Review of A Million Is Not Enough: How to Retire with the Money You'll Need (Hardcover)

Michael Farr's book, A Million is Not Enough, covers retirement planning like a warm blanket on a cold night. It gives you a good sense of security, letting you know exactly where you stand and what you need to do to be successful in the end game. Fear not. The book doesn't drag you through overly detailed explanations of what specific investment techniques exist, though it highlights them. Instead the book provides valuable succinct answers to the really important questions of the why and how of retirement planning.

I think everyone knows that a million dollars is not what it used to be. And Farr starts off by hammering this point home. What you need in retirement is relative to your current lifestyle, and the lifestyle you hope to lead without working. Ten million dollars might not be enough retirement savings for some folks.

Three major sections guide you through Farr's retirement planning and execution processes.

1) Helps readers understand his view of the mission: Save successfully for retirement. Here Farr asks you to decide what you want out of life.

2) Talks to investing wisely, balancing risk and reward, but only after helping you assess where you stand relative to your goals. There's even a monthly budget worksheet to gain insight into current spending, from which future spending can be predicted. The last section addresses building and maintaining a healthy investment portfolio.

The paperback version is under 300 pages, with enough figures and tables to keep your interest. I especially liked his example retirees and how their portfolios were allocated. Are you a Neo-Boomer, a Core Boomer or a Tail-end Boomer? I would have liked to see more references and a detailed index to make the book more complete. But the added benefit of the entertaining introduction by P.J. O'Rourke makes up for these small shortcomings.

NOTE: A leading financial analyst and strategist, Farr currently guest hosts on CNBC's Squawk Box. His commentary can be heard on the Associated Press Radio and National Public Radio, and he is quoted regularly in the Wall Street Journal and Forbes, and PBS's The Nightly Business Report.

Armchair Interview says: If you're looking for information on retirement planning, Farr's has done a great job of presenting it for everyone to understand.



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