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Control Your Retirement Destiny: Achieving Financial Security Before The Big Transition Paperback – August 27, 2016
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About the Author
In 2008, Dana Anspach began writing for About.com as their MoneyOver55 Expert. This content has now evolved into TheBalance.com where she writes as their expert on Retirement Decisions. She also contributes to MarketWatch as one of their RetireMentors.
Anspach has been practicing as a financial planner since 1995. In 2011 she founded Sensible Money, a registered investment advisory firm with a specialty in the area of retirement income planning.
Dana is a Certified Financial Planner, Retirement Management Analyst, a Kolbe Certified Consultant, and a member of NAPFA (National Association of Personal Financial Advisors), FPA (Financial Planning Association), and RIIA (Retirement Income Industry Association).
As an expert in her field, she has spoken for numerous organizations, associations, and conferences on the topic of retirement planning and interacts regularly with readers and clients on these topics.
Anspach believes the retirement income planning process is not static; it is alive with choices and variables. To make the best decisions, consumers need a way to understand the interactions of the choices they make and the corresponding impact on their future. To trust the information they see, they need an independent voice that provides information free of the influence of politics, financial products, or media articles that are advertising in disguise.As her clients can tell you, Dana Anspach is that independent voice.
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Top Customer Reviews
This book is wonderfully thorough. It includes helpful discussions of retirement budgeting, retirement tax planning, Social Security claiming strategies, retirement portfolio management, and more.
The chapter on tax planning alone is worth the price of admission. When discussing Roth conversions as well as the topic of which accounts to spend from first in retirement (i.e., Roth IRA, traditional IRA, or taxable brokerage accounts), Anspach explains many of the more subtle interactions that most investors (and many professional planners) miss. The potential for tax savings here is quite significant.
I think the book should be required reading for:
a) Financial planners, or
b) Anybody who wants to plan their own retirement and handle their own finances throughout retirement.
This book is a perfect place to start a journey toward retirement or to finally get a grasp on your finances during retirement. Dana's writing style is personal, folksy and easy to read and understand but underneath useful real world examples and common sense you'll find solid research, up to date regulations and well documented references.
For anyone who is retired, about to retire or even those of us who advise retirees - this is a "must read" to help you truly "Control Your Retirement Destiny"!
First some comments for the prospective retiree. At 383 pages this 2nd edition gets into the all-to-often neglected details of financial planning for retirement. In other words, I wouldn't recommend this as the very first book for you to read on the topic. But after you've read a shorter, more general book on the topic, purchase this book as your go-to reference guide. Especially if you are attempting to develop your own financial plan for retirement, you can hardly do better than reading each chapter in this book carefully, making sure you understand it, and then implementing the information!
For those of you who are working with a financial planner, I still see value in purchasing and reading through the chapters in this book for general knowledge. Is your current financial adviser working with you to plan for all the topics covered herein? If not, perhaps they are more of a "product salesperson" than a trained retirement planner! The distinction is critical, since working with the wrong adviser could easily cost you $100,000's of lost income over your retirement.
For the professional adviser, this book supplies an important foundation of knowledge for competent retirement planning. Further, Dana has generously included numerous footnote references to significant recent professional articles that you should be(come) familiar with. After reading the entire book carefully, I came away with the impression that she has shared freely a lot of information and suggestions that some advisers might withhold as "trade secrets". I guarantee you'll find this book useful. After reading this book, I hope you'll be inspired to pursue further, formal training toward one of the excellent retirement income focused professional designations (either the RICP offered by The American College, or the RMA sponsored by the Retirement Income Industry Association).
I would like an addition to the coverage on long-term care insurance in a future edition (when I wrote to her suggesting this, Dana Anspach wrote back agreeing!). I think the section on long term care insurance needs a rule of thumb for people:
My personal current feeling is that if:
You have enough savings that it is unlikely you will be eligible for Medicaid quickly; and
You have only enough savings such that a long term care hit would endanger the welfare of a spouse
You have only enough savings that a long term care hit would drastically lower your inheritance to a
child, and this is very important to you
Then you should buy long term care insurance.
Another way of looking at it:
Do not buy insurance if you have no significant savings;
Do not buy insurance if you have several million in savings
I'm not sure where to put the rule of thumb, though.
Everyone who will ever retire should read this book!