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How to Make Your Money Last: The Indispensable Retirement Guide, by Jane Bryant Quinn
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“Jane Bryant Quinn is America’s dean of personal finance….The book is a true treasure chest of financial secrets.” —Forbes
With How to Make Your Money Last, you will learn how to turn your retirement savings into a steady paycheck that will last for life.
Today, people worry that they’re going to run out of money in their older age. That won’t happen if you use a few tricks for squeezing higher payments from your assets—from your Social Security account (find the hidden values there), pension (monthly income or lump sum?), home equity (sell and invest the proceeds or take a reverse mortgage?), savings (should you buy a lifetime annuity?), and retirement accounts (how to invest and—critically—how much to withdraw from your savings each year?). The right moves will not only raise the amount you have to spend, they’ll stretch out your money over many more years.
You will also learn to look at your savings and investments in a new way. If you stick with super-safe choices the money might not last. You need safe money to help pay the bills in your early retirement years. But to ensure that you’ll still have spending money 10 and 20 years from now, you have to invest for growth, today. Quinn shows you how. At a time when people are living longer, yet retiring with a smaller pot of savings than they’d hoped for, this book will become the essential guide.
- Sales Rank: #2961 in Books
- Published on: 2016-01-05
- Released on: 2016-01-05
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x 1.20" w x 6.00" l, .0 pounds
- Binding: Hardcover
- 384 pages
Review
“Jane Bryant Quinn is America's dean of personal finance. . . . If anyone knows how to get us through retirement, it's Jane. . . . The book is a true treasure chest of financial secrets, tips, how to's, and advice for anyone who is about to retire or has retired. . . . If you need a kind, but tough drill sergeant to kick you out of your retirement doldrums, set you on a safe financial path, and keep you smiling through your next stage of life, this book is the answer.” (Forbes)
“Veteran financial writer Quinn delivers another winner with this guide. . . . Quinn’s tone is as reassuring as her words . . . certain to be a hugely valuable resource for readers, wherever they are on their personal financial timeline.” (Publishers Weekly, starred review)
“Quinn is one of the country’s leading commentators on finance . . . Her clarity of prose is matched with a generosity of spirit, and all of the information is graciously laced with a noncondescending tone that renders this book as absolutely helpful as the author intended. . . . Quinn’s books are always in demand, and this one will prove no exception.” (Booklist, starred review)
“Quinn provides savvy suggestions to people approaching, entering, or managing retirement. . . . Readers at these mature stages of planning will find valuable insight and resources here . . . With strategy and thoughtfulness, Quinn's readers will be able to 'get more from your assets than you probably think.'” (Library Journal)
"Leading personal finance columnist Jane Bryant Quinn writes with clarity and compassion about the often stressful subject of retirement finances. She enlightens readers about the difficulties of determining how to get the most out of Social Security. (It’s not as simple as simply signing up for it.) Yet even those readers who understand every word she writes will be glad to come to the last chapter, “Just Tell Me What To Do.” There she lists the three numbers that matter when you’re making a retirement plan and offers an 18-item retirement checklist." (Boston Globe)
PRAISE FOR MAKING THE MOST OF YOUR MONEY NOW:
"There is no more trustworthy figure in all of American journalism." (Joseph Nocera, author of A Piece of The Action)
"The book...remains at its heart the Joy of Cooking of personal finance. It provides the basics in just about any area you can think of—from what you should consider about money when you are in your 20s, to what to do with your investments once you have retired—and presents simple, straightforward recipes outlining the fundamentals of how to accomplish your goals." (The New York Times)
"I found myself racing through this gigantic compendium because it was engagingly written and full of useful information. And she writes compellingly enough to make you want to spend more time getting things in order." (The Washington Post)
"Everything you ever wanted to know was somewhere in those pages...Quinn, the renowned Newsweek columnist who has been writing on personal finance topics for more than 30 years, focuses this rewrite on many of the top issues of today, such as recovering when you've been savaged by the economy. Last week she talked with me about how Americans can deal with today's tough market." (The Los Angeles Times)
"A financial management bible, updated . . . Jane Bryant Quinn has been teaching all of us how to better manage our money—for the better part of three decades." (MarketWatch)
"A practical tour de force from the maven of money. This is simply the best handbook for managing personal finances that I have ever seen. It belongs on every bookshelf — or best yet, on every desk near every checkbook or computer." (Rosabeth Moss Kanter, Harvard Business School, author of World Class)
"The class book for practical financial advice—encyclopedic in scope and written with clarity and style." (Burton G. Malkiel, author of A Random Walk Down Wall Street)
"No one is smarter about money—or easier to read or clearer or more conscientious—than Jane Bryant Quinn. (Andrew Tobias, author of The Only Investment Guide You’ll Ever Need)
About the Author
Jane Bryant Quinn is a leading commentator on personal finance. She is author of the bestselling Making the Most of Your Money NOW, Smart and Simple Financial Strategies for Busy People, and Everyone's Money Book. Quinn has written for Newsweek, The Washington Post, Bloomberg.com, Woman’s Day, and Good Housekeeping. An Emmy Award winner, Quinn has appeared on PBS and CBS News. Her personal finance column currently appears in the AARP Bulletin. She lives in New York City and blogs at JaneBryantQuinn.com.
Excerpt. © Reprinted by permission. All rights reserved.
How to Make Your Money Last Introduction
I started this book because my head was popping with questions about the life phase we call “retirement.” After decades of working, we’re finally free—but free to do what? A whole generation is reinventing itself as it moves away from the role of earner toward the new status of “engaged and interested citizen, retired.”
As we gradually find our footing, we’re also trying to find a way of paying for it. None of us knows how many years we have ahead—20? 30? More? Last year, my family celebrated my mother’s 100th birthday. (She’s sharp and happy, thank you for asking!)
Centenarians are rare but our lengthening life expectancies continue to surprise us all. On average, you’ll reach your mid- to late-80s. The 90-plus population has tripled over the past three decades. We have every reason to worry that our money will run out before we do. Many of us are staying on the job well past traditional retirement age, not just because we like the work but because we need our salaries, too.
The way you look at your finances changes as you move from preretirement to your postretirement years. While you’re still working, you focus on accumulating a satisfactory pile. You might have a dollar target in mind. More likely, you’re saving whatever you can, aiming every year for “more.” You’re paying down debt (I hope) and focusing on investments that can make your money grow.
That flips when you enter retirement’s door. Suddenly, you have to take the money you’ve saved and turn it into a reliable income for life. How large will that income be?
In a perfect world, you’ll work on this question well before you leave your job. The answer will tell you when (and whether) you can afford to quit. In this imperfect world, however, you might be pushed into retirement unexpectedly. You’ll need to figure out, pronto, how to manage with what you already have. Modest spenders can live on Social Security and, if they’re lucky, a pension, dividends, and interest. You might pick up some extra income from a temporary or part-time job.
Often, however, that’s not enough to pay the bills. You’ll have to supplement your income with regular withdrawals from your savings and investments. These withdrawals amount to “homemade paychecks,” landing in your bank account just the way your working paychecks did. If you’re married, the paychecks have to cover the cost of two life spans as well as any emergency need for cash. What kind of standard of living can you afford? Will you have to keep working? And how do you stretch your savings to make the money last?
When I started asking those questions for myself, I looked around for information. There isn’t much. I found books and websites on how to invest but practically nothing on how to prudently parcel your money out. If you take too little from savings, you’re depriving yourself of some of the comforts that you worked for. If you take too much, you’ll go broke.
I did find plenty of bad advice from financial firms and their salespeople (a.k.a. “advisers,” “financial consultants,” and brokerage firm “vice presidents”). I was shocked when I looked at the menu of so-called “safe” and “guaranteed” investments we’re being offered. They’re loaded with hidden costs and risks. Maybe the firms are unscrupulous, maybe just careless. Either way, people like us—with savings that we need to both hoard and spend—are walking around with targets on our backs. We’re where the money is and, believe me, they’re coming for it, or trying to.
Fortunately, important and objective research is currently being done on ways of creating reliable incomes for life. I’ve spoken to the key players and gathered their findings here. What surprised me—really surprised me—is how simple a retirement income plan can be. So simple that you can manage the investments and withdrawals yourself. If you’d rather not, I found several new sources of high-level help at rock-bottom costs. You don’t have to pay big commissions and fees to get good advice.
I also learned a lot by talking with practically everyone I met about the retirement decisions they’re making for themselves. Often, they were leaving money on the table because they hadn’t heard about their alternatives. Social Security topped this list. I found people taking it at age 62—not because they had to but because it was there. They had no idea how much their monthly benefit would increase if they waited a few years to collect. If you’re married and each of you has a Social Security account, you can combine your benefits or adjust your claiming dates to collect even more.
Then there’s the question of what percentage of your retirement savings to put into stocks (or, rather, stock-owning mutual funds—the best bet for you and me). Some savers were so spooked by the near collapse of the financial system in 2007 and 2008 that they now invest only in bonds and insured certificates of deposit. But even if you can live on today’s low fixed-interest rates, what will that income be worth in purchasing power as the years go by?
There’s a lot of research linking the percentage you hold in stocks to the size of the sustainable income you can withdraw from your savings for life. Having read it, I’ve come to think of retirement as being split in half. For the first half—the near-term 10 years or so—holding safe or low-risk CDs or bond mutual funds makes a lot of sense. You need a reliable source of money in case stock prices decline. But to fund the second half of retirement—starting 10 or 12 years from now—you’ll need to own investments that grow. American and international business, as a whole, has succeeded wonderfully over time (with occasional hiccups). We can share in that growth without breaking a sweat by buying and holding just two or three well-diversified stock-owning mutual funds. When you do this, you’ll still be an “income investor.” Future capital gains create spendable income just as interest and dividends do.
For prudent cash withdrawals from your retirement savings, the standard advice has been to take 4 percent of the total in the first year and add an increment for inflation in each subsequent year. But 4 percent is too much if you own only bonds and CDs. And it’s perhaps too little when part of your money is invested for growth. You don’t have to make a wild guess about how much of your savings you can afford to spend. There are recipes. Who knew?
While working on this book I changed my mind about a few things. For example, I developed a new respect for immediate-pay annuities that convert a lump sum of savings into an income for life. They offer a higher monthly income than you can prudently withdraw from investments that you manage yourself. (Don’t confuse “immediate-pay” with the variable annuities that promise lifetime benefits. “Lifetime benefit” annuities are on my “no” list due to high costs and misleading sales. It’s all explained in Chapter 6.)
Another example—I learned a new use for reverse mortgages. These loans against home equity are often a poor deal for people in later age, especially for those who have almost run out of cash. But if you take the loan earlier, in the form of a credit line, you can use it to increase the size of your monthly income. The credit line grows every year, which gives you a nice hedge against potential inflation.
A homemade paycheck isn’t intended to cover everything. You need it only to fill the gap between your retirement expenses and your other sources of income, such as Social Security, pension, rents, part-time work, and whatever. Figuring out that gap is the entryway to retirement planning. Don’t feel bad if you have to trim your expenses so as not to take too much from your savings every year. Almost everybody trims whether they confess it or not. Peace of mind is finding a way of life that works.
Every personal situation is a little different. Some people focus their plans on retiring at a certain age—anywhere from 45 to “never.” Some get a buyout offer at 55 and wonder whether they can afford to take it. Some are pushed into retirement unexpectedly, through illness or job loss, and find that money is short. Some have retired already and need a clearer look (or a second opinion) on how to handle their money now. I’ve ranged over all the major financial questions I can think of, including health and life insurance. Inevitably, products and options will change in the future but, in my reporting, I sought general principles that will stand the test of time.
The biggest thing I learned, after digging into this subject for a couple of years, is the significance of our sense of self as we approach or enter this change of life. We need to find a new way of being—a fresh identity, different passions and pastimes, and a deeper involvement with family, community, and friends. We’re not on the shelf (yet!). We have lots to contribute and the time to find our place. What gives us this freedom of mind and action is having an income that we’re sure will last for life. This book was written to help you build it. After that, adventure calls.
Jane Bryant Quinn
New York City
Most helpful customer reviews
62 of 63 people found the following review helpful.
Helpful Guidance, such as "Money Buckets"
By Bassocantor
As I think about retirement, these types of books begin to look more appealing. I actually found it comforting to have an expert identify and discuss the most confusing (and fearful!) parts of retirement--especially knowing for sure one will have enough money.
Of course, some of the sections don't apply to everyone, so I just skipped to the parts that were relevant to me. The author has some helpful advice on thinking about how you are going to survive (financially) your golden years. She has a way of writing things clearly and succinctly--bringing out the most important points.
Of course, Ms Quinn spends quite a bit of time on the thorny issue of how/when to claim social security benefits. It's been well documented by others, of course, but it was helpful to see an expert's perspective on how long to defer claiming benefits.
To see how well you are prepared for retirement, Jane suggests you make a budget of where your money is going now, then add up all your financial assets. She suggests a conservative 4% "draw down" on your savings. And don't make the mistake, she admonishes the reader, of just investing in "income" investments. You really need a more well-rounded portfolio in stocks and indexes--and certainly NOT just a few stocks.
For spending purposes, Ms Quinn recommends a concept of money "buckets." For example, you have one bucket to take care of immediate, short-term expenses, and another as an "income portfolio," and so on. You might have one bucket as a "discretionary spending" bucket.
I was pleasantly surprised to find some really useful information on the Affordable Care Act--or "ACA." I had heard, for example, that premiums for seniors could be no more than 3x the rate for younger folks. The author confirmed that is indeed true.
All in all, an excellent, well-written resource. Tons of useful information. I thought the author presented lots of good concepts--lots of meaty things to think about as I get closer to that magic age.
24 of 24 people found the following review helpful.
Another great book by this author
By A Customer
I had high hopes for this book because of previous high quality work by this author. I am pleased to say that I am not disappointed by it and it is worth every one of the 5 stars I give it. It is thorough without being ponderous. Given that this book was just published I am pleased that it even includes the most recent changes for couples claiming Social Security (in the e-book at least).
One topic it covers which is not included in many retirement books is life insurance. People often reach retirement age with one or more policies which they may or may not need. This book includes options for what to do with these policies.
56 of 64 people found the following review helpful.
Jane Nailed It!
By James Lange
I have long believed that Jane Bryant Quinn is one of the top financial writers in the world. So, the fact that she wrote a book that is destined to be one of the best books on the financial aspects of retirement is no surprise. She is a true champion of the consumer and no friend of the high commission annuity salesmen.
When she started writing this book, she didn’t start with a blank computer screen. She has written pieces on many of the topics included, either with Newsweek, Bloomberg, AARP, or one of her previous books. But, with this book, she used her famous meticulous research skills, and strong desire to get it “just right,” and she really nailed it.
She starts with some “touchy feely” chapters that are actually quite profound and helpful. She nails Social Security, health insurance, immediate annuities, and a host of other issues. I might have preferred a stronger Roth IRA conversion discussion, but that is one of my pet issues. This book is a great resource and I would strongly recommend it to anyone approaching retirement or who is already retired.
Full disclosure: I have been a consistent source of information for Jane since 2001. She has been a regular guest on my financial radio talk show and if she agrees, I will have her on again and will strongly encourage my listeners to buy her book just as I strongly encourage you to buy, How to Make Your Money Last by Jane Bryant Quinn.
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