Don't Die Broke
Book

Don't Die Broke

How to Turn Your Retirement Savings into Lasting Income

Margaret A. Malaspina
Bloomberg Press, 1999
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Editorial Rating

5

getAbstract Rating

  • Comprehensive
  • Applicable
  • Well Structured

Recommendation

Many rules and regulations govern pension plans. The technicalities are complicated and change constantly. People can make irrevocable errors doing something as simple as moving assets from one plan to another. Margaret A. Malaspina cuts through retirement plan red tape and explains the jargon. She shows you how to get to your money after you have worked hard to save it. This book demystifies your options and clarifies the consequences of your choices. The author makes reading about taxes relatively painless. getAbstract recommends this book to anyone planning retirement, switching retirement plans, or withdrawing retirement funds. However, because of its discussion of United States tax law, it is not useful to those in other countries.

Summary

Five Easy Rules to Remember

Your retirement plan decisions are extremely important. Today’s increased life expectancy means you will spend more years in retirement than previous generations. Be well informed, so you can easily access your money at retirement. If you plan to retire at age 55 to 60, you will need approximately 60 to 80 percent of your current income. Your retirement savings must last 20 to 25 years if you are male, and three to five years more if you are female. Before you sign your first retirement form, memorize these five critical principles:

  1. Get the most money you can. To ensure you are getting all the money you are entitled to, go back over your working years and list all the jobs you have held. You may have money in unexpected places. Consolidate all your assets.
  2. Pay the least amount of tax possible. Tap your regular savings before you take money from your retirement savings.
  3. Preserve your flexibility. Keep your options open in case you change your mind later.
  4. Always obey the law. Dishonesty will catch up with you eventually and will cost you more than if you had been honest ...

About the Author

Margaret A. Malaspina is principal of Malaspina Communications in Massachusetts. As a former vice president of Fidelity Investments in the 1980s, she was instrumental in developing its communications strategies and publishing ventures, including launching Peter Lynch’s best-selling books and Worth magazine.

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