(MoneyWatch) Those planning for retirement face multiple challenges, including the decline of traditional pension plans; record low interest rates; volatile stock markets; concern over the stability of the Social Security, Medicare and Medicaid programs; and how to ensure that they don't outlive their investment portfolio. Fellow CBS Moneywatch columnist Steve Vernon's new book, "Money for Life," provides answers to the critical questions confronting those planning for their retirement. Questions such as:
- How much money do you need to retire?
- When can you retire?
- How can you generate a reliable income stream from your savings that lasts for the rest of your life?
- How do I protect against living longer than expected?
- How do I protect against unexpected inflation?
Vernon uses clear examples and easy to understand language to help you determine how to generate the income you need without taking extreme risk. Part one covers the basics on generating income. It summarizes three primary methods of generating retirement income and provides you with a framework for making decisions given your unique circumstances. Vernon provides you with five of his favorite solutions for generating a retirement paycheck.
Part two is a resource section that goes into more detail on such issues as taxes, insurance, and investment strategies. Together, they provide the do-it-yourself investor the knowledge needed to make prudent decisions. For those who decide they would benefit from professional advice, Vernon provides the information needed to have an informed conversation and help you choose a knowledgeable advisor who will work in your best interests.
Money for Life is a valuable bookshelf addition for retirees seeking guidance on developing a financial plan that will help them achieve their life and financial goals.
Economic books image courtesy of Flickr user genericface.