Your Retirement Salary Book Summary - Your Retirement Salary Book explained in key points
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Your Retirement Salary summary

Richard Dyson and Richard Evans

How to Use Your Lifetime of Pension Savings to Pay Yourself an Income in Your Retirement

3.7 (120 ratings)
22 mins

Brief summary

'Your Retirement Salary' by Richard Dyson and Richard Evans is a practical guide for retirees and those planning for retirement, providing helpful advice on managing money and maximising income in later life.

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    Your Retirement Salary
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    Pensions mean different things to different people and different generations. 

    What is a pension? Well, there are a couple of definitions. 

    The first is simple: a pension is the money you live on once you have retired. A retiree might, for example, say something like, “I can just about get by on my weekly $300 pension.”

    The second is that its a sum of money or an investment portfolio earmarked for retirement. This is also called a pension pot

    That’s basically everything you have accumulated over the course of your working life. It can include savings from your salary, investments, and contributions from your employer. A pension pot isn’t the same as an income – it’s a pool of money put aside during your working life that you will need, somehow, to turn into an income when you retire. 

    Older generations also have their own understanding of pensions. If you worked for a big company in the 1960s, 1970s or 1980s, you’ll probably be familiar with the concept of a “gold-watch retirement.” This refers to the custom of giving long-standing employees a golden watch on their last day of work to thank them for their service. 

    This went hand-in-hand with a more paternalistic style of employment. When workers came to the end of their careers, they collected their watch, went home and put their feet up. A good part of what they had earned in wages in one month became their pension in the next. This was known as a defined benefit or final salary pension

    Say you worked for 25 years with the same company and were earning $67,000 a year when you retired. Companies “defined” your pension by multiplying a percentage of your final salary by the number of years served. Typically, that might be 2.5 percent. Multiply that by 25 and you get a pension of $41,875 a year.

    This type of pension secured a comfortable retirement for millions of people in countries like the UK and the US. Some retirees in their seventies and eighties are still reaping the rewards of this generous arrangement today. It’s a very different picture for their children, however, let alone their grandchildren. Why? Let’s find out. 

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    What is Your Retirement Salary about?

    Your Retirement Salary (2019) tackles a knotty question asked by savers approaching retirement age: How do you transform your savings into an income that will see you through your sunset years? Drawing on years of experience addressing readers’ personal finance questions for a leading British newspaper, Richard Dyson and Richard Evans provide a wealth of insights into getting the most out of your pension pot. 

    Your Retirement Salary Review

    Your Retirement Salary (2010) is an essential read for anyone planning their retirement. Here's why this book is worth your time:

    • Packed with practical advice and expert guidance, it helps readers make informed decisions for a comfortable retirement.
    • By offering strategies and techniques to maximize income in retirement, the book empowers individuals to secure their financial future.
    • With its engaging anecdotes and real-life examples, the book brings retirement planning to life, ensuring that it remains interesting and relatable.

    Best quote from Your Retirement Salary

    Annuities provide risk-free income, and they pay out for all of your life, however long that may be. – Tom McPhail, head of retirement policy at Hargreaves Lansdown

    —Richard Dyson and Richard Evans
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    Who should read Your Retirement Salary?

    • Retirees or pensioners
    • Savers with an eye on the future 
    • Finance fanatics

    About the Author

    Richard Dyson is a prize-winning financial journalist and a regular contributor to both specialist and non-specialist titles including the Express, the Mail on Sunday, Investors Chronicle and the Daily Telegraph. Dyson was also the Head of Personal Finance at the Telegraph Media Group. 

    Richard Evans is one of Britain’s best-known financial commentators, savings experts and investment analysts. His knowledge of the industry is the fruit of years of research and hundreds of one-on-one interviews with the UK’s top fund managers and professional investors.

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    Your Retirement Salary FAQs 

    What is the main message of Your Retirement Salary?

    Your Retirement Salary provides practical guidance for planning and managing your finances in retirement.

    How long does it take to read Your Retirement Salary?

    The reading time for Your Retirement Salary varies depending on the reader's speed. However, the Blinkist summary can be read in just 15 minutes.

    Is Your Retirement Salary a good book? Is it worth reading?

    Your Retirement Salary is a valuable read for anyone preparing for retirement. It offers insights and strategies to help you make the most of your retirement income.

    Who is the author of Your Retirement Salary?

    Your Retirement Salary is written by Richard Dyson and Richard Evans.

    What to read after Your Retirement Salary?

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