Best Retirement Planning Books 2020


How To Retire The Cheapskate Way By Jeff Yeager


If all the other retirement books are heroes, this book is an antihero. And like a good antihero, it is interesting, engaging, and makes you think. Jeff Yeager has put across an antithesis against the conventional retirement wisdom that smart investments and wealth creation are indispensable to retire happy.

Jeff talks about how simplifying life and downsizing your lifestyle is a better strategy to lead a carefree life after you retire while also reaching all of your retirement goals. I also liked this book for its offbeat humor and anecdotal tone.

What Are The Types Of Retirement Plans

There are six main types of retirement plans:

  • 401 Plan: This is a workplace account that your employer can offer and additionally match your contributions. These accounts enable you to invest funds from your paychecks into the account before any taxes are withheld from your earnings. The gains in the 401 continue to grow tax deferred until you withdraw the money in retirement.
  • Traditional Individual Retirement Accounts : An IRA is a tax-favored account into which you can contribute up to $6,000 each year as of 2021 . This increases to $7,000 annually if youre age 50 or older. You can take a tax deduction for your traditional IRA contributions on your annual tax return. An IRA allows you to make your own investment choices. You typically pay income tax on both the money you invest and the gains when you make withdrawals.
  • Simple IRA: The Savings Incentive Match for Employees IRA works similar to a 401. Its an IRA that small businesses can offer to their employees. They must have fewer than 100 employees. Contributions are made with pre-tax dollars and gains are taxed at withdrawal.
  • : A Simplified Employee Pension IRA is a way for self-employed taxpayers to contribute a portion of their incomes to their own retirement accounts. You can contribute up to $58,000 as of 2021 or 25% of your annual income, whichever is less. You can claim a tax deduction for your contributions.
  • How To Retire With Enough Money By Teresa Ghilarducci

    Written by Teresa Ghilarducci, a retirement and savings advisor, How to Retire with Enough Money is an easy and interesting read that will teach you how much money you need to have before retirement. And for those who dont enjoy reading as much as they like taking selfies, dont worry the book is just 116 pages long.

    According to the book, a large number of Americans dont save enough money which means that they will spend their years after retirement below the poverty level. Thats a fact! This book aims to change that by providing sound advice and a strict plan on how much to save for the future. There are no miracles or secrets. Everything is discipline and good planning.

    Which are the main takeaways from the book?

    • Theresa is not a fan of IRAs and 401k, claiming they trigger lower pensions for retired citizens.
    • Keep at least 70% of pre-retirement income during retirement so that we have a normal life. How do we achieve that? Well, there are three main components social security, working during retirement and saved money prior to retirement .
    • Invest money in low-cost and low-risk funds to minimize the risk
    • Curb your expenses and costs and dont spend money on things you dont need.
    • Learn how to manage your money without the assistance of a planner. According to her, anyone can learn how to do it and should plan themselves for their future.
    • Practical ideas how to achieve the above-mentioned.

    You May Like: How To Apply For Retirement Pension

    What Retirees Want: A Holistic View Of Lifes Third Age

    Ken Dychtwald, Ph.D. is a psychologist and educator, whose book What Retirees Want: A Holistic View of Lifes Third Age is a top-level look at what it means to be in lifes third age.

    Some of the interesting topics he covers include, how likely is it that most people will outlive their retirement savings, the new technologies that could radically expand our lifespans, and how will business and government create opportunities for third-agers that capitalize on the upsides of aging.

    Best Historic Account: Barbarians At The Gate

    The The Best Books About Retirement

    Courtesy of Amazon

    Bryan Burrough and John Helyars Barbarians at the Gate chronicles the leveraged buyoutand subsequent fallof RJR Nabisco. Its an important read for financial professionals because it helps illustrate how LBOs transformed from a frowned-upon practice to something more commonplace today. This New York Times bestseller was based on several Wall Street Journal articles written by the authors and is widely considered one of the best business books ever written. It was later adapted into a TV movie directed by Glenn Jordan.

    You May Like: The Virginian Retirement Home Fairfax

    Your Money Or Your Life By Joe Dominguez And Vicki Robin

    Buy Your Money Or Your Life on Amazon

    For newer investors who are looking for a unique perspective on saving, Your Money or Your Life offers broad-based financial guidance with a borderline sarcastic twist for readability. Your Money or Your Life focuses on the idea that men and women have a limited amount of life energy that can be devoted towards working, saving and spending, and aims to help consumers adjust their priorities to focus on making the most out of the energy that they expend by investing in appreciating assets.

    Interesting, engaging, and jam-packed with supplementary photos, charts, and graphic design, Your Money or Your Life is an excellent choice for investors who are looking for comprehensive financial advice that covers more than just where to put their money and when to do it.

    Get it on Amazon

    Broke Millennial Talks Money: Scripts Stories And Advice To Navigate Awkward Financial Conversations

    • Read it for: How to have the difficult but essential conversations about money with the people you are closest to

    In the third book of her popular Broke Millennial series, financial expert and NextAdvisor contributor Erin Lowry shares advice on having hard but important conversations about money with people in your inner circle. She covers all the bases, from preparing a prenup with your significant other to discussing retirement with your aging parents to chatting with friends who want to spend more money on shared experiences than you do. The book arrives on Dec. 29 perfect for kicking off 2021 with a set of scripts and talking points to help you navigate every awkward money conversation.

    Recommended Reading: Country Club Village Retirement Community Hot Springs Ar

    How To Make Your Money Last By Jane Bryant Quinn

    When we are young, we dont think about getting old. Yet, when we reach a certain age we start to worry and ask ourselves the question: what am I going to do? Therefore, its wise to think about that before you turn 65.

    According to Jane, the , there are several major questions we need to answer once we retire?

    • What will my standard of living be?
    • Do I need to keep working so that I can live decently?
    • How can I make my money last?

    Then she gives a brief overview of the different stages of retirement and dedicates different sections to people whose marital status is different single, married, remarried, those who have lost a spouse and those who have divorced.

    In detail, the writer discusses topics, such as social security, pension, retirement plans, savings, housing and health costs and expenses. Why does she do it? Because Jane wants to teach how to benefit the most from this money and use all those financial tools to increase your wealth and enjoy your senior years.

    According to Jane, the safer the choices you make when it comes to investing, the higher the chances you will end up with not enough money for retirement. At the same time, people tend to live longer and longer, therefore spending one-third of their lives retired. Thats why she recommends investing in growth. While you still work, you have to make sure your money is invested in things that will produce growth and overcome inflation.

    This is one of the best guides on the market and a must-read.

    The Complete Cardinal Guide To Planning For And Living In Retirement By Hans Scheil


    Hans Scheil is a chartered financial consultant who has helped many people in devising their retirement plans. Hans has distilled his years of experience into words and put them together in this book The Complete Cardinal Guide to Planning for and Living in Retirement.

    The book explores the landscape of benefits, investments, savings, long-term healthcare, and taxes, and guides readers to improve their financial decision-making post-retirement.

    Also Check: Is $5 M Enough To Retire

    ‘clever Girl Finance’ By Bola Sokunbi

    This easy-to-read guide to money doesn’t make assumptions it starts with the very basics of building wealth and builds on them. This book roots its lessons in reality with real-life anecdotes, including from the author herself.

    It doesn’t require any prior knowledge, either. It covers the basics of organizing money and budgeting, then explains the credit system, debt, investing, and even asking for a raise.

    It’s an excellent choice for anyone who is just getting started with personal finance, or simply wants a refresher on the basics.

    Best for:

    Essential Retirement Planning For Solo Agers By Sara Zeff Geber

    Geber leads her Solo Ager readers on a journey toward joyful retirement, beginning with the decision to remain childless and why so many baby boomers were able to make that decision. She explores housing options, relationships, and forming a support system via stories and narrative. Geber discusses her knowledge of what makes an older life happy, as well as how Solo Agers can enhance their chances for financial security, physical health, meaning, and purpose in their later years.

    Geber supplies the manual for that education. She discusses how to prepare for the second half of life, how to decide how and where to live, and how to ensure care in one’s later years. She includes important information for singles, married couples, and families with or without children as they age. It’s a valuable resource that we can all resort to as we ambivalently approach the work of retirement planning and decision-making. Using the worksheets and answering the questions deliberately can help us uncover what brings us joy and fulfillment, as well as care, comfort, and financial security.

    Recommended Reading: How To Retire Early With Real Estate

    Rolek Retirement Planning By Kyle Rolek

    Kyle Rolek is a certified financial planner and retirement planning specialist. He has put down an easy-to-follow retirement guide that has seven distinctive sections.

    These sections include lifestyle planning, expense planning, income planning, investment planning, tax planning, health care planning, and estate planning. In other words, you can take care of every financial aspect of your post-retirement life with this self-help book.

    It seems like a practical book that acts as a checklist for retirement.

    Best Overall: The Intelligent Investor

    18 Retirement Planning Books to Help You Achieve Success ...

    Recommended by the Investopedia Financial Review Board, The Intelligent Investor by Benjamin Graham has earned its place in the literary canon for financial titles, and with good reason. First published in 1949, its since been updated with a few modern takes, such as commentary and footnotes by financial journalist Jason Zweig. Still, the integrity of Grahams wisdom remains, from the solidity of value investing to loss minimization to resisting emotional decision-making when navigating the financial markets. This classic read has sold more than a million copies worldwide and has earned ringing endorsements from Barron’s.

    You May Like: Irs Retirement Contribution Limits 2020

    Keep Sharp: Build A Better Brain At Any Age

    To be published next January, neurosurgeon and CNN chief medical correspondent, Sanjay Gupta, has written a guide that aims to keep your brain young, healthy and sharp.

    The publishers page says, Keep Sharp debunks common myths about aging and cognitive decline, explores whether theres a best diet or exercise regimen for the brain, and explains whether its healthier to play video games that test memory and processing speed, or to engage in more social interaction. Discover what we can learn from super-brained people who are in their eighties and nineties with no signs of slowing downand whether there are truly any benefits to drugs, supplements, and vitamins.

    How To Choose The Best Retirement Planning Books

    What makes a retirement planning book worth reading? Though each individual author will maintain his or her own unique tone and advising strategy, the best books all share these common characteristics:

    • Different strategies for younger and older investors: The best way to invest will largely depend upon how close you are to retirement when you begin. Younger investors have the added benefit of compound interest and time on their side because they have more years to allow their money to grow before they reach retirement age, they can afford to take more risk. Older investors may have to put off their retirement if the market takes a turn for the worse and theyve placed their money into volatile equities, so investors closer to retirement will want to make more conservative investments when it comes to their retirement accounts. Be very wary of retirement planning books and financial experts who advertise a one-size-fits-all strategy to saving and investingyou probably arent getting the best advice possible for your unique situation.
    • A fun and engaging writing style: Planning for retirement doesnt have to feel like work. The best retirement planning books place the voice of the author front and center, employing an interesting and unique writing style to keep you turning pages. You wouldnt read a boring novelso dont force yourself to tough it out through a snooze fest.

    Don’t Miss: Usaa Military Retirement Pay Dates

    How To Make Your Money Last

    Book Summary

    This top retirement planning book is considered a treasure chest of financial secrets, tips, and advice for individuals who have retired or are about to retire in the near future. It is considered of tremendous value towards the working class, including those who have recently commenced their careers. It eases the reader into the mindset of retirement and displays clarity that the financial and personal anxiety which many experiences are commonplace.

    The author provides a guide for taking complete control of this phase in life, not just from the monetary side but also from the psychological angle. The general saving options and investments offer safe money, which will help in payment of bills but to ensure that one has spending money for 10-20 years post-retirement, there is a need to invest in growthInvest In GrowthGrowth Investing refers to capital allocation in potentially high earning companies such as small caps and startups, which grow much faster than the overall industry or mature companies. Because the returns on such investments are high, the risk that such investors face is also more.

    Key Takeaways

    This book on retirement planning is a short, punchy, and compassionate guide which will offer direction in matters such as:

    • Choosing supplemental health coverage and life insurance policies
    • Managing of the house as an Asset
    • A decision on how long one should work to have sufficient money in the retirement age.

    What Is A Good Amount Of Money For Retirement

    Suze Orman’s advice on retirement planning for people 50 and over

    The appropriate amount of money that is considered “good” for retirement is based on a variety of factors, such as your current lifestyle, desired lifestyle in retirement, obligations, and health. It is often suggested that your annual retirement income should be equal to 80% of your last job’s annual income.

    Also Check: Retirement Visa Thailand Health Insurance

    The Money Manual’ By Tonya B Rapley

    “The Money Manual” is a guidebook to the basics of managing money, from saving to building credit. Written by the blogger behind, this book is both engaging and approachable, with money lessons that are applicable no matter how much you’re earning.

    This book is more interactive than most, with sections of questions and space for writing. The book starts with a simple money check-in, and from the beginning gives actionable advice that can help you understand where you are and where you want to go.

    Best for:

    • Re-learning the basics of budgeting and saving
    • Hands-on learners

    The Behavior Gap: Simple Ways To Stop Doing Dumb Things With Money By Carl Richards

    Buy The Behavior Gap on Amazon

    Do you let your emotions get in the way of saving money? Do you frequently splurge on impulse buys that depreciate in value almost immediately? Have you purchased an equity, watched it decrease in value, panicked and sold it, only to find that it later recoveredand perhaps was even worth more than for what you originally bought it? If you said yes to any one of these questions, The Behavior Gap is right for you. The Behavior Gap covers a crucial yet often-ignored component of trading and saving: the mindset of the investor.

    Richards does an excellent job of communicating the importance of long-term trading strategies, offers a simple explanation of market cycles and why a decrease in equity value isnt something to fear and helps investors formulate a plan of action that will keep them out of the herd mentality that causes consumers to buy when the market is high and sell when prices are low.

    A holistic look at finances wrapped in a captivating package, The Behavior Gap is a retirement planning guide for both short- and long-term investors who have already grasped the basics of investing but who have yet to see the returns they need.

    Get it on Amazon

    Also Check: Retirement Calculator With Pension And Spouse

    Best For Women: Clever Girl Finance

    Courtesy of Amazon

    Women still earn just $0.82 to a mans dollar, while mothers earn just $0.71 for every dollar that fathers earn, according to the U.S. Department of Labor. In short, women still have to work harder when it comes to their money. Bola Sokunbis Clever Girl Finance aims to empower and educate a whole new generation of women, sounding off on things like how to keep an eye on expenses, create and stick to a budget, manage your credit, build a nest egg, and take responsibility for your own financial well-being. Sokunbi is a Certified Financial Education Instructor and the founder and CEO of the website Clever Girl Finance.

    Share post:


    More like this

    How Much Do I Need In 401k To Retire

    What Is...

    Retirement Income Calculator With Inflation

    Making Your...

    How Much Money To Retire At 62

    How Much...

    Good Places To Retire In Virginia

    Virginia Is...