Your Complete Retirement Planning Road Map by Ed Slott: 9780307493569 | PenguinRandomHouse.com: Books (2024)

FAQs

Is there a book called retirement for dummies? ›

Retirement Planning For Dummies is a one-stop resource to get up to speed on the critical steps needed to ensure you spend your golden years living in the lap of luxury—or at least in the comfort of your own home. readers while they plan the largest financial obligation of their life.

A retirement planner is a financial planner who specializes in helping people to prepare a retirement plan and live out their final years financially secure.

In some cases, it can decline for months or even years. As a result, some retirees like to use a 3 percent rule instead to reduce their risk further. A 3 percent withdrawal rate works better with larger portfolios. For instance, using the above numbers, a 3 percent rule would mean withdrawing just $22,500 per year.

The 4% rule says people should withdraw 4% of their retirement funds in the first year after retiring and take that dollar amount, adjusted for inflation, every year after. The rule seeks to establish a steady and safe income stream that will meet a retiree's current and future financial needs.

According to the $1,000 per month rule, retirees can receive $1,000 per month if they withdraw 5% annually for every $240,000 they have set aside. For example, if you aim to take out $2,000 per month, you'll need to set aside $480,000. For $3,000 per month, you would need to save $720,000, and so on.

The ideal monthly retirement income for a couple differs for everyone. It depends on your personal preferences, past accomplishments, and retirement plans. Some valuable perspective can be found in the 2022 US Census Bureau's median income for couples 65 and over: $76,490 annually or about $6,374 monthly.

Some common retirement mistakes are not creating a financial plan and not contributing to your 401(k) or another retirement plan.

Planning for retirement involves a series of well-defined steps that aim to maintain financial stability and offer greater peace of mind in later years. Your first step will be to set clear retirement goals. This can help you assess your current financial situation, including savings and investments.

What is the first step to retirement? ›

Officially, you'll start the retirement process with your employer, letting them know when you plan to stop working. Depending on your employer and your tenure, you may need to write an official letter of resignation, document your contacts, processes, and files, and maybe even train a replacement.

334 books — This list was created and voted on by Goodreads members. A series of self-help books.

Enter the “10X rule” for retirement savings, a popular benchmark that simplifies the daunting task of retirement planning into a more tangible goal. This rule suggests that aiming to save at least 10 times your annual income by the time you reach retirement age is a prudent path to ensuring a comfortable retirement.

A SIMPLE IRA plan (Savings Incentive Match PLan for Employees) allows employees and employers to contribute to traditional IRAs set up for employees. It is ideally suited as a start-up retirement savings plan for small employers not currently sponsoring a retirement plan. Choose a SIMPLE IRA Plan.