Originally posted at benzinga.com by Sarah Horvath, Contributor, Benzinga on February 4, 2020.
Saving for retirement seems impossible to conquer, no matter what your age. Luckily, there is an endless number of print and online resources that can make your journey towards retirement a bit more manageable. We’ve gathered some of our favorite books on retirement planning and investing, along with some tips for identifying the retirement planning book that’s right for your needs. Consider picking up one of these helpful guides at your local bookstore or library.
How to choose the best retirement planning books
What makes a retirement planning book worth reading? Though each individual author will maintain his or her own unique tone and advising strategy, the best books all share these common characteristics:
Different strategies for younger and older investors
The best way to invest will largely depend upon how close you are to retirement when you begin. Younger investors have the added benefit of compound interest and time on their side; because they have more years to allow their money to grow before they reach retirement age, they can afford to take more risk.
Older investors may have to put off their retirement if the market takes a turn for the worse and they’ve placed their money into volatile equities, so investors closer to retirement will want to make more conservative investments when it comes to their retirement accounts. Be very wary of retirement planning books and financial experts who advertise a one-size-fits-all strategy to saving and investing—you probably aren’t getting the best advice possible for your unique situation.
A fun and engaging writing style
Planning for retirement doesn’t have to feel like work. The best retirement planning books place the voice of the author front and center, employing an interesting and unique writing style to keep you turning pages. You wouldn’t read a boring novel—so don’t force yourself to “tough it out” through a snooze fest.
Easy-to-follow and up-to-date advice
Interest rates have plummeted, tech stocks have skyrocketed, and we all have computers in our pockets—the world changes, and the best retirement advice changes along with it. If your retirement planning book is old enough to remember writing checks or life before the internet, chances are high it doesn’t have advice that is still relevant to saving for retirement in the digital age.
Honest retirement planning books will tell you up front that saving for your golden years is a long and intense process that won’t happen overnight. Be very wary of retirement planning “gurus” who claim to have the secret to retiring in five years or the next Amazon or Apple stock—these so-called “experts” are more than likely trying to sell you a scam.
The best books to help you plan your retirement
Based on the criteria above, here are the picks for the best retirement books.
2. The New Retirementality: Planning Your Life and Living your Dreams… At Any Age You Want by Mitch Anthony
Does the idea of working into retirement scare you? The New Retirementality author Mark Anthony wants you to challenge everything you think you know about retirement. Anthony believes that retirement is an artificial “finish line,” and expounds upon the mental, physical, and financial dangers of quitting work just because you’ve blown out the candles on your 66th birthday cake. This doesn’t mean that Anthony advocates throwing investing to the wind and indulging in the pleasures of today—rather, the author encourages readers to create their own custom plan towards retirement and to rethink what it means to be retired.
Retirementality is unique because it’s not a step-by-step how-to book—instead, Anthony focuses on teaching readers how to think for themselves and identify the type of retirement that will help them feel personally fulfilled.