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Title details for The Rule of 30 by Frederick Vettese - Available

The Rule of 30

A Better Way to Save for Retirement

by Frederick Vettese
Vijay Mehta
Audiobook (Includes supplementary content)
1 of 1 copy available
Borrow Listen to a sample Listen to a sample
1 of 1 copy available

Consider the age-old question of how much you should save to enjoy a comfortable retirement: Are your knees knocking? Are you nervously biting your nails?

In The Rule of 30 personal finance expert Frederick Vettese provides a surprising — and hopeful — answer. Through conversations between a young couple and their neighbor, a retired actuary, the couple and the reader discover:

  • How they would have fared had they been saving over various periods in the past, and how the future investment climate will differ
  • The problem with saving a constant percentage of pay
  • The Rule of 30 and why it is a more rational way to save
  • Whether investing in real estate is a viable alternative to investing in stocks

    • The Rule of 30 changes the mindset from saving the same flat percentage of pay to saving when it is most convenient to your situation. In most cases, it means less saving early on while mortgage payments are high and children are costly, and more saving later.

    Saving for retirement is a high priority, but it is not the only priority in life. It is time to dispense with old myths like "just save 10% of your take-home pay." The truth is we should save differently throughout our pre-retirement years — and The Rule of 30 is a road map for doing so.

    • Creators

    • Publisher

    • Release date

      December 15, 2021

    • Formats

      • OverDrive Listen audiobook

        • ISBN: 9781773058863
        • File size: 194856 KB
        • Duration: 06:45:56

    • Languages

      • English

    • Reviews

      • Publisher's Weekly

        July 26, 2021
        When considering how much to save for retirement, the 10% rule of thumb is outdated, argues actuary Vettese (Retirement Income For Life) in this quirky if uneven survey. Now that defined pension plans are largely a thing of the past, he writes, people need to take on the responsibility (and risk) of planning their own retirement. To explore how to do so, Vettese presents a modern-day parable of a clueless early-30s couple and their retired-actuary neighbor, Jim, who leads them on a “financial odyssey.” Vettese’s lessons come as “Jim” leads the couple through financial planning topics such as identifying a realistic retirement income target, early mortgage payoffs, whether to rent or own, and tax planning: things come down to ditching a flat savings percentage in favor of saving when life is most amenable to it, averaging to about 30%. This is a good lesson in and of itself, but the wise mentor/young mentees model hamstrings the impact: not only does it feel forced, but it proves a significant distraction. And American readers will struggle to connect, as Vettese does calculations using account types and terms that will be unfamiliar and irrelevant. This feels like a missed opportunity.

      • Library Journal

        October 1, 2021

        Personal finance expert Vettese follows up his Essential Retirement Guide with this savvy advice book on determining how much money to save to enjoy a comfortable retirement. Vettese writes that today's defined contribution plans, with virtually no workplace coverage, have transferred most of the saving responsibility to individuals, which means that workers will need to closely examine their spending needs and habits and individually determine how much money they need to save for their retirement. Vettese's view is that it is reasonable to save less in lean times and save more when flush with cash, in order to end up having saved 30% of one's salary per year by the time retirement rolls around. The keys to his advice are having the personal discipline to regularly "pay oneself" in savings before spending on discretionary expenses and starting early with saving. Vettese's parable of a young couple working with a retired actuary helps readers connect with these principles. Note that the book focuses only on Canadian governmental programs (Canada or Quebec Pension Plan), investment account tools, and terms that will be unfamiliar and possibly irrelevant in the U.S. market. VERDICT Recommended only on demand for the public libraries serving communities with Canadian customers.--Dale Farris, Groves, TX

        Copyright 2021 Library Journal, LLC Used with permission.

    Formats

    • OverDrive Listen audiobook

    subjects

    Languages

    • English

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