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The Truth About Retirement Plans and IRAs Paperback – April 8, 2014


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Product Details

  • Paperback: 352 pages
  • Publisher: Simon & Schuster (April 8, 2014)
  • Language: English
  • ISBN-10: 1476739854
  • ISBN-13: 978-1476739854
  • Product Dimensions: 6 x 0.9 x 9 inches
  • Shipping Weight: 12.6 ounces (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (125 customer reviews)
  • Amazon Best Sellers Rank: #5,386 in Books (See Top 100 in Books)

Editorial Reviews

Review

“Earns high marks for clarity, simplicity, and its focus on educating and encouraging readers to be the masters of their retirement fates. What is commonly viewed as daunting subject matter is rendered much more accessible and digestible with the aid of a sage and talented writer. This book deserves the wide following it is sure to receive.” (Estate Planning)

About the Author

Ric Edelman, a New York Times bestselling author, has been providing financial advice to the public for more than twenty-five years and is a well-known, successful financial advisor. His television series, The Truth About Money with Ric Edelman, airs on Public Television stations across the country and his syndicated radio program can be heard from coast to coast. Ric’s bestselling books include The Truth About Money; Ordinary People, Extraordinary Wealth; and The New Rules of Money. His firm, Edelman Financial Services LLC, serves individuals and families across America. Visit Ric online at RicEdelman.com.

Customer Reviews

I ordered additional books for my daughters. and will pass my copy to my coworkers.
Prenston Gale
Ric Edelman's books are ALL excellent and, best of all, understandable for the novice in financial planning.
Janet E. Wetmore
Ric Edelman writes with an easy humor that makes the book easy to read and understand.
Rick Aguirre

Most Helpful Customer Reviews

36 of 42 people found the following review helpful By D. Wu on July 5, 2014
Format: Paperback
Ric Edelman is sly, self-conceited, opinionated, and self-promoting. This book is a good overview about retirement accounts, and the discussion about RMDs is pretty good. But he is wrong and inconsistent in many ways. He says you should put all your contributions into stock funds, but then he tells you to select a diversified portfolio appropriate to your needs and risk tolerance for the money already in your retirement account. If you have followed his advice about 100% stock allocation for all contribution, then the money in your account would be 100% stocks. And if you are to move some of the money already in your account into bonds, then why the trouble of buying stocks for new contribution, then once the money is in, sell some stocks and buy bonds? This only creates excess trading activities that may be frowned upon by many 401k administrators.

Ric is also wrong in his advice for federal employees to transfer their TSPs into IRAs once they have left their employment. He cites the paucity of investment options as the basis for his recommendation. But even though the TSP has only five funds, it covers US large and small caps and international EAFE stocks, as well as all bonds and a unique G fund of government bonds that can never lose money and historically has kept up with inflation. The only viable investment option that TSP lacks is emerging market stocks, which arguably may be too risky and high cost for most investors. TSP charges only 0.029% expense ratio, which is significant lower than any other mutual fund or ETF. For the amount of diversification and low fees, the TSP is unbeatable. Investors with TSPs will do themselves a huge disservice by following Ric's advice.

Lastly, he frequently promotes his services throughout the book and often omits important details on the excuse that it is beyond the scope of the book or, his most common response, "it depends", and points the reader to call his firm instead.
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7 of 7 people found the following review helpful By Allen Brodsky on June 29, 2014
Format: Paperback Verified Purchase
This book covers all major aspects of investing for retirement and supporting yourself during retirement from those investments. It is easy reading and completely intimidation-free. Ric Edelman writes the way he talks. I think most readers will enjoy the book and find it helpful, as I did. A major strength of the book, along with its writing style, is the clear reasoning he uses to explain his recommendations, and the thoroughness of his explanations. The only criticism I would make is that occasionally he makes an overt sales pitch for his financial planning company, something I think should be kept to the blurbs in the back of the book.
This is a very helpful, understandable guide to financial planning for retirement, useful to those just starting to save as well as those in retirement.
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53 of 70 people found the following review helpful By Judah Levi VINE VOICE on April 11, 2014
Format: Paperback
As a Certified Financial Planner (CFP), I am impressed with Ric's success in the business, but not generally with his advice. All individuals have unique financial planning goals which cannot be completely addressed by any book. It is not honest to say that only Ric has the "truth" about any financial topic - but people title things to sell books.

Ric has some very strong opinions about personal finances, but it is mistake to equate strong opinions with correct opinions. As we all know in the business, we don't know it all. No one does. I have more financial credentials than Ric (although not the honorary doctorate given to him by his college for a substantial gift) but I still don't know everything about personal finance.

He does have an entertaining way of writing which is easy to read. There is some good information about retirement planning, but also some strong opinions about the right thing for everyone to do. This is the problem. Any true Certified Financial Planner will tell you that there is not a right way for everyone. That is left to shock jocks, not planners.

Enjoy the book if you choose to buy it, but don't believe that it has all of your retirement answers. It doesn't.
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25 of 33 people found the following review helpful By Roger W. Simak on April 11, 2014
Format: Paperback
As a client of Edelman Financial Services I received a copy of this book as soon as it was published. I looked forward to reading it with great anticipation, because Ric Edelman has always been my favorite author on personal finance. In spite of my high expectations, I was blown away by how comprehensive, sensible, and easy-to-read this book is. (Not that his others aren't, but this one is special.)

What's impressive is that no matter where you may be on the retirement planning life cycle, this book provides a straightforward guide to the things you should be doing right now to achieve financial security in your retirement. The advice is understandable and practical. And even if you're not capable of implementing all of it on your own, it shouldn't be hard to find a reputable financial adviser who can do it for you.

The book is very logically organized, and it could actually be used as a reference (i.e., reading the parts that are most relevant to your circumstances). But I wouldn't advise doing that. In order to fully appreciate the soundness of advice, you owe it to yourself to read the entire book.

Bottom LIne: If you're serious about your retirement (and who shouldn't be?) you're doing yourself a disservice if your don't get this book.
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6 of 7 people found the following review helpful By Roy D. Wolford on April 17, 2014
Format: Paperback Verified Purchase
Excellent coverage about how to build wealth for a person's later years. Easy to read with clearly explained personal finance concepts.
Should be required reading for every high school senior and of course their parents.
Bottom Line Message: The sooner you start and the more you save (invest), the wealthier you will become.
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The Truth About Retirement Plans and IRAs
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