Do you want to make the most of the money you have saved for retirement, or would you like to maximize your benefits? There are many insightful books to shed light or provide alternative perspectives on all aspects of this next chapter in life.
Pension tip of the week. As you prepare for the new year and all the money resolutions that come with it, pick up a book that addresses the best ways to save, invest, and build a solid retirement.
There are library shelves filled with personal finance books, and some specifically focused on retirement. There are other aspects to consider in retirement or living, such as health care, where you live and finding purpose in the world.
While there are many great options, here are a few books to consider if you’re looking for a little more guidance or a new angle for your retirement.
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Savings and Investments for Retirement
“Cash withdrawal. Win the game of riches by walking away.” Julien and Kirsten Saunders
The Saunders paid off $200,000 in debt in five years, and they’ve since quit their corporate jobs and become icons in the personal finance industry. In their first book, they help Americans prioritize their goals at different career stages, discuss why you may not be ready for financial freedom (and why that’s okay), and share practical strategies for achieving your goals.
“Broke the Millennium” By Erin Lowry
This book isn’t entirely focused on retirement savings, but it does encourage young workers to put money aside for the future and offers suggestions on how to do so through investments and investment choices. Lowry also emphasizes why it’s so important for younger generations to start investing for retirement early, especially because of the power of compound interest.
Money Management in Retirement
“A guide to retirement planning. Navigating Critical Decisions for Retirement Success” by Wayde Pfau
Retirement income planning, which focuses on how to best use your assets and benefits during retirement, is just as important as planning for the decades ahead. Pfau, who has several books on retirement planning, has created this comprehensive guide to making important retirement decisions, both financial and non-financial.
Read: You don’t need retirement savings, you need retirement income
“How to make your money stable. The Indispensable Guide to Retirement” by Jane Bryant Quinn
Running out of money is a major concern for many Americans, and Quinn addresses that nightmare scenario in this book. The author helps readers understand the best ways to generate steady income from their savings and make a variety of decisions surrounding savings, investing, equity and beyond.
“New pension right. Plan your life and live your dreams…at any age you want,” by Mitch Anthony
In its fifth edition, this book explores the purpose of retirement and working with what you have in this chapter to enjoy your life. The author also includes worksheets for getting organized with money.
Want more practical tips for your retirement savings journey? Read MarketWatch “Pension Hacker” column
Early retirement and financial independence
“A simple path to wealth. Your Roadmap to Financial Independence and a Rich, Free Life” by J.L. by Collins
This book delves into financial independence by exploring debt, investing in the stock market, traditional vs. non-traditional financial advice, understanding all retirement savings account options, and why you need F-you Money. The message seems to resonate with readers. it has 4.5 out of 5 stars with over 8,600 reviews on Amazon.
“Work is optional. Retire Early on Not a Penny” by Tanya Hester
Hester has become an expert and speaker in the field of financial independence, and she did it by first accomplishing the feat herself. In this book, the author details how to create an early retirement plan by budgeting for future expenses you can’t anticipate, weathering tough economic times, and doing it all without cutting your expenses.
“Leave like a millionaire. No tricks, luck, or trust fund required” by Christy Shen and Bryce Leung
Shen retired at age 31 with a million dollars, and in this book, he shares how he did it using investment acumen. Rated 4.5 out of 5 stars on Amazon with nearly 1,800 reviews, the authors call this book “a no-bullshit guide to growing your wealth, retiring early, and living life on your own terms.”
“The keys to a successful retirement. Staying Happy, Active, and Productive in Your Retirement” by Fritz Gilbert
Retirement isn’t all about money, it’s about living a life you love. Gilbert is an expert on this, and in his book he shares different ways to plan for and build on your retirement lifestyle, as well as how to get there. This book is best for people five years into their retirement, he says in his description.
“How to retire abroad? Everything you need to know to live abroad well (for a few)” by Kathleen Peddicord
Many Americans dream of leaving the country to retire on a Caribbean beach or in a famous European city, but there are many important factors to consider before doing so. live within your budget. Peddicord and her husband have lived abroad for decades, and in her book she shares tips for finding housing and medical care, as well as understanding taxes and banking before packing.
“Get what is yours. Secrets to Maximizing Your Social Security by Laurence Kotlikoff, Philip Moeller, and Paul Solman
Claiming Social Security can feel overwhelming when you’re faced with all the options; Do you claim as soon as possible at age 62 or try to wait until age 70? How will your health, life expectancy and investment portfolio affect that decision? Where does your husband and his benefits fit in? In this book, the authors explain various strategies for dealing with this potentially stressful situation.
“Social insurance. simple and smartBy Tom Margenau
The author breaks down Social Security myths and misconceptions and offers 10 fact sheets about benefits, including disability benefits, pension benefits, child benefits, and what widows and widowers need to know.
Health and medical care
“Get what is yours. Maximize Your Coverage, Minimize Your Costs” by Philip Moller
Just like in his Social Security book, the author breaks down the often complicated world of Medicare and explains what to consider when deciding on your health insurance plan. He also talks about some of the finer points of the system, such as the appeals process for denied claims and what to do if you’re eligible for Medicare but still working.
“10 Costly Medicare Mistakes You Can’t Afford to Prepare by Daniel Roberts
Decisions about Medicare can be complicated. beneficiaries must go through multiple plans to secure coverage for the doctors of their choice and the prescriptions they need. Making the wrong decision or unknowingly missing a deadline can be quite costly in the long run. In this book, the author shares pitfalls and penalties to avoid and resources to help you make the best decision for your health.
Do you have questions about retirement, Social Security, where to live or affordability? Email [email protected] and we may use your question in a future story.