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Save Your Retirement: What to Do If You Haven't Saved Enough or If Your Investments Were Devastated by the Market Meltdown
Real Solutions for Saving Your Retirement… No Matter Where You Stand Right Now! Step-by-step plans you can use if you’re planning to retire in… 5 years 10 years 15 years over 20 years or tomorrow! “The market meltdown has all of us worrying about whether we will ever be able to retire. Worrying doesn’t help you. Planning does. Save Your Retirement by Frank Armstrong, III and Paul B. Brown can–and should–serve as your battle plan.” –John A. Byrne, Executive Editor, BusinessWeek “Convinced the sinking economy has dragged your retirement plans down with it? Save Your Retirement shows there’s still treasure inside that wreckage– and provides a map to help you find it.” –Josh Hyatt, Money Magazine “Whether you’re just beginning a career or you’re five years from retiring, the authors show you how to take a realistic look at your current financial status and your retirement goals. With a refreshingly positive approach, they give all of us, no matter our life stage, a blueprint for successful retirement.” –Professor Larry Meiller, Talk Show Host, Wisconsin Public Radio “Frank Armstrong, III and Paul B. Brown heal your retirement anxiety and show you exactly how to achieve financial security for the golden years. You’ll actually be excited to save!” –Farnoosh Torabi, Author of You’re So Live Rich Even When You’re Not Terrified about retirement? Stop losing sleep, and take action! This book gives you specific, step-by-step plans you can use to save your retirement. Forget “one-size-fits-all” solutions that don’t fit your life. Here are personal plans focused on your unique situation–whether you’re 5, 10, 15, or 20-plus years away from retirement or are scheduled to retire now. (There’s even a detailed plan for people who’ve already retired and want to make sure their money lasts!) No matter what the market meltdown did to your portfolio or how little you’ve saved, you can save your retirement–if you start now. Get this book, and get started! All the help you need to save your Part Let’s Take a Deep Breath and Get Our Bearings 1 Chapter 1: There’s Hope 3 Chapter 2: You Are Not Just About Everyone Is Unprepared to Retire the Way They Want 11 Chapter 3: Maybe You Don’t Want to Retire 23 Chapter 4: Before You Begin Your Rescue Things to Do to Make Sure You Don’t Make the Situation Worse 29 Part Working with the Scenario That Is Right for You 63 Chapter 5: R(etirement) Minus 20 (or More) 71 Chapter 6: R—15 79 Chapter 7: R—10 95 Chapter 8: R—5 107 Chapter 9: R=0 117 Chapter 10: R+ 123 Part (Dramatically) New Thinking 127 Chapter 11: Maybe You Want to Retire Later 129 Chapter 12: Don’t Touch Up the X-Rays 133 Chapter 13: Dealing with Risk 141 Chapter 14: Where Does Social Security Fit In? 151 Chapter 15: What to Do the Moment You Stop Reading 161 Chapter 16: Final Thoughts 167 Part Appendices 173 Appendix Where Does the Money Go? 175 Appendix Getting to What’s Next 183 Appendix Useful Links and Resources for Retirees 191 Appendix Suggested Asset Allocation Models 195 Index 199
- GenresFinanceNonfiction
224 pages, Paperback
First published May 6, 2009
3 people are currently reading
34 people want to read
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August 18, 2018
I know what you're thinking, "what is a 30-year-old doing reading a book on retirement? Isn't that something people in their 60's or later start thinking about?" Sure, I may not be the target audience for this book, but I am very interested in the subject, and you should be too!
Retirement is something that needs to be planned ahead of time, way ahead of time, decades ahead of time. Most research will tell you that planning for a retirement fund should start as early as possible, by early we are talking about your 20's or early 30’s if you want to invest and have the opportunity to actually see your money grow. But, sadly, most young people (along with older adults) have less than $1200 in their savings, and are burdened with large amounts of debt from student loans and credit card debts. If you feel this is a subject that hits home, then please read on, because this book is just for you.
I picked up this book from my local public library after realizing that I was struggling in my personal finances. I am not perfect, I have made alot of financial mistakes, as I am sure many have who are reading this. I recall perfectly seeing the book in the shelf of my library, with its bright red corner and white glowy text, as if to say “Pick me!!” and so I did, and took it home and placed it aside and watched a movie instead...as I usually do. It stayed by my night table for 3 nights before I even opened the first page. Then, one night, after watching the disastrous Jurassic World sequel, I felt like refreshing my mind and disconnecting from the garbage I had just sat through, and so, I picked up the book by the night stand and began to read. I read half of it in just one night, and finished the rest in the morning.
After finishing the book I had this feeling of disappointment in myself, perhaps because I had not read up on anything related to investing, saving or finances….ever! It was at this moment that I realized that more people needed to be better informed about how to save and how to plan ahead to avoid problems when it comes the time to actually retire. Now, granted, this book isn’t designed for young people, but it does have alot of information that can be applied right away.
There’s several rules and advices laid out in the book, one of the most simple and yet complicated for some individuals is to pay off al kinds of debt: car, credit, loans. All of it must be paid off as quickly as possible before even starting a savings plan. If you already have a savings account, as difficult as it may be, used it to pay off all credit card debt in full. Then, get rid off the cards, only use debit or cash. Credit should only be used if you can afford it or if you are smart in using it, and lets face it, most people aren’t very good or smart at using them. Rule of thumb, pay off all credit card debt in full by the end of the month. If you can’t afford it, don’t buy it. Once you have paid off all the debt, then you need to start paying the most important person...that is yourself. Start with a savings account, it should have at least 3-6 months worth of salary for any type of worst case scenario emergency. Maybe your car broke down, your roof got damaged after a hurricane and the insurance won’t cover all the damages, maybe you need to make an emergency trip to visit a sick family member, or you got laid off from work...all of these are drastic, but realistic scenarios you need to think about. This book states and explains how to start small and work your way up.
Savings account don’t have much interest accumulated, which means that they don’t move accordingly with the economic inflation. So, the book explains you have to create a low risk retirement fund. There’s several, the most common is a 401k, which some employers match and is widely used. The one I was most interested by was the IRA (individual retirement account) a low risk account, which you place money aside, which you can’t touch until you are 55 years old. Now, there’s a catch, you can either pay the taxes now for that money you are saving, or you can pay the taxes as you are retrieving. Personally, I think it’s best to pay the taxes first and not later. Also, you might be asking “How much should I retrieve?” Good question! The book estimates, that you need to save enough to be able to take out 4% of your retirement saving every year you are retired. Let's assume you retire at 65, and you live very modestly, and let’s assume you are going to live until your late 80’s...guess what? You are going to need alot of money. That’s why it’s adviced to start early, and plan ahead. I can keep going on and on but it is best if you actually read the book and start taking notes on how to invest, and how to create a safety egg nest now so you don’t have to worry at a later age. This was a very informative and educational book that I think everyone should read and be taught in schools. Highly recommended.
Retirement is something that needs to be planned ahead of time, way ahead of time, decades ahead of time. Most research will tell you that planning for a retirement fund should start as early as possible, by early we are talking about your 20's or early 30’s if you want to invest and have the opportunity to actually see your money grow. But, sadly, most young people (along with older adults) have less than $1200 in their savings, and are burdened with large amounts of debt from student loans and credit card debts. If you feel this is a subject that hits home, then please read on, because this book is just for you.
I picked up this book from my local public library after realizing that I was struggling in my personal finances. I am not perfect, I have made alot of financial mistakes, as I am sure many have who are reading this. I recall perfectly seeing the book in the shelf of my library, with its bright red corner and white glowy text, as if to say “Pick me!!” and so I did, and took it home and placed it aside and watched a movie instead...as I usually do. It stayed by my night table for 3 nights before I even opened the first page. Then, one night, after watching the disastrous Jurassic World sequel, I felt like refreshing my mind and disconnecting from the garbage I had just sat through, and so, I picked up the book by the night stand and began to read. I read half of it in just one night, and finished the rest in the morning.
After finishing the book I had this feeling of disappointment in myself, perhaps because I had not read up on anything related to investing, saving or finances….ever! It was at this moment that I realized that more people needed to be better informed about how to save and how to plan ahead to avoid problems when it comes the time to actually retire. Now, granted, this book isn’t designed for young people, but it does have alot of information that can be applied right away.
There’s several rules and advices laid out in the book, one of the most simple and yet complicated for some individuals is to pay off al kinds of debt: car, credit, loans. All of it must be paid off as quickly as possible before even starting a savings plan. If you already have a savings account, as difficult as it may be, used it to pay off all credit card debt in full. Then, get rid off the cards, only use debit or cash. Credit should only be used if you can afford it or if you are smart in using it, and lets face it, most people aren’t very good or smart at using them. Rule of thumb, pay off all credit card debt in full by the end of the month. If you can’t afford it, don’t buy it. Once you have paid off all the debt, then you need to start paying the most important person...that is yourself. Start with a savings account, it should have at least 3-6 months worth of salary for any type of worst case scenario emergency. Maybe your car broke down, your roof got damaged after a hurricane and the insurance won’t cover all the damages, maybe you need to make an emergency trip to visit a sick family member, or you got laid off from work...all of these are drastic, but realistic scenarios you need to think about. This book states and explains how to start small and work your way up.
Savings account don’t have much interest accumulated, which means that they don’t move accordingly with the economic inflation. So, the book explains you have to create a low risk retirement fund. There’s several, the most common is a 401k, which some employers match and is widely used. The one I was most interested by was the IRA (individual retirement account) a low risk account, which you place money aside, which you can’t touch until you are 55 years old. Now, there’s a catch, you can either pay the taxes now for that money you are saving, or you can pay the taxes as you are retrieving. Personally, I think it’s best to pay the taxes first and not later. Also, you might be asking “How much should I retrieve?” Good question! The book estimates, that you need to save enough to be able to take out 4% of your retirement saving every year you are retired. Let's assume you retire at 65, and you live very modestly, and let’s assume you are going to live until your late 80’s...guess what? You are going to need alot of money. That’s why it’s adviced to start early, and plan ahead. I can keep going on and on but it is best if you actually read the book and start taking notes on how to invest, and how to create a safety egg nest now so you don’t have to worry at a later age. This was a very informative and educational book that I think everyone should read and be taught in schools. Highly recommended.
just-have-it
June 27, 2015Real Solutions for Saving Your Retirement…
No Matter Where You Stand Right Now!
Step-by-step plans you can use if you’re planning to retire in…
5 years 10 years 15 years over 20 years or tomorrow!
“The market meltdown has all of us worrying about whether we will ever be able to retire. Worrying doesn’t help you. Planning does. Save Your Retirement by Frank Armstrong, III and Paul B. Brown can–and should–serve as your battle plan.”
–John A. Byrne, Executive Editor, BusinessWeek
“Convinced the sinking economy has dragged your retirement plans down with it? Save Your Retirement shows there’s still treasure inside that wreckage– and provides a map to help you find it.”
–Josh Hyatt, Money Magazine
“Whether you’re just beginning a career or you’re five years from retiring, the authors show you how to take a realistic look at your current financial status and your retirement goals. With a refreshingly positive approach, they give all of us, no matter our life stage, a blueprint for successful retirement.”
–Professor Larry Meiller, Talk Show Host, Wisconsin Public Radio
“Frank Armstrong, III and Paul B. Brown heal your retirement anxiety and show you exactly how to achieve financial security for the golden years. You’ll actually be excited to save!”
–Farnoosh Torabi, Author of You’re So Money: Live Rich Even When You’re Not
Terrified about retirement? Stop losing sleep, and take action! This book gives you specific, step-by-step plans you can use to save your retirement. Forget “one-size-fits-all” solutions that don’t fit your life. Here are personal plans focused on your unique situation–whether you’re 5, 10, 15, or 20-plus years away from retirement or are scheduled to retire now. (There’s even a detailed plan for people who’ve already retired and want to make sure their money lasts!) No matter what the market meltdown did to your portfolio or how little you’ve saved, you can save your retirement–if you start now. Get this book, and get started!
All the help you need to save your retirement:
Where to move your savings
How to recalculate what you’ll really need to retire
How to assess when you can now afford to retire
How to change your approach to investing
How to use the federal tax system to save more
What to expect from Social Security now
Part I: Let’s Take a Deep Breath and Get Our Bearings 1
Chapter 1: There’s Hope 3
Chapter 2: You Are Not Alone: Just About Everyone Is Unprepared to Retire the Way They Want 11
Chapter 3: Maybe You Don’t Want to Retire 23
Chapter 4: Before You Begin Your Rescue Efforts: Things to Do to Make Sure You Don’t Make the Situation Worse 29
Part II: Working with the Scenario That Is Right for You 63
Chapter 5: R(etirement) Minus 20 (or More) 71
Chapter 6: R—15 79
Chapter 7: R—10 95
Chapter 8: R—5 107
Chapter 9: R=0 117
Chapter 10: R+ 123
Part III: (Dramatically) New Thinking 127
Chapter 11: Maybe You Want to Retire Later 129
Chapter 12: Don’t Touch Up the X-Rays 133
Chapter 13: Dealing with Risk 141
Chapter 14: Where Does Social Security Fit In? 151
Chapter 15: What to Do the Moment You Stop Reading 161
Chapter 16: Final Thoughts 167
Part IV: Appendices 173
Appendix A: Where Does the Money Go? 175
Appendix B: Getting to What’s Next 183
Appendix C: Useful Links and Resources for Retirees 191
Appendix D: Suggested Asset Allocation Models 195
Index 199
**
May 16, 2010
Frank Armstrong, III and Paul Brown, Authors
Save Your Retirement
Financial Times Press, ISBN 978-0-13-702900-6
Non-Fiction-retirement, self-help, financial planning
207 pages
November 2009 Review for Bookpleasures
Reviewer-Michelle Kaye Malsbury, BSBM, MM
Review
Mr. Armstrong III, co-author of Save Your Retirement, founded Investors Solutions and is a Certified Financial Planner and featured columnist for www.Morningstar.com . He has appeared on numerous television shows and radio stations across America. For the past thirty five years he has managed assets in excess of four hundred million dollars. His is a former Air Force pilot and Vietnam veteran. This is his third book. (The Informed Investor, Investment Strategies for the 21st Century) He lives Coconut Grove, FL.
Mr. Brown has co-authored two other books (Grow Rich Slowly, Customers for Life) and a regular contributor to BusinessWeek, Inc., The New York Times, and Forbes and contributing editor for MIT’s Sloan Management Review and the Conference Board Review. He began the web site www.ThirdAge.com to target investors and their concerns for the over the age of 40 group. Paul Brown hosted a nationally syndicated daily radio show on the Business Radio Network for over three years. He now resides in Duxbury, MA and Anna Maria Island, FL..
No doubt the long histories these men have in the financial services industry has helped to shape this book, Save Your Retirement. A sage quote from the beginning of this book is (2009, p.3) “…when it comes to investing one size does not fit all.” The authors have offered up several web sites for people to learn more about how to plan for their retirements as well as some keen advice in that vein beginning with what they call R-15, or fifteen years prior to when you believe you want to retire, R-10, R-5, and R-0. They also say that people should not be misled by savvy advertisers who hope to change your perceptions/reality. (p.12)
Statistically they say that over 30% of the population has not planned, or inadequately planned, for their retirements. (2009, p.14) Interestingly enough they also suggest that the age group between 55 and 64 start up businesses at a higher rate than any other age segment. (p.25) Armstrong and Brown caution against credit card debt because of the high interest paid out for running balances. (pgs.31-2) As a matter of fact, they say to liquidate your saving in order to pay off debt. (p.35)
The authors speak about IRA’s, CD’s, 401k’s, and annuities. (2009, pgs.36-41, and 48-51) They outline the differences between these types of savings instruments as they relate to your retirement and the best/worst case scenario for each. Armstrong and Brown touch on wills, living trusts, and other estate planning documents that can help families to transfer assets before or after death. (pgs.43-44)
There is information about having an emergency cash stash, stocks and bonds. (2009, p.44, and 59-61) Armstrong and Brown speak about Medicare and Social Security and about selection of when to get into them and how best to have those programs work for you. (pgs.65-70) A common theme throughout this book is “The younger you are, the more time is your ally.” (p.87) Meaning that the earlier you begin to plan for your retirement the better off you should be.
This book offers up a little something for nearly everyone. There are helpful hints for how and where to invest and what things to steer away from. I would seriously recommend this book for anyone nearing 40 and over.
Save Your Retirement
Financial Times Press, ISBN 978-0-13-702900-6
Non-Fiction-retirement, self-help, financial planning
207 pages
November 2009 Review for Bookpleasures
Reviewer-Michelle Kaye Malsbury, BSBM, MM
Review
Mr. Armstrong III, co-author of Save Your Retirement, founded Investors Solutions and is a Certified Financial Planner and featured columnist for www.Morningstar.com . He has appeared on numerous television shows and radio stations across America. For the past thirty five years he has managed assets in excess of four hundred million dollars. His is a former Air Force pilot and Vietnam veteran. This is his third book. (The Informed Investor, Investment Strategies for the 21st Century) He lives Coconut Grove, FL.
Mr. Brown has co-authored two other books (Grow Rich Slowly, Customers for Life) and a regular contributor to BusinessWeek, Inc., The New York Times, and Forbes and contributing editor for MIT’s Sloan Management Review and the Conference Board Review. He began the web site www.ThirdAge.com to target investors and their concerns for the over the age of 40 group. Paul Brown hosted a nationally syndicated daily radio show on the Business Radio Network for over three years. He now resides in Duxbury, MA and Anna Maria Island, FL..
No doubt the long histories these men have in the financial services industry has helped to shape this book, Save Your Retirement. A sage quote from the beginning of this book is (2009, p.3) “…when it comes to investing one size does not fit all.” The authors have offered up several web sites for people to learn more about how to plan for their retirements as well as some keen advice in that vein beginning with what they call R-15, or fifteen years prior to when you believe you want to retire, R-10, R-5, and R-0. They also say that people should not be misled by savvy advertisers who hope to change your perceptions/reality. (p.12)
Statistically they say that over 30% of the population has not planned, or inadequately planned, for their retirements. (2009, p.14) Interestingly enough they also suggest that the age group between 55 and 64 start up businesses at a higher rate than any other age segment. (p.25) Armstrong and Brown caution against credit card debt because of the high interest paid out for running balances. (pgs.31-2) As a matter of fact, they say to liquidate your saving in order to pay off debt. (p.35)
The authors speak about IRA’s, CD’s, 401k’s, and annuities. (2009, pgs.36-41, and 48-51) They outline the differences between these types of savings instruments as they relate to your retirement and the best/worst case scenario for each. Armstrong and Brown touch on wills, living trusts, and other estate planning documents that can help families to transfer assets before or after death. (pgs.43-44)
There is information about having an emergency cash stash, stocks and bonds. (2009, p.44, and 59-61) Armstrong and Brown speak about Medicare and Social Security and about selection of when to get into them and how best to have those programs work for you. (pgs.65-70) A common theme throughout this book is “The younger you are, the more time is your ally.” (p.87) Meaning that the earlier you begin to plan for your retirement the better off you should be.
This book offers up a little something for nearly everyone. There are helpful hints for how and where to invest and what things to steer away from. I would seriously recommend this book for anyone nearing 40 and over.
February 27, 2010
Whenever I see a book written (or co-written) by Paul B. Brown I know it is a book worth reading. Paul has a way to take any subject matter and make it fun and informative. This book is no exception. The book is full of useful information and words of wisdom that you can apply to your retirement planning. I really like that he (sorry they) added information on Social Security and how it was created. Every one of us has a vested interest in what happens to Social Security, so the more information the better. I also like the fact that they give sources for more information and example portfolios. Other items that will prove to be useful are the mention of many non-financial things to think about as you near retirement. Such as where to live and what to do once you leave your job…and they even talk about if you should leave your job!
I found the book to be just what it said, “Great advice on how to Save Your Retirement!”
I found the book to be just what it said, “Great advice on how to Save Your Retirement!”
July 7, 2013
Even though I'm R-22 or more till retirement it is a fear of not having enough to retire. I guess I'm in the camp of preparing as if SSA will not be there. If it is I can live extremely well or like normal if it is not! I do hope I can increase my savings and secure my future. This makes me feel a lot better!
Displaying 1 - 5 of 5 reviews