We live in the golden age of information. The proliferation of smartphones and Wi-Fi means that the answer to seemingly any financial question is right at your fingertips. While the Internet offers endless opportunities to increase financial literacy, books remain one of the most reliable resources for personal finance education (although, of course, you can choose to read the books on the electronic device of your choice).
There are books about every aspect of personal finance, from budgeting to budgeting investment in stocks and real estate. when it comes to b the retirement Planning There is a lot to be learned from choosing a book that focuses specifically on this vital component of financial planning. With that in mind, here’s a roundup of the best retirement planning books in 2022 to help you set and reach your retirement goals.
A financial advisor can help you estimate your expenses in retirement, plan for medical expenses and decide when to claim Social Security. Find a trusted advisor today.
“The Retirement Planning Guide,” by Wade D. Pfau
Readers looking for an in-depth and comprehensive look at retirement planning may want to consider the work of Wade D. Pfau, a chartered financial analyst and preeminent retirement researcher. In addition to serving as Director of Retirement Research at MacLean Asset Management and inStream, Pfau is Professor of Retirement Income at the American College of Financial Services and posts his research regularly on retirementresearcher.com, a website he created.
Pfau’s latest book, “The Retirement Planning Handbook: Navigating Decisions Important to Retirement Success,” offers a comprehensive, comprehensive view of the complex and multifaceted world of retirement planning. This 476-page guide aims to help you determine your income needs in retirement, understand different investment and insurance options, and navigate Social securityas well as management Long term care risks and medical needs. Crowdfunding columnist Elliott Rafelson called Pfau’s book “the most comprehensive and well-written personal finance guide ever published.”
“The Total Money Makeover” by Dave Ramsey
Written by nationally syndicated radio host Dave Ramsey, “The Total Money Makeover” outlines seven actionable steps to take to achieve financial security. Ramsey’s “Seven Baby Steps,” which begins with building a $1,000 starting emergency fund and Debt snowball A strategy to pay down debt, eventually escalate to investing 15% of your income for retirement and paying off your home early.
The lessons of this book may be especially useful for people who have not yet begun saving for retirement because of debt. With over 5 million copies sold, “Total Money Makeover” is a New York Times and Amazon bestseller.
“How to Make Your Money Last” by Jane Bryant Cowen
Jane Bryant Quinn’s “How to Make Your Money Last: The Indispensable Retirement Guide” is a handy guide for retirees who are concerned about their ability to increase their savings during their golden years.
A financial journalist and bestselling author, Quinn explores strategies for boosting your savings, increasing your Social Security benefits, and using your home to generate income, click Life insurance policies income and more. While more than just an introduction to personal finance, How to Make Your Money Last provides simple advice on how to plan for retirement and the different options available to retirees and those planning for retirement.
“How much money do I need to retire?” By Todd Tresider
In the introduction to “How Much Money Do I Need for Retirement?: Uncommon Financial Planning Wisdom for a Stress-Free Retirement,” author Todd Treezider reminds readers that knowing how much they need is “the fundamental foundation on which every other aspect of retirement planning is built.” With this as the main focus of his book, Tressider continues to guide the reader through the vital questions you should ask yourself as you plan for retirement, how to accurately estimate investment returns and how to determine your “magic” retirement number.
Tresider, a former hedge fund manager who retired at 35, also touches on the importance of passive income and offers advice on planning for retirement.
“The Ultimate Retirement Guide to Age 50+” by Suze Orman
Published in 2020, “The Ultimate Retirement Guide for Over-50s: Winning Strategies for Making Your Money Last a Lifetime” is the latest book from personal finance expert Suze Orman. This book was written specifically for people 50 and older who need help “putting all the pieces of their retirement puzzle together and then putting them together into a cohesive plan.”
Orman tackles a different piece of the puzzle each chapter, from building a reliable income stream that will last 25 to 30 years to the importance of wills and trusts. Orman’s readers celebrate her enthusiasm for personal finance, as well as her simple, clear advice.
Education is the cornerstone of financial literacy, and personal finance books are a powerful tool for improving your financial acumen. There are a large number of books devoted specifically to retirement planning. While some look to serve as a comprehensive retirement planning guide, others focus exclusively on accumulating wealth or protecting wealth. Deciding which book is right for you will likely depend on your current knowledge base and what you hope to learn.
Retirement planning tips
While books and learning are vital 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. Free SmartAsset tool It matches you with up to three financial advisors in your area, and you can interview your own advisors at no cost to determine which one is right for you. If you are ready to find a counselor who can help you achieve your financial goals, let’s start.
Whether you’re four years or four decades away from retirement, it’s important to have a sense of where you stand in the progress you’re making toward your savings goal. SmartAsset Retirement Calculator It can help you estimate how much you will have saved by the time you are ready to retire.
While most people focus heavily on how much they can save for retirement, not everyone knows how much they will 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 claim age 67) you make up for the rest.
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