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Yes, You Can Still Retire Comfortably! Hardcover – August 2, 2005
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About the Author
Ben Stein can be seen talking about finance on Fox TV news every week. He is known to many as a movie and television personality, but has probably worked more in personal and corporate finance than anything else. He has written about finance for Barrons and The Wall Street Journal for decades and contributes regularly to the AARPs Modern Maturity (now AARP: The Magazine). He was one of the chief busters of the junk bond frauds of the 1980s, has been a long-time critic of corporate executives self-dealing, and has written several self-help books about personal finance.
Phil DeMuth was valedictorian of his class at the University of California at Santa Barbara in 1972, then got his masters in communications and a Ph.D. in clinical psychology. An investment psychologist with a longstanding interest in the stock market, he has written for The Wall Street Journal and Barrons, as well as Human Behavior and Psychology Today. His opinions have been quoted on theStreet.com and Fortune Magazine and is president of Conservative Wealth Management in Los Angeles.
Top Customer Reviews
What I particularly like about the approach taken here is that it doesn't pretend that if everyone followed their advice that society would be rid of the problem of the Baby Boomers moving into their retirement decades (nowadays, retirement lasts much longer than most of us realize). This is a book for YOU. As the authors admit, the idea that everyone will follow the advice offered in this book is roughly nil. However, it is a book about each of us taking responsibility for our own future and rescuing our elderly self. I like the notion the authors put forward about our common fantasy of wishing we could help our younger self do better with what we have learned in life. However, the past cannot be changed. We do have ability to help our future self live better if we will take the proper steps now. When Stein and DeMuth say, "now", they mean today, not sometime when you finally have extra money to sock away. Somehow that time of future affluence never seems to materialize by itself.
Stein and DeMuth take away all our comforting delusions about Social Security and the inevitable choices the government will have to make someday. In all their calculations they also warn us about tax assumptions that can change as future politicians need access to our savings and wealth to fund their programs.Read more ›
The author's simple 2 Index Fund approach will probably beat most active fund approaches plus you can do other things besides managing your portfolio full time.
The authors also allowed up to a 50:50 split in the stock portion of their asset allocation between domestic and foreign stocks.
I also enjoyed their comparisons of alternative withdrawal strategies during the distribution phase.
The book has an excellent explanation of why companies can give a higher payout ratio to immediate annuity investors versus investors self-annuitizing their portfolio. This magic is due to insurance companies being able to pool their risks and plan for an average lifetime where investors must plan for their maximum versus average lifetime.
I found no flaws in their methodology for planning how much you need to save for retirement. The combination of tables (with spreadsheets on their web site) is a little complex to follow. It would have been nice if they put it together into one financial planning program on their web site.
Last, the authors have reached the same conclusion I have based upon the net worth and US savings rates data: Most Boomers will not save and invest enough to retire when they want to. The only choices that will be left to them are work longer, buy immediate annuities, sell your house using a reverse mortgage, or sell your house and trade down to a smaller house in an area with a lower cost of living.
I would suggest companion books to supplement this book including:
...Read more ›
Most Recent Customer Reviews
Wonderful book! Very simple to understand. But on page 81 at the top he gives a formula to determine how much you need to retire and says to refer to Table 3. Read morePublished 3 months ago by Rain City
Fast read. Start saving at 21. Make lots of money like
Great book. A bit scary when the financial situation of the US Government and of individuals is evaluated, but truthful nonetheless.Published 15 months ago by Michael Gillam
I was particularly interested and impressed by the chapters on the portfolio asset allocation and the drawdown amount during retirement. Read morePublished 17 months ago by John in NYC
This is great for those of us who think it's too late to start and a great gift to your children.Published 18 months ago by Ernesto Armendariz