure they go through a situation when the retiree’s money will outlive the individual and not vice-versa. One should be taking care of real people with real money, and ongoing retirement dreams are what is brought onto the table.<< Get this book >>
#9 – The Smartest Retirement Book You’ll Ever Read
by Daniel R. Solin
As the name suggests, this top retirement planning book is a concise, intelligent, and fundamental way to prepare and face the music of the retirement phase. It has 59 exact chapters dwelling on particular financial topics, which, if it appears too much, includes a one-sentence summary. It is an excellent book if one knows very little about investing or if this is the first book to be read. It summarizes the following aspects:
- Ensuring that the money earned survives more than the life expectancy of an individual.
- Avoid common mistakes which can leave the spouse and kin impoverished.
- Maintain awareness of scams that steal one of their hard-earned savings.
- Find simple strategies to diversify and maximize retirement portfolios.
- Discover financial lifelines, no matter the situation of the economy and other macroeconomicMacroeconomicMacroeconomics aims at studying aspects and phenomena important to the national economy and world economy at large like GDP, inflation, fiscal policies, monetary policies, unemployment rates. situations prevailing.
#10 – The Truth about Retirement Plans and IRA’s
by Ric Edelman
This guide highlights how to make savings wisely for the purpose of retirement. This guide highlights how to save wisely for retirement. This top retirement planning book offers readers a step-by-step guide in simplistic language with a crisp explanation. The social security plans and IRA (Individual Retirement Account) offered to the American population are very complex and costly, making it uncertain how much money should be saved for retirement. The author aims to demystify the myths associated with retirement planning, focusing on
- How to make contributions even when one thinks one cannot afford to?
- Making wise choices among the investment options
- How to convert the 401(k) into income so one can get the desired post-retirement lifestyle?
This guide is beneficial to readers of all age groups. Those who have recently joined the workforce will understand the importance of savings, and those in the middle period of their career will discover how much money should be invested while taking maximum advantage of the investment options and tax laws applicable. Readers who are in retirement or close to it will learn how to position their retirement savings in a manner that produces income for the present and the rest of their lives.<< Get this book >>
- Financial Planning Books
- Health Insurance Books
- Financial Management Books
- Best Wealth Management Books
- Best Taxation Books
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