The Book
The New Rules of Retirement : What Your Financial Advisor Isn’t Telling You, by Warren MacKenzie and Ken Hawkins.
The Authors
Warren MacKenzie and Ken Hawkins are both experienced financial advisors. MacKenzie has a previous book called The Unbiased Advisor, and Hawkins has previously worked as a portfolio manager for a pension fund.
The 15 Second Summary
The New Rules of Retirement is a book that re-thinks common assumptions about what it means to retire, what it costs, and how to get there.
The Target Audience
This book is aimed squarely at the baby boomer set as they get closer to retirement and try to figure out what that means in today’s world. I’m quite a bit younger (or so I like to think) so I wasn’t expecting much that would be applicable to me and my generation, but was pleasantly surprised to find excellent information on investment vehicles and goal planning that would be beneficial for investors at any stage of life. In fact, the chapters comparing investment options (mutual funds vs. ETFs vs. individual stocks) are among the best I’ve read.
The Good
New Rules is a book that is easy to understand and is a very quick read, with short, to the point chapters and straightforward language. Even someone with virtually no knowledge of financial planning could pick up this book and follow its advice with ease. The book recognizes and emphasizes that retirement can mean many different things, and helps walk the reader through retirement options and the impact that variables such as health and lifestyle choices can have on the amount of money you’ll need to make it happen. The worksheets provides are quite handy, and the investment information is top notch.
Perhaps my favourite aspect of this book is that it encourages a hands-on approach to planning and has great advice for those who want to take control of their own finances without the help of a planner, without belittling those who chose to involve a professional. This is a tough balance to strike, yet this book does it beautifully. Despite both being industry insiders, MacKenzie and Hawkins both recognize and emphasize the importance of self-education and taking an active role in retirement planning.
The Not-So-Good
Very little negative can be said about this book. While the information is generally thorough yet concise, at times I found the volume of statistics presented to be a little overwhelming, although this abundance of empirical data will undoubtedly appeal to many readers.
Bottom Line
An excellent resource for those trying to map out their financial future. For baby boomers, this is a must read. For those of us with longer investment horizons, its still worth taking the time to read.
Learn More
You can find out more about the book at its official website. New Rules has also been reviewed by a few of my favourite Canadian finance blogs:
Four Pillars review
Canadian Capitalist reviewWhere Does All My Money Go? review
Canadian Dream: Free at 45 review
Get a Free Copy!
I’ve been provided with a copy of The New Rules of Retirement to pass along to one lucky reader. If you’d like a chance to win, just leave a comment below. Be sure to provide a working email address in the comment form (don’t worry, this doesn’t show up to anyone but me), because that’s how I’ll contact the winner. I’ll randomly draw one comment from those received prior to next Friday, April 3rd. Good luck!
{ 26 comments… read them below or add one }
Thanks for the link - it is a pretty good book.
Count me in!
Sounds like a great read. Would like a free one!
Nice direct review. Thanks.
Sounds great. Count me in!
Sign me up!
It sounds like a very good read. Thanks for offering a free copy.
Sounds great, sign me up! I recently finished Rich Brother, Rich Sister; by the guy that wrote the Rich Dad, Poor Dad series. You may enjoy it-his sister is a Tibetan Buddhist nun and it is co-written by her.
sounds good to me thanks for the giveaway
Count me in, I’m getting older by the second.
This sounds very interesting. thanks for offering the book.
Book sounds interesting!
I think the days of slaving at a job for 30 years and then finally retiring are over.
I can use all the help I can get! thanks for the review and the giveaway!
I would love to read this. Am always trying to find more ways to be financially ready for retirement!
Oh I need this book!
Sounds like a good read.
definitely count me in
I could use this.
Thanks for the giveaway!
kimspam66(at)yahoo(dot)com
Without a doubt a thoughtful person such as you would debate in your own mind the issue of investing personal wealth in a big multinational tobacco company . How did you come to your apparent level of comfort? Not moralizing on you, but interested in hearing your take.
Also, do you think tobacco is a sound investment given all of the government-forced settlements that companies are likely going to have to enter into around the world ?
I’m in
I’m down
Count me in. thanks.
Thanks to everyone who left a comment! The free copy of The New Rules of Retirement goes to comment #13, Mindie. I’ll be in touch shortly to arrange delivery.
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