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moneysense.ca, 21/01/09
Book Review: New Rules of Retirement
![[Front Cover of New Rules of Retirement]](http://www.canadiancapitalist.com/images/books/new_rules_of_retirement.jpg)
New Rules of Retirement: What Your Financial Advisor Isn’t Telling You is written by two practicing financial advisors, Warren MacKenzie and Ken Hawkins with more than 45 years experience between them and it shows. Convinced that the financial services industry is short-changing clients by focusing too much on saving and investing and not enough on planning for their retirement, the authors have taken a holistic approach and discuss health, housing, spending patterns, work etc. in addition to purely financial matters. Canadians who are close to retirement will find the first part of the book to be an invaluable, practical guide to the issues they should plan for in retirement.
If like me, you are in your asset-gathering phase of your life and decades away from retirement, you’ll find the second half of the book, which discusses investment process and portfolio construction to be of interest. The topics covered will be familiar to our readers: the importance of an investment process, diversification, paying attention to fees, the advantages of passive investing, benchmarking etc. The chapter on DIY investing shows how an investor can construct a portfolio out of just four ETFs (XBB, XIU, IVV and EFA) — it’s easy to construct, simple to maintain, tax-efficient and anyone can do it.
The book is exhaustively researched and peppered with facts, figures, worksheets and anecdotes. Each chapter ends with a list of actions to take now and a summary of the concepts discussed in that chapter. The book is available at Chapters and Amazon for about $17. The New Rules of Retirement website has excerpts from the book, author biographies and a long list of useful resources. [Update: You can also browse through the book here.]
Giveaway: Ken Hawkins has kindly provided an extra copy of the book to giveaway to our readers. Just leave a comment to this post before 8 PM on Friday, January 23, 2009 and I’ll pick a winner at random. The usual rules apply: (1) One entry per person. (2) Canadian residents only. (3) If you subscribe via e-mail, click on the heading to visit the website, scroll down to the end of the page, type in your comment under “Leave a Comment” and click “Submit”.
moneysense.ca, 21/01/09
LOve the blog.
Love the idea of the book.
Dave
sorry, sent the wrong email!
Dave
I’m not quite decades away from retirement, so this book looks interesting.
I am just in the beginning phases of retirement planning and have recently been wondering if I’m ‘focusing too much on saving and investing and not enough on planning for their retirement’.
[...] Book Review: New Rules of Retirement [...]
I have an account with BMO Investorline, which allows me to hold USD (cash) in my non-registered account, but not in my RRSP account. Investorline also does not allow me to set up a DRIP or funnel USD distributions into a USD money market fund within the RRSP, so all distributions get forexed into CAD.
If I had enough room in my RRSP to hold 2 of those funds, (assuming I do a 25% allocation to each of the 4 funds), which ones should go into the RRSP and which into the non-registered account?
I would like XBB to go into the RRSP, to get the most benefit from the tax sheltering of interest income, and maybe XIU should go into the non-RRSP account, since Canadian dividends have comparatively favorable taxation. That leaves the USD-denominated funds, both of which I would like to put into the RRSP. Is that right? But then Investorline will forex all distributions into CAD, and it would mean kicking XBB over to the non-Registered account.
Any thoughts on this?
Hmm, free book. Count me in.
Sounds like a useful book.
I’d like a copy for my own retirement plans and also so I can give some ideas to my parents
@ Pan
Questrade allows you to hold USD in your registered accounts and setup DRIPs. You should also open a TFSA and move $5k of non-registered money into it each year to keep it sheltered from taxes.
count me in for the book give away. thanks!
Looks like another great book from Warren MacKenzie. Thanks for the review.
Please enter me in the giveaway as well.
Just looking at the cover is enough inspiration to want to read the rest of the book and get my portfolio in shape to make my dreams come true!
Speaking as a retirement challenged individual, this book could be a great help.
As one of the first of the baby boomers (60) starting to retire, this book will be a valuable tool for me as a final checklist for my retirement planning.
Your column is the first thing I read every morning. Keep up the good work.
I love contests. Count me in!
[...] See more here: Book Review: New Rules of Retirement [...]
We are about 10 years away from retirement. Please include me in the giveaway.
Thanks
Niki
It sounds like an interesting book. Count me in on the draw.
My father-in-law would love this book.
love the blog and would love to win this book.
-nc
I spent my working years accumulating a retirement nest egg. When I left the work force I found I had a lot of time and sufiecient funds to do what I wanted but didn’t know what to do. Accumulating wealth is only one part of retirement planning; you must also do time planning. How are you goingto keep yourself occupied.
Interesting.
Sounds like a nice read. Count me in!
)
Count me in as well. Thanks
Sounds like a good read.
Put me in the draw too!
A lot more to retirement planning than just the financial for sure.
Thanks again CC – please count me in.
Would love to take a look at this book, thanks!
I’m just starting out on my investing journey so any help would be great!
Great blog!
Count me in for the contest please.
Great blog by the way CC.
oh please pick me…pick me!
Love the blog. Count me in for the giveaway. Thanks.
This book seems like exactly what I’m looking for!
Sounds good….
Retirement sounds so good right now. Wish it wasn’t 20 years away…
I would love a copy to pass on to my parents (after I read it of course!)
Thanks for the review!
Count me in!
Interesting, does he show ETF performance in relation to the market itself?
Sounds like a great book – count me in too please (:
Count me in!
I’m always eager to learn more about planning for retirement.
With retirement looming somewhere between 6 and 14 years from now, the first chapters sound interesting.
DAvid
very interested
The book seems interesting. Will look for it in the library later.
A good read for the cottage. I need to concentrate more on this topic.
I think this book is at Costco for a lower price.
I’d love a copy of this book please….
Pick me! Pick me!
Please put me in the draw.
Thanks CC.
great review, looks like a very interesting book..
Would love to win a copy of the book
I’m in.
Thanks for the review – please include me in the draw.
Thanks for the review!
Count me in. Thanks Mr. Hawkins!
I also read your blog first every morning and then Gail Vaz -Oxlade’s. I have learned so much – excellent info. The line about baby boomers (Ron) reminded me of a funny story I used to tell. My grandson aged 7 phoned me “Grandma I’m so excited you can come to my school and talk about your life”. I started by saying I was the first of the baby boomers and was born just after the war. I went on to talk about life in Scotland but noticed my grandson had his head in his hands. Was he embarressed? Months later I found out he thought I was born a baby baboon!
would like to read the book, thanks!
I’m in too, thank you sir. A propos book giveaways, I’ve been mailing a lot of books recently and have come to understand how HORRENDOUS canada post’s charges are. When I lived in NYC and was selling a lot of books we had flat-rate media mail there, $1.50 or so. It cost me seven bucks to send a book from toronto to waterloo the other day. Awful.
Great blog. Books sounds interesting. and useful considering hubby is within a few years of retirement. Me? Not so close LOL.
Would love a copy. Thanks for the blog.
Sign me up!
Sounds like a good read.
Pick me this time.
Do you use a random number generator to determine the winner?
Warren has a reputation for delivering good advice / content…. hope I win the free book!
thanks CC
This would be great for my parents. Count me in, please!
Retirement’s getting closer .. so would love the book
Look f/w to reading the book
Pick me please.
pan: I would put XBB in a RRSP and XIU in a taxable account. As for the other two, it is a toss up on which should be inside a taxable account. I’d probably opt for EFA because dividend yields are higher.
Irene: That’s a great story. It’s easy for a little one to confuse baby boomer with a baby baboon.
Guinness: No kidding. IIRC, the mailing cost of books has zoomed significantly in recent years. I think it will make a neat post to rant about a crown corporation gouging Canadians.
Swati: Yes, I use a random number generator available on the random.org website to pick the winner from among eligible entries. It’s worked well so far.
please add me to the draw thanks.
Sounds like a good read.
Sounds like just the book we need to read. With retirement not too far off we need all the help we can get.
Never heard of this book before. Count me in!
CC, you are a personal finance author’s marketing dream.
Appreciate raising the awareness on another resource from Warren Mackenzie. Your blog and books like these really help those of us transitioning from prior-years of advisors to standing on our own two feet.
Count me in, thanks!
Sounds like a great book to add to my collection!
A timely topic for me.
Wow, it’s a giveaway extravaganza on this blog!
Come for the prizes, stay for the timely content
Would love to read this book. Here’s hoping I win it and don’t have to hand over the cash to buy it!
Interesting book!
I had just ordered this the other week from the library. Hope to add it to my permanent collection. Count me in.
Count me In thanks.
Sounds like an interesting book.
Lots of giveaways lately! Fingers crossed that I’m the lucky winner.
Oooo giveaway – count me in!
Like the post- love to read the book!
Regards,
Gary
Count me in!
please add me to the “lottery”! thanks
Please count me in. I’m just coming out of school this year, but I would love to learn ahead of time how to prepare my future financial management.
Thanks for the review.
I would love a copy
Sounds good —-please enter me into the contest.
I’d love to win this book!
keep up the go0d work!
Sounds like a good book. Please include me. Thanks!
I am early retired and would find the book helpful. Count me in.
Incidentally, I have been wondering, is it possible to use ETFs for a RRIF? I have RRSPs with Manulife and have thought about moving them to an ETF provider to save on fees but it would be pointless if ETFs won’t work for a RRIF.
Thanks.
Thanks again CC – keep up the great blogging!
Sounds like a great book, I’ll have to check it out if available at the library.
I really need this book.
Would love a copy of this book.
Great book concept.
Does it take into account TFSA’s?
Sounds interesting. Count me in.
would like a copy….tx
One of the authors was on BNN recently, sounds like a very interesting book!
Would love to win the book!
Your blog is great!
Here’s hoping I’m lucky!
one entry please. thank you.
Would love a chance at the book. Thanks.
[...] [Book Review] Well Canadian Capitalist and I must have similar posting schedules. He just posted his book review of this book yesterday with a contest as [...]
Be aware that there is already a book out there with the same title:
The New Rules of Retirement by Robert Carlson published in 2004
This sounds like a must read. Thanks for offering a copy.
Very interested, sounds like advice I could use!
I never turn down the opportunity to be educated. Thank you for offering a copy of this book.
Giddy up!
Sounds like a good book to read. Count me in please
Count me in for the draw please.
Looking forward to this book.
Retirement sounds good to me!
I reached your blog thru Million dollar journey. fantastic blog. Nice book.
I’d love to read it.
I wouldn’t mind reading this.
Sign me up!
Considering how current market situation, I’d love to hear any new thoughts on retirement planning..
Sounds like a good read!
Me too please!
Thanks
Ditto
Count me in for the book give away. Thank you
Canadian Capitalist: Would you really want the higher yielding fund in the taxable account? Since foreign income is taxed at your marginal rate, would it be better to put the higher yielding fund in the RRSP, and take the forex hit on it because that is still better than getting taxed?
Hmm.. Maybe this question shouldn’t be in the comments loaded with free book hopefuls! I hope you get a chance to reply!
pan: Pardon the rather confusing comment. I meant I’d put EFA in the RRSP account because as you rightly point out the higher yielding foreign investment should be in the registered account. Sorry for the confusion. I won’t count your comment #135 in the draw, so don’t worry about it.
Fingers crossed for a free book coming my way! Sounds like a good read, especially since I’m in that asset-gathering phase of life and want to make sure I’m doing all the right things to ensure my retirement plans come to fruition.
Thanks for constantly keeping us all informed about up and coming reading material and worth while advice.
15 25 28 31 37 42
I’m in the pre-plannig stages, so this would be agood book to start even planning, me and all my freinds are the not so knowledgable people when it comes to finances, but i think its important to start thinking about it and hopefully doing something about it as well.
Count me in!
Definitely…Warren Mackenzie is a shining light in an increasingly blurry business!
I would like to enter the draw. Thanks.
Sign me up
Count me in!
Please enter me into the draw – cheers!
Pllllllllease pick me!
It’s not that my advisors are doing a bad job–just that they can talk for a long time and still never quite do what I wanted.
great blog
CC
Maybe this time I will be lucky.
Count me in, thanx.
Sounds like a good read.
I like to read about money
i would love to win this book for a person who is already retired and worried that she didn’t do all she could before retirement…..as far as money goes………
k
Count me in!
I’ll take a freebie. Great site with lots of all-around good $ info. Keep up the good work.
The giveaway is now closed. I’ll pick a winner shortly.
[...] Book Review: New Rules for Retirement by Canadian Capitalist: Canadian Capitalist reviews this book and has a book give-away on his website. It is only valid [...]
[...] and Ken Hawkins. There are a couple of very favourable reviews on the internet already from Canadian Capitalist and Four Pillars – please check out what they had to [...]
The winner is #38 — Novice. I’ll contact the winner shortly.
lol
[...] Rules has also been reviewed by a few of my favourite Canadian finance blogs: Four Pillars review Canadian Capitalist reviewWhere Does All My Money Go? review Canadian Dream: Free at 45 [...]