Note:  This post includes Amazon Affiliate links, which will compensate me at no cost to you if you order through the links.

If you’re wondering How To Retire, today is your lucky day. 

A book titled “How To Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement”  (Amazon Affiliate link) is being released today, and it is a “must-read” for your retirement journey. I was honored to receive a pre-release copy and read the book last week.

I can assure you it’s worth your time.

Christine Benz is the book’s author, and her credibility in the retirement space and her innovative approach to the book were key reasons the book reached the #1 New Release on Amazon, as shared on Christine’s LinkedIn page:

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If you’ve heard enough, you can order the book now (Amazon Affiliate link). If you’d like more details, read on…

Today, we’re taking a look inside…

The hottest new book in retirement, How To Retire, launches today! I can assure you this book is well worth your time. Today, we're taking a look inside... Share on X

(From my Facebook Page when I received my pre-release copy of the book)

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How To Retire – A Book Review

Christine Benz is an All-Star.

As Director of Personal Finance and Retirement Planning at Morningstar, she is one of the true thought leaders in the retirement field.  Barron’s named her one of the 10 most influential women in wealth management in 2021.  She was also listed as one of the 100 most influential women in finance in 2020 and 2021.  In addition, she’s been widely quoted in the media, including The New York Times, The Wall Street Journal, Barron’s, CNBC, and PBS.

As host of Morningstar’s popular The Long View podcast, she’s co-hosted (along with Jeffrey Ptak, CFA) 283 episodes of the show since 2019.  When describing The Long View, I tell people “It’s like the 60 Minutes of Personal Finance.”  It’s one of the most professional podcasts available, and the guests are true experts.  (In full disclosure, I’ve been fortunate to appear on the podcast twice: Uncovering Blind Spots and Early Retirement Made Simple).  

In short, she has major credibility.

When Christine decided to write How To Retire, she chose a unique approach. She reached out to retirement “thought leaders” and asked them to address a specific topic related to retirement. For each of the 20 topics she included in the book, she targeted a related expert in that particular field.  Having been involved in the process as one of the 20 guests (thank you for the honor, Christine), I can tell you from firsthand experience that she prepared diligently for the discussions on each topic, and the book benefits from the approach taken. 

This quote from Christine’s introduction sheds light on her decision to use the approach:

“For every single aspect of retirement planning, there’s someone – and usually more than just one person – whose knowledge of that topic is nothing short of encyclopedic. Someone who wants to help others for the greater good.  Harnessing all of that wisdom in one spot was the impetus for this book.”

Read enough?  Click here to order the book. (Amazon Affiliate Link).  Otherwise, continue reading for a deeper dive into the book’s contents…

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20 Lessons For A Happy, Successful, and Wealthy Retirement

To organize the book, she arranged the chapters around the 20 Lessons presented by each expert.  To avoid “stealing the thunder,” I’ve listed the lessons below and only a few sentences for each.  You’ll have to buy the book (Amazon Affiliate link) to learn more. 

Trust me, you’ll be glad you did. 

As you review the lessons outlined below, pay attention to the experts associated with each.  It’s a true “Who’s Who” in the world of retirement planning, and having all of their knowledge combined in one book is what makes this book truly unique and valuable for anyone seeking the best possible retirement.

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Lesson 1: Visualize Your In-Retirement Lifestyle (Michael Finke)

Michael Finke is a PhD in finance and a professor of wealth management with a strong interest in the “human aspect” of retirement planning. For this lesson, he focuses on structuring your retirement planning to maximize your chance of achieving happiness.  I found his view of “episodic goals” (a cruise to Greece) vs. “habitual goals” (mindset) insightful, as well as his thoughts on investing in personal relationships and health. 

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Lesson 2: Lay The Groundwork (Fritz Gilbert)

I was honored when Christine invited me to participate in her book project.  My lesson focused on two areas: 1) Finding Purpose, including the story of the charity my wife founded, Freedom For Fido, and 2) Practical steps to take 5 years, 3 years, and 1 year before retirement (drawing from my article, The Ultimate Pre-Retirement Checklist).  Trivial fact: at 22 pages, it’s also the longest chapter in the book. 

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Lesson 3: Nuture Your Relationships (Laura Carstensen)

Laura heads up the Stanford Center on Longevity, where much of her work focuses on “relationships – how big a role they play in our life satisfaction and well-being, as well as how they change as we age.”  In her lesson, she focuses on relationships and how they contribute to longevity, how they change over time, and how to build social networks.

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Lesson 4: Get the Most Out of Social Security (Mary Beth Franklin)

One of the true experts in the field of Social Security, Mary Beth Franklin does a deep dive on Social Security, including when to claim benefits, the health of the Social Security program, how SS should be viewed in consideration of your overall retirement plan, and specific claiming strategies for various demographics (single, divorced, couples with age gaps, and for those of similar ages).

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Lesson 5: Understand How Your Spending Might Change (David Blanchett)

David Blanchett is a PhD, CFA, and CFP who has published over 100 papers and received numerous awards for his decades of research on various finance and retirement topics.  His work on retirement spending is widely acclaimed, including the well-known “retirement spending smile.” Appropriately, his lesson focused on retirement spending, including how it declines with age, the behavioral importance of guaranteed income, healthcare spending, and withdrawal rates.

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Lesson 6: Create a Spending Plan (Jonathan Guyton)

Combining both financial advising and retirement research, Jonathan Guyton brings a unique perspective to the theory and reality of retirement spending. He’s best known for the Guyton-Klinger Guardrail method of retirement spending, a dynamic spending model that adjusts retirement spending based on portfolio performance.  His lesson focused on retirement spending, and concepts to apply it to the real word of retirement.  I found his discussion on the use of a “travel pot” interesting, with his recommendation of setting aside a certain “pot” of money for discretionary spending (i.e., travel) and using it over a certain period resonating with me.  As you’d expect, he’s a proponent of variable spending systems in retirement vs. the fixed “4% rule” often cited in retirement literature. 

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Lesson 7: Give Yourself Permission to Spend on What Matters to You (Ramit Sethi)

Ramit Sethi, are you kidding me?  An impressive guest expert and a nice score, Christine.  A well-known author (I Will Teach You To Be Rich – Amazon Affiliate link), Ramit has been a strong proponent of learning to “target your spending toward what matters to you and cut ruthlessly everywhere else.”  His focus on “mindful spending” is a key theme of this lesson, along with the value of aspirational goals and seeking daily small joys. I love his suggestion to determine a “worry-free” number representing a dollar amount of spending you can make without worrying about it. My wife and I discussed the concept as soon as I read the chapter and we’ve incorporated it into our retirement lifestyle.

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Lesson 8: Know Your Retirement Income Style (Wade Pfau)

One of the true experts in the field of retirement, Wade wrote the Retirement Planning Guidebook as well as numerous other books on the topic of retirement.  Together with Alex Murguia, they developed the “Retirement Income Styloe Awareness” (RISA) methodology to help investors understand their preferences, and how various retirement income styles can be utilized based on an individual’s RISA Profile.  I took the RISA test and wrote about it here, it’s solid work and is the core element of the lesson in Christine’s book.

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Lesson 9: Set an Asset Allocation for Your Retirement Portfolio (William Bernstein)

If you’ve read anything on retirement planning, you’ve likely come across William Bernstein.  A proponent of Modern Portfolio Theory, he’s written numerous books for the individual investor and is a respected expert on asset allocation.  In this lesson, William discussed how to determine an appropriate asset allocation for retirement, how to apply his well-known advice “If you’ve won the game, quit playing” (hint: TIPS), his view on annuities, and the importance of hedging against inflation.  One of the things I love about this book is how the experts sometimes disagree, and Bernstein’s arguments against annuities are an interesting contrast to Pfau’s recommendation for them in the preceding chapter (depending on an individual’s RISA profile).  Combined, the reader learns the pros and cons and can make a better-informed decision about which assets are appropriate for their particular situation.

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Lesson 10: Stick to a Simple Investment Plan (JL Collins)

JL Collins is a legend in the FIRE community, and his book The Simple Path to Wealth (Amazon Affiliate link) is considered a must-read in the community.  His Stock Series of articles was based on letters he wrote to his daughter to educate her in all things finance, and became the basis for The Simple Path book.  Not surprisingly, his lesson focused on the same theme – the value of keeping things simple.  He suggests a simple three-investment index portfolio for retirement, including a stock fund, a bond fund, and some cash.  In typical JL fashion, the chapter is an enjoyable read. 

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Lesson 11: Structure Your Portfolio for Cash Flows (Christine Benz)

Sneaky, Christine.  Very sneaky.  I smiled when I started reading this chapter, and applauded Christine’s innovative approach to arranging for a co-worker friend (Susan Dziubinski) to interview her for a lesson in the book.  Christine focused on The Bucket Strategy for her lesson, and I found myself nodding in agreement throughout the chapter. I’ve written extensively about the strategy in my Bucket Strategy Series (and in my book), but Christine’s chapter is the best-written overview of the strategy I’ve read.  We’re perfectly aligned on this one, and this chapter alone is worth the price of the book.

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Lesson 12: Make Smart Choices About Housing (Mark Miller)

A veteran journalist, Mark Miller specializes in retirement and aging.  He’s written extensively about housing-related issues in retirement and focuses this lesson on practical considerations, such as aging in place, the importance of location and community, and relocation considerations.  He also touches on the pros and cons of various home equity strategies for the retiree, as well as considerations for continuing care communities.

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Lesson 13: Focus on What You Can Control (Maria Bruno)

Maria Bruno is head of Vanguard’s Wealth Planning Research team for self-directed clients and has been focused on retirement planning for three decades.  Her lesson focuses on the mindset of focusing on what you can control (#2 of my 20 Ways To Be Happier In Life, btw). I found myself nodding in agreement with the various points she made in her expansive discussion about things we should focus on (goals, purpose, open-mindedness, health risks, balance, discipline) and things we should tune out (market noise, frequent checking of your portfolio, life expectancy).  A good reminder of the importance of mindset as we prepare for, and live in, retirement.

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Lesson 14: Be Adaptable as Retirement Unfolds (Jamie Hopkins)

Retirement planning expert Jamie Hopkins has a metaphor for retirement planning that I love:  “It’s like trying to hit a moving target in the wind.”  He’s an author, a professor, an attorney with an MBA, and has a lot of initials behind his name (CLU^®, RICP^®, and ChFC^®.) Yeah, he’s a smart guy.  I found it interesting that, despite his strong financial background, he focused his lesson on the importance of maintaining a flexible mindset to deal with the inevitable adaptations you’ll be required to make through retirement.  It’s an accurate portrayal of the uncertainties of retirement and will be of value to those who have not yet crossed The Starting Line of retirement.

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Lesson 15: Plan for Taxes (Mke Piper)

Mike Piper is a CPA, published author, founder of the highly recommended Oblivious Investor blog, and the creator of Open Social Security (a great calculator that I wrote about here).  His tax expertise is evident as he provides his lesson on the various tax considerations in retirement, with a focus on the importance of targeting multiyear optimization (rather than simply reducing your taxes in any single year).  He provides a solid overview of the various retirement account types, and how they should be utilized for tax optimization throughout one’s retirement.  He also provides a useful overview of Qualified Charitable Distributions (QCD’s), Required Minimum Distributions (RMD’s), Social Security, IRMAA, and lifetime giving.  Quality content, from a quality guy.

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Lesson 16: Plan for Healthcare (Carolyn McClanahan)

As a Physician and a Certified Financial Planner, Carolyn McClanahan provides a unique perspective on the “intersections of health and personal finances.”  As a practicing financial advisor, she’s seen firsthand the realities of health issues that impact retirees throughout their lives and provides an important lesson on how to incorporate a plan for healthcare into your retirement.  While she recognizes most of us want to be on the “live long, die quickly” plan, she knows that we’re often not in control of longer-term health issues.  Her discussion on long-term care and end-of-life considerations is comprehensive and an important reality check for anyone in their retirement years.

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Lesson 17: What Women Need to Do Differently (Jean Chatzky)

Jean Chatzky is a “bona fide celebrity in the personal finance space.” (Christine’s words). Her resume is impressive (CEO of HerMoney.com, NBC Today Financial Editor, Oprah Winfrey guest, author, motivational speaker, and more) and spans 20+ years in the industry.  She has a passion for helping women improve their financial wherewithal, and focused on their specific needs for her lesson in Christine’s book.  As a man, I found it enlightening to consider the specific challenges faced by women, and how their retirement planning issues differ as a result.  Her recommendations for husbands whose wives aren’t interested in the details resonated with me, as well as her insights into the different communication styles of men vs. women.  While the chapter is focused on women’s needs, I can say from firsthand experience that men reading this book will also benefit from this chapter.

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Lesson 18:  Communicate with Your Loved Ones (Cameron Huddleston)

I remember when Cameron Huddleston wrote her book Mom and Dad, We Need to Talk (Amazon Affiliate link). As an award-winning journalist with 20 years of experience (and an MA in economic journalism), she’s not only a great writer but wrote the book based on her personal experience of losing both of her parents fairly early in life and being a caregiver during her mother’s battle with Alzheimer’s.  It’s a personal topic to her, and it shows. Having gone through it, she shares solid advice on ensuring you have the right conversations with your loved ones, even when it is difficult. We had been caregivers for my mother-in-law (also Alzheimer’s) at the same time, and I felt a connection to her writing.

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Lesson 19: Create an Estate Plan (Jennifer Rozelle)

Jennifer Rozelle is an estate planning attorney and host of the Legal Tea Podcast. Regardless of your income level, Jennifer’s lesson focuses on the value of having a solid estate plan, and includes a discussion on all of the “essential ingredients for a well-laid plan,” including healthcare documents (healthcare power of attorney, living will), financial power of attorney, and a last will and testament.    Her advice on considerations for selecting your executor was insightful and addressed things often overlooked (e.g., work habits), while the inclusion of “softer” aspects provided a comprehensive overview of the topic.

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Lesson 20: Leave No Regrets (Jordan Grumet)

I could think of no better way to conclude the 20 Lessons than to give the floor to Jordan Grumet.  The author of Taking Stock and host of the Earn & Invest podcast,  Jordan is a hospice doctor who has gained invaluable insight into the thoughts of people from their deathbeds.  Living a life with no regrets is within our grasp, and Jordan provides the perfect bridge between those who are dying with regrets and those of us in our early retirement years who still have time to live our dreams. Whether it’s “Big P” Purpose or “Little p” purpose, there’s value in seeking out things you want to pursue, and Jordan provides the roadmap.  I’ve been on Jordan’s podcast twice (7 Secrets to a Happy Retirement and Beware of The Dopamine Cartel), and can attest to his passion for the topic of living your best life possible. It’s the perfect ending for a perfect book on how to live your best life in retirement.

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Conclusion

If you’re within +/- 5 years of retirement, How to Retire – 20 Lessons For a Happy, Successful, and Wealth Retirement (Amazon Affiliate link) is a must-read.  The topics covered are appropriate and comprehensive, and the unique approach of inviting guest experts to address each lesson brings additional value to this book.

I love that not all the experts agree (e.g., should you buy annuities? should you work in retirement?), providing an objective overview of critical topics and allowing the reader to decide the best path for their retirement.  I also applaud Christine for recognizing that effective retirement planning extends far beyond the financials and incorporating several appropriate “soft” lessons into the book.

I gave this book a 5-star rating on my Goodreads Account, and have included my review below:

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Previous Book Reviews 

• Outlive – The Science & Art of Longevity
• Taking Stock
• Reimagining Retirement
• Retirement Planning Guidebook
• Retirement Heaven or Hell
• Growing Young
• Choose FI:  Your Blueprint to Financial Independence
• Money For The Rest of Us
• The Simple Path To Wealth
• Younger Next Year