Engineering Your Retirement: Retirement Planning for Technology Professionals
Product Description
A practical retirement planning resource for engineers, scientists, and mathematicians
In 1995, Dr. Mike Golio, an electrical engineer, became seriously interested in planning for early retirement. In 2003, at the age of 49, he and his wife achieved their goal of financial independence and retired. Engineering Your Retirement is an outgrowth of his research. Whether retirement is imminent or many years off, this valuable guide’s straightforward, analytical approach to financial independence answers the critical questions to achieving successful, comfortable, and meaningful retirement.
Written specifically for professionals in the engineering, science, and math fields, Engineering Your Retirement examines such important questions as:
* How much money will I need to retire?
* How long will it take for me to accumulate it?
* What types of post-retirement activities are available to technical professionals?
Engineering Your Retirement: Retirement Planning for Technology Professionals
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Tagged with: Engineering • Planning • Professionals • Retirement • Technology
I was very impressed with Golio’s book. Although he wrote it for an engineering oriented audience….I would contend it is still an excellent book for non-engineers. (My background is being an engineer for the last 30 years with an MBA.)
He hits the basics of financial planning very well, which includes:
1. Living below your means so you have money to save and invest.
2. Use automatic savings method where you pay yourself first like 401K’s.
3. Adjust your asset allocation slightly to a less risky portfolio as you go through life.
4. Use low cost index funds to minimize expenses and maximize returns.
5. Determine your actual living expenses right before you retire so you can more accurately your retirement expenses…….and therefore the income you need to retire……versus using the 70% to 80% income replacement ratio rule-of-thumb when you get close to retirement
6. Don’t withdraw more than a 4% inflation adjusted amount during retirement from your portfolio.
All-in-all, a very easy to read book which does an excellent job of explaining the basics of financial planning.
In this age of full disclosure, it can be noted that I am the author and publisher of the book INDEX MUTUAL FUNDS: HOW TO SIMPLIFY YOUR LIFE AND BEAT THE PROS. This book is an introduction to the concept of index funds is and is sold on Amazon. I am also a contributing author to the book THE BOGLEHEADS GUIDE TO RETIREMENT PLANNING available from Amazon with an estimated release date of October 2009. I have also written 21 short stories on investing which are also available on Amazon.
If you want practical ideas on long term passive investing, read some of the books below:
The Richest Man in Babylon
Bogle on Mutual Funds: New Perspectives for the Intelligent Investor
The Millionaire Next Door
The Four Pillars of Investing: Lessons for Building a Winning Portfolio
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, Ninth Edition
The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On With Your Life
The Bogleheads’ Guide to Investing
I am a technical professional. I thought this book was excellent. It spoke to me in a way I could understand.
This book is a great resource for people with no knowledge of investing, to a mildly experienced investor.
Finally, a book that answers the retirement question, “How much is enough?”
After years of reading books on investing, and saving the way I was supposed too, I needed to know when to stop. I thought I knew — and now I have the equations, statistics and rules of thumb to test my assumptions. This is a book that Engineers and MBAs who have done a good job on savings will love. It even gives you the secret of life! (sort of, see page 90)
Finally, a book that does its homework. Well done!
Thank you, Mike.