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The Truth About Retirement Plans and IRAs
From the #1 independent financial advisor in America, ranked three times by Barron’s : a guide to making the most of your retirement plans and assuring long-term financial security.
Everyone knows that saving for your retirement is important. Yet only half of all eligible Americans contribute to a retirement plan. That’s because all plans—including the 401(k), 403(b), 457, and even the IRA—are complicated, confusing, and costly. New York Times bestselling author and acclaimed financial advisor Ric Edelman has counseled thousands of savers and retirees and has accumulated his advice in this book.
Edelman has created a step-by-step guide. With illuminating prose and simple explanations, he shares everything you need to know as a plan how to contribute even when you think you can’t afford to, how to make wise choices among your investment options, and how to convert your 401(k) into income so you can provide yourself with the lifestyle you want in retirement. Along the way, he debunks the myths and clears up the confusion.
Everyone knows that saving for your retirement is important. Yet only half of all eligible Americans contribute to a retirement plan. That’s because all plans—including the 401(k), 403(b), 457, and even the IRA—are complicated, confusing, and costly. New York Times bestselling author and acclaimed financial advisor Ric Edelman has counseled thousands of savers and retirees and has accumulated his advice in this book.
Edelman has created a step-by-step guide. With illuminating prose and simple explanations, he shares everything you need to know as a plan how to contribute even when you think you can’t afford to, how to make wise choices among your investment options, and how to convert your 401(k) into income so you can provide yourself with the lifestyle you want in retirement. Along the way, he debunks the myths and clears up the confusion.
352 pages, Paperback
First published April 15, 2014
70 people are currently reading
526 people want to read
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Displaying 1 - 30 of 39 reviews
June 20, 2019
Quick read. Great info. Worth your time. Will update review with more substance when I have the book in front of me!
March 31, 2023
Well done. It is educational and entertaining, at least for a book about retirement accounts!
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November 23, 20244.5 stars
Super easy to read and super informative. I like how he assumed the reader knew nothing. I skipped most of Part 3, but that's because it's not really relevant to me now (nor for the next 40 years) and I had other books I was eager to start. I would highly recommend this to people of any age. The biggest takeaway for me, as a teenager, was that it's never reeeally to late to start saving for retirement, but even one year and even one dollar makes a WORLD of a difference. Everyone really needs to start saving years ago.
Super easy to read and super informative. I like how he assumed the reader knew nothing. I skipped most of Part 3, but that's because it's not really relevant to me now (nor for the next 40 years) and I had other books I was eager to start. I would highly recommend this to people of any age. The biggest takeaway for me, as a teenager, was that it's never reeeally to late to start saving for retirement, but even one year and even one dollar makes a WORLD of a difference. Everyone really needs to start saving years ago.
June 8, 2024
I am currently working on a pretty good pension but I am also looking at supplementing that retirement to combat inflation in case I live another 30-40 years post retirement. This book really gave me a lot of good information on preparing myself for the future. I would highly recommend it for beginners.
July 10, 2018
The book was well written and presented. Overall a bit basic but full of relevant and useful information. Could be updated in some areas but the general premise remains intact. I may look into some of the authors other books.
October 24, 2018
A lot of really good information. I'm rethinking a few of my plans. Wish I'd read this before my visit with the financial planner. Great book for those just starting out. Good book for those on the path to retirement.
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November 6, 2021This was basically pretty good information, but as it was from 2014, some of the assumptions relating to taxes are no longer applicable. Still, a useful book to read on preparing for retirement so long as one also reads more recent books.
June 16, 2017
Not a bad book. I did not agree with him on everything that he said, but nevertheless I did feel like I added value to my time reading it.
July 15, 2017
All of Edelman's personal finance advise books are excellent. You'll enjoy this one if you're a beginner or need subject matter refresher.
January 7, 2018
Very informative, a quick read that provides very clear and easily digestible chunks of information to readers of every financial level.
February 3, 2018
This is very detailed and very enlightening . I enjoyed it twice.
November 3, 2018
Of of the better financial planning books I have read.
December 30, 2018
Clear and to the point. Required reading by everyone who want to retire.
September 22, 2019
Just ok, for beginners.
January 1, 2020
Some good information.
April 21, 2024
Solid book for fundamentals of retirement planning for those new to the topic or needing a reintroduction to the basics. I would recommend for those at the beginning, middle or end of the process.
May 10, 2014
First, I should disclose that I won this copy of the "Truth about Retirement Plans and IRAs" in a Goodreads First Reads giveaway.
Ric Edelman (or Rice Delman as he is sometimes referred to by his radio audience)is an investment adviser, author, radio and TV personality. The Truth about Retirement Plans and IRAs is his latest book and is focused entirely on investing for retirement. The book is organized into three Parts with a question and answer section at the back followed by a glossary of investment terms.
Part one consists of a brief history of retirement plans and why it's important to participate in them. It's pretty standard investment adviser stuff and runs 43 pages. Part two is titled "Fundamental Concepts You Must Understand Before You Invest" and covers five concepts. It runs approximately 35 pages. Some investors may want to skip these first two sections as they are pretty basic, but they are entertainingly written.
Part three is the bulk of the book and addresses the "Best Way" to invest and handle various situations regarding retirement funds. This section runs 180 pages, is broken up into 14 chapters and provides practical, easy-to-follow recommendations. The chapters range from how to invest your 401k, to income generation during retirement, to IRA RMD rules, to inheriting and transferring IRAs at death. One of the problems with providing investment advice in a book format, is that everyone's individual situations vary and one-size-fits-all advice usually doesn't fit all. The book does recommend that the readers talk with an investment adviser about a number of the situations discussed as well as consulting a tax adviser for situations involving taxes.
The book is a good overview and introduction to investing for retirement, but it's not a substitute for investment planning. New investors will likely find the most value from reading the book. Long time and sophisticated investors probably won't find anything in this book that they don't already know. It is a light read and relatively entertaining considering the subject matter, however, one part of the book's layout that I found annoying was the use of sidebars that extended down more than one page. There were numerous sidebars that required the reader to read the sidebar text on several pages and then turn back to a previous page to read the text in the main body of the pages.
Ric Edelman (or Rice Delman as he is sometimes referred to by his radio audience)is an investment adviser, author, radio and TV personality. The Truth about Retirement Plans and IRAs is his latest book and is focused entirely on investing for retirement. The book is organized into three Parts with a question and answer section at the back followed by a glossary of investment terms.
Part one consists of a brief history of retirement plans and why it's important to participate in them. It's pretty standard investment adviser stuff and runs 43 pages. Part two is titled "Fundamental Concepts You Must Understand Before You Invest" and covers five concepts. It runs approximately 35 pages. Some investors may want to skip these first two sections as they are pretty basic, but they are entertainingly written.
Part three is the bulk of the book and addresses the "Best Way" to invest and handle various situations regarding retirement funds. This section runs 180 pages, is broken up into 14 chapters and provides practical, easy-to-follow recommendations. The chapters range from how to invest your 401k, to income generation during retirement, to IRA RMD rules, to inheriting and transferring IRAs at death. One of the problems with providing investment advice in a book format, is that everyone's individual situations vary and one-size-fits-all advice usually doesn't fit all. The book does recommend that the readers talk with an investment adviser about a number of the situations discussed as well as consulting a tax adviser for situations involving taxes.
The book is a good overview and introduction to investing for retirement, but it's not a substitute for investment planning. New investors will likely find the most value from reading the book. Long time and sophisticated investors probably won't find anything in this book that they don't already know. It is a light read and relatively entertaining considering the subject matter, however, one part of the book's layout that I found annoying was the use of sidebars that extended down more than one page. There were numerous sidebars that required the reader to read the sidebar text on several pages and then turn back to a previous page to read the text in the main body of the pages.
May 24, 2014
Ric Edelman has a real knack of explaining highly complex financial issues in an understandable, occasionally entertaining way. "The Truth About Retirement Plans and IRAs" is exactly what the title suggests. It explains the ins and outs of pensions, 401(k)s and IRAs from their inceptions to withdrawals for retirement, giving many suggestions along the way for the reader to maximize returns.
This book seems to be geared towards the reader with an above-average income who works for a large company/organization with complex retirement plans. Not being this kind of reader, I could have skipped through much of the book. It was very readable, however, so I didn't balk at the sections that didn't apply to my situation. I found it interesting and educational, nonetheless.
The major take-aways I got from this book:
1) It is vital to understand your employer's retirement package. If you go with the default plan your employer provides, you risk the chance of losing potential growth. Understand what is available, so you can tweak your plan for your personal situation.
2) Ignore the media and political hype when it comes to long-term investing. Stick with you plan and keep your emotions out of it.
3) Retirement basics: Save as much as you can. Dollar cost average. Keep your investments diverse and balanced to meet your individual needs.
4) Don't borrow from your retirement plan. Seriously, don't.
5) As important as it is to understand your employer's plan for investing for retirement, it might be even more important to understand how to withdraw it when it is time to retire. There are many helpful recommendations for readers nearing retirement age.
Surprisingly little is mentioned about Social Security, mortgages/real estate and insurance. While Roth IRAs were certainly covered, I wish there had been more about them, as they could be helpful for readers in the lower tax brackets.
This is not an all-encompassing book on personal finance. Instead, it gives the reader an in-depth education about financial instruments for retirement. If you intend on retiring someday, you will certainly glean something helpful from this book.
This book seems to be geared towards the reader with an above-average income who works for a large company/organization with complex retirement plans. Not being this kind of reader, I could have skipped through much of the book. It was very readable, however, so I didn't balk at the sections that didn't apply to my situation. I found it interesting and educational, nonetheless.
The major take-aways I got from this book:
1) It is vital to understand your employer's retirement package. If you go with the default plan your employer provides, you risk the chance of losing potential growth. Understand what is available, so you can tweak your plan for your personal situation.
2) Ignore the media and political hype when it comes to long-term investing. Stick with you plan and keep your emotions out of it.
3) Retirement basics: Save as much as you can. Dollar cost average. Keep your investments diverse and balanced to meet your individual needs.
4) Don't borrow from your retirement plan. Seriously, don't.
5) As important as it is to understand your employer's plan for investing for retirement, it might be even more important to understand how to withdraw it when it is time to retire. There are many helpful recommendations for readers nearing retirement age.
Surprisingly little is mentioned about Social Security, mortgages/real estate and insurance. While Roth IRAs were certainly covered, I wish there had been more about them, as they could be helpful for readers in the lower tax brackets.
This is not an all-encompassing book on personal finance. Instead, it gives the reader an in-depth education about financial instruments for retirement. If you intend on retiring someday, you will certainly glean something helpful from this book.
May 15, 2014
This was a GoodReads giveaway win. And I feel like a real winner for having it.
I really liked this informative text book for using and exploiting retirement plans. But just as described in Chapter 10, on page 58, I suffer from "confirmation bias". I like this work, because it confirms many of my personal thoughts regarding how I can fund my retirement. This is a very useful work that everyone should own, read, understand, and practice.
I did have a few issues with the book. There are a couple of references to Edelman's investment firm. I can't say it is a problem, it's only a brief advertisement, but it is an advertisement.
And the second to the last topic in the radio talk show Q&A was totally incomplete. The answer should have included the NUA option. It can be significant. Well, it was part of a radio talk show, so I could understand the oversight, but once placed into this book, the answer should have been properly expanded, or the question should have not included. There was discussion of the NUA in Chapter 13, p 94-95.
But on the positive side, Edelman does make comment upon not delaying SS (due to a present value analysis?) and it may be better to take it at age 62. And he has a nice comparison of traditional and ROTH vehicles.
I will be breaking out my highlighters and post-it flags while i re-read this book.
Have a GoodReads (and a secure retirement)!
I really liked this informative text book for using and exploiting retirement plans. But just as described in Chapter 10, on page 58, I suffer from "confirmation bias". I like this work, because it confirms many of my personal thoughts regarding how I can fund my retirement. This is a very useful work that everyone should own, read, understand, and practice.
I did have a few issues with the book. There are a couple of references to Edelman's investment firm. I can't say it is a problem, it's only a brief advertisement, but it is an advertisement.
And the second to the last topic in the radio talk show Q&A was totally incomplete. The answer should have included the NUA option. It can be significant. Well, it was part of a radio talk show, so I could understand the oversight, but once placed into this book, the answer should have been properly expanded, or the question should have not included. There was discussion of the NUA in Chapter 13, p 94-95.
But on the positive side, Edelman does make comment upon not delaying SS (due to a present value analysis?) and it may be better to take it at age 62. And he has a nice comparison of traditional and ROTH vehicles.
I will be breaking out my highlighters and post-it flags while i re-read this book.
Have a GoodReads (and a secure retirement)!
August 22, 2017
If your not saving for retirement please start. This book is a good basic reference guide. Ric Edelman helps you understand 401k's, IRA's and similar accounts. Its a very easy read. If your a senior approaching 70 half and haven't started taking money out of your 401k or IRA the chapter on RMD is a must read. The only criticism I have is that occasionally he make a sales pitch for his financial company which I think could be handled differently.
September 29, 2014
I won this book for free from the Goodreads book giveaway contest. I liked it because it was full of really good information regarding investing and was written in a way that anyone could understand. I especially appreciated the question and answer section. As always though, I would recommend anyone looking to research any kind of investment/retirement strategies to use multiple sources and contact a financial advisor because the investment world is quite crazy!
June 23, 2016
While much of the material in this book is also covered in Edelman's "The Truth About Money", this edition nicely targets important aspects one should consider as part of a long term strategy to ensure a successful retirement. This edition gives a little greater depth to some aspects related to the trade0ffs between various deferred accounts which is useful. Again, his isn't the only view, but the book offers some useful, common-sense advice for developing a retirement savings strategy.
July 19, 2016
I received The Truth About Retirement Plans and IRAs as a Goodreads giveaway. In the past, I have read other books by Ric Edelman. He consistently explains investing concepts so anybody can understand them. I took my time reading the book because there were so many interesting investments to help me with rebalancing my own retirement account. I am currently watching some exchange-traded funds which Mr. Edelman wrote about. I look forward to reading more of Ric Edelman's books!
February 1, 2015
Yesterday I read this book all in one sitting. Edelman's books are always very clear, informative, and entertaining... In terms of my past, the news is not so bad. I certainly made a few mistakes Ric calls out, e.g. borrowing from my TSP for a down payment on a house. I really really wish both my stepkids would read this!
August 7, 2014
I received this ARC copy from a Goodreads Giveaway. I was very impressed with the speed in which it arrived. The book is a very good reference book regarding retirement savings. It is easy to read and understand. I will keep it as a reference for many years.
June 22, 2015
I like his attitude, a bit sarcastic and cheeky. This book really should leave off ira's from the title as the only reference is to how you should roll over your old 4o1k into one. All in all its a pretty good reference for 4O1Ks. Will need to pick up a copy for future reference.
September 16, 2015
Help me, help you
"Help me, help you," I said to future myself. This book is a wonderful guide that gives real perspective on how to use tax efficient tools already available for all of us to capture wealth and income in retirement.
"Help me, help you," I said to future myself. This book is a wonderful guide that gives real perspective on how to use tax efficient tools already available for all of us to capture wealth and income in retirement.
January 2, 2016
Another great financial education tool from Ric Edelman. This one focuses exclusively on financially preparing for retirement. Why you need to, what to do early in your career, near retirement, and throughout retirement.
June 27, 2014
FIRST READS GIVE-A-WAY
This is a very good book to have for reference. It is very helpful in understanding about IRA, Retirement Plans/Pensions.
This is a very good book to have for reference. It is very helpful in understanding about IRA, Retirement Plans/Pensions.
January 4, 2024
This is a very well written and informative book. I highly recommend everyone, young and old read this book.
Displaying 1 - 30 of 39 reviews