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Title: You're Fifty--Now What : Investing For the Second Half of Your Life by John Rubinstein, Charles Schwab ISBN: 0-375-41675-7 Publisher: Bantam Books-Audio Pub. Date: 26 December, 2000 Format: Audio CD Volumes: 5 List Price(USD): $29.95 |
Average Customer Rating: 3.73 (11 reviews)
Rating: 3
Summary: Good overview of planning issues - with limitations
Comment: It's good to see a book like this focused on the issues confronting retirees, and those approaching retirement. The book provides a very broad and general overview of the issues involved.
I applaud the author's advice to consider a 4% annual withdrawal rate from investments. In my experience, many financial advisors, influenced by the prolonged bull market, have suggested higher rates.
I caution against following every opinion in this book, however. Three broad suggestions by the author stood out as troublesome, in my view:
First, that "you're better off including individual stocks and stock utual funds in your retirement account (where taxes are deferred) and bonds in your regular account (which is currently taxable." (Page 184.) Adopting a contrary strategy, and minimizing taxes on the equity portion of your portfolio (held in a regular account), can in my view yield far superior results, from both a financial planning and estate planning perspective.
Second, the statement "If you have a Roth IRA, I sugest you withdraw from it first [to generate retirement income] since your withdrawals are not taxed." This statement completely ignores the tremendous long-term benefit of tax-free growth, and I completely disagree.
Third, the suggested asset allocation models are too simplistic -each individual's own asset allocation should be affected by many factors, only some of which are discussed in the book.
While a brief discussion is made of Modern Portfolio Theory and probability analysis (Monte Carlo), more insight into these areas could have been provided, given their utility.
The foregoing comments illustrate the limitations of any book seeking to address the very complicated tax, actuarial, financial planning, asset protection planning, and estate planning issues confronting the retiree today. Despite this, I recommend the book (with reservations) to both retirees, and those approaching retirement, who need to increase their knowledge of basic planning concepts. There is tremendous value in each person educating themselves on financial planning concepts. Just don't take this (or any) one book as gospel.
Rating: 5
Summary: Welcome Resource!
Comment: Schwab's book provides solid and practical information for those of us who no longer can be called young no matter what the definition is. Unfortunately, helpful financial books that target Baby Boomers and older folks are in shamefully short supply! For readers who want another indepth look at the financial issues that face older investors, I'd suggest another excellent book-the Retirement Bible. Like Schwab's book, the Retirement Bible provides advise on recommended portfolio withdrawal levels and devotes an entire chapter to discussing in what order money should be withdrawn during retirement. Unlike Schwab, Lynn O'Shaughnessy, the author of the Retirement Bible, suggests that Roth IRA money should ideally be touched last. I definitely agree with her opinion and many financial experts do too. What I also like about the book is that she demystifies a lot of estate planning issues, which books written by attorneys hopelessly fail at. You can't go wrong getting either of these books.
Rating: 4
Summary: For Baby Boomers: Should be titled You're 60, Now What?
Comment: This is a book that everyone should have in their personal development library. Is it a great read or does it have cutting-edge insights? Probably, no. But wisdom is wisdom and doing what's right with your money is more a matter of principle than fancy strategy. If your strategy is too far removed from this book, then you're probably taking on far more risk than you should. I think that a lot more should have been written about wills and trusts for estate planning. That's an area that would have only taken another 10 pages, but would have completed the works and is something that everyone over 50 with bucks needs to know well.
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Title: Charles Schwab's Guide to Financial Independence : Simple Solutions for Busy People by Charles Schwab ISBN: 0609802720 Publisher: Three Rivers Press Pub. Date: 29 December, 1998 List Price(USD): $12.00 |
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Title: It Pays to Talk: How to Have the Essential Conversations With Your Family About Money and Investing by CARRIE SCHWAB-POMERANTZ, CHARLES SCHWAB ISBN: 0609610287 Publisher: Crown Business Pub. Date: 24 December, 2002 List Price(USD): $24.95 |
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Title: J.K. Lasser's Strategic Investing After 50 by Julie Jason ISBN: 0471397792 Publisher: John Wiley & Sons Pub. Date: 29 June, 2001 List Price(USD): $16.95 |
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Title: You're Retired Now What? : Money Skills for a Comfortable Retirement by Ronald M. Yolles, Murray Yolles ISBN: 0471248363 Publisher: John Wiley & Sons Pub. Date: 28 August, 1998 List Price(USD): $19.95 |
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Title: The Late-Start Investor: The Better-Late-Than-Never Guide to Realizing Your Retirement Income by John F. Wasik ISBN: 0805055029 Publisher: Owl Books Pub. Date: January, 1999 List Price(USD): $14.95 |
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