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Personal Finance Books
Retirement Books
Matt Krantz
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Published:
February 5, 2020

Retirement Planning For Dummies

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Overview

Proactively plan for a successful financial future after leaving the workforce

Are you ready for retirement? Retirement Planning For Dummies is your comprehensive guide to shoring up your finances as you prepare to leave the workforce. Learn to manage and optimize your 401(k), balance retirement savings with other financial needs, and set up pensions and insurance. Plus, get the latest updates on all things retirement, including the SECURE Act and new withdrawal rules. Written by an expert investment writer, this beginner-friendly guide is full of financial wisdom that will smooth the road as you embark on your retirement planning journey.

  • Learn the best saving practices to make your money grow
  • Maximize your retirement knowledge to set you up for success
  • Balance retirement savings with other needs
  • Get up to speed on withdrawal limits, HSA rules, and self-employment considerations

This book is for anyone looking for the best ways to save and plan for retirement, whether you just joined the workforce or are contemplating retirement in the near future.

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About The Author

Matt Krantz is an investment writer with decades of experience writing for publications including Investor’s Business Daily, USA TODAY, and The Motley Fool. He’s the author or co-author of four For Dummies books, including Investing Online For Dummies, Fundamental Analysis For Dummies, and Investment Banking For Dummies.

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CHEAT SHEET

No two retirement plans are completely alike. You may have heard that you’ll have a comfortable retirement if you save a certain amount of money by a certain age. “Just save a million bucks and you’re good,” such advice goes. But how long a million dollars will last in retirement is up to you, which you can figure out pretty easily.
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Americans are living much longer than they used to, as shown in the following table. That news is great for humans, but it also means retirement planning for most people must stretch an additional 10 years or longer. Life Expectancy of Americans Year You Were Born Life Expectancy (Both Sexes Combined) 1955–1960 69.
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If you’re like most retired people, you and your partner will spend $285,000 for medical expenses in today’s dollars over the course of your retirement, says Fidelity Investments. And that doesn’t include the costs of long-term care, such as assisted living or a nursing home.To best prepare for healthcare costs in the future, begin by taking certain steps while you’re still working.
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Many employers tout their 401(k) plans as a job perk. But, typically, you're on your own when it comes to setting up online access. In some ways, this situation is symbolic of how the responsibility for retirement planning has shifted to employees. Not only do employers want to scale back how much they contribute to your retirement, many don’t even want to help you manage the account.
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If you’re not online with your IRA provider, it’s time you were. If your IRA provider is keeping up with industry trends, you’ll be amazed at the digital resources available to you. You just need to know what to look for. It might seem tempting to skip the process of registering for online access of your IRA account.
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Your IRA is an important part of your overall retirement plan. One of the great perks of using an IRA is the full control you have over it. You’re free to choose the financial firm you’ll work with and your investments. But this extra control means you’ll have to do some additional legwork to get things set up to your specifications.
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Getting money into your IRA is where the magic begins. You can’t build a portfolio until a source of funds exists. IRAs give you not only big leeway in what investments you buy but also lots of control over how you buy those investments. Set up IRA deposits When you’re talking about putting money aside that you can’t touch for decades, it’s easy to understand why lots of people put off retirement savings.
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Keeping track of your pension, which is important for planning your retirement, isn’t as easy as logging onto your online brokerage. Most companies are eager to get out of the pension business, so they farm the entire thing out to firms that specialize in pensions, such as Willis Towers Watson.If you need to call for pension help, you'll probably be talking to people who work for the firm your employer hired to handle the pension plan.
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Protecting your retirement funds from disaster is a critical part of retirement planning. That’s where insurance comes in. You want to make sure your plan can withstand an unexpected event. Typically, health scares are the culprits in disrupting a plan, but home and auto accidents can be major expenses, too. Find your insurance declaration pages.
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When you turn 70-1/2, you’re no longer allowed to contribute to a traditional IRA. You can contribute to a Roth IRA at any age as long as you have earned income below limits dictated by the IRS. Remember that earned income is money you make from reportable income-producing activities—in other words, a paying job.
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No two retirement plans are completely alike. You may have heard that you’ll have a comfortable retirement if you save a certain amount of money by a certain age. “Just save a million bucks and you’re good,” such advice goes. But how long a million dollars will last in retirement is up to you, which you can figure out pretty easily.
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Building a comfortable retirement is up to you. If you follow sound rules by saving as much as you can and maxing out your retirement accounts, your golden years will likely be pleasant.However, many perils can stand between you and a successful retirement. Some of these easily avoidable mistakes can severely injure your plans, resulting in the need to work longer than you expected or spend less than you’d hoped.
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You probably have some questions about your retirement plan. And that’s a good thing because rock-solid retirement plans are often built as you seek answers to your questions. This list dives into ten questions people routinely ask about retirement planning. Each question might prompt you to learn more about your retirement plan or make the one you already have even better.
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