“A superb introduction to the necessary financial planning no American over 40 can afford to ignore” (Publishers Weekly1)
DENVER – In his new book, Retirementology: Rethinking the American Dream in a New Economy, Dr. Gregory Salsbury merges investor psychology with retirement planning in the midst of a once-in-a-generation financial crisis. Available today from FT Press, Retirementology presents an entirely new way of thinking about how we should spend, save, borrow and invest in the post-meltdown era.
Dr. Salsbury, executive vice president of Jackson National Life Distributors LLC proposes a set of retirement planning principles based on the concept that retirement is not a zone or isolated event. He argues that planning for retirement is an ongoing process that encompasses the breadth of our financial decisions and is shaped by our emotions and biases. Through hypothetical scenarios and real-life feedback from focus group participants, Dr. Salsbury demonstrates how the choices we make today can affect our retirement later.
The chapters in Retirementology (Retirementology.org) represent key areas – including overspending, taxes, the housing market and healthcare – where the meltdown has had a significant impact on investors’ psychology and, ultimately, their retirement readiness. By examining our entire relationship with money, Dr. Salsbury helps readers identify common mistakes in their thinking and behavior, while also explaining how the meltdown has amplified the impact of those mistakes.
“The financial crisis has caused many people to do irrational things with their money and make emotional decisions that may have been detrimental to their retirement plans,” said Dr. Salsbury. “Letting emotion dictate our actions can lead to bad financial habits that perpetuate a dangerous cycle of overspending and rising debt. Retirementology can help readers recognize and address these behaviors now in order to salvage their retirement dreams.”
Retirementology also introduces a new and entertaining way of talking about retirement planning, with a consumer-friendly vocabulary that includes memorable terms for key issues influencing investor behavior, such as:
- Equimortis [ek-wi-mawr-tis]: The dangerous condition of relying on home equity to fund retirement
- Bingefy [binj-ih-fy]: Justifying a big-ticket purchase because you were previously frugal
- Kinphobia [kin-foh-bee-uh]: Fear of having to tap into retirement savings to support extended family
- Ohnosis [oh-noh-sis]: Realizing you really should have started planning for retirement years ago
- Finertia [fi-nur-shuh]: Paralysis brought on by trying to comprehend contradictory, overwhelming and confusing financial information
“I created the new lexicon to help readers relate to the concepts in the book on a personal level,” said Salsbury. “People may not remember the precise psychological terminology behind these behaviors, but they will certainly remember ‘bingefy’ and hopefully take steps to avoid it.”
Retirementology is a follow-up to Dr. Salsbury’s 2006 book, But What If I Live? The American Retirement Crisis, which identified seven key challenges standing between Americans and their retirement dreams. The book described a confluence of forces – some fiscal and some psychological – that were creating a “perfect storm” for a generation of under-saved and over-spent Baby Boomers.
“I published my first book in the midst of a bull market, and people felt I was raining on the parade by using the word ‘crisis’ to describe the situation. Nonetheless, I felt obligated to call attention to the issues that could impact Americans’ retirement security,” said Salsbury. “If we already had a retirement crisis before the meltdown, what we have now is a real mess. Addressing the retirement planning issues that continue to plague Baby Boomers will require adopting a new way of thinking that considers both psychology and finance – and that is the essence of Retirementology.”
Retirementology (ISBN 13: 9780137056538, 240 pages, paperback) is available through FT Press, an imprint of Pearson Education, the global leader in educational publishing. Readers interested in purchasing a copy of the book can visit Retirementology.org. Retirementology is also available through online retailers such as Amazon.com and Barnes & Noble.com, as well as local retailers nationwide.
A portion of the proceeds from the sale of Retirementology will be donated to Junior Achievement through the Jackson National Community Fund. Junior Achievement’s K-12 financial literacy programs help prepare students to make informed financial decisions, including saving for retirement.
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About Jackson National Life Insurance Company
With nearly $88 billion in assets (IFRS)*, Jackson National Life Insurance Company (Jackson) is an industry leader in variable, fixed and fixed index annuities. The company also offers life insurance and institutional products. Jackson markets its products in 49 states and the District of Columbia through independent and regional broker-dealers, financial institutions and independent insurance agents. Jackson ’s subsidiary, Jackson National Life Insurance Company of New York®, similarly markets products in the state of New York . Through its affiliates and subsidiaries, Jackson also provides asset management and retail brokerage services. For more information, visit www.jackson.com.
* Jackson has nearly $88 billion in total IFRS assets and nearly $78 billion in IFRS policy liabilities primarily set aside to pay future policyowner benefits (as of 12/31/09).
1. Publishers Weekly review, March 15, 2010.
About FT Press
FT Press (www.ftpress.com) publishes high-quality books in the areas of General Business, Finance and Investing, Sales and Marketing, Leadership, Management and Strategy, Human Resources, and Global Business. Our brand is built on the concept of signing and publishing the world’s best minds on the most relevant topics.
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