The 5th Option
Why Your Retirement Plan Won't Work the Way You Think It Will
by Walter C. Young III, Peter G. Bielagus
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Pub Date Sep 14 2021 | Archive Date Oct 15 2021
Greenleaf Book Group | River Grove Books
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Description
Today You Have Choices to Secure Your Retirement
Do you often worry about your future and the state of your retirement, fearing that you’ll find out that you actually don’t have as much money as you would like to retire with? The 5th Option is the must-read book for anyone determined to find practical and sensible solutions for a stress-free retirement. Wherever you are in the retirement planning stage, you will learn the secrets to retiring comfortably without having to deal with the frustratingly outdated options of saving more, working longer, risking more, or settling. Told in parable, The 5th Option outlines current retirement philosophies and why many of them fall short over time while also helping you to reach your goals without having to sacrifice your dreams.
In this journey to retirement readiness, following along Michael and Jill's path to financial security, you will attain:
• A game plan grounded in the latest retirement research where you will learn to become better prepared against the biggest dangers for your financial future.
• Multiple pathways to safeguard safe, predictable, and plentiful income
• Greater understanding of how you can optimize your investments with actuarial science
• And so much more
When readers calculatingly strategize the allocation of their money using authors Walter C. Young and Peter Bielagus’s expert advice, they are guaranteed a plan that will have them retiring simply instead of simply retiring.
Available Editions
| EDITION | Paperback |
| ISBN | 9781632994103 |
| PRICE | |
Links
Available on NetGalley
Featured Reviews
Reviewer 691254
In this journey to retirement readiness, following along Michael and Jill's path to financial security, you will attain:
• A game plan grounded in the latest retirement research where you will learn to become better prepared against the biggest dangers for your financial future.
• Multiple pathways to safeguard safe, predictable, and plentiful income
• Greater understanding of how you can optimize your investments with actuarial science
• And so much more
C M, Reviewer
In this book, the authors use their experience from both the personal finance and corporate finance worlds to propose a retirement plan that might serve you better than traditional retirement strategies. The book has 17 chapters, and about 176 pages.
Throughout this book, the authors use the fictional characters Michael and Jill Cunningham as examples to illustrate their points. The idea behind the title of the book is revealed in the first chapter, as Michael and Jill are frustrated by the four options that their financial advisor gives them in order to have more money in their retirement years. The four options are : Work more years before retiring, spend less in retirement, take more risk, or save more money now. Michael and Jill are looking for a fifth option.
Over the next several chapters, the authors explain the fifth option through the characters of Michael's dad and sister. The fifth option involves a combination of strategies, including Beat the Bear, the Bucket Strategy, and creating your own “pension” using Whole Life insurance and SPIAs. The characters use several examples to explain longevity risk and volatility risk, and why these factors mean that retirement doesn't go as planned for many people. At the end of each chapter, Michael summarizes the key points by writing them down in his “notebook”, which serves to highlight key ideas for the reader.
This was an informative and easy to read book, that really does a good job of explaining these concepts in a very accessible manner. If you are apprehensive about your retirement planning, and don't have a background in finance, then this book is a great entry point to learning about how to avoid some financial dangers.
