Run an online search for books about "retirement planning" and you will be swamped with options. In fact, I just Googled "retirement planning books" and 2,560,00 results were found. So, how do you choose between those options (with only one lifetime to live)?
Answer: See what others in the know are recommending.
A recent article in The Washington Post, titled "Headache-free retirement planning," considered “The Charles Schwab Guide to Finances After Fifty: Answers to Your Most Important Money Questions” by Carrie Schwab-Pomerantz with Joanne Cuthbertson.
The book's authors say many people do not realize the impending reality of retirement until they are about age 45 or 50. If that sounds like you, then you are not alone.
The Federal Reserve reported that many are not ready for retirement. In fact, some 31% of non-retired respondents reported having no retirement savings or pension, including 19% of those ages 55 to 64.
While the authors point out that about half of respondents reported giving very little or no thought to retirement savings, those who have thought about it either do not have plans to retire, think they will keep working into retirement to pay the bills, or do not know how they are going to pay for their retirement.
While the book is geared towards the 50-plus crowd, there are pointers for all age groups. In fact, there is a list of top 10 financial recommendations for every age. The tips are simple, but bear repeating: track your spending, make a budget, and reduce your debt.
As a well-recommend introduction to retirement planning, this book will give you the foundation of knowledge you will need. Then, make arrangements to sit down with your financial advisor and estate planning attorney and decide on a strategy to put into action.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.
Reference: The Washington Post (September 5, 2014) "Headache-free retirement planning"