Cover image for The complete idiot's guide to retiring early
Title:
The complete idiot's guide to retiring early
Author:
Lee, Dee.
Personal Author:
Publication Information:
Indianapolis, IN : Alpha, [2001]

©2001
Physical Description:
xviii, 341 pages : illustrations ; 24 cm
Language:
English
Added Author:
ISBN:
9780028640129
Format :
Book

Available:*

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Material Type
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Boston Free Library HG179 .L4168 2001 Adult Non-Fiction Open Shelf
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Clearfield Library HG179 .L4168 2001 Adult Non-Fiction Open Shelf
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East Aurora Library HG179 .L4168 2001 Adult Non-Fiction Open Shelf
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Grand Island Library HG179 .L4168 2001 Adult Non-Fiction Open Shelf
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Lake Shore Library HG179 .L4168 2001 Adult Non-Fiction Open Shelf
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Orchard Park Library HG179 .L4168 2001 Adult Non-Fiction Open Shelf
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Summary

Summary

Offers advice on planning an early retirement, including tips on paying off debts, investing money, and calculating net worth.


Author Notes

Dee Lee is a Certified Financial Planner, Registered Investment Advisor, and author of several financial books, including The Complete Idiot's Guide® to 401(k) Plans. Her weekly newspaper columns appear in the Boston Herald business section every Sunday under the titles "$$ Talks" and "The Money Manager," and she is a regular contributor to CNBC's "Power Lunch." Jim Flewelling retired in 1995, at the age of 45. Today, he enjoys an active life of leisure and manages an investment portfolio for himself and his wife.


Table of Contents

Part 1 Retirementp. 1
1 It's About Having Optionsp. 3
Why Retire?p. 4
A Working Retirementp. 4
A Lot of Living Leftp. 5
The Livin' May be Easy, But It's Not Cheapp. 5
Early Retirementp. 5
What's "Early," Anyway?p. 6
Make It Your Choicep. 6
But It Ain't Necessarily Sop. 7
What Would You Do?p. 7
What You Will Give Upp. 8
Where Retirement Came Fromp. 10
The New Dealp. 10
A Good Dealp. 11
2 What It Takesp. 13
Dough: A Pile of Moneyp. 14
If You're Planning on a Pensionp. 14
Too Little, Too Latep. 15
How Much Dough?p. 16
It Might Not Be Enoughp. 17
Desire: You Gotta Really Want Itp. 18
Decisions: Tough Choicesp. 19
Discipline: A Lotta "Round Tuits"p. 21
Defense: The Best Offensep. 22
3 Exploring the Issuesp. 25
A Midlife Crisisp. 25
Who Am I?p. 26
What Have I Done?p. 27
It's Time to Grow Upp. 27
Get a Financial Physicalp. 29
Getting Helpp. 29
When the Paycheck Stopsp. 30
One Works, the Other Doesn'tp. 30
Still Bringing Home the Bagelp. 31
Finally Retired Togetherp. 32
4 Life in the Slow Lanep. 35
The Life of Rileyp. 35
Where to Livep. 36
Housing Costsp. 37
If You Have Your Health ...p. 38
It Will Cost You Nowp. 38
It Will Cost You Laterp. 39
Die Broke--or Notp. 40
What Will Your Parents Think?p. 40
What Will Your Kids Think?p. 41
5 From Money to Wealthp. 43
The Difference Between Wealthy and Richp. 44
You're Wealthy!p. 44
You're Rich!p. 45
How You Feel About Moneyp. 46
Luckyp. 46
Guiltyp. 47
Securep. 47
The Big Picture Stuff: The Long Termp. 48
Same as Regular Retirement, Only Fasterp. 49
Make Your Money Work for Youp. 49
Part 2 Planning the Path to Wealthp. 51
6 Wealth: How to Get It and Keep Itp. 53
Get It Togetherp. 54
Determining Net Worthp. 54
Whatcha Got? Assetsp. 55
What Do You Owe? Liabilitiesp. 56
Play Defense Firstp. 56
Money Flows Inp. 56
And Out It Goesp. 57
Get Realp. 58
Get Out of the Debt Holep. 58
The Rule of Debtp. 59
Get Helpp. 59
Your 911 Fundp. 60
How Much?p. 60
Where to Keep Itp. 60
The Protection Gamep. 61
Protect Your Incomep. 61
Life Insurancep. 62
Property and Casualty Insurancep. 62
Umbrella Liabilityp. 63
Health Insurancep. 63
7 How to Be a Middle-Class Millionairep. 65
Think Like a Millionaire--Don't Act Like Onep. 66
You Can't Spend Yourself Richp. 67
Lifestyle Choices: Live Well for Lessp. 67
Pay Cashp. 68
Spend It or Save Itp. 68
Pay Yourself Firstp. 69
A Comfortable Lifestylep. 70
Save on House Costsp. 71
Save on Autosp. 72
Pay for Collegep. 73
8 Estimating Your Retirement Costsp. 77
Inflation Is Your Worst Enemyp. 78
Expenses in Retirement--by Stagesp. 80
Retirement to Age 62p. 81
Estimate Your Expensesp. 82
Inflate Themp. 83
Age 62 to 70p. 84
Age 70 and Beyondp. 87
9 How to Pay Your Expenses in Retirementp. 91
Tiered Income Changesp. 91
Collecting Social Securityp. 92
Pensionsp. 94
Retirement to Age 62p. 94
How Much You'll Makep. 95
Other Incomep. 95
Age 62 to 70p. 96
Part-Time Work and Other Incomep. 97
Estimate Your Social Security Benefitp. 97
Your Income at Age 62p. 99
Beyond Age 70p. 100
10 Achieving Your Retirement Goalsp. 105
Make a Plan or Plan to Failp. 105
Flying Solop. 106
Create Your Planp. 106
Retirement to Age 62p. 108
How Much You'll Needp. 109
How Much to Savep. 110
If That's Too Highp. 113
Age 62 to 70p. 114
Beyond Age 70p. 115
Tap Your Retirement Accountsp. 116
The IRS Tells You Howp. 117
How Much You Needp. 118
How Much to Savep. 120
If That's Too Highp. 122
Percent of Total Incomep. 122
11 Finding and Using a Financial Plannerp. 125
Professionals Can Helpp. 125
Types of Plannersp. 127
What You Want in a Plannerp. 128
How to Find a Plannerp. 128
How to Interview Themp. 128
How Do They Make Money?p. 129
Check Them Outp. 130
Organizationsp. 130
Choose Onep. 132
Part 3 Investing for Your Retirementp. 135
12 How to Pay for Your Goalsp. 137
The Way We Used to Retirep. 138
The Way We Need to Invest Todayp. 138
The Basic Investment Strategyp. 139
The Portfolio Strategyp. 143
The Wealth Builder Portfoliop. 144
The Wealth Maintenance Portfoliop. 144
The Wealth Preservation Portfoliop. 145
Review and Rebalancep. 146
Paying Taxes on Taxable Accountsp. 146
Taxes on Retirement Account Withdrawalsp. 147
Investing for Intermediate-Term Goalsp. 148
Saving for Short-Term Goalsp. 150
13 Keys to Successful Investingp. 155
Be an Aggressive Saverp. 155
Beat Taxes and Inflationp. 157
Avoid Taxesp. 158
Beat Inflationp. 159
Think Like a Long-Term Investorp. 160
Compound Growthp. 160
Beware Fear and Greedp. 161
Characteristics of Successful Investorsp. 162
14 The Secret Techniques Laid Barep. 165
Work with Your Moneyp. 166
Keep Pumping It Inp. 167
The Great Depressionp. 167
How Many Baskets You Need?p. 169
Diversificationp. 171
Company Stockp. 172
Don't Panicp. 173
Time in the Marketp. 174
Chasing Winnersp. 174
Keep It Simplep. 175
15 You're the Bossp. 177
Paint, Wallpaper, and Trimp. 178
Everything Has an Indexp. 179
Sector Fundsp. 180
Other Managed Fundsp. 181
Non-U.S. Fundsp. 182
Stocksp. 183
When to Redecoratep. 185
Nonindexed Fundsp. 185
Stocksp. 186
Part 4 A Safari on Wall Streetp. 189
16 Stocking Wild Gamep. 191
Where Is the Jungle?p. 191
Tracking Trophy Stockp. 192
The Huntp. 193
What You're Looking Forp. 194
The Tracksp. 195
Interpreting the Tracksp. 196
Which Way Do the Tracks Go?p. 198
Another Way to Track 'Emp. 198
Dividendsp. 199
Other Ways to Find Big Gamep. 200
Get a Closer Look at Itp. 201
Hiring a Trackerp. 203
17 Herds of Stocks: Mutual Fundsp. 205
Identifying Herds of Stocksp. 207
Index Fundsp. 207
Managed Fundsp. 208
Stylep. 208
Types of Managed Fundsp. 210
What About Fees and Expenses?p. 211
Picking the Right Herdp. 213
The Lowdown on Loadsp. 213
Loading Upp. 215
Using Past Performancep. 216
Longer Periodsp. 216
The Starsp. 217
Other Toolsp. 218
Betap. 218
Standard Deviationp. 218
Sharpe Ratiop. 219
18 A Zoo-ful of Bondsp. 221
Are Bonds Tame?p. 222
Bond Languagep. 225
Why Rates Changep. 225
Hiring a Zookeeper: Bond Fundsp. 227
Putting a Ladder in the Monkey Cagep. 228
Different Species of Bondsp. 229
U.S. Treasuriesp. 229
Government Bondsp. 230
Municipal Bondsp. 231
Corporate Bondsp. 233
Zeros and Stripsp. 234
Off to the Zoop. 234
19 Risk Your Money or Your Retirementp. 237
What Is Risk?p. 238
Invest for the Long Termp. 239
The Short Term Can Be Scaryp. 240
A Risk-Free Investment?p. 241
Time and Riskp. 241
Making Changes as Time Passesp. 242
Still Can't Take Volatility?p. 243
Other Risksp. 244
Information Riskp. 246
Regulation FDp. 247
Your Advantagep. 247
Part 5 Tools You Should Usep. 249
20 Keep the Taxman Waiting While You Workp. 251
401(k) Plansp. 251
Moving Money Outp. 252
After You Retirep. 254
When You Inherit an Accountp. 255
403(b) Plansp. 256
You Do Have Choicesp. 257
Getting the Money Outp. 258
457 Retirement Plansp. 259
Self-Employment Retirement Plansp. 259
SIMPLE IRAsp. 259
SEP-IRAsp. 260
Keogh Plansp. 261
The Company Pensionp. 261
What's It Really Worth?p. 262
What Can Happen to Itp. 262
Take the Money and Runp. 263
21 The IRA: Your Personal Tax Shelterp. 265
Income Limits for Contributionsp. 266
Who Can Contribute?p. 267
Spousal IRAsp. 268
Traditional or Roth IRA?p. 268
Who Did Best?p. 270
What Should You Do?p. 271
Over the Limitsp. 271
To Rothify or Not: Converting Your Traditional IRAp. 272
More Limitsp. 273
Taxesp. 273
Should You Convert?p. 274
How to Get Money Outp. 274
Withdrawing Money from a Roth IRAp. 274
Withdrawing Money from a Traditional IRAp. 275
New Distribution Rulesp. 276
Annuitiesp. 277
22 Social Insecurity and Mediscarep. 279
What Social Security Really Isp. 280
The Historyp. 280
The Futurep. 281
What You Should Expectp. 282
How Your Benefit Is Reducedp. 282
Spousal Benefitsp. 284
When to Take Itp. 285
Taxing Your Benefitp. 286
Medicarep. 286
The Trust Fundsp. 287
Long-Term Care Insurancep. 288
You're on Your Ownp. 289
23 Your Estate Needs a Plan, Toop. 291
Wills and Won'tsp. 292
Probate and Lawyersp. 293
'Til Death Do Us Partp. 294
How Should Spouses Own Property?p. 294
The Estate Taxp. 295
Trustsp. 297
Living Trustsp. 297
Testamentary Trustsp. 297
Charitable Trustsp. 298
Other Options You Should Usep. 299
The Powers of Attorneyp. 299
Healthcare Directivesp. 300
Appendixes
A Financial Worksheetsp. 303
B Glossaryp. 311
C Web Sitesp. 325
Indexp. 331

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