The Best Retirement Books
For those of you that are near retirement, but not quite there, this is your crunch time. Your money should be working in overtime by the time you are 5 to 10 years away from leaving employment. So, let’s look at some of the best retirement books that will give you the most return on your hard earned investments.
Even the busiest of individuals should spend at least a couple hours with each of these books as they have the potential to not just help you save money, but potentially earn thousands of dollars more.
It should be your goal to not only take advantage of your best earning years and best investing years, but to also use this time to set yourself up for the most advantageous tax situation possible. All of this can mean the different between a comfortable retirement and an excellent one.
Don’t want to “read”? Then listen instead!
If you are “not a reader” I would encourage you to consider listening to these books. With an Audible account, you can knock a book out a week on your daily commute. Medicare Life Health readers can get two Audible books free by clicking on this link!
The Power of Zero, Revised and Updated: How to Get to the 0% Tax Bracket and Transform Your Retirement by David McKnight is one of the best retirement money books out there. You could even get away with reading it in retirement to take advantage of some of McKnight’s financial recommendations.
McKnight is an expert on putting your money in the right financial accounts to get you to a place where you can keep your taxes as low as possible in retirement. He will even teach you how to structure your savings and withdrawals to keep you in the zero percent tax bracket! Even if you have thousands or millions of dollars saved to enjoy in retirement.
The best parts of this book are:
- It’s short and to the point – but packed with information.
- It gives you a game plan that is very doable for the “average retiree.”
- However, it is a different way of thinking. McKnight teaches a unique solution to how to structure your retirement accounts to keep taxes low.
Bonus Books by David McKnight: Look Before You LIRP: Why All Life Insurance Retirement Plans Are Not Created Equal, and How to Find the Right One for You
This book goes into more detail on one particular retirement finance vehicile: IUL’s or Indexed Universal Life Insurance. We have an article that introduces you to IUL’s as well. They are a good option for people that are looking for another tax advantaged way to save/use money in retirement.
I like that this book is one part psychology, one part finance. Wes Moss very much wants you to be HAPPY in retirement. However, no specific amount of money saved up will make you happy. What you can do, to help in the happiness department, is to make lifestyle and money choices now that will ensure a base level of happiness later.
In addition to sharing profiles and attributes of happy retirees, Moss has five helpful money secrets of happy retirees to share with you. He distilled these secrets from his listeners on his popular radio show and also from his clients as is a financial adviser. These secrets are not revolutionary. However, they will give you a great place to start preparing for retirement. This is true especially if you are ten years out or less.
The best parts of this book are:
- Moss’s two way approach to preparing for retirement – mentally and and financially.
- The book is full of practical advice and interesting statistics.
- Moss makes a good case on the side of paying off your mortgage in the debate of mortgage vs. no mortgage.
- One of Moss’s “Secrets” covers having multiple streams of income in retirement. I think this is one of the most essential parts of retirement in this century. It will only get more important as our social structures continue to change.
I am recommending Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence: Revised and Updated for the 21st Century by Vicki Robin to those of you that might need a reboot in order to make it to your retirement goals.
This book is usually recommended to younger people that are just starting to save for retirement. However, it is really a book for anybody that wants to reshape their relationship to money and retirement. Everyone should read this book (I have read it more than three times.) In this instance, I want to call out one group of near retirees that need to read this book NOW:
If you are like “most Americans” who have an average of $84,821 saved for retirement, you need to step up your game in these last few years before retirement. This book will help. It will show you how to save more money fast, so you can retire even faster.
What’s the best retirement book you’ve read?
We are now in the “New Age of Retirement”. These books will help you in defining what that means to you. Then, they will help you to get there.
Let us know what you would add to the list. What are your best retirement books? Please comment below!