Financial planning can be easy if you have the right tools. Narayan Krishnamurthy picks some bestsellers that have helped people the world over chalk out a retirement plan. Use them to fish out important guideposts, not just India-specific information.
1. ESSENTIAL GUIDE TO CAREFREE RETIREMENT
Price: Rs 100
Author: Gaurav Mashruwala
Publisher: Businessworld
The book looks at retirement planning for every age group and ways to manage money after the golden handshake. Apart from details on financial products available in India that can be used for an effective retirement, it uses case studies. These worked out examples help readers make an easy association.
2. GUIDE TO PLANNING YOUR FINANCIAL FUTURE
Price: Rs 475
Authors: Kenneth & Virginia Morris
Publisher: Lightbulb Library
This illustrated book simplifies the basic retirement planning concepts. Although retirement in India doesn’t work the same way as in the US, this book—part of a series—gives relevant pointers that can apply anywhere in the world. A handy, easy-to-read guide.
3. COMPLETE RETIREMENT GUIDEBOOK
Price: Rs 677
Authors: Glenn Ruffenach
And Kelly Greene
Publisher: Three Rivers
The authors have been writing about retirement issues for The Wall Street Journal for long and have gone beyond the nuts and bolts of retirement in this book. It is replete with examples and worksheets that can help you plan your later years. It’s an American book, but has concepts that can be adapted to local conditions.
4. THE NEW RETIREMENTALITY
Price: Rs 440
Author: Mitch Anthony
Publisher: Kaplan
The cleverly named book and the concept should be of interest to anyone uneasy with the traditional requirement of ending a working life at 60. Anecdotes about those who have done so, and a liberal sprinkling of inspirational suggestions from the author make the book meaningful. Read it to know how to make your desires come true after retirement.
5. GETTING STARTED IN RETIREMENT PLANNING
Price: Rs 970
Authors: Ronald and Murry Yolles
Publisher: John Wiley and Sons
This book offering a simple strategy is split in four parts. It starts with the need for retirement savings, followed by a strategy for each lifestage, and for preserving wealth. Finally, it looks at the good life after retirement. The hypothetical scenarios offer realistic solutions for a range of retirement issues.
6. RETIRE YOUNG, RETIRE RICH
Price: Rs 625
Authors: Robert Kiyosaki and Sharon Lechter
Publisher: Business Plus
Kiyosaki is the Oprah of finance. In this book, the fifth in the Rich Dad series, he and Lechter stress on the power of leverage. They cite their own situation of starting with nothing and retiring financially free in less than 10 years. An amazing feat and an example we can aspire to.
7. THE COMPLETE IDIOT'S GUIDE TO RETIREMENT PLANNING
Price: Rs 850
Author: Jeffrey J. Wuorio
Publisher: Alpha
The book stresses on the need for enough money after retirement and the benefits that the US social security offers—or the lack thereof—and ways to supplement them. Again, it has nothing for the Indian context, but one can take lessons from the state pension schemes and the way they pan out.
8. YES, YOU CAN STILL RETIRE COMFORTABLY
Price: Rs 330
Authors: Ben Stein, Phil Demuth
Publisher: New Beginnings Press
Backed by facts and figures, the book shows exactly how much you need to save to maintain your standard of living, and how to invest to get the maximum returns from your savings. It offers tips to tap into the nest egg after you retire—in a way that you get the most money while keeping it safe.
9. START LATE FINISH RICH
Price: Rs 625
Author: David Bach
Publisher: Broadway
Going by the title, one can retire rich no matter what the starting point. However, the book is only useful for those who are under 45. Anyone who reads it after this age will find it highly unsuitable. The premise of the book is that one should focus more on cutting costs than being investment-driven. Incidentally, one of Bach’s suggestions is to cut eating out!
10. WHAT COLOR IS YOUR PARACHUTE?
Price: Rs 677
Authors: Richard N. Bolles
And John Nelson
Publisher: Ten Speed
The book starts by stating that retirement today is not like the past, when it was all about money. This one is for those looking at life in retirement—it has to do with what one wants and how to get there. But, be warned. This is not really a personal finance book; it’s close to psychology.
5 WEBSITES THAT CAN HELP YOU KICK-START YOUR RETIREMENT PLANNING WITH EASE
1. http://www.iciciprulife.com/retirementnumber/index.htm
The site helps you figure out how much you need in retirement based on your current monthly expenses. You can then work backwards to find what you need to do to manage life after retirement.
2. http://www.six-steps.in
The community site suggests the way to plan retirement. It boasts an interactive feature that you can use to seek advice on issues specific to your case. There are enough case studies to tell you about the situations people find themselves in.
3. http://seniorindian.com
This is a one-stop storehouse of information for senior citizens, for the retired, as well as for those looking at retirement. Buzzing with news and useful tips, it can keep postretirement life easy and engaging.
4. https://www.retirementredzone.com/retirementredzone
A US-centred site promoted by Prudential, it addresses the concerns of people five years before retirement and five years into retirement. It is interactive and a good resource pool.
5. http://retireplan.about.com
This resource centre has everything you would want to know about retirement, though it’s not necessarily relevant to India. It is a good site to grasp retirement-related issues that one may have never considered.
