Retirement Bible

Introduction. Aiming to be a one-stop source for all things retirement related, the Retirement Bible largely succeeds in accomplishing its goal. Presenting sound and authoritative advice in a well-organized package, the book is appropriate for anyone at any age who is interested in planning for that important yet often neglected milestone in life: retirement.Traditional retirement plans. The book begins by covering the media-ignored pair consisting of Social Security and pension plans. Despite the chapter title of "Gambling on Social Security," the author takes an overall optimistic perspective on the matter, arguing that the system will still be around a century from now due to political forces. That being said, the recommendation is wisely made that the rising generation's "best strategy is to plan for less." On the subject of pensions, the author chastises the media for rarely mentioning the topic, even though almost half of private-sector workers still have them.Finding expert advice. The book next presents--in rather excruciating detail--a full three chapters on locating and using financial experts of various kinds. While the information is essentially useful, I felt the subject could have been covered in a single, pithy chapter. However, the author presented a well-formulated case for taking advantage of the experts. For most services, the author's apparent bias is toward the CFP designation, and fee-only planners are recommended.Common retirement vehicles. With a solid foundation to build upon, the retirement vehicles themselves are introduced, starting with 401(k)s. I particularly enjoyed the section titled "The Six Worst 401(k) Mistakes." It presented in no uncertain terms the landmines that can explode in one's face when dealing with this common retirement plan. Additionally, a great review was provided of the standards that a high quality 401(k) should meet.When it came to IRAs, I felt the author assumed too much foreknowledge on the part of her readers. She talked a great deal about IRAs but never quite said what they are. Likewise, the explanation of IRA rollovers was given too early and was confusing. I also found the separate chapter solely devoted to inherited IRAs to be unnecessary, overly specialized, and ultimately fruitless.Stocks and mutual funds. The Retirement Bible beautifully explains stock picking and its related jargon. It is mildly conservative and declares that market timing is a waste of time. In short, the advice is to "Buy and Hold and Hold and Hold." In one of the author's shining moments, she gives the best explanation I have ever read of how economic factors like interest rates and inflation affect the stock market. She further acknowledges that individual stock investing is not for everyone; nevertheless, thoughtful advice is provided on creating a balanced portfolio this way.As one thus might guess, the author raves about mutual funds. In particular, she expounds upon the virtues of index funds many times th

LYNN O'SHAUGHNESSY is a terrific wirter who has written a book that combines remarkable readability with comprehensive coverage of financial aspects of retirement. As in her prior book THE UNOFFICIAL GUIDE TO INVESTING and her most recent book THE INVESTING BIBLE, she puts her journalist's skills to good use having thoroughly researched this subject and written for a spectrum of readers ranging from those first approaching the subject to those already quite sophisticated.While lots of others have written about calculating how much you need to have (or to save) for retiremeent and about stocks, bonds, and mutual funds, she covers these beautifully but also covers oft neglected topics: finding the right financial experts, investing and spending strategies during retirement, a nice introduction to estate planning and trusts, managing the family dynamics of inheritance, and the role of charitable giving in retirement income and estate planning. She has also included a thorough and well researched "resource guide" listing by topics the best of names, addresses, phone numbers, and website addresses for further help and study.Just how good is this book? Good enough that we've given it as a present to good friends who also hope to one day retire comfortably.

This book truly is one of the most comprehensive books on retirement I have ever read. The book is written in an easy-to-read format and helps make complicated areas more palpable to absorb. Areas of great information include, managing your cash flow in retirement (The "Trinity Study", very interesting,) strategies for 401(k) and IRA Rollovers and the implications of certain actions. If you are saving for retirement, nearing retirement, or in retirement, I would keep this book around as a reference. The book does need to be updated for the changes to the Required Min. Dist Rules. Other than that, a great book!

Finally a book for me! While the Retirement Bible is written for all ages, I appreciate the speciic advice for retirees like myself. I particularly liked the chapter that's devoted to investing strategies for those already in retirement. Usually the books I've seen at the store assume that you've got 25 or 30 years to save. I wish! The book has also motivated me to revise my estate plans. The chapter on inherited IRAs made me worry that I may inadvertantly shortchange my kids if I don't get my act together.

Lynn O'Shaughnessy makes retirement a far less scary place to go. A superb reporter and now author of financial planning books, O'Shaughnessy's care in demystifying current tax rules, estate planning, trusts, gift anuities, and all the other information so crucial to your future when you say adios to the working world makes this a must-have guide. O'Shaughnessy writes readable stuff -- and her research is impeccable. You won't mind getting older quite so much with O'Shaughnessy at your financial elbow. This is a great book!