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Your Complete Guide to a Successful and Secure Retirement
This is your one-stop, definitive resource as you prepare for a secure and comfortable retirement.
Investment and personal finance experts Larry Swedroe and Kevin Grogan present uniquely comprehensive coverage of every important aspect you need to think about as you approach retirement, including:
Social Security, Medicare, investment planning strategy, portfolio maintenance, preparing your heirs, retirement issues faced by women, the threat of elder financial abuse, going beyond financials to think about your happiness, and much more.
These topics are explained with the help of specialists in each subject. And everything is based on the "science of investing" - evidenced with studies from peer-reviewed journals.
Overall, this adds up to a complete retirement guide, packed with the latest and best knowledge. Don't enter your retirement without it.
Investment and personal finance experts Larry Swedroe and Kevin Grogan present uniquely comprehensive coverage of every important aspect you need to think about as you approach retirement, including:
Social Security, Medicare, investment planning strategy, portfolio maintenance, preparing your heirs, retirement issues faced by women, the threat of elder financial abuse, going beyond financials to think about your happiness, and much more.
These topics are explained with the help of specialists in each subject. And everything is based on the "science of investing" - evidenced with studies from peer-reviewed journals.
Overall, this adds up to a complete retirement guide, packed with the latest and best knowledge. Don't enter your retirement without it.
304 pages, Paperback
First published January 7, 2019
171 people are currently reading
401 people want to read
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Displaying 1 - 27 of 27 reviews
June 9, 2021
This was a surprisingly engaging and interesting read with a lot of practical advice for preparing not just mentally but also psychologically and emotionally for retirement. Topics went beyond the financial planning aspect of retirement into the bigger picture of creating a "Retirement Life Plan," which incorporates key elements such as, "life purpose, passions, attitude, financial security, giving back, healthy relationships, growth, fun and well-being."
Preparing for retirement can be fun and I truly appreciated the advice to have important conversations with family members and get them on board during the planning stages, after all they will be your support team through this life transition.
Another piece of advice that appealed to me is the concept of "practicing retirement" by incorporating the activities you plan to do in retirement into your life now. After all, "if you've identified those things you are excited about doing in retirement, why not bring as much of that as possible into your life now?"
Preparing for retirement can be fun and I truly appreciated the advice to have important conversations with family members and get them on board during the planning stages, after all they will be your support team through this life transition.
Another piece of advice that appealed to me is the concept of "practicing retirement" by incorporating the activities you plan to do in retirement into your life now. After all, "if you've identified those things you are excited about doing in retirement, why not bring as much of that as possible into your life now?"
June 27, 2021
This is an excellent comprehensive guide to preparing for retirement in the US, and thanks to Julie for bringing it to my attention. There are other, more detailed books about specific subjects like Social Security and Medicare that are worth reading (see the SS and Medicare books by Kotlikoff, et al.), but this book covers all the bases, at least at a high level, and for many people that is more than enough. By the way, I have the hard copy 2019 edition.
June 12, 2019
This felt like two different investment books. The first was closer to what I look for than the last. The book begins with some suggestions of the issues faced by retirees, such as worrying about spouses and sequence of returns risk. The author then provides some advice on thinking through these issues and determining your own path. This was a pretty common start. Where the book shines was the next few chapters, focused on asset allocation research and personal investment policies. The author provides some specific fund examples to plan around, and some specific advice that I hadn’t run across before based on the author’s research – in effect advice to step back from the efficient frontier to trade off a little return for some measure of risk reduction. The bulk of the rest of the book was a series of chapters on topics of interest in retirement, including the normal topics of Medicare, Social Security, and annuities, but also including lesser covered topics like women’s unique retirement issues, elder financial abuse, and preparing your heirs. I found these chapters to be hit and miss, some bits very familiar and some bits providing a new take on topics. Very good, even for someone who reads a lot of these kinds of books.
July 9, 2019
This is an excellent guide to the concerns one must engage in for a successful retirement. The material is quite comprehensive, and is presented in very clear language. Topics range from the fuzzy (goals, discovery) to the mathematics of how Asset Allocation processes work in general. Also covered are IRAs versus Roth IRAs, the role of life insurance, Medicare, Long-Term Care issues, and more.
One thing that I especially liked about this book is the inclusion of Roth vs IRA usage considerations. They also address more non-intuitive concerns, including what it means for a (single) woman to retire, as well as preparing your heirs for the inheritance process itself. Elder financial abuse, and ways in which one can help protect oneself (or loved one) from this is also presented.
There is one thing in the book which I found problematic. On page 175, the authors discuss a married couple, both 65 years old, who retire with $6 million in assets. The book's assertion is that a Monte Carlo analysis indicates a 94% probability of having sufficient assets for their lifetimes, given that there are no Long-Term Care issues. This sounds like a silly assertion, as a 2.5% draw (presumably a very conservative withdrawal rate?) against this kind of asset base would provide an extremely safe income of $150,000 a year, without considering Social Security. Beyond this one point, the rest of the book felt very sound.
One thing that I especially liked about this book is the inclusion of Roth vs IRA usage considerations. They also address more non-intuitive concerns, including what it means for a (single) woman to retire, as well as preparing your heirs for the inheritance process itself. Elder financial abuse, and ways in which one can help protect oneself (or loved one) from this is also presented.
There is one thing in the book which I found problematic. On page 175, the authors discuss a married couple, both 65 years old, who retire with $6 million in assets. The book's assertion is that a Monte Carlo analysis indicates a 94% probability of having sufficient assets for their lifetimes, given that there are no Long-Term Care issues. This sounds like a silly assertion, as a 2.5% draw (presumably a very conservative withdrawal rate?) against this kind of asset base would provide an extremely safe income of $150,000 a year, without considering Social Security. Beyond this one point, the rest of the book felt very sound.
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November 8, 2021I had mixed feelings about this book. As one other reviewer pointed out, in some ways it's like two books--one deals with many different, not necessarily financial, aspects of preparing for and living through retirement, while the other goes into great detail about investing. I also felt like in some respects it was quite readable and in other respects could have been much more clearly stated.
I skimmed a lot of it, some because it was familiar or not pertinent to me, and some because it was way too detailed and technical. Initially I tried to grasp what the authors had to say about investment strategies, but eventually I concluded that that part of the book was for people who really want to spend a lot of time fixating on stocks and bonds and exactly how to weight their portfolios, whereas I'm content to choose some index funds and mostly leave them alone to grow. Where it became really clear to me that not everything in the book was as easily digestible as it could have been was in the discussion of IRAs. I'm pretty clear on how both traditional and Roth IRAs function and the merits of both, yet the IRA discussion led with a lot of minutiae about them before pointing out the most obvious fundamentals that everyone should know.
I liked the fact that the authors made use of various scholarly studies; I felt they know their subject matter, but the accessibility of the material definitely varied from chapter to chapter.
I skimmed a lot of it, some because it was familiar or not pertinent to me, and some because it was way too detailed and technical. Initially I tried to grasp what the authors had to say about investment strategies, but eventually I concluded that that part of the book was for people who really want to spend a lot of time fixating on stocks and bonds and exactly how to weight their portfolios, whereas I'm content to choose some index funds and mostly leave them alone to grow. Where it became really clear to me that not everything in the book was as easily digestible as it could have been was in the discussion of IRAs. I'm pretty clear on how both traditional and Roth IRAs function and the merits of both, yet the IRA discussion led with a lot of minutiae about them before pointing out the most obvious fundamentals that everyone should know.
I liked the fact that the authors made use of various scholarly studies; I felt they know their subject matter, but the accessibility of the material definitely varied from chapter to chapter.
October 16, 2024
A very detailed guide providing good information and guidance for future retirement planning.
July 16, 2019
If you ignore the sections that are US-specific, it’s pretty educational, well-written and easy to read.
October 6, 2020
Good and interesting guide to retirement that seems to focus much more on high net worth individuals than is typical of most retirement books. Perhaps because the authors work for a financial services firm, much of the information relies upon the use of financial and other professionals to guide retirement decisions. Where many other books seem to dumb-down financial decisions, this one seems to err in making these decisions more complicated than they need to be. It does provide important information on the threat of elder financial abuse and how to counter it as well as longevity risk and the role of annuities as well as many other topics that often aren't covered in popular financial books. Recommended reading for those high net worth individuals who want some guidance geared more specifically to their issues; for the rest of us, this book still gives good insights into areas that we should be considering.
February 13, 2020
A smart, dear friend told me about this book. Apparently it is highly rated by the Wall Street Journal and I thought it might be interesting. Although I've been retired for years now, I found it VERY helpful. Not all chapters were relevant, because in some cases I had already settled those details. However there were so many great suggestions, facts, research and very thorough, thoughtful analysis. I learned a lot reading this book and it also confirmed what I thought I knew. I suggest everyone considering retirement and even those who have already retired, should read this book. It might seem daunting at first, but this is important stuff and we should all take this kind of responsibility for ourselves. Get it. Read it. You will undoubtedly learn something of value to you.
July 23, 2019
best financial retirement review I have seen. Goes into sufficient detail to be useful. Opened my eyes to new strategies.
August 4, 2021
We only Insure against Risks We Can’t Afford to Take.
Deductible.
The Deferral period in the Deferred Income Annuity (DIA)
is like the Deductible amount in an insurance policy.
It is the Risk you can Afford to Take.
Chapter 17. Women’s Unique Retirement Issues
Women as a collective group face 12 Unique Headwinds.
Addressing these headwinds can be overwhelming and uncomfortable,
however it is only by first understanding the issues that you can Develop Strategies,
that will provide the greatest Chance of Achieving Your Goals.
1. Women Earn Less – 21% average
2. Live Longer – 5 years – 1 in 4 will live past 90
3. Have Fewer Years of Earned Income – Breaks from the Workforce
4. Start Investing Later
5. Are less confident about their Personal Finance and Investing Skills.
6. Are less Aggressive Investors
7. Are less satisfied with the current Financial Advisory industry.
8. Are more likely to bear the Physical, Emotional, and Financial Brunt
of the Sandwich Generation, caring for both Children and Elderly Parents.
9. If divorced face specific challenges and obstacles.
10. Are less likely to remarry after a Gray Divorce, divorce over age 50,
or becoming widowed later in life.
11. More Subject to Elder Abuse. – see Chapter 20
12. Statistically likely to die single, divorced, or widowed.
The Average Joe has nearly twice the average Retirement Savings
as much saved as the Average Jane.
– Women need to save 1.5% more than a man to reach their Savings Goals.
– Women need to save 1.5% more than a man to reach their Savings Goals.
The Feminine Mistake: Are We Giving Up Too Much – book
Chapter 19. Preparing Your Heirs
I found this an interesting chapter.
While we focus on Wills and Trusts to get our remaining wealth,
to our chosen Beneficiaries, are we giving enough attention to their ability to use those funds wisely?
Chapter 20. The Threat of Elder Financial Abuse
Family Members are the most likely source of Abuse.
Family Members are the most likely source of Abuse.
(Unfortunately I've witnessed this happen to people I've cared about.)
Appendix D: Should Investors Prefer Dividend-Paying Stocks?
This is the chapter I'm going to go back and reread the most
because of the point it makes about people preferring Dividend
paying stocks, even though those aren't the most Tax Efficient.
Warren Buffet: If you didn’t like that you didn’t get a dividend, sell some of the stock.
Because the stock price went up an amount equal to the dividend not paid.
Taxable Investors should prefer the Self-Dividend,
by Selling Shares for Income.
Appendix E: Should You Hire a Financial Advisor?
In my observation, most people work too hard for their money,
without making their money work equally hard for them.
Meaning having their money making money,
while they are making money.
So this chapter is worth a Good Read and lots of Consideration,
to get important help in an area that is not a strength for most of us.
Appendix F Implementation: Recommended Mutual Funds and ETFs
Remember: Education hasn't happened, if Behavior hasn't changed.
So here is the place to put to use what this good book has taught.
Deductible.
The Deferral period in the Deferred Income Annuity (DIA)
is like the Deductible amount in an insurance policy.
It is the Risk you can Afford to Take.
Chapter 17. Women’s Unique Retirement Issues
Women as a collective group face 12 Unique Headwinds.
Addressing these headwinds can be overwhelming and uncomfortable,
however it is only by first understanding the issues that you can Develop Strategies,
that will provide the greatest Chance of Achieving Your Goals.
1. Women Earn Less – 21% average
2. Live Longer – 5 years – 1 in 4 will live past 90
3. Have Fewer Years of Earned Income – Breaks from the Workforce
4. Start Investing Later
5. Are less confident about their Personal Finance and Investing Skills.
6. Are less Aggressive Investors
7. Are less satisfied with the current Financial Advisory industry.
8. Are more likely to bear the Physical, Emotional, and Financial Brunt
of the Sandwich Generation, caring for both Children and Elderly Parents.
9. If divorced face specific challenges and obstacles.
10. Are less likely to remarry after a Gray Divorce, divorce over age 50,
or becoming widowed later in life.
11. More Subject to Elder Abuse. – see Chapter 20
12. Statistically likely to die single, divorced, or widowed.
The Average Joe has nearly twice the average Retirement Savings
as much saved as the Average Jane.
– Women need to save 1.5% more than a man to reach their Savings Goals.
– Women need to save 1.5% more than a man to reach their Savings Goals.
The Feminine Mistake: Are We Giving Up Too Much – book
Chapter 19. Preparing Your Heirs
I found this an interesting chapter.
While we focus on Wills and Trusts to get our remaining wealth,
to our chosen Beneficiaries, are we giving enough attention to their ability to use those funds wisely?
Chapter 20. The Threat of Elder Financial Abuse
Family Members are the most likely source of Abuse.
Family Members are the most likely source of Abuse.
(Unfortunately I've witnessed this happen to people I've cared about.)
Appendix D: Should Investors Prefer Dividend-Paying Stocks?
This is the chapter I'm going to go back and reread the most
because of the point it makes about people preferring Dividend
paying stocks, even though those aren't the most Tax Efficient.
Warren Buffet: If you didn’t like that you didn’t get a dividend, sell some of the stock.
Because the stock price went up an amount equal to the dividend not paid.
Taxable Investors should prefer the Self-Dividend,
by Selling Shares for Income.
Appendix E: Should You Hire a Financial Advisor?
In my observation, most people work too hard for their money,
without making their money work equally hard for them.
Meaning having their money making money,
while they are making money.
So this chapter is worth a Good Read and lots of Consideration,
to get important help in an area that is not a strength for most of us.
Appendix F Implementation: Recommended Mutual Funds and ETFs
Remember: Education hasn't happened, if Behavior hasn't changed.
So here is the place to put to use what this good book has taught.
April 2, 2024
Any personal finance book where I learn at least something, is worth at least a 4-star rating. As the title suggests, this is oriented toward the retirement phase of life, after the accumulation phase is done and we've decided to move away from income-generating work. The book is very textbook-esque, so don't expect a lot in the way of anecdotes, humor, or sidebars. Like any good textbook, there are parts that I'll refer back to years from now. The nuggets of wisdom I got from this one are:
- Taxation becomes ever-more important in retirement, compared to accumulation phase
- Asset class location (taxable, tax-deferred, and Roth) matters
- The role of deferred annuities as a form of reverse life insurance, where it can effectively insure against actually living too long
There are chapters on Social Security and Medicare that I kinda skipped since that won't be relevant to me for 20 years, and will probably look a lot different then anyway. There are also chapters on reverse mortgages, women's retirement issues, and elder financial abuse that I also just skimmed over.
All in all, a good book with well laid-out concepts in chapters that can be read and re-read on a standalone basis as needed.
- Taxation becomes ever-more important in retirement, compared to accumulation phase
- Asset class location (taxable, tax-deferred, and Roth) matters
- The role of deferred annuities as a form of reverse life insurance, where it can effectively insure against actually living too long
There are chapters on Social Security and Medicare that I kinda skipped since that won't be relevant to me for 20 years, and will probably look a lot different then anyway. There are also chapters on reverse mortgages, women's retirement issues, and elder financial abuse that I also just skimmed over.
All in all, a good book with well laid-out concepts in chapters that can be read and re-read on a standalone basis as needed.
January 18, 2024
Another recommended reading from the RR podcast. A very comprehensive guide on retirement planning. Rather than focusing on just the accumulation and decumulation strategies which have been discussed thoroughly in other books I’ve read, Swedroe and Grogan also delve into other important facets of retirement planning including life goals/values of retirement, estate planning/preparing heirs for an inheritance, prevention of elder abuse, annuities & insurance and more.
Some sections are very US citizen specific (particularly the social security and medicare sections as well as some of the asset location sections on specifics of IRAs) so I skimmed those.
I even learned some brand new information on tax-loss harvesting and avoiding wash sales and how this can be accomplished with broad ETFs that track different benchmarks.
While the book can be very dense and dry at times, it is certainly thorough. A fantastic resource for anyone planning for retirement or helping their family members approaching retirement age navigate their way through it.
Some sections are very US citizen specific (particularly the social security and medicare sections as well as some of the asset location sections on specifics of IRAs) so I skimmed those.
I even learned some brand new information on tax-loss harvesting and avoiding wash sales and how this can be accomplished with broad ETFs that track different benchmarks.
While the book can be very dense and dry at times, it is certainly thorough. A fantastic resource for anyone planning for retirement or helping their family members approaching retirement age navigate their way through it.
March 12, 2022
This book is written by a financial investing firm clearly interested in generating more clients. Even so, it is very informative. Don't neglect the Appendices. I was convinced by their careful evidence based arguments that a DRIP is not the best choice as I thought earlier. I also learned about an interesting deferred annuity (DIA) that kicks in if you live longer than 85. It allows for large payouts for those who live longer than 85, or the average life expectancy. There are also some Monte Carlo models used to establish less risky asset allocations. As the government continues to print money (I read 80% of money supply was printed since 2020) inflation will remove fixed income as an option for safe haven in our dotage and undermine the purchasing power of any accumulated savings. The chapters are short and I found them accessible, but I may be more financially savvy than the average reader.
March 21, 2021
Exactly what I needed to answer nagging questions I’ve had about retirement. While reading this afternoon I now have created a Life Plan 4 Retirement with the elements outlined in the book. The authors discuss the realities of most women retiring for more years & with less $ than men; strategies to address those issues & links to additional resources. The important details about social security & Medicare with positive encouraging advice to take action now - I went ahead & put dates on my calendar & tasks ahead to be my best self in this new exciting & final stage of life.
February 9, 2020
I read this book in order to better assist my parents as they prepare to retire, and I found Larry's ability to clearly describe complicated retirement issues in detail to be highly enjoyable. He is able to break things down so they are easily understandable, and when he gives recommendations he always backs them up with reasons and data. I appreciated the amount of research he put into this book.
January 15, 2025
I highly recommend this book for anyone considering retirement. The earlier in the process of retirement that you read this the better. I was 2 years retired when I read this and would have benefit had I read it earlier in the process. Great overview that takes in many of the social and mental aspects of retirement that most "financial" books never consider or address. Well worth your time.
October 19, 2019
One of the top three all in one retirement planning books I've read this year, and the newest- published Jan 2019. Pretty easy to understand even for people with no business background. It covers all areas of importance.
August 10, 2019
Covered a lot of good areas around financial issues related to retirement and money management. The section on elder abuse was very insightful.
October 27, 2019
This is a heavy book to read, full of details about tax law, estate planning, Monte Carlo simulations, and health care planning. Because of this detail, the book is mostly beneficial to Americans.
March 12, 2020
Super useful.
May 17, 2020
Some interseting ideas but very US centric
July 20, 2021
More technical than necessary. Not well written for people with little personal finance background.
November 25, 2021
Speed read some of the chapters in this book. Highly recommend as one of the better reference books for someone beginning to plan for retirement. Insightful and thorough.
December 19, 2019
Comprehensive Investment and Financial Planning Read
This book covers a range of financial and investment topics in a generally understandable way. Worth reading for those who want to improve their understanding of requirements associated with a comprehensive personal financial plan.
This book covers a range of financial and investment topics in a generally understandable way. Worth reading for those who want to improve their understanding of requirements associated with a comprehensive personal financial plan.
July 11, 2022
Some good tips, nice outline. 'Hire advisors....'
This entire review has been hidden because of spoilers.
May 26, 2024
First draw down the taxable accounts before the traditional IRA's. Take your required minimum distribution at 70 1/2.
Life purpose
Passions
Attitude
Financial Security
Giving Back
Healthy relationships
Growth
Fun
Well Being
Retirement Life Plan
For ex spouse benefits, your benefit must be less than what your ex spouse benefit would be entitled. Your ex spouse benefits would be 50% of your ex spouse's full retirement benefits if you start receiving benefits.
Life purpose
Passions
Attitude
Financial Security
Giving Back
Healthy relationships
Growth
Fun
Well Being
Retirement Life Plan
For ex spouse benefits, your benefit must be less than what your ex spouse benefit would be entitled. Your ex spouse benefits would be 50% of your ex spouse's full retirement benefits if you start receiving benefits.
Displaying 1 - 27 of 27 reviews