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Summary: Very good reference
Review: A lot of great information on a variety of information. I usually order 20-30 financial books off Amazon a year, this is one of the best. She seems to have a bias against the majority of the investment profession. While a lot of that is well deserved, she neglects to point out that a good financial advisor is worth his/her weight in gold.
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Summary: An informative book for all ages, not just retirees.
Review: Finally a book for me! While the Retirement Bible is written for all ages, I appreciate the speciic advice for retirees like myself. I particularly liked the chapter that's devoted to investing strategies for those already in retirement. Usually the books I've seen at the store assume that you've got 25 or 30 years to save. I wish! The book has also motivated me to revise my estate plans. The chapter on inherited IRAs made me worry that I may inadvertantly shortchange my kids if I don't get my act together.
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Summary: Fabulous book!
Review: I bought this book after hearing Lynn O'Shaughnessy speak up in the Bay Area and I'm very glad I did. I've been able to find the answers to all sorts of questions I had about retirement, including what I should do with my 401(k) when I leave my company shortly. I was pleasantly surprised to find chapters in the back of the book on estate planning, trusts and philanthropic giving. I've been putting off finding a lawyer to draw up an estate plan, but thanks to the book I now know how to locate a truly qualified attorney in my area. I predict this book will become a classic.
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Summary: This book is a winner!
Review: I just love this book. Other books on retirement just seem so shallow. This one is truly comprehensive, and it is written in a way that I understand! The part that sold me was in the acknowledgements, when the author jokes that this book is big enough to be a lethal weapon. The Retirement Bible is the perfect resource for anybody who dreams about retiring someday, which should cover just about everybody. And Lynn O'Shaughnessy certainly has a way with words.
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Summary: O'Shaughnessy Bibles are Must-Haves
Review: I may have erred in my previous commentary about exchange traded funds. They may, in fact, be "open-ended" funds, meaning that they trade at the net asset value at any instant in time during a trading day, rather than at at a premium or discount as closed end funds do. If I have erred, MEA CULPA! Since I have no proof that my original comment is valid, I've upped my rating on this "bible" to 5 stars.
Rating:
Summary: Re-Review of my original rating of this book
Review: I may have erred in my previous commentary about exchange traded funds. They may, in fact, be "open-ended" funds, meaning that they trade at the net asset value at any instant in time during a trading day, rather than at at a premium or discount as closed end funds do. If I have erred, MEA CULPA! Since I have no proof that my original comment is valid, I've upped my rating on this "bible" to 5 stars.
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Summary: Lives Up to the High Standards of Its Namesake
Review: Introduction. Aiming to be a one-stop source for all things retirement related, the Retirement Bible largely succeeds in accomplishing its goal. Presenting sound and authoritative advice in a well-organized package, the book is appropriate for anyone at any age who is interested in planning for that important yet often neglected milestone in life: retirement.Traditional retirement plans. The book begins by covering the media-ignored pair consisting of Social Security and pension plans. Despite the chapter title of "Gambling on Social Security," the author takes an overall optimistic perspective on the matter, arguing that the system will still be around a century from now due to political forces. That being said, the recommendation is wisely made that the rising generation's "best strategy is to plan for less." On the subject of pensions, the author chastises the media for rarely mentioning the topic, even though almost half of private-sector workers still have them. Finding expert advice. The book next presents--in rather excruciating detail--a full three chapters on locating and using financial experts of various kinds. While the information is essentially useful, I felt the subject could have been covered in a single, pithy chapter. However, the author presented a well-formulated case for taking advantage of the experts. For most services, the author's apparent bias is toward the CFP designation, and fee-only planners are recommended. Common retirement vehicles. With a solid foundation to build upon, the retirement vehicles themselves are introduced, starting with 401(k)s. I particularly enjoyed the section titled "The Six Worst 401(k) Mistakes." It presented in no uncertain terms the landmines that can explode in one's face when dealing with this common retirement plan. Additionally, a great review was provided of the standards that a high quality 401(k) should meet. When it came to IRAs, I felt the author assumed too much foreknowledge on the part of her readers. She talked a great deal about IRAs but never quite said what they are. Likewise, the explanation of IRA rollovers was given too early and was confusing. I also found the separate chapter solely devoted to inherited IRAs to be unnecessary, overly specialized, and ultimately fruitless. Stocks and mutual funds. The Retirement Bible beautifully explains stock picking and its related jargon. It is mildly conservative and declares that market timing is a waste of time. In short, the advice is to "Buy and Hold and Hold and Hold." In one of the author's shining moments, she gives the best explanation I have ever read of how economic factors like interest rates and inflation affect the stock market. She further acknowledges that individual stock investing is not for everyone; nevertheless, thoughtful advice is provided on creating a balanced portfolio this way. As one thus might guess, the author raves about mutual funds. In particular, she expounds upon the virtues of index funds many times throughout the book. Mutual funds and other investments with high expense ratios are her greatest enemy, it seems, and on their heels are unnecessary taxes. Bonds. This area has always confused me, and the Retirement Bible was perfect on this point. It began at the ground level, stating that "a bond is an IOU." The book pointed out that guessing interest rate movements is essentially pointless and recommended laddering bonds. Rather than being content to leave bonds as the only fixed-income investment to choose from, the author also wisely discussed alternatives. Withdrawal tactics. In a smart move, the author sets up realistic expectations for her readers in saying that many assumptions must be made in planning for cashing in one's retirement funds. Unfortunately, to mitigate the uncertainty of retirement planning she goes overboard in repeatedly extolling the virtues of Monte Carlo simulations at least three times throughout the book. General comments. As alluded to above, the author's overall approach to investing is to be risk averse without being overly constrained. "Trying to outsmart the market is futile," she proclaims. While the subject is certainly debatable, I for one concur with her feelings. Likewise, I agree with the constant touting of index funds as the major core of a person's portfolio; I will follow this advice. Despite the reality that the author does "take sides" in certain instances, one of the Retirement Bible's strongest points is its simple and unbiased approach. In fact, the constant barrage of "Advantages of..." and "Disadvantages of..." sections almost becomes a cliché as one nears the book's end. As also mentioned earlier, the author sometimes assumes too much foreknowledge of her readers. In the chapter called "A Primer on Trusts," for example, the fundamental definition of the term trust is never provided. Additionally, some terminology is simply used in a confusing manner. The terms bond and fixed-income investment are frequently used as synonyms even after the author has just finished explaining how utilities, convertible securities, preferred stock, and REITs are types of fixed-income investments. Another interesting quirk I noticed about the book is a slight but noticeable bias toward recommending certain companies over and over. Specifically, these were Vanguard, Fidelity, and T. Rowe Price. While the ostensible reason for this practice is that these institutions are low-cost leaders in their field, I still found myself getting the feeling at times that other companies out there had to be offering some useful services, as well. Finally, the most major suggestion I would make to the author is to include a chapter that "ties things together," so to speak. At times, one feels as if stocks, funds, bonds, IRAs, 401(k)s, and the like are being discussed within a vacuum. I would have greatly enjoyed a chapter that brought the concepts together in a more meaningful manner than what is already provided. Conclusion. Though not a perfect book, the Retirement Bible for the most part lives up to its name. It covers a wide range of subjects while presenting simple, easy-to-follow advice that likely fits well with the risk profile of the average investor. It is, therefore, a fitting bible for retirement planning.
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Summary: Hallelujah!
Review: Like a lot of people, I hate spending time managing my money. Lately it's been too painful even to think about. But I'm glad a fellow teacher at my grade school told me about the Retirement Bible. It's the first book I've seen that actually explains how to make the best choices in a 403(b)plan - the retirement plan for teachers and non-profit employees. I learned that my investment choices were mediocre and that I was paying way too much money for them. I'm in the process of switching my money to Vanguard, one of the ideas from the book. I'm also lending the book to my parents because it has a lot in it about investing strategies even during retirement.
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Summary: O'Shaughnessy Bibles are Must-Haves
Review: Lynn O'Shaughnessy has written two books, 'The Investing Bible' and 'The Retirement Bible,' that complement each other and provide the reader with all of the vital information necessary for making sound financial decisions. The books are written with such clarity and consistency that I have discarded five others on similar subjects because they could not compare with these. I've given copies of both books to my daughter who has joined a surgery practice and needs to become more financially astute. I hope the author will update these two superb texts periodically.
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Summary: This book's a winner!
Review: LYNN O'SHAUGHNESSY is a terrific wirter who has written a book that combines remarkable readability with comprehensive coverage of financial aspects of retirement. As in her prior book THE UNOFFICIAL GUIDE TO INVESTING and her most recent book THE INVESTING BIBLE, she puts her journalist's skills to good use having thoroughly researched this subject and written for a spectrum of readers ranging from those first approaching the subject to those already quite sophisticated. While lots of others have written about calculating how much you need to have (or to save) for retiremeent and about stocks, bonds, and mutual funds, she covers these beautifully but also covers oft neglected topics: finding the right financial experts, investing and spending strategies during retirement, a nice introduction to estate planning and trusts, managing the family dynamics of inheritance, and the role of charitable giving in retirement income and estate planning. She has also included a thorough and well researched "resource guide" listing by topics the best of names, addresses, phone numbers, and website addresses for further help and study. Just how good is this book? Good enough that we've given it as a present to good friends who also hope to one day retire comfortably.
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