Best Retirement Planning Books to Buy in 2022

We live in the golden age of information. The proliferation of smartphones and Wi-Fi means that the answer to any seemingly financial question lies at your fingertips. While the Internet offers countless opportunities to increase financial literacy, books remain one of the most reliable resources for personal finance education (although, of course, you can choose to read books on the electronic device of your choice).

There are books on every aspect of personal finance, from budgeting to investing in stocks and real estate. When it comes to retirement planning, there is a lot to be learned by choosing a book that focuses specifically on this vital component of financial planning. With that in mind, here’s a roundup of the best retirement planning books for 2022 to help you set and reach your retirement goals.

A financial advisor can help you estimate your expenses in retirement, plan medical expenses, and decide when to claim Social Security. Find a trusted advisor today.

“Retirement Planning Guide” by Wade D. Pfau

Readers looking for an in-depth, comprehensive look at retirement planning may want to consider the work of Wade D. Pfau, a chartered financial analyst and prominent retirement researcher. In addition to his work as Director of Retirement Research at MacLean Asset Management and inStream, Pfau is Professor of Retirement Income at the American College of Financial Services and regularly publishes his research on retirementresearcher.com, a website he created.

Pfau’s latest book, The Retirement Planning Handbook: Navigating Critical Decisions for Retirement Success, provides a comprehensive overview of the complex and multifaceted world of retirement planning. This 476-page guide aims to help you determine your income needs in retirement, understand different investment and insurance options, navigate Social Security, as well as manage long-term care risks and medical needs. Elliot Rafelson, joint financial columnist, described Pfau’s book as “the most comprehensive and well-written personal finance guide ever published.”

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“The Total Money Makeover” by Dave Ramsey

Written by nationwide co-host Dave Ramsey, “The Total Money Makeover,” “Seven Actionable Steps You Should Take to Achieve Financial Security.” Ramsey’s “Seven Baby Steps,” which begins with building an initial $1,000 emergency fund and a snowball debt-repayment strategy, eventually escalates to investing 15% of your income for retirement and early home expenses.

The lessons in this book may be especially useful for people who haven’t started saving for retirement because of debt. With over 5 million copies sold, “Total Money Makeover” is a New York Times and Amazon bestseller.

“How to Make Your Money Last” by Jane Bryant Quinn

Jane Bryant Cowen’s “How To Make Your Money Last: The Indispensable Retirement Guide” is a convenient guide for retirees interested in their ability to maximize their savings during their golden years.

Quinn, a financial journalist and best-selling author, explores strategies to increase your savings, increase your Social Security benefits, use your home to produce income, take advantage of life insurance policies for income and more. While it’s more than just an introduction to personal finance, How To Make Your Money Last offers simple tips on how to plan for retirement and the different options available to retirees and those planning to retire at their disposal.

“How much money do I need for retirement?” Written by Todd Treseder

In the preface to “How Much Money Do I Need for Retirement?: The Wisdom of Uncommon Financial Planning for a Stress-Free Retirement,” author Todd Trezider reminds readers that knowing how much they need is “the fundamental foundation upon which all other aspects of retirement planning are built.” As this is the central focus of his book, Tressider continues to guide the reader through the vital questions to ask yourself while planning for retirement, how to accurately estimate investment returns and how to determine your “magic” retirement number.

Tresaider, a former hedge fund manager who retired at age 35, also touches on the importance of passive income and offers practical advice on retirement planning.

“The Ultimate Retirement Guide for Age 50+” by Suze Orman

Published in 2020, “The Ultimate Retirement Guide for Over-50s: Winning Strategies to Make Your Money Last a Lifetime” is the latest book from personal finance expert Suss Orman. This book was written for people age 50 and older who need help “putting all of their retirement puzzle pieces together and then putting them together into a cohesive plan.”

Orman tackles a different piece of the puzzle in each chapter, from building a reliable income stream that lasts 25-30 years to the importance of wills and trusts. Orman readers celebrate her enthusiasm for personal finance, as well as her simple, straightforward advice.

bottom line

Education is the cornerstone of financial literacy, and personal finance books are a powerful tool for improving your financial acumen. There are a large number of books devoted specifically to retirement. While some look to serve as a comprehensive retirement planning guide, others focus exclusively on wealth accumulation or wealth protection. Which book is right for you will likely depend on your current knowledge base and what you hope to learn.

Retirement planning tips

• While books and learning are vital to improving your financial literacy, a financial advisor can help you put your plan into action. Finding a qualified financial advisor doesn’t have to be difficult. The free SmartAsset tool matches up to three financial advisors in your area, and you can interview your advisors at no cost to determine which one is right for you. If you are ready to find a counselor who can help you achieve your financial goals, start now.

• Whether you’re four years away or four decades away from retirement, it’s important to have a sense of where you stand in your progress toward your savings goal. The SmartAsset Retirement Calculator can help you estimate how much you’ll save by the time you’re ready to retire.

• While most people focus heavily on how much they can save for retirement, not everyone knows how much they will actually need. To reliably estimate how much you can spend in retirement, Fidelity says your investments should cover 45% of your pre-retirement income with Social Security benefits (assuming you claim at age 67) offsetting the rest.

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