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Reviewed by Karen Pirnot for Readers' Favorite
If you were born between 1946 and 1964, this is a must-read book for retirement planning. Intended for Baby Boomers, "The 7% Solution: You Can Afford a Comfortable Retirement" by John Graves is a practical, no-nonsense book which explains investments in a way in which both investors and non-investors can relate. The author says that boomers are the perfect population for planning as they are naturally good savers and, for the most part, are adverse to accumulating massive debts. Also, boomers tend to have more flexible spending habits and they have been raised to believe in giving back to the communities in which they reside. Basically, the book contends that if you can earn as much as 7% from your investments (stocks, bonds, real estate, IRA's, MLP's and BDC's), you can retire with ease and without fear that your retirement funds will be depleted before the end of your life. Graves further advises that income has many faces and that tax breaks such as material and capital contributions to your community can go a long way toward protecting potential retirement funds.
Not being highly skilled in investments myself, I found the 7% Solution to be both informative and readable. Graves takes the reader step-by-step through the various investment options and explains them so clearly that even neophytes can comprehend the complexity of the investment world. One of the most practical chapters was that which advises the reader about how to calculate retirement needs through gathering expenses and income data. Boomers, the time is fast approaching and you would be wise to use the "The 7% Solution" as a handy reference for retirement planning.