How to Retire with Enough Money: And How to Know What Enough Isby Teresa Ghilarducci
Here is a single-sit read than can change the course of your retirement. Written by Dr. Teresa Ghilarducci, an economics professor, a retirement and savings specialist, and a trustee to two retiree health-care trusts worth over $54 billion, How to Retire with Enough Money cuts through the confusion, misinformation, and bad policy-making that keeps us/i>
Here is a single-sit read than can change the course of your retirement. Written by Dr. Teresa Ghilarducci, an economics professor, a retirement and savings specialist, and a trustee to two retiree health-care trusts worth over $54 billion, How to Retire with Enough Money cuts through the confusion, misinformation, and bad policy-making that keeps us spending or saving poorly. It begins with acknowledging what a person or household actually needs to have saved—the rule of thumb is eight to ten times your annual salary before retirement—and how much to expect from Social Security. And then it delivers the basic principles that will make the money grow, including a dozen good ideas to get current expenses under control. Why to “get rid of your guy”—those for-fee (or hidden-fee) financial planners that suck up valuable assets. Why it’s always better to pay off a loan or a mortgage. There are no gimmicks, no magical thinking—just an easy-to-follow program that works.
Ghilarducci (economics, the New Sch.; When I'm Sixty-Four: The Plot Against Pensions and the Plan To Save Them) is an expert on retirement and pensions who was twice appointed by President Bill Clinton to the advisory committee of the Pension Benefit Guaranty Corporation. The author describes herself as "no fan of the 401(k)-and-IRA or DIY-model of retirement planning" and expresses deep remorse for a system that has transitioned away from the security of defined-benefit plans that offered greater stability through old age. In confronting that reality, she advocates an essentially conservative and un-flashy model, recognizing that in the absence of a pension (or great wealth), most Americans will need to rely on a new "three-legged stool" of Social Security (hopefully delayed as long as possible), an employer-sponsored 401(k), and other savings in order to achieve a semblance of the comfort found in earlier eras and to avoid less pleasant options, such as working well into their senior years. After about 100 pages of financial advice, the author closes her guide with a hopeful call to readers to take action politically, noting that "our young selves need to take care of our older selves." VERDICT Despite some redundancy at times and a tendency to defer explanations to later pages, Ghilarducci uses humor, easy-to-understand calculations, and personas to showcase how readers from varying walks of life can make sustainable retirement savings choices.—Doug Diesenhaus, Univ. of North Carolina, Chapel Hill
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Meet the Author
Teresa Ghilarducci is the Bernard L. and Irene Schwartz Professor of Economics at the New School for Social Research. She has a Ph.D. in economics from the University of California at Berkeley, and is the author of When I’m 64: The Plot Against Pensions and the Plan to Save Them—and “Our Ridiculous Approach to Retirement,” one of the most emailed recent New York Times articles. An expert on retirement, pensions, and personal savings, Dr. Ghilarducci has been featured in Time, U.S. News & World Report, The New York Times, The National Journal, Parade, Money, Kiplinger’s, and BusinessWeek.
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Very easy read. Not your typical somewhat boring financial book. Read it over a two-day period on our cruise and was very impressed. I have read just about every financial book out there and this was as much of an enjoyable read as all of the others. Plus, even though the book is geared more towards the new investors/savers., I did learn a thing a two.