A summary of things you should know about The 5 Years Before You Retire according to Emily Guy Birken: Introduction In this episode Emily Guy Birken takes a deep diveRead More
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]]>In this episode Emily Guy Birken takes a deep dive into her book, The 5 Years Before You Retire, where she reveals a comprehensive guide to planning your retirement early.
In her book Birken gives you a complete overview of retirement planning with simple strategies that explain how you can maximize your last years before retiring through conservative financial decisions. The goal of the book is to help you save money for your future, get the most value from your 401K, and maximize your current savings that is realistic for years to come.
This book is perfect for entrepreneurs who have a very basic understanding of what it takes to retire and need a simple yet comprehensive guide that will educate on the early steps of retirement.
The big thing is that I am focusing very specifically on the actions that the reader needs to take to be prepared.
For the people who don’t have a background in finance and who are just now thinking retirement for the first time, it makes sense to start on the first page and read through to the end. For those who have been saving for a while and feel like they got a good handle on some things, I would suggest jumping around to the part of the book that fits their needs best.
I would say to manage your expectations. It’s not bad to dream about all the things you want to do but you must remember that retirement cannot solve all your problems. You need to manage your expectations and find your contentment within yourself.
I have the book broken up into three parts. Part One is about the nitty-gritty of your finances for retirement. Part Two I call The Government Giveth and Taketh Away. And Part Three is Home, Family, and Other Considerations.
In the first part, The Nitty-Gritty of Your Finances, I start by helping you figure out how far away you are, how much money you have, and how much money you might need. I liken saving for retirement to be similar as starting a weight loss journey. The first thing you have to do is know where you are. So if you are starting a weight loss journey you have to first step on the scale and if you are starting a retirement journey you have to figure out how much money you have and how much you will need.
The first two chapters are all about figuring out what you can count on and how much you will need to live comfortably. And then the second chapter is all about maximizing your savings and your budgeting over the last few years before retirement.
The third chapter is about how to structure your income in retirement.
The fourth chapter is on how to find the right financial planner. I am a daughter of a financial planner and have a very rosie view of financial planning but I also want to make it clear that you need to be your own advocate in finding a financial planner. I go through all the different ways of what you need to do to find a financial planner that you can work with and trust including questions to ask.
From there I talk about what to expect from Medicare. There are a lot of potations for Medicare and it’s a little overwhelming so it’s a good idea to know what to expect before getting into retirement.
Finally, I talk about how to plan for healthcare options in retirement.
The final section, Home, Family, and other Considerations, I talk about what your housing options are in retirement and that includes staying in your home to moving into a retirement community. I also cover things like reverse mortgages and how that can work. I talk about family fortunes, how your retirement will affect your children, your grandchildren, and potentially your elderly parents.
I also talk about creating a budget on a retirement income.
The last two chapters I cover common retirement pitfalls and the 10 possible things you could do that would screw up your retirement. I go through what these common pitfalls are and show you how to avoid them.
Finally, I talk about what to do if you don’t have enough saved and what your options are in that situation.
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 04:28
“If you plan to retire you need to recognize that you can only count on your own actions.” – Emily Guy Birken
I am a Personal Finance writer; I write on the internet, on many different sites. I’m also an author and currently on my second book on retirement called Your Retirement Path.
I was frustrated by the fact that retirement planning books all seemed to focus on younger workers, those who are in their 30’s and 40’s. And then there are some books on stretching your budget for those who are already retired but there didn’t seem to be any guides available for that crunch time in those five years before you retire. I wanted to fill that gap for those who are looking at retirement in the very near future.
Your Money or Your Life by Vicki Robin and Joe Dominguez
Buy The 5 Years Before You Retire by Emily Guy Birken on Amazon today
Visit the personal website of Emily Guy Birken
Follow Emily Guy Birken on Twitter and Facebook
UPDATE: Stay tuned for Choose Your Retirement by Emily Guy Birken which is set to be available later in October 2015.
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
You Can Retire Sooner Than You Think by Wes Moss
Get What’s Yours by Larry Kotlikoff
The 30 Year Paycheck by sander Biehn
What did you like and not like about this episode? Fill out this one minute survey here.
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]]>A summary of things you should know about Get What’s Yours according to Larry Kotlikoff: Introduction In this episode Larry Kotlikoff takes a deep dive into his book, Get What’sRead More
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]]>In this episode Larry Kotlikoff takes a deep dive into his book, Get What’s Yours where he reveals his secrets for maximizing your social security payments.
In his book Kotlikoff gives his expert advice on navigating the intricacies of social security, the benefit scenarios of retirement, the bad decisions that raise business taxes, and financial consequences of other investments. The goal of this book is to help you understand the rules and consequences that come with getting the most out of your social security, retirement, and investments.
This book is perfect for seasoned entrepreneurs who are beginning to plan for retirement or aspiring entrepreneurs who have little to no knowledge of their economic benefits from the government and your business.
We try to make this subject fun and say the same thing in different ways so that the reader can thoroughly understand.
The first seven chapters are general and the rest of the chapters you can jump in and out depending on your situation.
This is an asset that you need to optimize and get right. You need to understand exactly what you are doing and do not trust social security to give you the right answers. I believe that social security folks are giving bad advice about 45% of the time.
In the beginning we not just only talk about social security’s provision but also about how to think about your lifetime benefits. Social security is not just another investment it’s really an insurance policy. It’s paying you benefits that continue until your die.
We discuss subject such as divorcees, widows and widowers, gay couples, and single individuals. Each of the chapters have relevance to all the readers; maybe not directly but indirectly for their friends and family. I think there is something here for everybody considering there are 10,000 people retiring every day. And I know from a lot of different sources that 10,000 people retiring a day are not making the right decisions and that’s the reason why we wrote this book.
At the end of the book we have 50 different social security secrets listed; the biggest secrets we came up with in terms of how to maximize your benefits. There is another chapter called 25 Gotchas and it’s a list of the 25 worst gotchas because social security is set up to trap people and if they don’t get things exactly right they can use all this other money that would otherwise be theirs.
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 11:20
“The regulations that require a notice for an initial determination contemplate sending a correct notification notice. We consider that an initial determination is correct even if we send an incorrect notice.” – Social Security Rules. They are basically saying that if they send you the wrong information it’s just too bad. They are above the law and above making mistakes.
I am a Professor of Economics at Boston University; I’ve been an Economist for a long time. I grew up in New Jersey, went to Penn College and got interested in Economics and then went to grad school at Harvard.
Well we have 10,000 baby boomers retiring every day and the social security system is about as complicated as one can imagine. I felt the need to help others get the best deal possible.
Any straight forward economics textbook
Buy Get What’s Yours by Larry Kotlikoff on Amazon today
Visit WhatIsYourWhat.com to learn more about the book
Visit Kotlikoff.net to learn more about Larry and his works
Visit MaximizeMySocialSecurity.com to access Larry’s social security software
Follow Larry Kotlikoff on Twitter and Facebook
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
You Can Retire Sooner Than You Think by Wes Moss
Stuff I Wish I’d Known When I Started Working by Fergus O’Connell
The 30 Year Paycheck by Sander Biehn
What did you like and not like about this episode? Fill out this one minute survey here.
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]]>A summary of things you should know about The 30 Year Paycheck according to Sander Biehn: Introduction In this episode Sander Biehn takes a deep dive into his book, TheRead More
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]]>In this episode Sander Biehn takes a deep dive into his book, The 30 Year Paycheck, where he discusses what makes corporate America so demeaning and why employees put up with it.
In his book Biehn where he tells the story of the narrator who strives to avoid the 30 year paycheck, but faces a personal toll while trying to remain employed, raise a family, and save for retirement. The goal of the book is to teach you lessons that help employees, mid-level managers, and executives find a path needed to grow personally.
This book is perfect for aspiring entrepreneurs who are trapped in a full-time job and need a guide to help them work around the pressures that come with working in corporate America.
I put my book in a narrative format so that people could really approach it and read it like they would a piece of fiction but learn something from a business perspective. The advice and wisdom that you find in the book is really in between the lines a little bit. You watch this character as this character goes through a career and you learn from the mistakes that this character makes. You see the character change and see the character realize a path forward and I think that’s a very powerful way for people to learn.
No matter who you are or what it is that you know how to do, you have the gifts to be enough and not only to be enough but to be superior at who you are. I believe it’s in the heart of every person to be something amazing and to do something absolutely spectacular with their lives and career.
The book starts out with a young person who is in college and graduating with a degree in classical studies of philosophy. This degree doesn’t have a lot of meaningful path forward as to what to do with it as you get out of school so this character falls into a career in sales. The question we are trying to answer is why does the character stay in this sales position that wasn’t necessarily a dream job in the first place? This job is a safety net for the character and what we find is that when you stay in that safe spot you start to lose the innovation that’s in your heart and the ideas that you have.
As this character moves through his career he starts burying the way he sees the world and starts to adopt seeing the world in the way that he thinks his superiors want him to. In the end we find that that doesn’t serve him very well and it limits his career inside this large company. In the end of the book the character decides to go back to his roots and do things his own way.
He finds that large organizations really aren’t suited for people marching to the beat of their own drum. People that have this entrepreneurial spirit, there are ways that they can innovate inside of organizations.
I talk about a number of things that organizations need to do to evolve and it concentrates on what we as individuals need to do to bring us back to our roots. In this case this individual decides he needs to move on and create his own thing. I think what’s really important about this is it talks about the evolution and what happens to most people as they fall into a career. Very few of us end up actually going after what we really want to do straight out of college.
I talk about the best thing that we can do to not only be successful but also happy is to follow who we are and what it is that excites us. By not doing those things we start to limit ourselves and eventually it starts taking away from a piece of who we really are and enabling us to be the best that we can be.
“I was trying to act like my boss but really I was just a cheap knockoff of who my boss was and I was totally forgetting who I was.” – Main Character in the book
I have worked for about 20 plus years for a very large telecommunications firm in sales. I have always been in sales since I got out of college to almost up to the present. About a year and a half ago I left the company and decided to start my own business in social selling for business to business sellers.
I was doing a bunch of traveling as a sales person and I was hearing a lot of the same types of people complaining about things about their work. I was hearing these same kinds of complaints everywhere I went and I started realizing that I had some answers to these complaints which led to the book. The other thing that inspired me is that I wanted to write a different kind of business book. I wanted to make my book an overall good read and I felt that that was missing in the world.
For Whom the Bell Tolls by Ernest Hemingway
Buy The 30 Year Paycheck by Sander Biehn on Amazon today
Visit Thought-Horizon.com to learn more about Sander and his book
Follow Sander Biehn on Twitter and Facebook
Download the full transcript here
Listen on iTunes, Stitcher , and SoundCloud
Related books: Stuff I Wish I’d Known When I Started Working by Fergus O’Connell | You Can Retire Sooner Than You Think by Wes Moss | The Art of Resignation by Steven Feiner
What did you like and not like about this episode? Fill out this one minute survey here.
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