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The Savage Number: How Much Money Do You Need to Retire Paperback – January 25, 2007

ISBN-13: 978-0470067741 ISBN-10: 0470067748

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Product Details

  • Paperback: 272 pages
  • Publisher: Wiley (February 9, 2007)
  • Language: English
  • ISBN-10: 0470067748
  • ISBN-13: 978-0470067741
  • Product Dimensions: 6 x 0.7 x 9.1 inches
  • Shipping Weight: 10.4 ounces (View shipping rates and policies)
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (22 customer reviews)
  • Amazon Best Sellers Rank: #2,609,948 in Books (See Top 100 in Books)

Editorial Reviews

From the Inside Flap

What's your "Savage Number"? How much money do you need to retire? What will your retirement lifestyle look like? And how can you make sure you won't run out of money before you run out of time? Those are questions that demand an individual response. After all, your retirement dreams and lifestyle demands are very much a personal issue.

But there are specific and individual answers. Nationally known personal finance expert, Terry Savage, shows you how to find the answers—whether you've saved a bundle over your lifetime, or haven't started saving at all. Now is the time to face the future. It may take some changes in your current lifestyle—or adjustments in your expectations—but in the end, it will all be worth it.

The Savage Number provides the hands-on techniques to plan a successful, satisfying retirement. Terry takes you beyond "guesstimates," average returns, sales pitches, and wishful thinking. Instead, she introduces you to the world of Monte Carlo modeling—the statistical science of modeling multiple alternatives to come up with a range of highly probable results.

That process, now becoming widely available, will help you identify your "Savage Number"—how much money you need to retire. The same process guides you through the critical decisions about how to invest your retirement money—and how much you can withdraw to live on—so your money lasts your entire lifetime!

  • Build your retirement savings and invest them wisely as you move from accumulating assets to using them to support your retirement lifestyle
  • Find ongoing specific guidance for appropriate diversification in stocks, bonds, mutual funds, annuities, REITs, ETFs, commodities, and options
  • Control your finances using online bill payment, money management programs, and portfolio tracking
  • Find individual financial advice you can trust to help you plan your retirement finances
  • Generate more income from your assets—without adding the risk of losing money you can't replace
  • Protect your retirement plan from potential financial disaster by choosing long-term care insurance
  • Set up an estate plan that makes sense for you and your heirs—in case you have money left over!

Retirement planning is a careful balance between the risks of continuing to grow your money and drawing down living expenses at a rate that won't deplete your assets during your lifetime. Filled with in-depth insights and practical advice, The Savage Number takes the guesswork out of retirement planning, so you can overcome those obstacles and comfortably enjoy the rest of your life. --This text refers to an out of print or unavailable edition of this title.

From the Back Cover

PRAISE FOR THE SAVAGE NUMBER

"At last there is one source, one comprehensive source for retirement savings and all of its implications. Terry Savage has done it again, put it all in plain English, for the millions of people who need to know what awaits them, financially, in their golden years. I get thousands of questions each week about this topic. Now I have the answers, from someone I would trust with my financial life. Great job Terry!"
—James J. Cramer, markets commentator, TheStreet.com and CNBC, and author of Jim Cramer's Real Money: Sane Investing in an Insane World

"Chock-full of great information designed to help you plan your personal financial future."
—Bob Brinker, Editor and Publisher, Marketimer Investment Letter

"It is astonishing how little most of us plan ahead for retirement. Terry has done it all for us in this book."
—Jim Rogers, author of Adventure Capitalist and Hot Commodities

"Terry Savage takes the worry lines out of aging with this easy-to-use guide to planning for retirement."
—Diane C. Swonk, Senior Managing Director and Chief Economist, Mesirow Financial

"Terry Savage is a respected financial journalist and, as the first woman member of the Chicago Board Options Exchange (CBOE), knows the markets firsthand. In The Savage Number, she uses that expertise to demonstrate how a variety of investment vehicles can be used to increase retirement income, including an insightful look at how investors can write covered calls on stocks they already own. Overall, The Savage Number is a pragmatic approach to retirement planning filled with sound investment advice from a seasoned pro—I highly recommend it."
—William J. Brodsky, Chairman and CEO, Chicago Board Options Exchange

"The Savage Number greets you with cold realities and then shows you the path down the yellow brick road. It is a comprehensive and compelling guide to taking control of your financial future, from early saving and outliving your money Monte Carlo risk assessment to retiree health savings and long-term care. The bottom line: you can plan and choose to save, or you can work forever."
—Dallas L. Salisbury, President and CEO, Employee Benefit Research Institute


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Customer Reviews

4.8 out of 5 stars
5 star
86%
4 star
9%
3 star
5%
2 star
0%
1 star
0%
See all 22 customer reviews
For starters, Savage like Suzie Orman is a true expert.
We're Going Places!!
Terry Savage's book offers some very real, insightful and practical advice to planning for the future.
A. Miranda
It is easy to read, factual and provides good information.
M. Anderson

Most Helpful Customer Reviews

18 of 19 people found the following review helpful By S. Cheyney on July 28, 2005
Format: Hardcover
I've been an avid reader of Terry Savage's column in the Chicago Sun Times for years, so when I saw her book I thought "Let's see what she has for me now." Just as I had hoped, her book provides the same great advice as her columns, and with the same easy to understand language for people like me who need help when it comes to organizing a solid retirement strategy.

Here's a tip when reading... There are several good websites that she recommends, so have a pen and paper handy, mark your pages to go back to later, or simply read close to your computer to check out all of the great resources in the book.
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9 of 9 people found the following review helpful By Speedy Sharondale on July 28, 2005
Format: Hardcover
When it comes to retirement planning this is the book that answers all of your questions. It really gives a great guide on how you can successfully plan for your retirement. It's great to have a book that really can tell you honestly how to plan/manage your money so that you can truly acheive your ideal retirement lifestyle.
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15 of 18 people found the following review helpful By Rolf Dobelli HALL OF FAMETOP 1000 REVIEWER on May 8, 2006
Format: Hardcover
Book publishers know a good thing when they see it. That explains why there is yet another book on Baby Boomer retirement planning. But, fear not, "Savage" isn't the description of a fierce retirement savings program that will bite you in the wallet; it's the name of the author: Terry Savage, a personal finance newspaper columnist. In this case, she seems to have linked many of her columns together to form a basic book for novice investors who are planning for retirement. While much of the content may seem very familiar to anyone who reads mainstream financial publications, having it in book form is convenient. We recommend Savage's nuts-and-bolts information to people who are just entering the workforce, novice investors, financial planners and human resource people concerned about issues affecting retirees. It is also a handy quick reference for questions about Medicare, reverse mortgages, long-term health insurance or estate planning. If you are on the verge of retirement, it's a good refresher, although you needed to know most of this some time ago.
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Format: Hardcover
The Savage Number is a clear and concise reference for my financial decisions; Terry Savage really lays out the numbers. With so many financial advisers' books on the market, I chose "The Savage Number" because she referenced many resources other than herself. Specifically, the "Beyond the Basics" chapter made me consider my future thoroughly.
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6 of 6 people found the following review helpful By Michael Ornellas on July 27, 2005
Format: Hardcover
Even though I am not yet old enough for much of the advice given in this book, it helped me begin planning for my future. I purchased this book because I was completely lost when my coworkers talked about retirement but after reading this I now feel like I have a much stronger grasp on how to effectively save.
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7 of 8 people found the following review helpful By H. Nyman on July 27, 2005
Format: Hardcover
At a time when the majority of the employed are very aware of the limited funds available through Social Security or savings accounts, Savage offers a timely and important overview of options accessible to individuals in all phases of life.
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4 of 4 people found the following review helpful By K. Romo on July 27, 2005
Format: Hardcover
The Savage Number is the perfect guide for those concerned about planning for their retirement. It is straightforward, thorough, and serves as a great reminder that it is never too late to start planning. The investment advice and time/money saving tips are especially useful.
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4 of 4 people found the following review helpful By K. Lane on July 27, 2005
Format: Hardcover
While many financial advisors promote investment advice, Terry provided legitimate and applicable withdrawl advice. Savage's concise review of how to move our important savings, from 401Ks to traditional accounts, was eye opening.
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