Home » Saving For Retirement » The Truth About Retirement Plans and IRAs Reviews

The Truth About Retirement Plans and IRAs Reviews

 

The Truth About Retirement Plans and IRAs

  • Simon Schuster
From the #1 independent financial advisor in America, ranked three times by Barron’s: a guide to making the most of your retirement plans and assuring long-term financial security.

Everyone knows that saving for your retirement is important. Yet only half of all eligible Americans contribute to a retirement plan. That’s because all plans—including the 401(k), 403(b), 457, and even the IRA—are complicated, confusing, and costly. New York Times bestselling author and acclaimed finan

List Price: $ 15.00 Price: $ 3.99

, , , , ,

Comments

  1. D. Wu says:
    40 of 47 people found the following review helpful
    3.0 out of 5 stars
    Good overview, but too generic, promotional, and sometimes wrong, July 5, 2014
    By 
    D. Wu
    (REAL NAME)
      

    This review is from: The Truth About Retirement Plans and IRAs (Paperback)
    Ric Edelman is sly, self-conceited, opinionated, and self-promoting. This book is a good overview about retirement accounts, and the discussion about RMDs is pretty good. But he is wrong and inconsistent in many ways. He says you should put all your contributions into stock funds, but then he tells you to select a diversified portfolio appropriate to your needs and risk tolerance for the money already in your retirement account. If you have followed his advice about 100% stock allocation for all contribution, then the money in your account would be 100% stocks. And if you are to move some of the money already in your account into bonds, then why the trouble of buying stocks for new contribution, then once the money is in, sell some stocks and buy bonds? This only creates excess trading activities that may be frowned upon by many 401k administrators.

    Ric is also wrong in his advice for federal employees to transfer their TSPs into IRAs once they have left their employment. He cites the paucity of investment options as the basis for his recommendation. But even though the TSP has only five funds, it covers US large and small caps and international EAFE stocks, as well as all bonds and a unique G fund of government bonds that can never lose money and historically has kept up with inflation. The only viable investment option that TSP lacks is emerging market stocks, which arguably may be too risky and high cost for most investors. TSP charges only 0.029% expense ratio, which is significant lower than any other mutual fund or ETF. For the amount of diversification and low fees, the TSP is unbeatable. Investors with TSPs will do themselves a huge disservice by following Ric’s advice.

    Lastly, he frequently promotes his services throughout the book and often omits important details on the excuse that it is beyond the scope of the book or, his most common response, “it depends”, and points the reader to call his firm instead.

    0

    Help other customers find the most helpful reviews 

    Was this review helpful to you? Yes
    No

  2. Allen Brodsky says:
    9 of 10 people found the following review helpful
    4.0 out of 5 stars
    Thorough coverage of financial planning for retirement, June 29, 2014
    By 
    Allen Brodsky (The Jersey Shore, USA) –
    (REAL NAME)
      

    Verified Purchase(What’s this?)
    This review is from: The Truth About Retirement Plans and IRAs (Paperback)
    This book covers all major aspects of investing for retirement and supporting yourself during retirement from those investments. It is easy reading and completely intimidation-free. Ric Edelman writes the way he talks. I think most readers will enjoy the book and find it helpful, as I did. A major strength of the book, along with its writing style, is the clear reasoning he uses to explain his recommendations, and the thoroughness of his explanations. The only criticism I would make is that occasionally he makes an overt sales pitch for his financial planning company, something I think should be kept to the blurbs in the back of the book.
    This is a very helpful, understandable guide to financial planning for retirement, useful to those just starting to save as well as those in retirement.

    0

    Help other customers find the most helpful reviews 

    Was this review helpful to you? Yes
    No

  3. Judah Levi says:
    53 of 70 people found the following review helpful
    3.0 out of 5 stars
    All Individuals Have Unique Finances, April 11, 2014
    By 
    Judah Levi (Oregon) –
    (VINE VOICE)
      

    This review is from: The Truth About Retirement Plans and IRAs (Paperback)
    As a Certified Financial Planner (CFP), I am impressed with Ric’s success in the business, but not generally with his advice. All individuals have unique financial planning goals which cannot be completely addressed by any book. It is not honest to say that only Ric has the “truth” about any financial topic – but people title things to sell books.

    Ric has some very strong opinions about personal finances, but it is mistake to equate strong opinions with correct opinions. As we all know in the business, we don’t know it all. No one does. I have more financial credentials than Ric (although not the honorary doctorate given to him by his college for a substantial gift) but I still don’t know everything about personal finance.

    He does have an entertaining way of writing which is easy to read. There is some good information about retirement planning, but also some strong opinions about the right thing for everyone to do. This is the problem. Any true Certified Financial Planner will tell you that there is not a right way for everyone. That is left to shock jocks, not planners.

    Enjoy the book if you choose to buy it, but don’t believe that it has all of your retirement answers. It doesn’t.

    0

    Help other customers find the most helpful reviews 

    Was this review helpful to you? Yes
    No

Leave a Reply

Your email address will not be published. Required fields are marked *

*
*