Emily Guy Birken - The 5 Years Before You Retire, Updated Edition: Retirement Planning When You Need It the Most

Named THE BEST BOOK TO READ AT AGE 60 by The Washington Post

The 5 Years Before You Retire

Retirement Planning When You Need It the Most

Maximize your current investments Secure healthcare for the future Capitalize on pre-retirement opportunities Protect your assets Strategize for the life you deserve!

Updated Edition

Emily Guy Birken

Adams Media

An Imprint of Simon & Schuster, Inc.

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Avon, Massachusetts 02322

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Copyright 2014, 2021 by Simon & Schuster, Inc.

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This Adams Media trade paperback edition May 2021

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Interior design by Priscilla Yuen

Cover design by Frank Rivera

Cover images 123RF/ALMOOND

Library of Congress Cataloging-in-Publication Data

Names: Birken, Emily Guy, author.

Title: The 5 years before you retire, updated edition / Emily Guy Birken.

Description: Updated edition. | Avon, MA: Adams Media, 2021. | Includes bibliographical references and index.

Identifiers: LCCN 2021000302 | ISBN 9781507213605 (pb) | ISBN 9781507213612 (ebook)

Subjects: LCSH: Retirement income--Planning. | Retirement--Planning. | Finance, Personal.

Classification: LCC HG179 .B489 2021 | DDC 332.024/014--dc23

LC record available at https://lccn.loc.gov/2021000302

ISBN 978-1-5072-1360-5

ISBN 978-1-5072-1361-2 (ebook)

Many of the designations used by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book and Simon & Schuster, Inc., was aware of a trademark claim, the designations have been printed with initial capital letters.

This publication is designed to provide accurate and authoritative information with regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.

From a Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers and Associations

For my father, Jim Guy: mensch extraordinaire, talented financial planner, and Renaissance man. I wish I could have seen you beaming as you read this.

This book could not have come to be without the help of many kind and knowledgeable friends and experts:

Thank you to Peter Archer and Brendan ONeill, my editors at Adams Media, for giving me another crack at 5 Years. This book means so much to me, and Im so glad to be able to update it for a new audience.

In addition, I would like to thank the bloggers at Wise Bread (WiseBread.com), as well as the wonderful FinCon community that has done so much to help shape my financial writing career. Julie Jason, president of Jackson, Grant Investment Advisers, Inc., was kind enough to answer my many questions and point me in the right direction on more than one occasion. Thank you for taking the time to help me.

Finally, Id like to thank my husband, Jayme. Thank you for patiently listening to me rant about financial issues in retirement for over a decade nowand for always keeping your eyes from glazing over.

PREFACE TO THE REVISED AND UPDATED EDITION

Seven years ago, when I first wrote The 5 Years Before You Retire, it was my mission to create a comprehensive retirement guide that could help anyone understand the steps they needed to take to reach a secure and fulfilling retirement. Finance can often be an intimidating and opaque subject, and I wanted this book to offer reassurance and clarity, which I think it did.

Of course, even the clearest of financial guides will eventually become outdated. In the past seven years, a number of things have changed that have affected both the information in this book and the process of planning for retirement. Just to name a few, the changes to healthcare, the passage of a new tax bill, the changes to Social Security, and the profound economic effects of the coronavirus have all impacted the way near-retirees plan for their next act. Revising and updating this book has allowed me to provide my readers with the most accurate and up-to-the-minute information about the legislative rules that affect their retirement.

The past seven years have also seen a number of financial changes. From the recovery of the housing market to the rise (and fall) of cryptocurrency, and from the record-breaking highs of the stock market to the coronavirus-related changes to our economy, the market has been through a long, strange trip over the past decade. Though market fluctuation is inevitable, this kind of roller coaster deeply affects how we all feel about investing, and we see that emotional reaction reflected in our retirement planning strategies. As with the first edition of 5 Years, this updated version will help you to plan and stick to a financial strategy that will see you through market fluctuations without panicking.

Finally, there have been several personal experiences in my life in the past seven years that have helped me better understand some important retirement planning strategies. My personal experiences with estate planning, investing, and researching long-term-care insurance have all deepened my knowledge of these topics. This new understanding has helped me see more nuances and offer more accurate advice to those who are planning their retirement, and you will find this reflected in the pages of this edition.

Despite what anyone in red suspenders and slicked-back hair might tell you, no financial analyst, adviser, or author can tell you exactly what to expect as you plan for your retirement. However, even though there is no crystal ball, you can count on the steps set out in this book. Each chapter guides you through the decisions and actions you will need to take to reach a secure retirement. The retirement planning syllabus at the end of each chapter, and the full syllabus in Appendix B, will help you know when to take which actions as you prepare for retirement. In addition, the new-to-this-edition Retirement Readiness Checklist in Appendix A can give you a birds-eye view of your retirement preparation so you can pinpoint which parts of your plan need attention.

When you have finished reading this new revised and updated edition, you will feel confident about your plan and ready to tackle your retirement to-do list, with all the most current information at your fingertips.