The Smartest 401(k) Book You'll Ever Read: Maximize Your Retirement Savings...the Smart Way!

by Daniel R. Solin

Book Overview

This book will change the way you think about and invest in your retirement savings plan-forever. Internationally bestselling author and consumer advocate Dan Solin challenges some basic and misguided... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 0399534520
• ISBN13: 9780399534522
• Release Date: June 2008
• Publisher: Perigee Books
• Length: 228 Pages
• Weight: 0.85 lbs.
• Dimensions: 0.8" x 6.0" x 8.6"
• Age Range: 18 years and up
• Grade Range: Postsecondary and higher

Customer Reviews

The Smartest 401(k) Book You'll Ever Read

The book gave very good advise for long term investing, and ways to reduce the fees charged by various investment companies. I gave each of my three children (young adults) a copy of the book so they can start securing their retirement funds.

Needed by Tens of Millions

With tens of millions of Americans depending on the 401K, "The Smartest 401K Book You'll Ever Read" can help beginners or those who need to increase their knowledge of their 401K plans. With the 4-O-1 (with or without employer matching), the US worker today is on his/her own to understand, manage, and shift asset allocation as efficiently as possible. The 401 is littered with numerous problems that are a disadvantage to the worker. Part of this is because of the lack of Congressional laws. The investment industry is comprised of leeches that feed off of your investments throughout your 40+ years of work. Author Dan Solin provides helpful and necessary information for those who are currently in a 401, who will be, and also those who'll be switching jobs. After leaving an employer there are a multitude of options of where to put your 401K money. Solin does note the latent gimmicks and tricks that take your hard-earned money in hidden fees. Ten of millions of Americans are now relying on Defined Contribution Plans (401Ks) as Defined Benefit Pension plans (Pensions) are now nearly extinct. How much of your 401K will go toward your medical and pharmaceutical drug costs when you're old? Will the old rule of withdrawing 4% of your principle without eating into the principle be enough for you to live off of? Tax-deferred means - deferred - not tax free. Will Congress change the rules on taxes, again and again, as they so often have? What will the average rate of return per annum be? What will the average rate of inflation be? We must make a variety assumptions and calculations. Solin's advice and info is critical because those with 401Ks are statistically putting all of their eggs into 1 Financial Market Basket. This, is 1 basket contrary to what is often advocated: "diversify." You're in mutual funds with an allocation of stock, bonds, and money markets, and yes you can diversify, but within your limited plan provided to your by your employer and fiduciary. Solin wisely promotes rolling over 401K retirement money in IRAs for more control and more choices. And this, can only be done, when an employee leaves a company. Is the solution to resign from a company - quit your job say, every 5 years, just to roll over your 401K? Obviously, not. (The Roth 401K was enacted in January, 2006.) In addition to the 401K, non tax-deferred Index Funds provide the freedom of withdraw and movement with out penalty, limitations, age restrictions, and index funds also have low tax rates as there is less churning. In addition to this book by Solin, "The Great 401K Hoax" is worthy of a read. "The Smartest 401K Book You'll Ever Read" is an informative and important book by Dan Solin. Heavily recommended.

Financial Freedom Years Earlier

Dan Solin's book, "The Smartest 401(k) Book You'll Ever Read", is a winner. His thesis is that investing should be simple, and he walks this talk by writing about investing in such a manner as to make it simple, fun, and easy to understand for the reader. He offers far more than another book about how Wall Street and the insurance industry are ripping us off in our 401(k) and 403(b) retirement accounts. Though Mr. Solin does explain how our hard earned money is siphoned off by the "experts" that provide these plans, he also explains practical easy steps we can take to minimize the impact. These steps include: * Using an IRA with better options. * Rolling the 401(K) to the IRA when you leave an employer. * Picking the "least bad" funds within a poor retirement plan. * Choosing assets that fit with the rest of our nest egg. * Joining the investment committee of our employer's plan. Albert Einstein once said "if you can't explain it simply, you don't understand it well enough." Dan Solin gets it and explains it with brilliant simplicity! If you want financial independence years earlier, "The Smartest 401(k) Book You'll Ever Read" is for you. It will give you sound and simple advice that's equally simple to implement. For those who make their fortunes from providing these outrageously expensive plans, you'll hate this book. Read it anyway.