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The Truth about Retirement Plans and IRAs: All the Strategies You Need to Build Savings, Select the Right Investments, and Receive the Retirement Income You Want
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Audible Audiobook
Listening Length: 7 hours and 27 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Brilliance Audio
Audible.com Release Date: May 7, 2014
Language: English, English
ASIN: B00K6PTPBE
Amazon Best Sellers Rank:
Is this a good book? The answer is that it depends. If you are a retirement savings novice, then this book is a good starting point. If you have read the commonly available information and done some of your own research, then this book will not add that much value.I am a big fan of "The Truth About Money", read it about 10 years ago and gained a lot of confidence in how to manage money. I don't have the same feelings for this book.A couple of specific issues:* Edelman is referring to increase in account value through Dollar Cost Averaging (DCA) in comparison with stock market performance without making it clear that a substantial amount of the value increase is from new investments. DCA sounds good in theory, but the most important lesson is that an investor should invest the money as soon as possible as the general direction of the stock market is up. In general it makes sense for salaried workers to make an investment for every pay check due to employer matching and the fact that this is when the money is available to be invested. I personally believe that DCA is hyped up.* Edelman is correctly saying that you should invest your money in the vehicle which generates the best return, which is the stock market. He then muddles the whole thing by talking about balancing and buying bonds. It is almost like someone tried to correct Edelman during the review process and that he caved in to pressure from the reviewers.* The section on spending the money in retirement is muddy and ends up with a "it depends" recommendation. Edelman should state that it is impossible to time the peak of any stock market and that investors should stay in stock as long as they can take the risk. If you have a healthy retirement account, then you can take a lot more risk than in you just have the money you need to scrape by. It looks like there is a more in-depth description in chapter 24.* There is another flaw in the sections about how to manage the money that is in the account. Edelman is writing as if old money is different from new money; nothing could be further from the truth. Money in a retirement account is fungible, there is no difference between new money or old money. I believe that this is a significant flaw which leads to confusion.* The section on Roth IRAs is weak, it fails to take into account the difference between marginal tax rate and average tax rate. It is very likely that the average tax rate at retirement will be lower than your marginal tax rate at the time the retirement contribution is made. Hence it makes sense for most people to not choose tha Roth option. There is however one exception; if you are early in your carreer and make a lot less money than you expect in retirement, then it makes sense to put the money into a Roth. As an example, if you can afford making retirement contributions while you are a student, then you are likely in the 0% tax bracket and can make retirement investments tax free.* The discussion section about moving funds from past employer 401(k) to an IRA forgets that there are some 401(k) plans that have good options and low fees. I believe that Edelman's advice is too black-and-white, IRAs are not always better. My recommendation is that each investor looks at the options available and the fees before making a move. The ETF sidebar is shallow, do you really think you should choose an ETF over a mutual fund just because it is cool and you people do it? Take a look at comparable mutual funds and ETF from Vanguard and you will see that they are very comparable.* In Chapter 22 Edelman again miss the important difference between marginal tax bracket and the effective tax rate. Your 401(k) is not worth 40% less if your marginal tax is 40%.Overall the book is a comprehensible collection of good advice, but it brings little new information to the table for people with knowledge. I recommend that the issues listed above are resolved in a re-print.
I love this book because it actually got me to understand retirement planning and get off my butt to do something about it. I'm a smart person but financial planning is very intimidating to me for some reason. This book is very easy to read and has good examples. There are some good general concepts and of course recommends getting a financial advisor for the details. He recommends his own company but doesn't make it sound like the end all be all.I think it is very much recommended reading for the young professional getting started in their career.
Very interesting book, I just started investing recently as I am a first year out of college. Reading this book really opened my eyes to how important investing in your future really is. I suggest reading this book if you need to learn about how to invest, however, I dont think this would be much help to someone who is already aware of what type of investments are available to him/her. In short, this is a book to learn about what you can do with your money, not how to invest it.
As a former teacher of 30 plus years I was always amazed at the total lack of knowledge that young adults had about money/finance.If Ric Edelman's methods were taught to high school age adults - they would be better prepared for life. Very easy reading - funny at times - a must read for people who seriously worry about their future retirement plans. All you need to read this book is common sense (it is laid out very methodically with no finance degree needed to understand)
I loved this book and actually ordered a second one for my daughter who is no where near retirement. In fact, she is a college sophomore. But the examples about the power of compound interest and such illustrate the point about starting to invest early. Ric's advice about not to invest into a nondeductible IRA is understood but I think an alternative would be to invest into a nondeductible IRA (if that is the only account you qualify for) and to cash out at the earliest possible time (without penalties), pay taxes on the gain (total amount minus cost basis) and move proceeds to a taxable amount.
I completely subscribe to Ric's Financial Management strategies. His books are concise, easy to read and give the average mom & pop the information they need to make good, long term financial decisions. If you have not read any of his books, I highly recommend starting with his book "The Truth About Money" - that is my financial planning Bible.
very informative every one should read this book...I wish I had read this 30 years ago
All on RIC Edelman books were good even if I do not agree with all of his method .
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