Customer Reviews

A Million Is Not Enough: How to Retire with the Money You'll Need

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4 star:		(3)
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2 star:		(1)
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This book spends a lot of time helping you explore things like your current budget, how you can save more, and how much you will need in retirement. I'm sure there are some people who need this basic information, but you may be better off with the on-line retirement calculators and there are certainly better books available. My biggest concern is that he rocommends portfolios that are extremely focused on actively managed U.S. Large Cap Growth stock mutual funds, but does little to justify this approach. Choose a different book (like Bogleheads Guide to Investing)and invest in a diversified asset class portfolio of index funds and ETF's.

Michael Farr's book, A Million is Not Enough, covers retirement planning like a warm blanket on a cold night. It gives you a good sense of security, letting you know exactly where you stand and what you need to do to be successful in the end game. Fear not. The book doesn't drag you through overly detailed explanations of what specific investment techniques exist, though it highlights them. Instead the book provides valuable succinct answers to the really important questions of the why and how of retirement planning.

I think everyone knows that a million dollars is not what it used to be. And Farr starts off by hammering this point home. What you need in retirement is relative to your current lifestyle, and the lifestyle you hope to lead without working. Ten million dollars might not be enough retirement savings for some folks.

Three major sections guide you through Farr's retirement planning and execution processes.

1) Helps readers understand his view of the mission: Save successfully for retirement. Here Farr asks you to decide what you want out of life.

2) Talks to investing wisely, balancing risk and reward, but only after helping you assess where you stand relative to your goals. There's even a monthly budget worksheet to gain insight into current spending, from which future spending can be predicted. The last section addresses building and maintaining a healthy investment portfolio.

The paperback version is under 300 pages, with enough figures and tables to keep your interest. I especially liked his example retirees and how their portfolios were allocated. Are you a Neo-Boomer, a Core Boomer or a Tail-end Boomer? I would have liked to see more references and a detailed index to make the book more complete. But the added benefit of the entertaining introduction by P.J. O'Rourke makes up for these small shortcomings.

NOTE: A leading financial analyst and strategist, Farr currently guest hosts on CNBC's Squawk Box. His commentary can be heard on the Associated Press Radio and National Public Radio, and he is quoted regularly in the Wall Street Journal and Forbes, and PBS's The Nightly Business Report.

Armchair Interview says: If you're looking for information on retirement planning, Farr's has done a great job of presenting it for everyone to understand.

Thank you Mr Farr! Finally a book on financial planning which gets right to the heart of mistakes we make, how to avoid them, and all the little things that add up to success in retirement savings. This one is easy to read yet cleverly written. I used it as a way to critique my retirement saving strategy to date and so far have found ways to save at least $350.00 a month, increase my projected age 65 nest egg by $200,000, and free up money from current unneccesary expenses for an extra family trip this year. I passed it on to my secretary and she hasn't stopped talking about it-she just became a grandmother and finds it very helpful in directing the family finances. It's a fresh approach, full of wit and wisdom, and well worth the investment.
James Williams, MD

This book is full of great ideas on saving and investing. Beyond the ideas, though, Mr. Farr incorporates detailed and useful worksheets which allowed me to figure out exactly where I stand. With the economy the way it is, there is no better time to use this book to get your financial house in order.

Michael Farr has written a great book for retirement investment while making none of the usual assumptions about the financial situation of the reader. His advice and outlook is geared to anyone interested in securing their finances with a solid base and whether you start at 20 or 65 or you have or have not already made your first million he encourages you with the idea that it's not too late(or early)to start. If you analyze your own money routine using the charts and schedules in the book you do see where you can take yourself financially by paying attention and using available resources. He even offers his own email address in case you aren't quite sure of the appropriate direction. It's an appealing method he offers to capture your own financial interest. Using humor and examples from his own life as well as clients he uses budget and cash situations familiar to the reader. This presentation allows the reader to identify and understand the point he's making. I would recommend it just on the merit of it not making you scared of investing. The discussions are serious but clear and the usual glazing over of the brain when reading financial material did not occur. I hope you enjoy the book.

The authors seek to build wealth through a series of
iterative plans at various juncture points in life.
The trend is to increase new industries, growth in
productivity and global business enterprises.

The 1950s home bought at circa $10T is now worth $230T
or more. Tuition has grown from circa $100 to $7T or more.
The authors ask that we drive our cars longer and seek
cheaper college tuitions. Money from gifts and
inheritance should be saved- not spent.

Samples of core stock holdings are:
o Medtronic
o Wal-Mart
o Dell
o Sysco
o Stryker Corp.
o Oracle

Sample mutual funds are:
o Torray Fund
o Janus Twenty

Investors should decide on risk tolerance, as well
as the overall mix of investments between stocks,
mutual funds, bonds etc. This is a worthy
investment for people of all ages .

An excellent guide for young and middle aged people looking ahead to retirement and the problems that come with ageing. Even if you don't follow it to the letter the information is timeless and so important.

I am in my late '50s and I thought this book was instrumental in helping you prioritize the different elements of financial planning. It was simple and effective in outlining steps one needs to take as you get closer to retirement. Of course, the stage you're in life determines how aggressive you should be. But overall, I found it very informative.

Reading Mr. Farr's book has helped me understand the steps I need to prepare for my retirement. Using clear syntax and giving a cogent framework has made me feel that I, myself, have the power to control how I save money to fulfill my goals for my golden years, and that I can simultaneously provide for my children's college tuitions. Thanks, Mr. Farr for helping me feel better.

A. Danford
Noank, Conn.