Money for Life: Turn Your IRA and 401(k) Into a Lifetime Retirement Paycheck

This book gives a clear, unbiased list of different ways of converting retirement assets into a "retirement paycheck", with the pros and cons of each. Quite clear and readable. I

This is the most practical, sensible, useful, detailed book I've read on how to provide secure income for your retirement years -- for the rest of your life. I've read a ton of books on financial planning, retirement planning, etc and most are glorified "investment advice", not real planning. I had already figured out bits and pieces of the puzzle, but this book brings it all together and allows you to create your own PLAN -- a true financial plan --for your retirement years (or, if you use a financial planner, the book gives you a framework for asking the right questions, and understanding how a real plan should work). The author goes way, way beyond rules of thumb like the 4% rule, while still providing an easy-to-understand, easy-to-read handbook. Highly, highly recommended (I bought additional copies for other family members and friends, I thought it was so good!)

I've been searching for years for a book that tells me exactly what I needed to know and this book and Dana Anspach's book " Control your retirement destiny" both compliment each other, and have given me ALL the information I need to NOW attempt retirement with confidence and assurance! I've read both twice and have highlighted the daylights out of both of them, and what has impressed me most is they are very understandable, neither have information that has caused me to question any of the content!In the past I have "given" up money to the accounts where the sales person came out with their guaranteed return, but I was left wanting....this book confirmed my suspicions, and clearly showed me my options, whether I decide to take the reins, or bring in some type of fee for service institution. the ball got rolling for me last fall watching a "frontline" episode dealing with the 401k fiasco, and they interviewed John Bogle, founder of Vanguard Funds. Check out online "Frontline and also search "bogleheads", a free website for anyone looking for free, straight shooting answers you WILL have regarding your future retirement, or just how to day to day manage your future life! This IS my go to book, and So far, I have 3 other near retirement individuals at work purchasing books and discussing them! I may need to start holding meetings the info is so critical and time sensitive..........!

... if you're looking for a source that runs the numbers for you, you're on your own (or with a financial advisor). He does not do the full-on math for you to show how the concept plays out for you.That being said, the author writes clearly and concisely. He does the best job I've seen explaining the concepts (and pros/cons) of five common ways to generate a retirement check. It does get a little repetitive, but by the end, you feel much more comfortable with the concepts.Superb starter book and one I would urge all to read *before* you go select or meet with a fee-only financial planner. He also gives brief, but clear explanations of other retirement issues and what information you need to gather and in what order to help determine what your plan will be.(This is the *one* book I gave to my wife so she and I were on common ground in discussing the distribution phase of our lives.)

To be honest I read the previews and the reviews and was sort of looking for a book that would confirm I've been doing the right thing for the past so many years. This book definitely made me feel as if I've made some good choices but it also really helped me decide what I should do about diversifying retirement income sources, getting a better idea of how long I really need to plan for, making sure my spouse is taken care of if I'm gone, and lastly about providing an income but having something left for the offspring. The book addresses using your 401K/IRA as both a primary source and as a supplamental source of income. The role of annuities, gains, and dividends on both your income and on your tax liability. It also made me realize I need to read further on Social Security, 62 is too young for me and Full Retirement is too long to wait. Somewhere in between would work better for me. Not going to get all your answers from Money for Life, but you will get some answers and some idea of what else you need to study.

Read this book and the suggested reads by Wade Pfau also. I would also recommend Zvi Bodie's "Risk Less and Prosper," especially page 133, but also his takes on stock market risk. I am retired and my investments are: Immediate Fixed Annuities with a withdrawal rate of 6.7% vs. 4% recommended as systematic withdrawals. The balance is in, primarily, TIPs (Treasury Inflation Protected Securities), CDs with laddered maturities (and FDIC insurance), and a short term bond fund for liquidity needs. The annuities will insure lifetime income, no matter how long I live, and the TIPS the inflation protection and money for future withdrawals if and as needed. The CDs are for MRDs for 5 years out at a time. Simple for me and I don't care what the market does - I sleep well! That alone is worth an untold amount of money. I don't need the stress of gambling with the last third of my life. I just want to enjoy it, and I am. I hope you do, too!

Everyone seems to have advice on how to save money for retirement. This is the first book I have seen that finally talks about turning that savings into a money stream at the time of retirement. I would give it 5 stars if it were just a little more creative. It explains how the option of an immediate annuity provides the most cash and the most security and not much help for inflation. What it does not suggest is that you put the difference, in income stream between an immediate annuity and other forms of cash production in savings every month to periodically buy another annuity. This should cover inflation, give you the same return as other forms, and give you the security. If it had said this, I would have given it 5 stars.

This book could save you loosing tens-of-percent of your wealth in retirement. What better return can you get for the purchase price involved?There's lots of information and it does require work but, given what's at stake, it's hard to recommend highly enough.

Really good advice here to ensure an enjoyable rather than disastrous retirement. So few of us take the time necessary to plan financially for what might be one third of our lives.