We live in the golden age of information. The proliferation of smartphones and WiFi means that the answer to any financial question seems to be close at hand. While the internet offers endless opportunities for improving financial literacy, books are still one of the most trusted resources for personal finance education (although, of course, you can choose to read the books on the internet). electronic device of your choice).
There are books on just about every aspect of personal finance, from budgeting to invest in stocks and real estate. When it comes to retirement financial planning, there’s a lot to learn by choosing a book that specifically focuses on this vital element of financial planning. With that in mind, here’s a roundup of the best retirement planning books in 2022 to help you set and achieve your retirement goals.
A financial advisor can help you estimate your expenses in retirement, plan your medical expenses, and decide when to apply for Social Security. Find a trusted advisor today.
“Guide to Retirement Planning” by Wade D. Pfau
Readers looking for an in-depth and comprehensive review of retirement planning may want to consider the work of Wade D. Pfau, Chartered Financial Analyst and leading retirement researcher. In addition to his work as director of retirement research for MacLean Asset Management and inStream, Pfau is a professor of retirement income at the American College of Financial Services and regularly publishes his research on republicresearcher.com, a website which he founded.
Pfau’s latest book, “Retirement Planning Guidebook: Navigating the Important Decisions for Retirement Success,” offers a comprehensive look into the complex and multifaceted world of retirement planning. This 476-page guide aims to help you identify your retirement income needs, understand the different investment and insurance options, navigate Social Securityas well as manage your long term care medical risks and needs. Elliot Raphaelson, a syndicated financial columnist, called Pfau’s book “the most comprehensive and best-written guide to personal finance ever published.”
“The Total Money Makeover” by Dave Ramsey
Written by nationally broadcast radio host Dave Ramsey, “The Total Money Makeover” outlines seven concrete steps you can take to achieve financial security. Ramsey’s “seven small steps,” which begin with creating a $1,000 emergency seed fund and debt snowball strategy to pay off your debts, possibly switching to investing 15% of your income for retirement and paying off your house sooner.
The lessons in this book can be especially helpful for people who haven’t started saving for retirement because of debt. With over 5 million copies sold, The “Total Money Makeover” is a New York Times and Amazon bestseller.
“How to Make Your Money Last” by Jane Bryant Quinn
“How to Make Your Money Last: The Essential Guide to Retirement” by Jane Bryant Quinn is an apt guide for retirees concerned about stretching their savings through their golden years.
Quinn, financial journalist and best-selling author, explores strategies to increase your savings, boost your Social Security benefits, use your home to generate income, tap into life insurance policies for income and more. Much more than an introduction to personal finance, “How to Make Your Money Last” offers simple advice on how to plan for retirement and the various options available to retirees and those planning for retirement.
“How much money do I need to retire?” By Todd Tresidder
In the introduction to “How much money do I need to retire?” planning is built.” With this at the center of his book, Tressider continues to walk the reader through the vital questions you need to ask yourself when planning for retirement, how to accurately estimate investment returns, and how to identify your number of magical retreat.
Tressider, a former hedge fund manager who retired at 35, also discusses the importance of passive income and provides practical tips for retirement planning.
“The Ultimate Guide to Retirement for 50+” by Suze Orman
Published in 2020, “The Ultimate Retirement Guide for 50+: Winning Strategies to Make Your Money Last a Lifetime” is the latest book from personal finance guru Suze Orman. This book is specifically written for people over 50 who need help “arranging all the pieces of the retirement puzzle, then putting them together into a cohesive plan.”
Orman tackles a different piece of the puzzle in each chapter, from building a reliable stream of income that will last 25-30 years to the importance of wills and trusts. Orman’s readers celebrate his enthusiasm for personal finance, as well as his simple, lucid advice.
Education is the cornerstone of financial literacy, and personal finance books are a powerful tool to improve your financial acumen. There are a plethora of books dedicated specifically to retirement planning. While some seek to serve as comprehensive guides to retirement planning, others focus exclusively on wealth accumulation or protection. Deciding which book is right for you probably comes down to your existing knowledge base and what you hope to learn.
Retirement Planning Tips
While books and learning are key to improving your financial literacy, a financial advisor can help you put your plan into action. Finding a qualified financial advisor doesn’t have to be difficult. SmartAsset’s free tool matches you with up to three financial advisors in your area, and you can interview your advisors at no cost to decide which one is best for you. If you’re ready to find an advisor who can help you achieve your financial goals, start now.
Whether you’re four years or four decades away from retirement, it’s important to know where you are in your progress toward a savings goal. The SmartAsset Retirement Calculator can help you estimate how much you’ll have saved by the time you’re ready to retire.
While most people focus heavily on how much they can save for retirement, not everyone knows how much they’ll actually need. To estimate how much you can reliably spend in retirement, Fidelity says your investments should cover 45% of your pre-retirement income with Social Security benefits (assuming you apply at age 67) making up the rest.
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