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Summary
Summary
Saving for Retirement will relieve confusion and barriers to action for Americans who are increasingly worried about retirement. The book removes everything from the readers' path that typically trips people up and hits the sweet spot for everyone aged 18 to 60. Using new figures (including troubling new projections of healthcare and long-term care costs), Gail MarkJarvis helps readers calculate exactly how much money they'll need and how to get there. She presents easy, proven investing strategies for anyone at any age that will transform pocket change into hundreds of thousands of dollars. Packed with her readers' personal stories, this book teaches powerful professional financial planning principles -- but makes them simple enough for anyone to apply on their own.
Author Notes
Gail Marks Jarvis never assumes you're an expert! She fills in all the missing gaps that most personal finance books skip: what to do, what not to do, where to go, and how to make safe, sensible decisions that work. Don't worry about complicated math; she's done all the heavy lifting for you, using the newest numbers about Social Security, healthcare costs, and more. This friendly, reassuring book removes all the obstacles that stand in your way, so you can start when it'll do the most goodtoday!
Table of Contents
Introduction | p. xxi |
1 Start Investing Early or Start Now | p. 1 |
Feeling Incompetent | p. 4 |
Shared Ignorance | p. 5 |
Get Real | p. 6 |
2 Know What You'll Need | p. 9 |
The Retirement Difference: Pensions | p. 10 |
Today's Responsibilities Are Yours | p. 11 |
Confusion Reigns | p. 12 |
What Do You Need? | p. 13 |
How Financial Planners Evaluate Your Needs | p. 14 |
Saving Enough? | p. 15 |
Don't Let Fear Sidetrack You | p. 17 |
Don't Save Too Much | p. 18 |
Doing a Retirement Calculation Like a Pro | p. 19 |
Imagine Your Life at 65 and 75 | p. 19 |
Health Costs Are a Black Hole | p. 21 |
When Will You Retire? | p. 22 |
Nursing Homes | p. 23 |
How Long Will You Live? | p. 24 |
Women Live Longer, Need More Money | p. 25 |
Dig Out These Records | p. 26 |
How Much Security Is Social Security? | p. 26 |
Olden Days with Old-Style Pensions | p. 28 |
401 (k), 403(b), 457, and Profit Sharing | p. 30 |
IRAs and Other Savings Accounts | p. 31 |
The Big Guess Numbers | p. 31 |
The Easy Calculation | p. 33 |
Two Easy Rules of Thumb | p. 35 |
How Do You Turn $25 a Week into $1 Million? | p. 36 |
Using Your Calculation: The Advanced Lesson | p. 37 |
3 Savings on Steroids: Use a 401(k) and an IRA | p. 41 |
The Hard Way | p. 43 |
What's the Difference? | p. 44 |
Get the Match | p. 45 |
The Power of Warding Off Taxes | p. 45 |
Mutual Funds Get Taxed | p. 46 |
An IRA Instead? | p. 47 |
How to Use Your 401 (k) or 403(b) | p. 48 |
Changing Your Mind | p. 49 |
Getting Started | p. 50 |
More Tax Help Than You Imagined | p. 52 |
Take Baby Steps | p. 53 |
Can You Spare a Dime? | p. 54 |
Finding Cash | p. 55 |
Qualifying for the Match | p. 56 |
Procrastination-Not Money-Hurts | p. 57 |
Leaving Your Job | p. 58 |
Emergency Bailout | p. 59 |
4 An IRA: Every American's Treasure Trove | p. 61 |
More on the Magical Power of Compounding | p. 64 |
5 IRA Decisions: How to Start and Where to Go | p. 67 |
Married, with No Job | p. 69 |
Where Do I Go? What Do I Do? | p. 70 |
Can't I Wait Until I File My Taxes? | p. 72 |
The Choice Between a Traditional IRA and a Roth IRA | p. 74 |
The Traditional Tax-Deductible IRA | p. 74 |
The Roth IRA | p. 76 |
The Choice Between a 401 (k) and a Roth IRA | p. 77 |
Pushing IRAs and 401(k)s to the Limit | p. 79 |
Rules You Must Live By | p. 79 |
Can You Get a Tax Deduction from a Traditional IRA? | p. 79 |
Is Your Income Too High for a Roth IRA? | p. 80 |
How Much Can You Contribute? | p. 81 |
Do You Meet Age Requirements? | p. 82 |
Last-Minute Regrets: I Want My Money Back | p. 82 |
Special Help for Low-Income People | p. 83 |
Help for Affluent People | p. 84 |
What Comes First: College or Retirement Saving? | p. 86 |
If You Operate a Small Business | p. 87 |
Individual 401 (k) or Solo 401 (k) | p. 87 |
SEP-IRA Simplified Employee Pension Plan | p. 88 |
Simple IRA (Savings Incentive Match Plan for Employees) | p. 89 |
The Next Step | p. 89 |
6 Why the Stock Market Isn't a Roulette Wheel | p. 91 |
Taking Control of Cycles | p. 93 |
The 1990s: From Stock Lovefest to Disaster | p. 95 |
Everyone Played the Game | p. 97 |
The Game's Up | p. 98 |
Taming the Herd | p. 99 |
What to Expect from the Stock Market | p. 100 |
Stocks Provide Risks and Rewards | p. 103 |
Bear Markets Maul Investors | p. 106 |
Novices Choosing Stocks Are Gamblers | p. 106 |
Making Money Takes Time | p. 108 |
7 What's a Mutual Fund? | p. 111 |
Your Fund Is Designed for a Purpose | p. 112 |
What Happens in a Mutual Fund? | p. 113 |
The Key: Company Profits | p. 114 |
High Stock Prices Can Be Warning Signs | p. 115 |
Fund Managers Baby-Sit Stocks | p. 117 |
What's in Your Fund? | p. 118 |
Cycles Take Stocks for a Ride | p. 119 |
Good Funds Can Be Losers | p. 120 |
8 Making Sense of Wacky Mutual Fund Names | p. 123 |
Avoid the Traps | p. 125 |
The Three Main Choices: Stocks, Bonds, and Cash | p. 126 |
Why You Need Bonds | p. 128 |
What's a Bond? | p. 130 |
How to Lose Money in Bonds | p. 131 |
The Trade-Off Between Seeking Safety and Making Money | p. 134 |
An Easy Bond Fund Choice | p. 135 |
9 Know Your Mutual Fund Manager's Job | p. 137 |
The Cost of Ignorance | p. 139 |
Focus on the Right Words | p. 140 |
Stocks Come in Three Sizes: Know Your Size | p. 142 |
Using the Remainder of This Chapter | p. 143 |
Large-Cap U.S. Stock Funds | p. 143 |
Small-Cap U.S. Stock Funds | p. 146 |
Midcap U.S. Stock Funds | p. 149 |
Recognizing the Tortoise and the Hare: Growth Versus Value | p. 150 |
How to Recognize the Fund | p. 152 |
Check Value and Growth Funds for Worst-Case Scenarios | p. 153 |
International Stock (Equity) Funds | p. 153 |
Balanced Funds | p. 156 |
REITs (Real Estate Investment Trusts) | p. 159 |
Gold | p. 160 |
Sector or Specialty Funds | p. 160 |
Stable Value Fund | p. 161 |
Company Stock | p. 162 |
Bond Funds | p. 163 |
10 The Only Way That Works: Asset Allocation | p. 165 |
Why Star Funds Fade | p. 166 |
The One Proven Way to Success: Asset Allocation | p. 168 |
Forget Heroes-Just Match | p. 169 |
Start the Sorting-It's Asset Allocation Time | p. 170 |
Getting the Proportions Right | p. 172 |
The Logic Behind "Diversification" | p. 173 |
This Isn't About Math | p. 175 |
11 Do This | p. 177 |
Asset Allocation Is Simply Matching | p. 178 |
Picking Within Categories | p. 182 |
You Don't Need to Use Every 401(k) Fund | p. 183 |
What's Your Age: 20, 30, 40, 50, or 60? | p. 184 |
Doing Your Gut Check | p. 187 |
A Reality Check for Fear: The Losses of the 2007-2009 Crash | p. 189 |
The Scary Period | p. 191 |
The Healing | p. 191 |
The Easy Rule of Thumb | p. 193 |
Starting an IRA | p. 194 |
Avoid Market Timing | p. 195 |
The Impact of Market Timing | p. 196 |
Dollar-Cost Averaging | p. 198 |
Rebalance | p. 198 |
What You Can Control | p. 199 |
12 How to Pick Mutual Funds: Bargain Shop | p. 201 |
Tiny Percents Have a Huge Impact | p. 202 |
Mind Your Money: Your Broker Might Not | p. 203 |
Cheap Funds Work | p. 204 |
Watch Out for Loads | p. 205 |
13 Index Funds: Get What You Pay For | p. 209 |
What's an Index Fund? | p. 211 |
What's the Stock Market, and What's a Stock Market Index? | p. 213 |
The Dow | p. 213 |
The Standard & Poor's 500 | p. 214 |
The Total Stock Market | p. 214 |
Using Index Funds in a 401 (k) | p. 215 |
Tweak Your Portfolio Once a Year: Rebalance | p. 218 |
Using Index Funds in an IRA | p. 218 |
Indexes Come in Many Varieties: An Advanced Lesson | p. 220 |
Exchange-Traded Funds | p. 221 |
Some Exchange-Traded Fund (ETF) Ideas | p. 222 |
Tinkering with ETFs: For Advance Investors | p. 222 |
Beginning Investors: Starting an IRA with Pocket Change | p. 224 |
Warning: Not All Index Funds Are Good | p. 225 |
Is Your Fund Good or Bad? | p. 226 |
Advanced Comparison Lesson | p. 227 |
How to Analyze a Fund | p. 229 |
14 Simple Does It: No-Brainer Investing with Target-Date Funds | p. 231 |
Look for a Date | p. 232 |
Tweaking As You Age | p. 233 |
What to Do When 401(k) Funds Lack Target-Date Funds | p. 237 |
How to Select a Target-Date Fund | p. 238 |
Other Similar Choices | p. 240 |
Old-Style Life-Cycle Funds | p. 241 |
15 Do You Need a Financial Adviser? | p. 243 |
Does the Financial Adviser Focus on People Like You? | p. 246 |
Does the Financial Adviser Have a Conflict of Interest? | p. 247 |
Get Limited Advice | p. 249 |
Finding an Adviser | p. 249 |
Advice at Your Workplace | p. 251 |
The Bottom Line | p. 252 |
Index | p. 253 |