Financial advisor, Suze Orman’s revised and updated You’ve Earned It, Don’t Lose It provides a specialists look at retirement issues helping the reader to navigate the often-confusing course of retirement planning. It is obvious, after reading her book that Orman knows her facts and by sharing them in a concise and straightforward manner, she makes it easy for the every day reader to understand. Throughout the book, Orman acknowledges how hard people work for the majority of their lives with the hope of retiring in comfort but says that it is surprising to find that many of these same people have given little thought to actually funding their dreams. As a result, Orman looks at her manual as a financial primer to describe in detail how to safeguard a person’s financial future.
Beginning with an overview of investment advice and instruction on what to look for in an investment counselor, Orman moves on to eight chapters filled with much needed information financial planning. In these chapters she focuses her discussions on trusts vs. wills, long-term care insurance, early retirement, durable power of attorney, estate taxes and probate costs, minimizing your expenses/maximizing your income, joint and survivor benefits, and a successful retirement. Additionally, she has included resource lists, and handy quick tips that make this a handy resource for anyone planning for their retirement.
This book goes into the personal aspect as well, citing situations that have caused unexpected situations such as loss of a spouse, long-term illness, or investment collapse. Orman further explains some of the complicated IRS rulings regarding powers-of-attorney and an informative section on withholding costly life-support procedures in cases of terminal illness or brain death. Orman’s general philosophy is one that many of us can learn by which is to make money you have to save it which can be accomplished through savings accounts, IRAs, CD accounts, and Annuities all of which pay you for putting your money into them. Of course, you need to inquire at different banking and savings institutions to find the safest investment and which of these pays the largest dividend per dollar. Additionally, Orman tells you how to take money from your IRA before age 59 ½, with no penalty (substantially equal periodic payments), but adds very important advice on how to structure the portfolio to protect the nest egg. Overall, I think that this practical no-nonsense guidebook is more than worth the cost since it tells you how to minimize your expenses while maximizing your profits and includes worksheets to help you better visualize where you stand. However, you should consider reading one chapter at a time to allow the information to sink in before moving on to another idea.
[tags]Suze Orman, You’ve Earned it, Don’t Lose it, Financial planning, Retirement, protecting your nest egg, Maximize profits, minimize expenses, power-of-attorneys, Livining wills, trusts, IRS Rulings, Early retirement[/tags]