Hey Kayaker,
Jane Bryant Quinn agrees with you about the pension max. So much so, in fact, that in her book she has a section titled, "Beware Pension Max!" That section is found on pages 1122-1124. It is there that she directs the reader to the Appendix with the worksheet, after she has her say.
Quinn takes to task what she calls "an army of insurance agents and financial planners."
She talks about "Slick computer-generated presentations." And says those presentations "usually mislead."
In that section she lays out the ways the misleading can happen.
Quinn says, "When I aired this opinion in a newspaper column, angry insurance reps peppered me with dissenting letters."
She goes on to say, ""I invited them to prove the glories of a pension max program started at retirement age. All told, 10 of them took up the challenge; their work was analyzed by two financial planners using two different systems."
The result as reported by Quinn? -- "Only one proposal worked passably well, and it turned out to be a ringer." -- And she goes on to explain how that happened.
After a quick slice and dice of the different aspects of the pension max, she invites those who have heard a pitch to fill out the worksheet in the Appendix. (referred to in my earlier post) Quinn says the worksheet is designed for you to "check what the agent is saying."
I know that from time to time, I run around TOTV, touting Quinn's book. And I know I am not a financial planner or adviser or anything of the sort. In fact, rumor has it, I could even be an English major.
But I really like this book because Quinn communicates so clearly and provides info in a way that leads people to being able to make well-informed financial decisions.
I have bought this book several times because I keep giving it away. When it first came out, I had given my copy away within a couple of weeks. Bought another one. Gave that one away. A few months back, I found copies on a bargain table for $5.99. (Remainders in non-fiction can go to the bargain tables fairly fast.) So I bought 3 more copies.
No, I do not go around foisting the book on random people. But if I am asked a question, and I sometimes am, I will say, "Let's see what Jane Bryant Quinn has to say in this enormous, heavy book, and I bet that can give you a start." And, of course, sometimes I throw in my own opinion, too -- when I just can't help it.
So Kayaker -- you and Jane, huh.-- Well...... I am not surprised. I have always thought you have provided us with some sensible information on matters financial.
Well, I guess what I am really saying in this long post -- that has turned into an ode to Jane Bryant Quinn's book -- is that for those of you who have questions about different aspects of financial planning, as you make those individual decisions on what you hope works out best for you --hey -- just go ahead and buy yourself a copy of
Making the Most of Your Money Now. Might even find a deal on the price. And I guarantee you will get an excellent ROI.
Boomer