My rating: 4 of 5 stars
In preparation for a meeting with a financial planner, the author sent me his book. It is beneficial because it gives me an insight to his financial planning philosophy. There is good information in here. He is one of the better documentations on diversity of a portfolio. This would have been very helpful 30 years ago. My original thought was it meant investing in different equities/funds. When I look back at the 1990’s I see I was investing in different “vehicles” but not different models/strategies/markets/or asset classifications. When my sector moved it took a large move in my portfolio. Sometimes good, more times poor results.
In this “guide”, the author lays out very simple planning but urges you to be coached in more detail. There are new terms and products being developed constantly. Current retirees & spouses are going to need better planning than their parents. Our needs & requirements (legal & other) far outstrip what were our parents living expenses.
I am very skeptical of financial advisers. I have had some poor experiences but they were not the majority. Most problems were from low quality stock brokers. I am leery of paying 2% fees because I see that the same as a loss in our portfolio value.
I do find that I am poorly prepared for Long Term Care, Medical Insurance, & Prescription coverage as I move into retirement. Even in the US, where we supposedly have the Affordable Care Act, to provide those benefits, it will continually erode the principle savings, quicker then what anyone could plan.
This book reinforced that planning is very essential. We need to be open to financial advice but we need to be cautious to the fact that “We are the final authority. We must make decisions with which we can live by.”