Consider the age-old question of how much you should save to enjoy a comfortable retirement: Are your knees knocking? Are you nervously biting your nails?
In The Rule of 30 personal finance expert Frederick Vettese provides a surprising — and hopeful — answer. Through conversations between a young couple and their neighbor, a retired actuary, the couple and the reader discover:
The Rule of 30 changes the mindset from saving the same flat percentage of pay to saving when it is most convenient to your situation. In most cases, it means less saving early on while mortgage payments are high and children are costly, and more saving later.
Saving for retirement is a high priority, but it is not the only priority in life. It is time to dispense with old myths like “just save 10% of your take-home pay.” The truth is we should save differently throughout our pre-retirement years — and The Rule of 30 is a road map for doing so.
Most books about saving for retirement are based on simple formulas like “pay yourself first” or “save 10%” when the reality is that this just isn’t always possible. Retirement expert Fred Vettese introduces a new way of saving that takes into account the demands on our income at various stages of life.
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Frederick Vettese is Canada’s most visible actuary. His entire career has been focused on working within Canada’s retirement income system. For 27 years, he was chief actuary of Morneau Shepell, a Canadian HR services firm with 6,000 employees and 24,000 clients. Vettese now spends most of his professional time speaking and writing about retirement issues. He has written over 100 articles and op-eds for the Globe and Mail and the National Post alone. He is the author of the #1 bestseller Retirement Income for Life, published by ECW Press. He lives in Toronto, Ontario.