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The Best Retirement Planning Books For 2023

For your next good read, how about a book that will help improve your financial future?

The Best Retirement Planning Books

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Personal finance – including retirement planning – doesn’t have to be complex. If you aren’t sure where to start, pick up one of these titles.

There are many things you can learn by doing, but retirement shouldn’t be one of them. Rather than waiting until you quit your job to figure out how you’ll pay the bills and spend your time, start planning well in advance.

If you aren’t sure where to start, pick up one of these titles which are commonly noted as the best retirement planning books.

"The Richest Man in Babylon"

"your money or your life", "die with zero", "the index card", "the bucket plan", "the new rules of retirement", "retirement planning guidebook", "the money queen’s guide", "10 costly medicare mistakes", "nudge: improving decisions about health, wealth, and happiness".

Author: George S. Clason

First published in 1926 by George S. Clason, "The Richest Man in Babylon" is considered a personal finance classic by many.

“Using stories set in ancient Babylon, this book explains how to get out of debt, increase savings, build passive income and more,” says Craig Kirsner, president of Kirsner Wealth Management in Coconut Creek, Florida. “While these stories take place centuries in the past, they follow people struggling with and overcoming very similar issues to those that plague today's world.”

Some people may find the language archaic and the stories dry, but they have proven inspirational to countless others.

Authors: Joseph R. Dominguez & Vicki Robin

Many consider this book – first published in 1992 – as the spark for the Financial Independence, Retire Early movement. Written by Vicki Robin and Joe Dominguez, this book lays out nine steps to walk you through the process of evaluating how much money you earn and the value it provides.

Even those who don’t want to follow the book’s nine steps, which include adding up your lifetime earnings and tracking every cent you spend, may find "Your Money or Your Life" provides the inspiration they need to buckle down and make wise financial decisions.

Author: Bill Perkins

"Die With Zero" was published in 2020 and has gotten a lot of buzz within the personal finance community. That’s because author Bill Perkins takes a different approach to retirement savings . Rather than hoarding mountains of cash to be left for heirs, he proposes that people try to spend what they save before they die.

“Perkins dives into the challenges of using your money for what you enjoy while you are alive,” says Jay Zigmont, certified financial planner and founder of Childfree Wealth. “If you don't plan on leaving money to another generation, his book is a must read.”

Authors: Helaine Olen & Harold Pollack

Personal finance – including retirement planning – doesn’t have to be complex. That’s the premise of "The Index Card" which lays out nine rules for creating a solid financial future.

“I like this book because it is based around the premise that everything you need to know can fit on an index card,” says Kendall Meade, a certified financial planner with financial services firm SoFi. “While the book expands and provides more detail than just what would be on the index card, it does a good job of taking a complicated matter and simplifying it into just what you need to know.”

The book came out in 2016 and is written by Helaine Olen, a financial journalist, and Harold Pollack, a University of Chicago professor.

Author: Jason L. Smith

Financial planner Jason L. Smith published "The Bucket Plan" in 2017 to lay out a strategy for retirement savings that is designed to minimize sequence-of-returns risk. That’s the risk that retirees face when the market takes a downturn right as they leave the workforce. To minimize the risk, Smith recommends placing funds in different buckets – such as investments vs. accounts – depending on when the cash will be needed.

The information in this book is presented through a series of conversations between Smith and his clients. Some readers may find this style makes the information relatable while others may find the long sections of dialogue off-putting.

Author: Robert C. Carlson

For those close to retirement age , "The New Rules of Retirement" by Robert C. Carlson is an accessible overview of all the basics you need to understand, from claiming Social Security to purchasing annuities to writing a will. Originally published in 2004, look for the more recent edition which was updated in 2016.

However, keep in mind that even the updated version is likely to include some outdated information. For instance, the age at which people need to begin to take required minimum distributions has changed twice since 2016. Still, this book is a good primer for those who are ages 55 and older.

Author: Wade Pfau

Densely written and completely comprehensive, the "Retirement Planning Guidebook" is a wealth of information about all things retirement. Author Wade Pfau tackles topics such as when to start Social Security benefits, how to minimize taxes and what should be included in your estate plan.

As with "The New Rules of Retirement," you'll want to look for the most recent edition of this book to ensure you’re reading timely information. Look for a copy published in 2023 to get the latest update.

Author: Cary Carbonaro

Historically, women have been left out of many conversations involving finances, but "The Money Queen’s Guide" is one of several titles that have been published in recent years to rectify that.

“The book gives you actionable steps to take throughout the decades of your life to get and stay retired,” says author Cary Carbonaro, a certified financial planner and director of the Women and Wealth division at financial firm Advisors Capital Management.

First published in 2015, this slim title provides an accessible overview of topics such as detaching finances from emotions, setting retirement goals and communicating with beneficiaries during retirement.

Author: Danielle K. Roberts

Health care is a major expense for many retirees, and making smart decisions regarding Medicare can help minimize costs. Initially published in 2020 and updated for 2023, "10 Costly Medicare Mistakes" delves into the details of Medicare coverage and when retirees need to sign up.

While the Medicare website provides a wealth of information, too, the government’s health care program for seniors can be difficult to navigate. "10 Costly Medicare Mistakes" breaks down the system into understandable sections that can help you avoid expensive errors.

Authors: Richard H. Thaler & Cass R. Sunstein

“While it’s not specifically about retirement, Nudge (is) all about little decisions that result in big change,” says Andrew Meadows, senior vice president at Ubiquity Retirement + Savings, a 401(k) provider for small businesses. Richard H. Thaler, who wrote the book along with Cass R. Sunstein, is considered the “hero” of modern retirement, according to Meadows.

First published in 2008, "Nudge" is less about actionable steps for individuals and more about what systems can be put into place to help people succeed. For instance, in the realm of retirement, automatic enrollment in 401(k) plans may be part of the answer to shoring up worker savings. If you’re interested in the big picture of how to help people make better retirement decisions, add this book to your must-read list.

Secrets of Successful Retirement Savers

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I'm on track to retire early thanks to a $15 book that taught me everything I know about investing

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• I didn't learn about investing growing up so I was thrilled to read "The Simple Path to Wealth."
• Author JL Collins lays out a clear strategy for wealth-building, from debt payoff to investing.
• Thanks to the book, I'm now on the path towards FIRE — financial independence/retire early.

Around half of all US households have some money invested in the stock market, according to the Pew Research Center. Just a few years ago, I was part of the other 50% that didn't invest anything at all. Investing has always been foreign to me, and I definitely didn't learn anything about it growing up. 

I'm thankful that, in 2017, I was able to read a book called " The Simple Path to Wealth ." I can't remember if I ordered it online or if someone gave it to me. However, I was grateful that a man named JL Collins took the time to write this book and explain how readers could build wealth with a simple, easy-to-understand formula. 

Now that I am working toward FIRE (financial independence/retire early), I find myself using many concepts from this book to inspire my own financial journey. Here's what "The Simple Path to Wealth" taught me about managing money and building wealth.

You can define financial independence in your own way

I think one of the things that held me back from believing I could pursue financial independence was fear that my situation and goals were different from other people who were able to successfully build wealth. I started out my journey with a low income and debt, unlike the stories I hear from others who were building wealth while earning six figures by age 23 and had no debt.  

Still, Collins, who grew his book from a series of letters he wrote to his daughter about personal finance and investing , explains that what financial independence means should be completely up to you. It's your life, so you don't need anyone to tell you that you need $X saved and invested by age 32 in order to be considered financially independent.

This book solidified the fact that financial independence doesn't mean you have to stop working — it's your choice, and the most important thing that money can buy is freedom. 

A $1,000 emergency fund is not enough

To me, a $1,000 emergency fund has always seemed like a great start, but never enough. Having emergency savings can provide me with some peace of mind knowing that I can financially handle the surprises that life could throw my way, so I've always opted to save more.

In "The Simple Path to Wealth," Collins highlights the importance of what he calls "F-you money," which he describes as enough money to be completely free of the demands of others. Having this F-you money can give you a taste of the freedom that can be gained by reaching financial independence. 

Knowing this, I hiked up the goal for my emergency fund and started setting aside an extra 1% to 2% of my income in a high-yield savings account just in case I needed a little bailout or to exercise my right to freedom. 

The biggest obstacle to building wealth is debt

People may not like to hear this, but it's true. Debt, whether good or bad, represents an amount that you owe to someone else. When you factor in extra fees and interest, maintaining long-term debt balances will set you up to enjoy less freedom.

In "The Simple Path to Wealth," Collins urges readers to be careful about accruing debt and recommends a simple formula to help prioritize paying it off. I love how Collins' formula is based on interest rates, or the common " debt avalanche method," because that's how I paid off most of my debt. I focused on tackling the highest interest rate balances first so I could save money now and in the future. 

Collins recommends you prioritize your debt repayment strategy like this:

• Debt at less than 3% : Pay it off slowly and invest
• Debt between 3% and 5% : Use your best judgment to determine when and how you want to pay it off
• Debt with an interest rate of more than 5% : Pay it off as soon as possible

Investing doesn't have to be scary or confusing

I'm not going to lie, I still don't understand certain things about stocks and general investing lingo. I'm not a financial advisor or an investing expert. Thankfully, however, Collins explains that you don't have to be a pro in order to build wealth. 

In the book, he outlines a simple and uncomplicated approach to investing by choosing to invest in diversified index funds through Vanguard . Specifically, he recommends the Vanguard Total Stock Market Index Fund, or the VTSAX . The VTSAX has been around since 1992 and it's a low-cost, broad-ranging index fund that allows you to invest in hundreds of companies all at once. 

By doing this, I don't have to pick individual stocks or worse, try to time the market and worry about the best times to buy or sell. Collins explains in the book how market downturns are normal and should be expected. This means it's often not wise to sell stocks out of fear; in fact, this is how most people lose money. 

The book goes on to provide real figures and research to demonstrate that for the past 100+ years, the market has always gone up and recovered after a drop. It's self-cleansing, so when companies fail or go out of business, new and more profitable companies go public and take their place. 

By investing in index funds , I feel more confident about my overall strategy to build wealth and can save time and energy by not worrying too much about the stock market. 

For me, "The Simple Path to Wealth" has demystified the purpose and process of building wealth in America. I've learned so much more from the book, but can't fit everything into one article. I'd highly recommend it for anyone's reading list this year — especially if you are looking to gain control of your finances, invest wisely, and reach your own level of financial independence one day.

This article was originally published in March 2021.

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Thomas Piketty’s Radical Plan to Redistribute Wealth

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By Nicholas Lemann

• April 19, 2022

A BRIEF HISTORY OF EQUALITY By Thomas Piketty

Thomas Piketty begins his latest book by genially mentioning the entreaties he gets to write something short — previous books have been around 1,000 pages long — and ends it by expressing the hope that he has given “citizens,” rather than economists, new weapons in the battle against inequality, which is his master subject. This shouldn’t be taken for a sign that “A Brief History of Equality” is consciously simplified. It isn’t centered on a new economic finding, like that in “ Capital in the Twentieth Century, ” where Piketty reported that the return to capital exceeds the rate of economic growth. But neither is it written in a tone of patient explanation. It’s useful as an opportunity for readers to see Piketty bring his larger argument about the origins of inequality and his program for fighting it into high relief.

Much of the current discussion of inequality focuses on the period since 1980, when the benefits of growth began to go much more narrowly to the rich than they had before. Although Piketty hardly disputes this, he announces here that he has come to tell an optimistic story, of the world’s astounding progress toward equality. He does this by creating a much wider temporal frame, from 1780 to 2020, and by focusing on politics and measures of well-being as well as economics. Life expectancy has gone from 26 to 72 and, with the rise of compulsory state-provided education, the literacy rate from about 10 percent to 85 percent. Slavery and colonialism, once endemic, have been substantially abolished. Perhaps half of the population of the developed world is at least middle class, though before the 20th century there was no middle class to speak of. The right to vote, formerly restricted even in democracies to male property owners, is well on its way to becoming universal.

What caused this progress? Piketty has a straightforward answer: the advent of progressive taxes on income and wealth, and of the comprehensive welfare state. The taxes reduced inequality and paid for the welfare state, which has provided education, health care, old-age pensions and protection against severe deprivation. Our culture’s familiar assertions about how growth, innovation and entrepreneurship are connected with general prosperity stand completely outside Piketty’s account. Instead, he says, property owners have always used their excessive influence over government to create systems of “military and colonial domination” and environmental despoliation that made them even more wealthy than they were already. The idea that growth can solve the world’s economic woes is “totally insane.” Only a substantial weakening of property rights — a process that in the past included the abolition of slavery, but has many more steps to take — can do that.

Piketty writes as a citizen of the world, suspicious of nationalism, but his thinking strikes this American reader as noticeably European — indeed, specifically French. In the United States, when we think about the very rich, the people who usually come to mind are workaholic high earners in technology, finance and corporate executive suites. Piketty, who is more concerned with property than with earnings, thinks about rentiers , individuals who aren’t so different from the pre-revolutionary French nobility, except that they have converted their clout into financial assets rather than feudal land holdings.

Although Piketty favors much higher income tax rates (“virtually confiscatory tax rates have been an immense historical success”), policies that redistribute property rather than income are the heart of his program. These would include reparations for descendants of enslaved and colonized people, encouraging countries in the global south to tax the fortunes of nonresidents who do business there, cancellation of debts and a program he calls “inheritance for all,” in which wealth taxes would reduce large fortunes and provide everyone with a financial cushion. He would also take a large measure of control over corporations away from their managers and shareholders and give it to employees, and create “a system of egalitarian funding for political campaigns, the media and think tanks.” All this would amount to “a profound transformation of the world economic system.”

The name that Piketty gives to his program is participatory socialism. On economic issues it is considerably to the left of what American liberals are used to considering. (It’s another sign of Piketty’s Europeanness that he uses “liberal” to denote Ronald Reagan-style economic policies, and yet another that he is far more uncomfortable than the mainstream of the Democratic Party with long-running race-conscious policies aimed at helping minorities, lest they encourage “identitarian introversion.”) He is well aware that changes on the scale he is proposing never happen incrementally. Significant movement in the right direction, by his lights, has always required wars, revolutions, economic depressions and “political movements of great scope.”

Are such upheavals on their way? Piketty doesn’t make predictions, but he treats the current system of “hypercapitalism” as being obviously doomed. Other than socialism, the only real alternatives are authoritarianism, Chinese-style Communism or “reactionary projects” like ISIS. And political reform won’t be sunny: “The idea that there might be only winners is a dangerous and anesthetizing illusion that must be abandoned immediately.” He’s right that wholesale change on the order he considers necessary is rare, and usually associated with calamity. Incremental adjustments, however, happen constantly. Absent disaster, it seems possible, or even likely, that they will move economic policy in the direction Piketty would want — away from the market-friendliness of the late 20th century — though to an extent that he would consider pathetically inadequate. That may be happening already. If it is, his work, with its determination to move outside what had been the terms of the debate, is partly responsible.

Nicholas Lemann teaches at Columbia Journalism School. His most recent book is “Transaction Man.”

A BRIEF HISTORY OF EQUALITY By Thomas Piketty Translated by Steven Rendall 288 pp. The Belknap Press of Harvard University Press. $27.95.

Late Bloomer Wealth

Dedicated to helping k12 teachers with their 403(b) & 457(b) plans., book review: “a simple path to wealth” by jl collins, i detailed why i gave the author five stars..

I liked the author’s podcast interview with the respected, data-driven and the whimsical Mad Fientist. I bought this book for two important reasons: self-published and the author’s persistent reference to Jack Bogle’s genius. I support self-published financial authors because the traditional publishers deploy editors to tweak the author’s voice and original story to make the final “processed” book more sellable. Instead, self-published authors do not have to satisfy shareholders or generate sales, so the author’s message about Bogle’s investment philosophy and the company he founded, Vanguard, remains organic for the readers’ best interest.

This book is perfect for beginners, and some seasoned investors who are sick and tired of searching for that short-term investment miracle. Collins stuck with Bogle’s purest message from the beginning to the last word. As a Bogle devotee myself, I really, really appreciate his courage to stand up, write a terrific book and argue effectively for the indexing strategy and against the delusional appeal of day-traders, hedge fund managers, active management strategies, timers, or individuals who claim they can successfully speculate and win big. Far too many normal investors get caught up in those phony but exciting fantasies and lose. The new guy or gal investor gets the skills to construct a simple portfolio you understand and then have the courage and the confidence to permanently ignore the media’s seductive financial noise machine.

The Simple Path to Wealth’s basic message to beginners is well-known in the Do It Yourself (DIY) and ESPECIALLY in the Youthful Financial Independence (aka FI) community. • think long-term • live below your means • plan ahead with a fully diversified portfolio (except international stocks, more on this below) • invest in Vanguards low-cost index funds

Sooooo, what is not to like? I’ll admit it’s a boring plan, and not all DIYers embrace it. But I love my boring plan and it’s exactly where the power of what we can do lies—after setting up our plan, we must be patient.

Collins writes much about psychology for good reason. The power lies with us. It’s not us versus the big intimidating stock market. With time and experience, we learn to be psychologically tough for long periods of time. In the movie Wizard of OZ, Glenda tells Dorothy that she “always had the power to go home again?” It’s the same for us investors. All of the features of constructing a balanced plan remain under our control. It fairly easy to learn. But the hard part is the unfair and counterintuitive psychology. Thinking long-term is the best antidote. Over time the growth will pay enough of a return to meet or beat the inflation rate. Meeting or beating inflation is a simple, realistic goal, and psychologically attractive. This book shows you how to like saving with minimal time and effort to discovering the investing process.

Patience, psychology, and philosophy are difficult to sell. Many investing aficionados are more interested in the adrenaline rush and chasing the opposite sex (or same-sex) than building wealth over time. The market is not something to conquer or control. It is simply made up of wonderful organizations of hardworking people called publicly traded corporations. The author explains how to harness all of that positive corporate energy and just flow with it, whether it goes up or down, and over time it goes up. The author addressed the tough sell challenge with elegance and subtle toughness.

The author discusses investment costs, taxes, tax-deferred retirement plans offered by employers, the retirement years and strategies to keep from running out of money. My favorite chapters are “Why I don’t like Investment Advisers” and “Some final thoughts about risk.” Financial advisers are an easy target with hundreds of reasons not to like. Most of us DIYers will never need a financial adviser, for two good reasons: Collins writes, “Nobody cares about your money more than you do,” and “you can learn to manage your money yourself with far less cost and better results.” From my personal experience, knowing how to save investment costs alone was enough to pay cash for the Tesla Model S.

On the subject of risk, my favorite part, and I quote as the author was speaking to the zombie apocalyptics among us, especially the financial media: “Major Armageddon extinction events, like the asteroid that took out the dinosaurs some 65 million years ago, have happened about five times. So that’s about one every 10 million years or so. Are we really arrogant enough to think it’s going to happen in the geological eye-blink we’ll be around? That we’ll be the ones to witness it? Not likely.” Economic Armageddon ain’t going to happen either.

There are a few minor omissions. The author is not well known, so he needs to talk more about himself about what he did. I felt like he had more to say as examples of his fears of risk and the mistakes he made. All of that would have made the book even more authentic and organic. What was the role of his wife? What exactly did the author and his wife do for a living? He did report that he worked as a financial analyst. So, was he in the financial industry? He did not explain why he had an overly aggressive portfolio for an individual in his 60s. He did not share his diversification plan, except that he doesn’t own international stocks (he explains why).

Consequently, I give him an A for telling us how to set up a portfolio and his rationale, but I give him a B for not showing what exactly he did and for how long. His rationale is spot on, but portfolio construction and asset allocation strategies and information can be found in many books (The Boglehead Guide to Investors, any book written by Jack Bogle or his followers, Ferri, Swedroe, Roth, and Bernstein).

• Some other minor items that I found perplexing and discouraging for people starting out. On page 246, he writes, “Save and invest at least 50% of your income.” What? I reread this twice, and could not comprehend why the author wrote this. In my working career, I could not even contribute the maximum allowed in my 403(b) plan let alone save 50% of my income (No, I never had new car payments because I could not afford car payments and invest too). Yet, I reached financial independence at age 61. 50% of one’s income is overreaching and dangerously discouraging (unless you are a highly elite and talented employee with a 7 figure income). For the rest of us, just start with what you can afford. For example, I started at age 37 with $200 a month in my 403(b), which was a lot out of my meager income. But I kept it up for 24 more years.

• Back to his strategy about avoiding international stocks. The author knows he will get pushback, and he probably has heard my argument for international investing many times. Mr. Collins is just following Bogle’s advice about keeping it simple. But one can have it both simple and fully diversified worldwide by one fund. Diversification means investing in all available stocks, worldwide. So, let’s take advantage of these opportunities to invest in just one fund, the Vanguard Total World Stock ETF (VT). The author won’t have it. IMO, the author might be reflecting his age and the Familiarity/home bias that is so frequent with the silent generation. The author writes investing in the United States domestic market is enough diversification because of the worn-out 21st-century global connections argument. He offers what appears at first glance valid reasons, but they are out-of-date, and one about excessive costs is flatly wrong. Vanguard’s Global fund charges .14%. I don’t know about you, but the opportunity to invest in all publically traded companies on the planet is inexpensive!

Also, I am 72 years old and old enough to remember my elders saying that is too risky to invest in foreign stocks. We are well into the 21st century and the world has changed. Don’t you think that international corporations want to grow and prosper too? Of course. Don’t you think opportunities for diversification have evolved for the better? Yes. I want as much diversification as possible to reduce equity risk, and reduce volatility. I might even get higher returns, but that’s not part of my expectations. The global index funds or ETFs make full diversification in just one investment a synch.

• Another minor objection is his downplaying the Roth IRA. I think he over-complicated with trying to predict the tax rate to decide to use or not use the Roth IRA. It’s futile and a waste of time to guess the future. Not having to pay capital gains taxes after investing in the Roth IRA is one of the best strategies for us regular investors (You can run the numbers on a brilliant Excel program created by The Finance Buff). After running the numbers on the Excel program, you will be thoroughly convinced to include the Roth IRA in your plan.

• One last objection. I recommend to readers who don’t have a “lump sum,” that is, a bundle of money to invest already, that you ignore the “Why I don’t like dollar-cost averaging” chapter. I had to use DCA during my entire working career investing in my 403(b). Because I started from NOTHING and had less than $50,000 for years. If you have a lump sum to invest, follow the author’s advice. But I think I can speak for most investors who have little choice but to use DCA. His negative opinion about DCA was more discouraging than encouraging.

Collin’s strong opinions about some of his investment ideas represent more of his individuality than sound investment practice. Of course, the author never intended to be discouraging. I am just responding as a reader with a few of my opinions about his outstanding work. That’s perfectly fine for him as his opinions worked for him and they might work for you too. My opinions worked well for me. In the final analyses, he follows the “Boglehead” way. For that, I am delighted he wrote a great self-published book showing once again the work of the legendary investor, advocate, and teacher, Jack Bogle. Outside of these minor differences of opinion, Mr. Collins earned a well-deserved five stars.

In sum, if any author self-publishes a book about investing, I think it is important to readers to know that the message is organic—no other agenda item hangs in secret, other than to explain and layout a simple plan which will connect with new investors and get them results.

Steve’s Bio:

Stephen A. Schullo, Ph.D. (UCLA ’96) taught in the Los Angeles Unified School District (LAUSD) for 24 years and UCLA Extension teaching educational technology to student teachers. Steve wrote investment articles for the United Teacher-Los Angeles (UTLA) union newspaper for 13 years. He has been featured and quoted in many mainstream media articles about 403(b) plans, including the Los Angeles Times, NY Times, and U.S. News and World Report. He co-founded an investor self-help group 403bAware for teacher colleagues and wrote 7,500 posts in three investment forums since 1997. He testified at California State legislative hearings and honored with the “ Unsung Hero ” award by his teacher’s union for his retirement planning advocacy.

For the last 14 years, he serves as a volunteer on LAUSD’s Investment Advisory Committee as a “Member-at-Large” and former co-chair. The committee contains collective bargaining reps from the unions and monitors the district’s tax-deferred retirement plans, 457b/403b, of 55,000 former and current LAUSD employees, worth $2.8 billion in total assets.  

He started this blog in 2012 to help all PreK-12 public school educators nationwide, especially his Los Angeles Unified School District colleagues. He belongs to a small national group of 403(b) advocates (mostly teachers) who want to bring closer attention to the 403(b). During the last 25 years, 38 newspaper articles have been published and each one says the same thing, TSAs (Tax Sheltered Annuities) are terrible 403(b) plans and the salesperson gets the benefit from lucrative commissions and high costs. Nobody in educational leadership reads these articles NOR talk about the proper place for annuity products publically.

Teachers and advocates for 403(b) reform come together at 403bwise.org and 403bwise Facebook page https://www.facebook.com/groups/349968819000560/ Come on over if you want to join us so we can help our colleagues avoid these self-conflicted and high-cost Tax-sheltered Annuities (TSAs).

Steve is the author of two books, Late Bloomer Millionaires and Fighting Powerful Interests: Educators Challenge Tax-sheltered Annuities and WIN! , a story of how a handful of LAUSD educators struggled for years to improve the 403(b) to no avail. But we never quit! We were instrumental in LAUSD’s implementation of the new 457(b) plan and earned a very rare, but very precious “Plan Design” award. 

For a copy of both books, email Steve at  [email protected]  and he will happily email you both books, FREE with no obligation except to read them and get informed, in a pdf file format.

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If you’re looking for a practical book for your summer reading, Bankrate’s list of the best personal finance books for 2022 offer insightful and trustworthy expertise on what to do with your money.

‘The Millionaire Next Door: The Surprising Secrets of America’s Wealthy,’ by Thomas J. Stanley and William D. Danko

Whom this book is best for :

Anyone who wants to learn from the financial behavior of millionaires.

Why the book made Bankrate’s list :

Being rich doesn’t mean being flashy. In fact, it’s the opposite. “The Millionaire Next Door” reveals that many affluent individuals shy away from buying the most expensive cars and taking the most over-the-top vacations, opting instead for a disciplined approach to their money. It turns out that being a millionaire relies more on being thrifty.

‘How to Make Your Money Last: The Indispensable Retirement Guide,’ by Jane Bryant Quinn

Retirees looking to build wealth through solid investment advice.

Why the book made Bankate’s list :

If you have questions about how to sustain your investments through your retirement, “How to Make Your Money Last” has the answers. With thoughtful details on ways to supplement income from Social Security, investments and more, Quinn shows how to create a recurring paycheck that will have you living comfortably through retirement .

‘A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing,’ by Burton G. Malkiel

Anyone (specifically business students) who wants to understand how the stock market works.

If you’re new to investing , “A Random Walk Down Wall Street” lays out a solid blueprint for success. Malkiel goes into detail on a variety of investing strategies including smart beta investing (which combines the benefits of passive investing and the advantages of active investing strategies) and finding opportunities in emerging markets. In the process, the reader gains an understanding of the complex world of investing.

‘The Intelligent Investor: The Definitive Book on Value Investing,’ by Benjamin Graham

Readers who want a deeper understanding of the risks and rewards of investing.

”The Intelligent Investor” is the gold standard of investing, teaching the importance of value investing , which enables investors to develop long-term strategies. And with updated insight from financial reporter Jason Zweig, readers will gain an understanding of long-term values and how they can incorporate them into the current financial landscape.

‘Bunny Money (Max and Ruby),’ by Rosemary Wells

Children looking to learn the basics of personal finance.

The story in this children’s book is about bunnies Max and Ruby who are trying to buy their grandma a gift for her birthday. As they set out, they encounter a series of adventures that deplete their money supply. In the process, children discover how their decisions impact the money they have.

‘Spend Well, Live Rich: How to Get What You Want with the Money You Have,’ by Michelle Singletary

Readers who want practical advice on how to manage their money.

Singletary chronicles the “7 Money Mantras for a Richer Life” she learned from her grandmother. These mantras may be simple in nature, but they provide a firm foundation for anyone hoping to strengthen financial behavior. The book differentiates between wants and needs and why you should sweat the small stuff.

‘Broke Millennial: Stop Scraping By and Get Your Financial Life Together,’ by Erin Lowry

Millennials who want to understand the basics of money management and how to avoid common financial errors.

Lowry creates a blueprint millennials (ages 26-41) can use to go from living from paycheck to paycheck to achieving financial goals. She delves into the thought process behind making financial decisions, such as, “Do you treat your money like a Tinder date or a marriage?” By providing applicable insight and relatable stories, Lowry gives those in their 20s, 30s and early 40s the basics they need to make better money decisions.

‘Get a Financial Life: Personal Finance in Your Twenties and Thirties,’ by Beth Kobliner

Those in their 20s and 30s seeking guidance on managing their finances.

Why this book made Bankrate’s list :

“Get a Financial Life” covers all aspects of personal finance from how to file taxes and investing, to strategies for improving your credit scores . Kobliner creates a guide that encompasses every aspect of your financial life, with practical suggestions for achieving financial goals.

‘When She Makes More: 10 Rules for Breadwinning Women,’ by Farnoosh Torabi

Female breadwinners looking to balance the health of their relationships and finances.

Torabi tackles a relevant topic to today’s social and financial climate: An increasing number of wives are making more money than their husbands. In 2020, women made more than their male partners in 29.9 percent of marriages, according to the Census Bureau. Twenty years earlier, the percentage was more than 6 percentage points lower (23.3 percent). In “When She Makes More,” Torabi highlights that there are significant financial but also psychological effects the changing role of the breadwinner has on those in committed relationships. Her advice is directed at women to make the most of their financial circumstances and keep their relationships healthy, but it can help men to understand relationship dynamics as well when their partner is the breadwinner.

‘Simple Wealth: The Practical Guide to Transform Your Relationship with Money and Live in Abundance,’ by Holly Morphew

Consumers looking to have more confidence in their financial decisions.

Making a change in your financial life means making a change in your personal life, too. “Simple Wealth” shows how personal life decisions and financial decisions go hand in hand, providing practical advice in terms that are easy to grasp. Morphew, a financial counselor, breaks down not only how to escape the “shame cycle of money,” but also how to make affirmative moves toward financial independence and success.

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• 14 min read

Top 10 Retirement Planning Book Reviews [New for 2023]

Updated: Apr 3, 2023

Retirement planning can be a daunting task, but there are numerous resources available to help you navigate the process.

One of the best sources of guidance and inspiration is books. From financial planning and investing to lifestyle considerations and healthcare, retirement planning books cover a wide range of topics to help you prepare for a successful retirement.

To help you find the best retirement planning books, we have compiled a list of the top ten books on the subject, in our opinion.

SPECIAL NOTE FOR INDIVIDUALS AGED 50+ WITH OVER $1 MILLION: Tying your $1 million+ portfolio to your retirement and tax plan can be hard. If you are interested in learning how we can help fully integrate taxes, investments, and retirement income planning, click here for a free retirement assessment . Get more ideas than you thought were possible.

We've also consolidated a list of fifteen free retirement planning checklists that you can access now in case you don't want to read all of the books.

These books have been highly regarded by experts and readers alike for their practical advice, insights, and inspiration and I've read everyone of them.

Whether you're in your 40s and thinking about your future or you're nearing retirement and ready to make the leap, these books are sure to provide valuable information and guidance to help you achieve your retirement goals.

In this blog, I will review each book on our list, providing a brief summary and highlighting its key strengths and insights.

1. "The Simple Path to Wealth" by JL Collins

"The Simple Path to Wealth" by JL Collins is a straightforward and accessible guide to achieving financial independence and retiring early. Collins breaks down complex financial concepts into easily understandable language and offers practical advice for investing and saving money.

One of the key strengths of the book is Collins' emphasis on simplicity. He advocates for a simple, low-cost investment strategy using index funds and encourages readers to avoid complex financial products and high fees. His approach is backed by years of research and experience, making it an excellent option for readers looking for a no-nonsense, low-risk approach to investing.

Collins also places a strong emphasis on the psychological and emotional aspects of personal finance. He encourages readers to understand their own relationship with money and how their emotions can impact their financial decisions . By addressing these factors, Collins provides readers with a more holistic approach to financial planning that goes beyond the numbers and calculations.

Overall, "The Simple Path to Wealth" is an excellent resource for anyone looking to take control of their financial future. Its clear writing style, practical advice, and emphasis on simplicity make it an accessible read for readers of all backgrounds and financial knowledge levels.

Whether you're just starting your financial journey or you're looking for new strategies to achieve financial independence, "The Simple Path to Wealth" is a valuable resource to add to your bookshelf.

2. "The New Retirementality" by Mitch Anthony

"The New Retirementality" by Mitch Anthony is a thought-provoking and insightful book that challenges traditional notions of retirement and encourages readers to embrace a new, more flexible approach to retirement planning.

One of the key strengths of the book is its focus on the emotional and psychological aspects of retirement. Anthony argues that traditional retirement planning fails to take into account the social, emotional, and spiritual aspects of retirement, which can be just as important as financial considerations. He encourages readers to think beyond the financial aspects of retirement and to focus on creating a fulfilling, purposeful retirement that aligns with their values and goals.

Another strength of the book is its emphasis on the importance of staying engaged and active in retirement. Anthony suggests that retirement can be an opportunity for personal growth and development, and encourages readers to pursue new interests, engage in meaningful work, and cultivate relationships with others.

Throughout the book, Anthony presents a wide range of ideas and strategies for creating a fulfilling retirement, including creating a "life plan," building a portfolio of meaningful activities, and developing a "retirement portfolio" that includes not just financial assets, but also social, emotional, and intellectual assets.

Overall, "The New Retirementality" is a valuable resource for anyone looking to rethink traditional notions of retirement and create a more meaningful and fulfilling post-career life. Its focus on the emotional and psychological aspects of retirement, as well as its practical advice and inspiring stories, make it a must-read for anyone looking to make the most of their retirement years.

3. "The Bogleheads' Guide to Retirement Planning" by Taylor Larimore, Mel Lindauer, and Richard Ferri

"The Bogleheads' Guide to Retirement Planning" by Taylor Larimore, Mel Lindauer, and Richard Ferri is a comprehensive and practical guide to retirement planning. Drawing on the insights and philosophy of John C. Bogle, the founder of Vanguard and creator of the index fund, the authors offer a clear and accessible approach to investing and saving for retirement.

One of the key strengths of the book is its emphasis on simplicity and low-cost investing. The authors advocate for a passive investment strategy using index funds (we fully agree by the way), which have lower fees and tend to outperform actively managed funds over the long term. They also provide practical advice on asset allocation, rebalancing , and tax-efficient investing , making it easy for readers to put their investment strategy into practice.

Free Download: 15 Free Retirement Planning Checklists [New for 2023] to Help Make Your $1 Million Plus Portfolio Last

Another strength of the book is its focus on planning and preparation. The authors provide guidance on calculating retirement expenses , estimating retirement income, and creating a retirement budget. They also address important issues such as social security, healthcare, and estate planning, helping readers to take a comprehensive approach to retirement planning.

Throughout the book, the authors provide real-world examples and case studies, making it easy for readers to understand and apply the concepts they are learning. They also address common retirement planning myths and misconceptions, helping readers to avoid costly mistakes and make informed decisions.

Overall, "The Bogleheads' Guide to Retirement Planning" is an excellent resource for anyone looking to achieve financial independence and retire with confidence.

Its clear writing style, practical advice, and emphasis on simplicity make it an accessible read for readers of all backgrounds and financial knowledge levels. Whether you're just starting your financial journey or you're a seasoned investor, this book is a valuable resource to add to your library.

4. "Retirementology" by Gregory Salsbury

"Retirementology" by Gregory Salsbury is a witty and insightful book that offers a fresh perspective on retirement planning. Salsbury brings his expertise as a retirement expert and consultant to the table, but also infuses the book with humor and relatable anecdotes that make it an engaging read.

One of the strengths of the book is Salsbury's focus on the psychological and emotional aspects of retirement. He acknowledges that while financial planning is important, it's not the only consideration when it comes to retirement. Salsbury encourages readers to think about what gives their life meaning and purpose, and to focus on building a retirement that aligns with their values and goals.

Another strength of the book is its practical advice on retirement planning. Salsbury covers a wide range of topics, from investing and saving to social security and estate planning. He breaks down complex concepts into understandable terms, making it easy for readers to apply the advice to their own lives.

Throughout the book, Salsbury uses humor to make the material more accessible and engaging. He pokes fun at the retirement industry and its tendency to overcomplicate things, and shares humorous stories and anecdotes to illustrate his points.

Overall, "Retirementology" is a valuable resource for anyone looking to rethink traditional notions of retirement and create a more fulfilling post-career life. Its focus on the emotional and psychological aspects of retirement, as well as its practical advice and humor, make it a must-read for anyone looking to make the most of their retirement years.

5. "Retirement Planning Guidebook: Navigating the Important Decisions for Retirement Success" by Wade Pfau

The Retirement Planning Guidebook: Navigating the Important Decisions for Retirement Success by Wade Pfau is an essential guide for anyone looking to plan for a successful retirement. This book covers all the important decisions that need to be made when planning for retirement, including how much to save, when to retire, and how to invest your retirement funds.

Pfau, a renowned retirement expert, provides readers with a comprehensive and easy-to-follow guide that helps readers make informed decisions about their retirement. The book is well-organized and clearly written, making it easy to understand even for those without a background in finance.

One of the most valuable features of this book is its emphasis on personalized retirement planning . Pfau encourages readers to consider their own unique circumstances and goals when making decisions about retirement. He provides tools and strategies to help readers determine how much they need to save for retirement, how to create a retirement income plan, and how to minimize taxes in retirement.

Another standout feature of the Retirement Planning Guidebook is the author's attention to detail. Pfau covers a wide range of retirement planning topics, including social security benefits, healthcare costs, and estate planning. He provides helpful charts and graphs throughout the book, which make it easy to visualize the concepts he discusses.

Overall, the Retirement Planning Guidebook: Navigating the Important Decisions for Retirement Success is an excellent resource for anyone looking to plan for a successful retirement. It is comprehensive, easy to understand, and provides readers with the tools and strategies they need to make informed decisions about their retirement. I highly recommend this book to anyone who wants to ensure a secure and comfortable retirement in 2023 and beyond.

6. "Retire Inspired" by Chris Hogan

"Retire Inspired" by Chris Hogan is a motivational and practical guide to retirement planning. Hogan, a financial expert and retirement coach, offers readers a step-by-step plan for achieving financial freedom and retiring with confidence.

One of the strengths of the book is Hogan's upbeat and encouraging tone. He encourages readers to take control of their finances and to see retirement planning as an opportunity to create the life they want. He also emphasizes the importance of taking action, offering practical advice on how to get started and stay motivated.

Another strength of the book is its focus on the basics of personal finance. Hogan covers everything from budgeting and saving to investing and debt management, making it a great resource for readers who are just starting their financial journey.

Throughout the book, Hogan uses real-life examples and stories to illustrate his points. He also provides helpful tips and resources, such as retirement calculators and investment guides, to make it easy for readers to put his advice into practice.

One of the most valuable parts of the book is Hogan's Retirement IQ Test , which allows readers to assess their current level of retirement readiness and identify areas for improvement. He also offers practical advice on how to maximize Social Security benefits, create a retirement income plan, and protect assets from taxes and inflation.

Overall, "Retire Inspired" is a valuable resource for anyone looking to take control of their finances and create a solid plan for retirement. Its motivational tone, emphasis on the basics of personal finance, and practical advice make it a must-read for anyone looking to achieve financial freedom and retire with confidence.

7. "The Smartest Retirement Book You'll Ever Read" by Daniel R. Solin

"The Smartest Retirement Book You'll Ever Read" by Daniel R. Solin is a comprehensive guide to retirement planning that offers readers a straightforward and practical approach to achieving financial security in retirement.

One of the strengths of the book is Solin's focus on simplicity. He breaks down complex financial concepts into easy-to-understand terms, making it accessible to readers who may not have a background in finance. He also provides practical advice on how to create a retirement plan that is tailored to individual goals and circumstances.

Another strength of the book is its emphasis on low-cost investing. Solin advocates for an approach to retirement planning that focuses on low-cost index funds and other low-cost investment options. This approach can help readers to maximize their returns and minimize their fees, ultimately resulting in a larger retirement nest egg.

"The best thing that Solin brings to the party is his shrewd and skeptical approach to the art and science of investing. ...there's no question that his focus is on what's best for individuals, not institutions." - Amazon Reviewer

Throughout the book, Solin uses real-life examples and case studies to illustrate his points. He also provides helpful tips and resources, such as retirement calculators and investment guides, to make it easy for readers to put his advice into practice.

One of the most valuable parts of the book is Solin's discussion of the psychological barriers that can prevent people from achieving financial security in retirement. He offers practical advice on how to overcome these barriers, such as developing a positive mindset and avoiding common investment mistakes.

Overall, "The Smartest Retirement Book You'll Ever Read" is an informative and engaging read that offers practical advice on how to achieve financial security in retirement. Its emphasis on simplicity and low-cost investing, along with its focus on psychological barriers, make it a valuable resource for anyone looking to take control of their finances and create a solid plan for retirement.

8. "The Five Years Before You Retire" by Emily Guy Birken

"The Five Years Before You Retire" by Emily Guy Birken is a practical and informative guide that helps readers prepare for retirement in the critical five-year window leading up to their retirement date. Birken, a financial expert and retirement coach, offers readers a step-by-step plan for achieving financial security and retiring with confidence.

One of the strengths of the book is Birken's focus on the unique challenges that retirees face in the five years before they retire. She offers practical advice on how to maximize retirement savings, minimize debt, and create a retirement income plan that will last throughout retirement. She also covers important topics such as Social Security benefits, healthcare, and estate planning.

Another strength of the book is its emphasis on the emotional and psychological aspects of retirement. Birken recognizes that retirement is not just a financial decision, but also an emotional one. She offers practical advice on how to prepare emotionally for retirement, such as finding a new purpose and staying engaged in the community.

Throughout the book, Birken uses real-life examples and stories to illustrate her points. She also provides helpful tips and resources, such as retirement calculators and investment guides, to make it easy for readers to put her advice into practice.

One of the most valuable parts of the book is Birken's discussion of the importance of creating a retirement income plan. She offers practical advice on how to create a retirement income plan that will last throughout retirement, including strategies for managing taxes, creating a diversified portfolio, and using annuities.

Overall, "The Five Years Before You Retire" is a valuable resource for anyone approaching retirement. Its practical advice, focus on the unique challenges of the five-year window, and emphasis on the emotional and psychological aspects of retirement make it a must-read for anyone looking to achieve financial security and retire with confidence.

9. "How to Make Your Money Last" by Jane Bryant Quinn

"How to Make Your Money Last" by Jane Bryant Quinn is a comprehensive guide to managing your finances in retirement. Quinn, a financial expert and journalist, offers readers practical advice on how to make their retirement savings last as long as possible, regardless of how long they live.

One of the strengths of the book is Quinn's focus on creating a sustainable retirement income stream. She offers practical advice on how to manage expenses, minimize taxes, and create a diversified portfolio that will generate income throughout retirement. She also covers important topics such as Social Security benefits, annuities, and long-term care.

Another strength of the book is its emphasis on the emotional and psychological aspects of retirement. Quinn recognizes that retirement is not just a financial decision, but also an emotional one. She offers practical advice on how to prepare emotionally for retirement, such as finding a new purpose and staying engaged in the community.

Throughout the book, Quinn uses real-life examples and stories to illustrate her points. She also provides helpful tips and resources, such as retirement calculators and investment guides, to make it easy for readers to put her advice into practice.

One of the most valuable parts of the book is Quinn's discussion of the importance of planning for unexpected expenses and life events. She offers practical advice on how to create a financial plan that can weather unexpected expenses, such as healthcare costs or a sudden market downturn.

Overall, "How to Make Your Money Last" is a valuable resource for anyone approaching or already in retirement. Its practical advice, focus on creating a sustainable retirement income stream, and emphasis on the emotional and psychological aspects of retirement make it a must-read for anyone looking to achieve financial security and peace of mind in retirement.

10. "Get What's Yours for Medicare" by Philip Moeller

"Get What's Yours for Medicare" by Philip Moeller is an essential guide to navigating the complex and often confusing world of Medicare. Moeller, a journalist and expert on retirement, offers readers a comprehensive and easy-to-understand guide to the different parts of Medicare and how to get the most out of their coverage.

One of the strengths of the book is Moeller's focus on empowering readers to make informed decisions about their healthcare. He offers practical advice on how to choose the right Medicare plan for their individual needs, how to navigate the enrollment process, and how to understand the different benefits and costs associated with each plan.

Another strength of the book is its emphasis on the importance of understanding the fine print. Moeller provides clear explanations of the different parts of Medicare, including Parts A, B, C, and D, and offers helpful tips on how to avoid common pitfalls and misunderstandings.

Throughout the book, Moeller uses real-life examples and stories to illustrate his points. He also provides helpful resources, such as checklists and tables, to make it easy for readers to understand the different options and make informed decisions.

One of the most valuable parts of the book is Moeller's discussion of how to save money on healthcare costs. He offers practical advice on how to compare prices for different procedures and treatments, how to take advantage of preventative care services, and how to navigate the complex world of prescription drug coverage.

Overall, "Get What's Yours for Medicare" is an essential resource for anyone approaching or already in Medicare. Its practical advice, focus on empowering readers to make informed decisions, and emphasis on understanding the fine print make it a must-read for anyone looking to get the most out of their Medicare coverage.

In conclusion, there is no one-size-fits-all approach to retirement planning, but reading and learning from the experiences of others can be invaluable. The ten books reviewed above offer a wealth of knowledge, practical advice, and inspirational stories to help readers navigate the complex world of retirement planning.

Whether you're just starting to plan for retirement or are already enjoying your golden years, these books offer a range of perspectives and insights to help you make informed decisions and achieve your retirement goals. From financial planning to emotional and psychological preparation, each book offers something unique and valuable to readers.

Remember, retirement planning is a lifelong process, and it's never too early or too late to start. By reading and learning from these top ten retirement planning books, you'll be well-equipped to create a retirement plan that's tailored to your individual needs, goals, and aspirations.

The biggest problem with books though is that they are providing information and not personalized advice. Often times you may feel that there is so much information that you simply don't know what to do next.

If you find yourself facing needing more personalized advice regarding your retirement planning, click here to schedule your free consultation with one of our CERTIFIED FINANCIAL PLANNER ™ professionals to see how we can help.

We specialize in designing personalized retirement income plans for individuals who have over $1 million in investment assets.

Author: Mark Fonville, CFP®

Mark is a fiduciary, fee-only financial advisor at Covenant Wealth Advisors specializing in helping individuals aged 50 plus plan, invest, and enjoy retirement without the stress of money.

Forbes nominated Mark as a Best-In-State Wealth Advisor* and he has been featured in the New York Times, Barron's, Forbes, and Kiplinger Magazine.

Schedule your free retirement assessment today

Disclosures: Covenant Wealth Advisors is a registered investment advisor with offices in Richmond and Williamsburg, VA. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. The views and opinions expressed in this content are as of the date of the posting, are subject to change based on market and other conditions. This content contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Please note that nothing in this content should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax, or legal advice. If you would like accounting, tax, or legal advice, you should consult with your own accountants or attorneys regarding your individual circumstances and needs. No advice may be rendered by Covenant Wealth Advisors unless a client service agreement is in place.

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In this easy-to-read and practical guide, you’ll learn how investing in property can achieve your financial goals at every stage of your life — from buying your first home, to building a portfolio and into retirement. Full of helpful case studies, useful data and clearly articulated strategies, this is an indispensable read for anyone wanting to build a long-term Wealth Plan.

• Print length 412 pages
• Language English
• Sticky notes On Kindle Scribe
• Publication date February 9, 2023
• File size 4021 KB
• Page Flip Enabled
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• ASIN ‏ : ‎ B0BVCZN3Z2
• Publication date ‏ : ‎ February 9, 2023
• Language ‏ : ‎ English
• File size ‏ : ‎ 4021 KB
• Simultaneous device usage ‏ : ‎ Unlimited
• Text-to-Speech ‏ : ‎ Enabled
• Screen Reader ‏ : ‎ Supported
• Enhanced typesetting ‏ : ‎ Enabled
• X-Ray ‏ : ‎ Not Enabled
• Word Wise ‏ : ‎ Enabled
• Sticky notes ‏ : ‎ On Kindle Scribe
• Print length ‏ : ‎ 412 pages
• #906 in Real Estate Investments (Kindle Store)
• #2,596 in Real Estate Investments (Books)

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WealthPlan by Ryan Leslie

Learn how to build your net worth (and credit score) by using the same techniques, platforms, apps and services I personally use in my own private wealth management strategy.

Show Me The Money

Get serious about retiring as a millionaire.

To get to that 7-figure bank balance, you'll need to take the money you earn - save - and put that money to work for you in the right places. WealthPlan™ is a financial literacy and wealth building program that puts you in the driver's seat on the pathway to financial freedom.

Follow My Lead

Most self-made millionaires have 7 streams of income. I'll show you exactly how to mirror my 7 with smart, manageable investments.

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Get Monthly Action Items

Building wealth takes time. Take control of your finances with a measured, consistent approach delivered monthly directly from me via text.

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I learned information that I can take back and not only share with my children but my parents!...that's priceless

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Ryan's ability to share his wealth of knowledge & wisdom along with being honest & transparent is exactly what's needed for many of us to shift the trajectory of our lives. I leave every session with him more FOCUSED, EMPOWERED & INSPIRED to take charge by implementing & applying what I've learned from him. He is indeed my MENTOR & I'm so looking forward to what's next on how we can grow & build Generational Wealth!

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The information Ryan shared and his passion for trying to pay it forward and school us was invaluable! He's truly going to change a generation. I was honored to be along for the ride. I learned information that I can take back and not only share with my children but my parents...that's priceless!

Time capital is one of the most valuable resources. I appreciate Ryan and team taking time to push our culture forward by sparking conversations and inspiring new thoughts. The event was absolutely beneficial for all who attended. In addition to the talk, I connected with people who were looking to learn from me and that I could also learn from.

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Having a plan can pay off. Sign into Wealth Plan to create yours.

Plan for the future you with J.P. Morgan Wealth Plan℠ , a free digital money coach available in the Chase Mobile ® app or at chase.com.

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Plan, budget, save and invest—all in one place

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Wealth Plan helps you track your money automatically every day, so you can stay on top of your financial life.

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Prioritize your goals and adjust them as your needs change so you can map out a plan to reach them.

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Get personalized tips about your next best step for everything from budgeting to retirement planning.

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Wealth Plan makes it easy to schedule a meeting with an advisor and collaborate on your plans right in the Chase Mobile ® app.

Here's how Wealth Plan can help you prepare for the future

Focus your efforts.

With a complete overview of your finances, Wealth Plan can help you prioritize your future. Saving for a major purchase, paying for college or planning to retire? Wealth Plan helps you create a game plan to reach your goals.

Break down milestones inch by inch

As you put your plan into action, Wealth Plan suggests the steps to help keep you moving forward and dynamically updates your dashboard in real time—so you know where you stand.

Make decisions with more confidence

Wealth Plan lets you go beyond just setting your financial goals—explore "what if" scenarios with our goal simulator and see how different choices could affect your financial future.

IMPORTANT: The projections or other information generated by Wealth Plan regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time.

Collaborate with your advisor

Wealth Plan is part of a collaborative suite of tools that you and a J.P. Morgan Advisor can use to track your progress, adjust your financial strategy and create a plan—you can even schedule a meeting right in the Chase Mobile ® app or at chase.com.

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Frequently Asked Questions

What are the fees associated with using wealth plan.

Wealth Plan is free for Chase customers.

Will Wealth Plan provide financial guidance or investment recommendations?

No, Wealth Plan does not provide specific investment guidance or recommendations. Schedule time to speak with a J.P. Morgan Advisor for personalized guidance.

What is Wealth Plan?

Wealth Plan is a new digital money coach with a suite of tools that allows all Chase customers to 1) get a full picture of their financial situation at Chase and other financial institutions 2) prioritize and track their financial goals, with the ability to establish a relationship with a J.P Morgan Advisor and 3) get insights on their financial situation and goals.

Where can I find Wealth Plan?

Wealth Plan is available on the “Plan & track” tab in the Chase Mobile ® app and Chase.com.

What are the key features of Wealth Plan?

Wealth Plan offers a suite of tools for Chase customers including linking external accounts for a full picture of their finances, spending summary, net worth, net income and spend, financial goals, budget and the ability to connect with a J.P. Morgan Advisor.

Who can I speak with to learn more about Wealth Plan?

You can schedule a meeting with a J.P. Morgan Advisor directly in the Chase Mobile ® app or visit your local Chase branch.

How do I add my external accounts to Wealth Plan?

You can link your non-Chase bank accounts manually or automatically in Wealth Plan. Simply click on "Link external accounts" on the “Plan & track” tab, search for your financial institution and log in using your credentials or click the "Manually link an account" to add the balance of your non-Chase account without logging in.

Do I need to have an advisor to access Wealth Plan?

No, Wealth Plan is available to all Chase customers with or without a J.P. Morgan Advisor relationship.

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Wealthfront Review 2024: Pros, Cons and How It Compares

Paid non-client promotion. NerdWallet doesn’t invest its money with this provider, but they are our referral partner – so we get paid only if you click through and take a qualifying action (such as open an account with or provide your contact information to the provider). Most importantly, our reviews and ratings are objective and are never impacted by our partnerships. Our opinions are our own. Here is a list of our partners and here's how we make money .

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Reviewed in: Oct. 2023

Period considered: Aug. - Oct. 2023

The bottom line: Wealthfront is a force among robo-advisors, offering a competitive 0.25% management fee and one of the strongest tax-optimization services available from an online advisor.

on Wealthfront's website

Paid non-client promotion

Pros & Cons

Get $50 customer bonus when you fund your first taxable investment account (NerdWallet promotion).

Low ETF expense ratios.

Daily tax-loss harvesting.

Automatic rebalancing.

DIY and automated investing options.

No human financial advisors.

Compare to Other Advisors

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Full Review

Where wealthfront shines, where wealthfront falls short.

What Wealthfront is best for

Wealthfront at a glance

Full details about Wealthfront

Is Wealthfront right for you?

How we review robo-advisors: our methodology

Comprehensive offerings: Wealthfront provides the kind of holistic financial advice and automated investment management that appeals to new and experienced investors alike: helpful planning tools, diversified — and hands-off — portfolios and advanced tax optimization strategies.

Investment portfolio: Wealthfront's automated investing methodology includes giving investors a streamlined questionnaire to identify risk tolerance, then employing exchange-traded funds in up to 12 asset classes.

Access to individual stocks: In March 2023, Wealthfront added a stock investing account, which gives DIY investors access to individual stocks, ETFs and REITs. They can be purchased individually (including as fractional shares) or through curated collections Wealthfront puts together based on sector, industry or other criteria.

Risk parity: Risk parity is a strategy for allocating capital across multiple asset types, with the aim of giving your portfolio some added diversification. Wealthfront's Risk Parity Fund is a proprietary mutual fund the company says offers greater exposure to asset classes with higher risk-adjusted returns. Morningstar data show that the fund has underperformed.

Fractional shares: For its automated investing service, Wealthfront doesn’t buy fractional shares of ETFs, which prevents the company from investing your entire deposit.

Large balance discounts: The robo-advisor also lacks large-balance discounts, an incentive that could be appealing to investors who intend to carry big balances.

Wealthfront is best for:

Hands-off investors.

Taxable accounts.

Free financial tools, even if you don't have a Wealthfront account.

529 college savings plan management.

Both DIY and automated investing.

Reviewed: Oct. 2023

More details about Wealthfront's ratings

Account minimum: 4 out 5 stars.

Some providers require an account minimum — the least dollar amount you can open an account with. Wealthfront’s minimum is $500 for investment accounts, $1 for cash accounts and $0 for financial planning.

Account management fee: 5 out of 5 stars

Wealthfront charges 0.25% for management and offers a $50 customer bonus for NerdWallet readers. The company’s biggest independent competitor, Betterment, also charges 0.25% for its digital service. (For a full description of that company’s services and fees, read our Betterment review . We also have a full comparison of Wealthfront vs. Betterment .)

If you're not quite ready to pay for money management, Wealthfront will let you link your bank and retirement accounts to its financial-planning tool, Path, for free. If you decide you want Wealthfront to manage your money for you, you'll start paying the 0.25% fee.

Within Wealthfront's stock investing account, there are no trade commissions or management fees.

Investment expense ratios: 5 out of 5 stars

An expense ratio is an annual fee mutual funds, index funds and ETFs charge as a percentage of your investment in the fund. Expense ratios are paid in addition to your asset management fee. If you invest in a mutual fund with a 1% expense ratio for example, you’ll pay the fund $10 per year for every $1,000 invested.

If high, these fees can significantly drag down your portfolio returns, but the expense ratios of the funds used in Wealthfront’s portfolios are low. Wealthfront’s ETF expense ratios average 0.08%. Portfolios that include the Wealthfront Risk Parity Fund have an average expense ratio of 0.11%.

Account fees: 5 out of 5 stars

Wealthfront charges no annual or inactivity fee, and does not charge for transferring money, trades, account maintenance or setup. Some other robo-advisors do charge additional fees.

Portfolio mix: 5 out of 5 stars

The company’s methodology includes giving investors a streamlined questionnaire to identify risk tolerance, then employing exchange-traded funds in up to 12 asset classes.

Wealthfront’s investment mix covers U.S. stocks, foreign stocks, emerging markets, dividend stocks, real estate and natural resources, as well as emerging markets bonds, Treasury inflation-protected securities, and U.S. government, corporate and municipal bonds. The typical portfolio includes six to eight asset classes.

Its investment lineup includes socially responsible ETFs and sector-based ETFs, such as technology and health care, as well as cryptocurrency options.

Investors can allocate up to 10% of their total portfolio to Bitcoin or Ethereum using two crypto trusts, Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE). Also, clients now have access to customization — they can edit their Wealthfront portfolios by adding or deleting certain ETF holdings or build their portfolio from scratch.

In March 2022, Wealthfront added exposure to new categories and strategies. The robo-advisor now offers the Roundhill Ball Metaverse ETF, which gives exposure to the metaverse; the JPMorgan Equity Premium Income ETF, which invests in stocks that seem undervalued; the KraneShares Global Carbon Strategy ETF, which offers exposure to carbon allowance futures; the iShares Global Tech ETF, which offers exposure to global tech stocks; the Global X NASDAQ 100 Covered Call ETF, which lets investors add a covered call strategy to their portfolios; and the Invesco Buyback Achievers ETF, which offers exposure to U.S. companies that have bought back at least 5% of their outstanding shares in the last year.

As we noted, Wealthfront doesn’t buy fractional shares of ETFs. Also, it maintains a cash balance equal to the fees you're projected to owe over the next year, so accounts are likely to experience a small level of cash drag. The percentage held in cash isn’t nearly as high as Schwab’s allocation , which is a minimum of 6%, but it’s worth noting for investors who would prefer the fractional shares offered by other robo-advisors.

Wealthfront's stock investing account offers access to over 1,500 stocks that can be purchased individually or in fractional shares. Wealthfront has curated collections of stocks to make the process of investing easier — investors can opt to invest in an entire collection, or pick and choose on their own. The stock investing account requires investors hold a minimum of three different stocks and must be paired with a Wealthfront Cash Account.

Socially responsible portfolio options: 5 out of 5 stars

Wealthfront has its own Socially Responsible Portfolio that includes a range of SRI investment options. This is an ideal fund for investors who only want investments that align with their values.

Its diversified portfolio screens for business involvement in civilian firearms, controversial weapons, tobacco, thermal coal and oil sands. Clients can also customize non SRI portfolios to invest in what they believe in most, including renewable energy, gender diversity, minority empowerment, animal welfare and more.

Accounts supported: 5 out of 5 stars

Individual and joint non-retirement accounts; Roth, traditional, rollover and SEP IRAs; 529 college savings plans; and high-yield cash accounts.

Note: The stock investing account is only available as an individual taxable brokerage account.

Tax strategy: 4.5 out of 5 stars

Wealthfront offers daily tax-loss harvesting on all taxable accounts. Tax-loss harvesting is an investment strategy that can significantly reduce capital gains taxes. In taxable accounts, the practice involves selling losing investments to offset the gains from winners.

New Wealthfront clients who transfer in assets may benefit from its tax-minimized brokerage account transfer service. That service incorporates existing investments into the Wealthfront portfolio where possible, and holds transferred securities that can’t be incorporated until capital gains become long-term.

Wealthfront beefs up its tax optimization services with stock level tax-loss harvesting or direct indexing. The basics: It’s harder to use tax-loss harvesting when you’re buying an index, so Wealthfront replicates the U.S. stocks index by buying the stocks held in it directly — up to 1,000 of them. Then its software can look for individual tax-loss harvesting opportunities. That tax savings can be reinvested, which compounds the potential impact of the service. Direct indexing is offered at no additional cost for taxable accounts with balances of $100,000 or more. To use direct indexing with account balances under $100,000, customers must hold a particular ETF, VTI.

If you're a TurboTax user, when you file your taxes, you can enter your Wealthfront account login information to import your tax-loss harvesting data.

Automatic rebalancing: 5 out of 5 stars

Automatic rebalancing is regular rebalancing of your portfolio in response to market fluctuations or other factors that shift your portfolio out of its intended investment allocation. Wealthfront uses threshold-based rebalancing, meaning portfolios are rebalanced when an asset class has moved away from its target allocation, rather than on a quarterly or yearly schedule.

Wealthfront's software may rebalance your portfolio when dividends are reinvested, money is deposited, a distribution is taken or market fluctuations make it necessary.

Other instances in which Wealthfront will rebalance your portfolio are when deposits, withdrawals and reinvestment of dividends take place. It uses these as opportunities to minimize the taxable gains that can arise from threshold-based rebalancing.

Human advisor option: 1 out of 5 stars

Some robos offer financial planning advice from a licensed professional, sometimes for an added fee. Wealthfront does not. Wealthfront has licensed product specialists who can answer questions regarding products and services. Its product specialists have Series 7 & 66 and some are CFAs/CFPs/CPAs, but they don’t give investment advice or suggestions.

Savings account/cash management options: 4 out of 5 stars

Wealthfront offers the Wealthfront Cash Account , a savings account that currently pays 5.00% interest, competitive with many online banks. Most notable about the account is that through white-label agreements with several banks, Wealthfront is able to offer up to $8 million in FDIC coverage for individual accounts and up to $16 million for joint accounts through partner banks. Like other savings accounts, money deposited in the Wealthfront Cash Account is not subject to investment risk. The account charges no fees. If you also have a Wealthfront investment account, the investment management fee doesn't apply to money in the cash account.

Wealthfront Cash has many features, including a debit card, bill pay and automatic payments. Users who direct deposit their paycheck can get paid up to two days early and those using their Wealthfront Cash Account to invest in a Wealthfront Investment Account can get their funds invested within minutes.

One thing to keep in mind: It's possible to open a joint cash account, but only one owner will be able to log into the account; the other person will have read-only access. (Wealthfront says it plans to roll out joint access on cash accounts in the future.)

Customer support options: 3.5 out of 5 stars

Customer service phone support is available Monday through Friday, and emails are responded to within one business day.

Other Wealthfront details you should know

Wealthfront stock investing account: It's rare for a robo-advisor to provide access to both managed portfolios and DIY investing; among the robo-advisors we review, Stash is the only other service that does so. That company charges a monthly fee; Wealthfront's stock investing account does not come with added fees, nor does it charge commissions for buying or selling investments.

Portfolio line of credit : Wealthfront offers a portfolio line of credit that allows customers with balances of $25,000 or more in a taxable investment account to borrow up to 30% of their portfolio. Credit checks and paperwork aren't prerequisites to borrow money from your portfolio, and it takes one business day for funds to be transferred.

Risk parity: In taxable accounts, customers can select Wealthfront's Risk Parity Fund, a proprietary mutual fund the company says offers greater exposure to asset classes with higher risk-adjusted returns.

The fund’s expense ratio is lower than other risk parity funds, but as it is a more actively managed fund, its costs are slightly higher than the other index funds Wealthfront employs, bringing the weighted average expense ratio of portfolios that include the Wealthfront Risk Parity Fund to 0.11%. Clients who select risk parity will hold a mix of three ETFs — VTI, EMB, BND — until their account balance reaches $100,000, at which point these ETFs will be replaced with the Risk Parity Fund.

The fund uses complex financial instruments called total return swaps and leverage (borrowing power) to adjust and respond to volatility in an effort to generate better returns for a given level of portfolio risk. Morningstar data show that the fund has underperformed against both comparable funds and its own benchmark index over the past three years [0] Morningstar . Wealthfront Risk Parity W . Accessed Jan 2, 2024. View all sources .

Wealthfront says its risk parity strategy is appropriate for investments with a time horizon of five years or more, as it tends to smooth out in the longer term. And since the fund would make up only a piece of your investment portfolio, Wealthfront says performance should be evaluated on the overall portfolio instead of on the fund itself.

As with any investment, past performance is not indicative of future results. Still, you might not want to pay extra for that track record. Investors who don't want exposure to this fund can opt out or choose not to invest in it in the first place.

Automated bond portfolio: Wealthfront’s bond portfolio offers a mix of Treasury bond and corporate bond ETFs that was generating a yield of 5.42% as of Feb. 2024. The blend is tailored to your estimated tax rates based on state of residence, income and filing status, which helps minimize risk. Tax-loss harvesting and automatic dividend reinvestment help you keep as much of your investment gains as possible.

Travel planning: Wealthfront offers Time Off for Travel, a travel-planning tool that helps investors figure out how much time they can afford to take off, how much they can spend on travel, and how that spending could affect their ability to reach other goals.

Financial planning tools: Wealthfront's free Path tool (for mobile and desktop) helps people plan for buying a house, retirement, college and general savings goals — and you don't have to open a Wealthfront account to use it. The Self-Driving Money™ tool allows users to set up categories to save for specific goals in their Wealthfront Cash Account and automatically move excess cash into a Wealthfront taxable investment account, traditional IRA, Roth IRA or 529 college savings account.

If you're looking to build a retirement savings plan, the tool pulls in your current spending activity from your linked accounts, analyzes government data on spending patterns for people as they age, and then crunches the numbers to estimate your actual spending in retirement. The Path tool also incorporates long-term Social Security and inflation assumptions in its retirement-plan calculations.

In addition to bank and investment accounts, you can link your Coinbase account to track your cryptocurrency holdings. Some other functions of the Path tool include:

Home buying: Path's home-planning tool incorporates your financial situation, home prices and mortgage rates to give you an estimate of how much house you can afford to buy. The tool lets you adjust your savings time frame to see different results, because you may be able to afford a bigger mortgage, say, in 10 years than you can right now. The tool also offers tips for how much to save each month and the best accounts to save in. Plus, you can do some virtual house hunting (and, if you already own a home, check your current home's value) via the app's connection to real-estate companies Zillow and Redfin.

College savings: Wealthfront's Path tool also lets parents pick the college they want their child to go to, then projects college costs, estimates financial aid and develops a monthly savings plan. Parents can link an outside 529 college-savings account or open one through Wealthfront, which is one of the few robo-advisors to offer its own 529 college savings plan. The service will walk users through opening a 529 account, recommend a savings goal and manage the account — slowly skewing conservative as the child approaches college age — for an all-in fee of 0.42%-0.46%, depending on investment expense ratios. The plan is sponsored by the state of Nevada. You should carefully evaluate Wealthfront’s 529 offering compared with your own state-sponsored plan, especially if your state offers a tax deduction or credit to residents who contribute; choosing the Wealthfront 529 would mean giving up that tax benefit.

Wealthfront is one of the lowest-cost online advice solutions. Especially for customers with taxable accounts, Wealthfront offers compelling tax strategies to help enhance your tax efficiency. It also offers digital financial planning tools that are both useful and easy to use, and the new stock investing account will appeal to investors who want a managed portfolio and the ability to DIY their investment selection.

How do we review robo-advisors?

NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. robo-advisors. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across 16 factors. The final output produces star ratings from poor (one star) to excellent (five stars).

For more details about the categories considered when rating robo-advisors and our process, read our full methodology .

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