Download PDF , by Mike Piper
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, by Mike Piper
Download PDF , by Mike Piper
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Product details
File Size: 853 KB
Print Length: 122 pages
Publisher: Simple Subjects, LLC (June 29, 2018)
Publication Date: June 29, 2018
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B07F5JYG6J
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Amazon Best Sellers Rank:
#27,652 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
This is hands down the best overview of what it takes to truly retire that I've ever read. (And as a bona-fide personal finance junkie, CFA, and 15 year veteran of the financial services industry - I've read a lot of books on the subject). In less than 100 pages & in jargon free English, this gem of a book nails the key issues of: (1) How do you identify your "number" - that amount you must have saved to be able to safely nibble away on your nest egg in retirement with low odds of outliving your money AND (2) exactly how to draw down that nest egg - from asset allocation to what Michael smartly calls 'asset location' (what investments to put in which accounts & in what order to access funds from those accounts). If you are trying to get a handle on whether or not you can retire, this book is an absolute must read. Five stars!!
I heard about Mike Piper and his books on The Bogleheads online forum. I decided to buy this book and check him out.The author boils down retirement planning to about 100 pages compared to the 370 pages in The Bogleheads Guide to Retirement Planning and Jim Otar's 525 pages in Unveiling the Retirement Myth.By the title, I assumed all 100 pages would focus on the decision on whether or not to retire. Instead, 30 pages focus on this key decision...and the balance of 70 pages focus on the steps to take after you decided to retire. This is ok, but not what I expected from the title.My reading time was about 50 minutes, but I took notes as I went to be able to write this book review. If you subtract the note taking time, my reading time was about 40 minutes.Piper mentions that state guarantee associations exist to back up an insurance company that fails. The soundness of an insurance company is critical if they are paying you a lifetime SPIA. It is extremely difficult to find data about past insurance company failures and whether investors lost money or not on their SPIA's. As we all remember in the Sub-Prime Crash of 2008, AIG basically went bankrupt and Uncle Sam had to bail them out. William Bernstein has correctly pointed out that buying SPIA's may be too risky because of the chance of insurance company failures and inability of state guaranty associations to fill the gap.Piper correctly raises the major issue of conflict-of-interest if you choose to use a financial planner. His example of conflict-of-interest is financial planners not recommending SPIA's because it reduces the amount of assets under the AUM (assets under management) financial model........and therefore reduces the annual income to the financial planner. This can be remedied by negotiating an annual retainer fee which does not depend on the vagaries of a fluctuating stock market or SPIA usage. In the spirit of full-disclosure, I am co-author of Chapter 18...Seeking the Help of Professionals..... in The Bogleheads Guide to Retirement Planning.......and I think our chapter elaborates and does a much better job of explaining the conflict-of-interest issue.One thing I was not aware of until a couple of months ago, is that if you retire between age 55 and age 59.5, you might be better off leaving your money in your 401K versus rolling it over to an IRA. Tax law allows you to withdraw from the 401K without the 10% penalty if you are in this situation. Piper does mention this fact.One thing Piper mentions that I was not aware of.......was that if you own company stock in your 401K plan...you can withdraw it and pay long term capital gains taxes versus higher ordinary income tax rates. I have not heard of this loophole before. Of course, I would recommend being fully diversified and not investing much in your own company stock.......just ask Enron employees what can happen.Piper correctly points out that if you a financial advisor who uses the 1% AUM model (he charges you 1% of assets under management each year) your 4% safe withdrawal rate really becomes 3% because of the 1% AUM fee. Many advisors charge a fraction of 1% AUM, which means your SWR is higher than 3%.Piper repeats the basic financial guide to put dividend paying investments into retirement accounts (bonds, bond funds, TIPS, and REIT's) and stocks in taxable accounts.He also points out your available options if your investment income is not high enough to support you in retirement: Work longer, work part-time in retirement, reduce retirement living expenses, reduce current expenses and save more, annuitize using SPIA's which generate more than 4% (but leave nothing for your heirs), or try to get higher returns from your retirement portfolio.Given the low savings rate and portfolio size of most Baby Boomers, I suspect many of them will tap their equity in their home and use it for retirement living expenses via reverse mortgages. Piper does not mention reverse mortgages as an option.All-in-all, a good little book with practical advice. In our U.S. culture of short attention spans (e.g. 8 sec TV commercials).....maybe more people can learn the very basics of retirement planning versus having to read full length books.
This book did a nice job of covering a broad range of financial considerations before retiring. However, most times when the author started to dive into details, he referred the reader to one of his other book offerings. If instead he had presented some of these details within this book it would have been a five.
This is a great read for someone new to the retirement game. I'm in my mid-20s and have decided to get a head start on retirement planning, and this book's chock full of good information.My honest opinion: not nearly enough young people take the time to really learn about this asset of theirs: many just blindly throw money in to an retirement account at their place of business - or worse - some people don't start thinking about until it's two late, and most of these people are forced to work until the day they die.This book taught me a lot of basic things I needed to know, and it inspired me to manage my money today and put as much money in to my retirement account as I can. My full contribution, employer's match included, is now 20%. And I may raise that number in the future if I find a surplus in my budgeting.Understand, "100 pages or less" won't tell you absolutely everything. But it makes an excellent primer or introduction to the world of retirement planning.
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