NOW COMPLETELY UPDATED to reflect the changes in tax legislation, health insurance, and the new investment realities. In this “highly valuable resource” (Publishers Weekly, starred review) Quinn “provides simple, straightforward” (The New York Times) solutions to the universal retirement dilemma—how to make your limited savings last for life—covering mortgages, social security, income investing, annuities, and more!
Will you run out of money in your older age? That’s the biggest worry for people newly retired or planning to retire. Fortunately, you don’t have to plan in the dark. Jane Bryant Quinn tells you how to squeeze a higher income from all your assets—including your social security account (get every dollar you’re entitled to), a pension (discover whether a lump sum or a lifetime monthly income will pay you more), your home equity (sell, rent, or take a reverse mortgage?), savings (how to use them safely to raise your monthly income), retirement accounts (invest the money for growth in ways that let you sleep at night), and—critically—how much of your savings you can afford to spend every year without running out. There are easy ways to figure all this out. Who knew?
Quinn also shows you how to evaluate your real risks. If you stick with super-safe investment choices, your money might not last and your lifestyle might erode. The same might be true if you rely on traditional income investments. Quinn rethinks the meaning of “income investing,” by combining reliable cash flow during the early years of your retirement with low-risk growth investments, to provide extra money for your later years. Odds are, you’ll live longer than you might imagine, meaning that your savings will stretch for many more years than you might have planned for. With the help of this book, you can turn those retirement funds into a “homemade” paycheck that will last for life.
Veteran financial writer Quinn (Making the Most of Your Money Now) delivers another winner with this guide. Quinn begins with a practical suggestion: "Retirement challenges us like nothing else... You need an action plan." And this book certainly provides the plan. Quinn includes a quick overview of the five stages of retirement, then tailors information for five distinct types of readers: married, remarried, single, widowed, and divorced. Throughout, Quinn's tone is as reassuring as her words, which remind readers to "talk, talk, talk," take a deep breath, and, occasionally, say an emphatic no. She guides readers through decisions about Social Security benefits, pensions, annuities, and nest egg withdrawal rates. The book also covers housing, health, and insurance considerations. Whether readers are determined to make investments on their own or want to delegate, Quinn includes specific and clear guidelines. The book's reassuring summary chapter, "Just Tell Me What to Do," is an invaluable reference for its brevity and helpful directions to relevant chapters and pages. Concluding on an upbeat note, Quinn describes retirement as a time when "we let go of who we were and discover who we've become." This book is certain to be a hugely valuable resource for readers, wherever they are on their personal financial timeline.