A group of investors who follow the business beliefs of John C.
Bogle, the founder and former CEO of the Vanguard Group, have written a book called Bogleheads' Guide to Retirement Planning.
It is very well written and explains in detail the process required for planning, funding, and managing a retirement portfolio.
The guide also reminds us how critical it is that we develop a retirement plan of our own.
"The global financial crisis, coupled with the reality of a recession and brutal bear market, has wreaked havoc on the retirement savings of millions of Americans...
Whatever your current situation, you must continue to strive for a viable retirement plan by finding the most effective ways to save, the best accounts to save in, and the right amount to save, as well as understanding how to insure against setbacks and handle the uncertainties of our new financial world.
" Many people believe that Social Security and Medicare will provide adequate income and health benefits after age 65.
Unless you are already well into your retirement years, it is a good idea to make other plans.
Our social service networks are underfunded and are not able deliver the level of economic welfare that people have expected.
The problem with this book, and many like it (Amazon has over 175,000 books relating to "retirement" listed on their website) is, that while Bogleheads' Guide does offer sound investment advice, it does not address one of the main issues that faces many of the estimated 79 million Baby Boomers who will reach retirement age by 2011.
Economic conditions, company changes, and health concerns are forcing them to retire unexpectedly, with nest eggs that are too small.
They expected a certain guaranteed pension, but the company switched to another type of retirement plan, sold or went bankrupt.
The cost of their healthcare has skyrocketed, and hidden taxes are out of control.
Many did not save enough.
They expected the equity in the home that they bought 20 or 30 years ago, and paid off, to be worth $500k, their second home to be worth $200k to $300k.
Both are now worth less than half their original value.
They can't sell them and access the cash.
They are fortunate if they can rent them out at low return.
If they did not pay them off, the low rent payments won't offset the mortgage payments, and they face the possibility of giving their houses back to the bank and losing what equity they did build.
Suddenly, sooner than they had planned, they are on a fixed income, trying to manage their dwindling retirement savings, limited Social Security benefits, and inadequate pensions.
They recognize that after funding their basic costs of living, they come up woefully short.
They certainly do not want to run out of money during retirement, but it is easy to see that covering even the minimum expenses will leave them with a deficit.
The solution many of us are looking for is a plan to generate income.
We are not interested in managing a portfolio, we are interested in creating a portfolio.
Once we have accomplished that, then send us a copy of Bogleheads' Guide to Retirement Planning.
Bogle, the founder and former CEO of the Vanguard Group, have written a book called Bogleheads' Guide to Retirement Planning.
It is very well written and explains in detail the process required for planning, funding, and managing a retirement portfolio.
The guide also reminds us how critical it is that we develop a retirement plan of our own.
"The global financial crisis, coupled with the reality of a recession and brutal bear market, has wreaked havoc on the retirement savings of millions of Americans...
Whatever your current situation, you must continue to strive for a viable retirement plan by finding the most effective ways to save, the best accounts to save in, and the right amount to save, as well as understanding how to insure against setbacks and handle the uncertainties of our new financial world.
" Many people believe that Social Security and Medicare will provide adequate income and health benefits after age 65.
Unless you are already well into your retirement years, it is a good idea to make other plans.
Our social service networks are underfunded and are not able deliver the level of economic welfare that people have expected.
The problem with this book, and many like it (Amazon has over 175,000 books relating to "retirement" listed on their website) is, that while Bogleheads' Guide does offer sound investment advice, it does not address one of the main issues that faces many of the estimated 79 million Baby Boomers who will reach retirement age by 2011.
Economic conditions, company changes, and health concerns are forcing them to retire unexpectedly, with nest eggs that are too small.
They expected a certain guaranteed pension, but the company switched to another type of retirement plan, sold or went bankrupt.
The cost of their healthcare has skyrocketed, and hidden taxes are out of control.
Many did not save enough.
They expected the equity in the home that they bought 20 or 30 years ago, and paid off, to be worth $500k, their second home to be worth $200k to $300k.
Both are now worth less than half their original value.
They can't sell them and access the cash.
They are fortunate if they can rent them out at low return.
If they did not pay them off, the low rent payments won't offset the mortgage payments, and they face the possibility of giving their houses back to the bank and losing what equity they did build.
Suddenly, sooner than they had planned, they are on a fixed income, trying to manage their dwindling retirement savings, limited Social Security benefits, and inadequate pensions.
They recognize that after funding their basic costs of living, they come up woefully short.
They certainly do not want to run out of money during retirement, but it is easy to see that covering even the minimum expenses will leave them with a deficit.
The solution many of us are looking for is a plan to generate income.
We are not interested in managing a portfolio, we are interested in creating a portfolio.
Once we have accomplished that, then send us a copy of Bogleheads' Guide to Retirement Planning.
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