Retirementology: Rethinking the American Dream in a New Economy [NOOK Book]

Overview

Bonus content "What's Your Retirementology I.Q.?" included in this digital edition.

Looking ahead to retirement? Depending on your circumstances and your age, you may no longer have any margin for error. And your emotions and irrational behavior could be perpetuating a dangerous cycle of overspending and rising debt that may shatter whatever vision of retirement you still have. Welcome to the world of Retirementology.

Retirementology bridges ...

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Retirementology: Rethinking the American Dream in a New Economy

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Overview

Bonus content "What's Your Retirementology I.Q.?" included in this digital edition.

Looking ahead to retirement? Depending on your circumstances and your age, you may no longer have any margin for error. And your emotions and irrational behavior could be perpetuating a dangerous cycle of overspending and rising debt that may shatter whatever vision of retirement you still have. Welcome to the world of Retirementology.

Retirementology bridges retirement planning with investor psychology and the market Meltdown of 2008 to produce an entirely new way of thinking about how we spend, how we save, how we borrow, and how we invest. Financial mistakes are deeply rooted in human nature, but you may be able to overcome them--if you understand the breakthrough principles of behavioral economics and apply them in your own retirement planning.

Dr. Gregory Salsbury identifies some of the classic cognitive biases and behavioral mistakes most of us keep making when it comes to retirement planning. For example: Why will people drive 45 minutes to use a $2.00 coupon? Why won’t people sell a poor performing stock just because they inherited it from grandma? Why do people spend differently with a credit card than they do with cash? Why do people believe that they paid no income taxes because they received a refund? You’ll learn why the financial meltdown has amplified the impact of these all-too-human cognitive mistakes and discover ideas for addressing them.

The bottom line for your bottom line is that retirement can no longer be ignored, viewed as a single event, relegated to a “zone,” or romanticized. Instead, you must understand how every spending and financial decision you make from here on can impact the way you will spend your golden years. Retirementology attempts to help you do just that.

Retirement planning: right brain versus left brain

Why these different areas of the brain impact financial decisions--and what to do about it

It’s real money! “De-layering” your finances

How to overcome the psychological tricks that separate you from your money

Family matters: managing financial support decisions for your extended family

Choosing between your family or your retirement

Get “long-term smart”

How longevity, inflation, volatility, and your own expectations impact your retirement goals

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Editorial Reviews

Publishers Weekly
Salsbury (But What If I Live? The American Retirement Crisis) takes the burgeoning field of behavioral finance a step further by applying it to retirement planning during an economic downturn in this relevant, much needed book. He helps pre-retirees and retirees identify classic mistakes in earning, spending, saving, investing, and borrowing. With playful neologisms—retirewent, damnesia—Salsbury re-educates readers on how to prepare for their golden years during an insecure time, paying solid attention to the role one's home plays in relation to retirement, financial support for family members, tax liabilities , and health care. Of particular interest is a chart identifying common financially unhealthy traits such as procrastination and overconfidence, the consequences of such traits, and the way to rethink these traits to turn them into positives. A superb introduction to the necessary financial planning no American over 40 can afford to ignore. (June)
From the Publisher

“Individuals, regardless of age, should read this illuminating book because it will assist them with developing meta-cognition about life planning. Recommended.” Library Journal

USA Today calls Retirementology "entertaining and illuminating."

As seen in USA Today , US News & World Report , Retirement Income Journal, Financial Planning, and AllBusiness.com.

Library Journal
Retirement is a major milestone in many individuals' lives. It can be a time of great enjoyment or fraught with headaches owing to a lack of funds associated with poor planning. Salsbury (executive vice president, Jackson Life Distributors; But What If I Live?: The American Retirement Crisis) combines psychology and finance—or behavioral economics—to address the retirement-planning process. He examines mindsets that often interfere with maximizing future incomes, identifying ten main "destructive financial behaviors." These faulty strategies include spending behaviors that differ when using credit cards and cash, dependence on home appreciations to fund retirements, ignorance about how taxes impact funds and about tax-deferred financial instruments, and procrastination and overconfident behaviors that delay the building of a nest egg. Salsbury has used his extensive communications background to conduct focus groups to collect data and clarify investors' thought patterns. VERDICT Individuals, regardless of age, should read this illuminating book because it will assist them with developing meta-cognition about life planning. Recommended.—Caroline Geck, MLS, MBA, Somerset, NJ
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Product Details

  • ISBN-13: 9780137065943
  • Publisher: Pearson Education
  • Publication date: 5/9/2010
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 240
  • Sales rank: 581,872
  • File size: 2 MB

Meet the Author

Gregory Salsbury, Ph.D. is Executive Vice President of Jackson National Life Distributors LLC (JNLD) and a much sought-after industry speaker on the subjects of investor behavior, adviser best practices, and retirement.

Salsbury received a master’s degree in communications from the University of Illinois, and a second master’s degree in communication technologies from the Annenberg School of Communications. He received his doctorate in organizational communication from the University of Southern California and is published in the areas of sales, marketing, employee motivation, behavioral finance, and retirement. From his work and experience as a long-standing executive in the financial services industry, Salsbury was uniquely positioned to craft a visionary view of retirement’s future. His landmark book, But What If I Live? The American Retirement Crisis, was a wake-up call for a generation of undersaved, overspent, and unprepared Baby Boomers.

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Read an Excerpt

RetirementologySMRetirementologySM: Rethinkingthe American Dream in a New EconomyPreface

I had what I thought was a great idea for a new book—a blend of two equally powerful and timely topics. The first topic deals with America’s retirement crisis and the challenge of prudent retirement planning in the midst of it. This subject provided the foundation for my first book, But What If I Live? The American Retirement Crisis. The topic remains of massive importance right now as the 77 million members of America’s most celebrated demographic group—the Baby Boomers—are commencing retirement.1 For the most part, the same behavior that created the challenges in the first place is continuing or accelerating. This painful conclusion led me to the second topic.

There is a relatively new field of work developing around psychology and finance, known alternatively as behavioral economics or behavioral finance. It focuses on how investor psychology—attitudes, biases, and emotions—impacts financial decisions and behavior. Behavioral finance researchers ask questions like: Why will people drive 45 minutes to use a $2.00 coupon? Why will people wash their own car on a Saturday morning to save 10 bucks, but would scoff at the idea of washing their neighbor’s car for $10? Why won’t people sell a poor performing stock just because they inherited it from grandma? Why do people spend differently with a credit card than they do with cash? Why do millions of people believe that they paid no income taxes because they received a refund? The painfully clear message from behavioral finance research is this: When it comes to money, people don’t always behave rationally.

I thought that the application of behavioral finance to retirement planning would be an engaging project—as much fun for me to explore as, hopefully, it would be to read. But a funny thing happened to my storyline along the way. In 2008, the market and economy crashed with a ferocity not seen in decades, and I suddenly had a third act to this play.

As the Meltdown of 2008 was unfolding, I was the keynote speaker for an industry conference in Chicago. My subject—scheduled nearly a year in advance—was “The American Retirement Crisis.” With tongue firmly implanted in cheek, I began by telling the audience that I had good news for them, and I put up my first slide, which read:

The retirement crisis is over.

I then explained that this was because—and I clicked to my second slide, which read:

Retirement is over.

It drew some nervous laughs, because people got the point: There was a retirement crisis before all financial hell broke loose, but now we have a real mess.

In fact, now we have investor psychology meeting retirement planning in the midst of a monumental financial meltdown. How has this new environment impacted some of the classic behavioral finance biases? And what should pre-retirees and retirees do about all this? These are the essential questions that Retirementology has identified. In the process, I hope to

  • Identify the classic mistakes we are all making with our thinking and behavior in the key areas of earning, spending, saving, borrowing, and investing.
  • Understand the scope of the financial meltdown and how it has amplified the impact of our mistakes.
  • Connect those mistakes to the retirement planning process and discuss possible options to help readers aim for retirement.

Retirementology is not a typical retirement planning book, nor is it a book on psychology; it is a little bit of both. Part of what has created a retirement crisis in America is the tendency to treat retirement as a separate and static event, relegate it to a zone, or even compartmentalize it. In this regard, many seem to act as if retirement ­planning were divorced from other monetary behavior. Quite the contrary, retirement should be viewed as a process—one that begins as soon as you engage in earning, saving, spending, borrowing, or investing. Indeed, all these things are inextricably bound. For example, a pre-retirement couple may have a choice between buying a new $55,000 automobile or buying a $35,000 pre-owned automobile and putting the remaining $20,000 in a vehicle of a different sort—a retirement account. Such decisions may have a profound impact on their lifestyles in retirement. In this regard, you can’t actually build a solid approach to retirement without also tackling your approach to all the other fiscal decisions in your life. That is why behavioral finance plays such a key role in retirement planning. If we truly want to plan correctly for retirement, we need to address the mistakes we have made, and may still be making, with regard to how we think about money, how we feel about money, and how we behave with money.

In developing this book, our research team conducted nearly a dozen focus group interviews with pre-retirees and retirees, ranging in ages from 25 to 70. Our researchers posed a number of questions on topics such as the housing crisis, family issues, overspending, investor behavior, and more. Some of the responses are included in relevant chapters throughout the book and specifically identified as findings from our focus group research. In other cases, hypothetical names, people, and situations have been used to illustrate points. For example, Retirementology introduces some one-of-a-kind terms, descriptions, and scenarios, which have been created to help you better understand a number of the behaviors associated with investor psychology.

In fact, the title of our book is a one-of-a-kind term...

RETIREMENTOLOGY: ri-tahyuh r-muhnt-ol-uh-jee

A new way of thinking about retirement planning that considers both psychology and finance against a backdrop of the worst economic crisis since the Great Depression.

After you read the book and are better informed and educated, you may be better equipped to take another important step: Partner with an adviser for professional guidance and support. But please note: The best advice on the planet is irrelevant if you procrastinate and don’t act on it.

Act 1: Turn the page.

Endnotes

  1. 1 “77 Million Baby Boomers Ponder Next Career Steps,” Careers.org, October 5, 2009.

© Copyright Pearson Education. All rights reserved.

Read More Show Less

Table of Contents

Preface xi

Introduction 1

Chapter 1 Great Expectations 17

Chapter 2 Gold Dust on Sushi 35

Chapter 3 The NoZone 63

Chapter 4 House Money 79

Chapter 5 Family Matters 101

Chapter 6 The Tax Man Will NOT Come Knocking 129

Chapter 7 Under the Knife 155

Chapter 8 Lost in Translation 177

Chapter 9 Long-Term Smart 195

Reterminology The New Language of Retirement 205

Index 211

Read More Show Less

Preface

RetirementologySM: Rethinkingthe American Dream in a New Economy

Preface

I had what I thought was a great idea for a new book—a blend of two equally powerful and timely topics. The first topic deals with America’s retirement crisis and the challenge of prudent retirement planning in the midst of it. This subject provided the foundation for my first book, But What If I Live? The American Retirement Crisis. The topic remains of massive importance right now as the 77 million members of America’s most celebrated demographic group—the Baby Boomers—are commencing retirement.1 For the most part, the same behavior that created the challenges in the first place is continuing or accelerating. This painful conclusion led me to the second topic.

There is a relatively new field of work developing around psychology and finance, known alternatively as behavioral economics or behavioral finance. It focuses on how investor psychology—attitudes, biases, and emotions—impacts financial decisions and behavior. Behavioral finance researchers ask questions like: Why will people drive 45 minutes to use a $2.00 coupon? Why will people wash their own car on a Saturday morning to save 10 bucks, but would scoff at the idea of washing their neighbor’s car for $10? Why won’t people sell a poor performing stock just because they inherited it from grandma? Why do people spend differently with a credit card than they do with cash? Why do millions of people believe that they paid no income taxes because they received a refund? The painfully clear message from behavioral finance research is this: When it comes to money, people don’t always behave rationally.

I thought that the application of behavioral finance to retirement planning would be an engaging project—as much fun for me to explore as, hopefully, it would be to read. But a funny thing happened to my storyline along the way. In 2008, the market and economy crashed with a ferocity not seen in decades, and I suddenly had a third act to this play.

As the Meltdown of 2008 was unfolding, I was the keynote speaker for an industry conference in Chicago. My subject—scheduled nearly a year in advance—was “The American Retirement Crisis.” With tongue firmly implanted in cheek, I began by telling the audience that I had good news for them, and I put up my first slide, which read:

The retirement crisis is over.

I then explained that this was because—and I clicked to my second slide, which read:

Retirement is over.

It drew some nervous laughs, because people got the point: There was a retirement crisis before all financial hell broke loose, but now we have a real mess.

In fact, now we have investor psychology meeting retirement planning in the midst of a monumental financial meltdown. How has this new environment impacted some of the classic behavioral finance biases? And what should pre-retirees and retirees do about all this? These are the essential questions that Retirementology has identified. In the process, I hope to

  • Identify the classic mistakes we are all making with our thinking and behavior in the key areas of earning, spending, saving, borrowing, and investing.
  • Understand the scope of the financial meltdown and how it has amplified the impact of our mistakes.
  • Connect those mistakes to the retirement planning process and discuss possible options to help readers aim for retirement.

Retirementology is not a typical retirement planning book, nor is it a book on psychology; it is a little bit of both. Part of what has created a retirement crisis in America is the tendency to treat retirement as a separate and static event, relegate it to a zone, or even compartmentalize it. In this regard, many seem to act as if retirement ­planning were divorced from other monetary behavior. Quite the contrary, retirement should be viewed as a process—one that begins as soon as you engage in earning, saving, spending, borrowing, or investing. Indeed, all these things are inextricably bound. For example, a pre-retirement couple may have a choice between buying a new $55,000 automobile or buying a $35,000 pre-owned automobile and putting the remaining $20,000 in a vehicle of a different sort—a retirement account. Such decisions may have a profound impact on their lifestyles in retirement. In this regard, you can’t actually build a solid approach to retirement without also tackling your approach to all the other fiscal decisions in your life. That is why behavioral finance plays such a key role in retirement planning. If we truly want to plan correctly for retirement, we need to address the mistakes we have made, and may still be making, with regard to how we think about money, how we feel about money, and how we behave with money.

In developing this book, our research team conducted nearly a dozen focus group interviews with pre-retirees and retirees, ranging in ages from 25 to 70. Our researchers posed a number of questions on topics such as the housing crisis, family issues, overspending, investor behavior, and more. Some of the responses are included in relevant chapters throughout the book and specifically identified as findings from our focus group research. In other cases, hypothetical names, people, and situations have been used to illustrate points. For example, Retirementology introduces some one-of-a-kind terms, descriptions, and scenarios, which have been created to help you better understand a number of the behaviors associated with investor psychology.

In fact, the title of our book is a one-of-a-kind term...

RETIREMENTOLOGY: ri- tahy uh r-muhnt- ol -uh-jee

A new way of thinking about retirement planning that considers both psychology and finance against a backdrop of the worst economic crisis since the Great Depression.

After you read the book and are better informed and educated, you may be better equipped to take another important step: Partner with an adviser for professional guidance and support. But please note: The best advice on the planet is irrelevant if you procrastinate and don’t act on it.

Act 1: Turn the page.

Endnotes

  1. 1 “77 Million Baby Boomers Ponder Next Career Steps,” Careers.org, October 5, 2009.

© Copyright Pearson Education. All rights reserved.

Read More Show Less

Customer Reviews

Average Rating 3
( 211 )
Rating Distribution

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(48)

4 Star

(37)

3 Star

(43)

2 Star

(27)

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(56)

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See All Sort by: Showing 1 – 20 of 211 Customer Reviews
  • Posted July 22, 2011

    What's wrong wirh this book....

    NOTHING IS WRONG WITH THIS BOOK!!!!!!!! Even if some of the material is a little dated I say BRAVO to B&N for offering it. Maybe some poor schmo will have an eye opening with this book and pick up more finance books. A free book on money.....no excuses to not educate yourself on the topic now.

    9 out of 13 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted July 22, 2011

    more from this reviewer

    If it's free, sure, why not.

    With a publication date of 4/25/10, this is already out of date. I found nothing new in the way of help in this book that any other financial self-help book (or one's own common sense for that matter) can offer. However, there are lots of good (meaning to say sad, of course) stories about what's been happening in this terrible economy. Stories can be nice, I suppose. If you can get this book for free, as I did on Free Friday, sure, why not.

    9 out of 18 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted July 22, 2011

    ....

    Seems like a useless waste of space and ill be waiting yet another week for a potentially good book for free

    6 out of 19 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted July 22, 2011

    Useful

    A great useful book. Much better for free Friday than a useless romance novel or cheesy decades ols sci fi book.

    5 out of 11 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted July 23, 2011

    Grateful

    Thank you to Barnes and Noble for thinking of us each and every Friday. For those of you that continue to complain, maybe you should borrow books from the library if you cannot afford to buy one. Have you realised that in addition to our weekly freebie this is one more thing that is unique to the Nook. For those of you that continue to complain, do you also complain when "every" library book was not published specifically for you?

    4 out of 7 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted July 22, 2011

    Nothing New Here

    Don't waste your time reading this. It took 210 pages for him to tell you that you should have saved your money.

    3 out of 5 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted July 30, 2011

    Superficial

    This book is too superficial. I didn't learn from it anything I didn't know already. How often does one need to hear that to accumulate a sizeable sum for retirement one has to start saving early and avoid high interest credit card debt? Yet it's sprinkled with amusing anecdotes, which would make it a pleasant enough read, if not for the fact that it soon turns into another right-wing rant against taxes and government spending. Those who like that kind of propaganda might as well just watch Fox News on cable TV. Not worth your time or money.

    2 out of 2 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted July 23, 2011

    This is a good book

    Everyone needs to read a book like this. Its time to dig our heads out of the sand and be responsible for our future

    2 out of 5 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted July 23, 2011

    free book..its ok

    I think its greaqt if someone gets swomething out of this book. Its free and i don't understand what all of these other people who want to comment on how bad it is are complaining about,DON'T DOWNLOAD IT IF YOU DON'T LIKE IT! Also quit complaining if the FREE BOOK is not to your liking. BUY A BOOK!!!
    everyone should be happy they even offer free books once a week let alone complain you don't like it , i have to wait for another book, you can download a book in less then 30 seconds so quit beinging cfheap and buy a book you like or quit complaning.
    as for me i didn't onload it i just checked it out on here but i think tis great hey offer a free book to begin with and i buy alit more hten i sownload for free, they have a great selection. this one was just not for me. i do believe their are people who do not wanto buy slef help books and this may help then in some way if they chose to read it. to everyone who is complaining your just ingrates!

    2 out of 5 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted July 22, 2011

    Wow

    They need to replace this book... bad choice

    2 out of 6 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted July 23, 2011

    Seriously?

    I've read better coloring books

    2 out of 4 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted January 20, 2012

    Good ideas to much politics

    I found some good advice in the book, it was just painful reading through the rants on taxes, bailouts, and big government.

    1 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted October 28, 2011

    more from this reviewer

    Eeryone in their 20s should read this book

    Not exactly groundbreaking, but if you're in your 20s this is must-read material. Older readers won't find much they don't already know (or SHOULD know).

    1 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted August 20, 2011

    Solid, common sense advice

    Interesting analysis of what drives financial decisions, along with an honest look at the current widespread financial irresponsibility (individual and government). A little repetitive, but good advice so perhaps it bears repeating. :)

    1 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted August 13, 2011

    Disappointing

    I cannot recommend this book. It gave good general advice, but nothing substantial. I came away not knowing anything I had not known before.

    1 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted August 13, 2011

    more from this reviewer

    Great book explaining the psychology behide investing

    As a Canadian most financial advise is not relevent. This book is great for both countries. By the 40th page I conquered my procrastination and took a sobering look at my finances and retirement saving. I am certainly not a procrastinator normally but the immediate needs always win over retirement saving. Thank you sir for offering the fabulous book on retirement ( and free ) I certainly will look for more books you have authored. JanHLCanada

    1 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted August 2, 2011

    more from this reviewer

    Very dated and old misinformation

    The writer had some decent ideas (save up before you need to, retirment isn't a short term so plan for it, and know what you want to work on getting what you want) but gimicky phrases, bad misinformation touched with viciousness (43.3% of all Americans don't pay taxes is the first example that comes to my mind. Mostly because I do know two people who don't pay taxes, as their paychecks are less than $70 a week) and almost all of the information in a book published in 2009 caame from 08/07... but more of it came from the late 1990s/early 2000s. Doesn't really help anyone today anymore. Glad it was from a Free Friday, or I'd want my money back.

    1 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted July 25, 2011

    more from this reviewer

    Outdated advice, nothing original, glad I didn't actually pay for it

    First of all, most of this book is based on where the economy stood a few years ago, including a lot of quite wrong speculation of what the healthcare law was going to look like.

    Most of the advice you have heard before, and has been much better written by people like Suze Orman.

    1 out of 2 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted July 25, 2011

    Nothing new here

    Let me save you an hour of your life: start early, be frugal, taxes are bad, healthcare is expensive...(all with an undertone that the government is cheating you). The final advice is to get an advisor or accountant to help you. How much will that cost detract from your total retirement when compounded over 40 years?

    1 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted July 24, 2011

    Very Timely

    I'm thinking of retiring in under 3 years and I'm glad to have this book for advice. People in their 30's should be reading this and planning now otherwise they will not have retirement. Thanx for this book ... a good read.

    1 out of 2 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
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