Excellent resources for personal finance planning

Periodically, I recommend personal finance books and periodicals that I believe will help you make the right decisions in your financial life both before and after retirement.

To begin with, for a comprehensive overview of the many aspects of managing personal finances, I recommend “Money Magic: An Economist’s Secrets to More Money, Less Risk and a Better Life” by Laurence Kotlikoff (Little Brown Spark), which will be available in January.

Kotlikoff is a professor of economics at Boston University and is recognized as one of the nation’s leading personal finance experts. His book covers a wide variety of topics, including careers, Social Security, housing, divorce, college costs, student aid and investment diversification. The book is worthwhile reading because much of his advice is unique but sound.

Here is a list of the leading titles in several topic areas: ular. Whenever readers have complex issues, Ed Slott and his staff always respond quickly and accurately to any reader inquiries. They regularly update their “Retirement Decisions Guide.” I recommend that if you want up-to-date information about the latest regulations, you should obtain this guide. Regulations in this area are complex, and without reliable information you can make mistakes that cost you thousands of dollars. In addition, the company has many welltrained “fee-only” financial planners. If you need the services of competent financial planners, you can request recommendations in your geographical area.

Your decisions regarding Medicare are extremely important. You can easily be penalized if you don’t sign up for certain parts of Medicare in a timely manner. The decisions you make regarding which parts of Medicare you sign up for are complex; the wrong decisions can be very costly. I have found that “Get What’s Yours for Health Care: How to Get the Best Care at the Right Price” by Philip Moeller (Simon & Schuster) is excellent.

His book includes many sources of information that will make it much easier for you to make the right cost-effective decisions.

I highly recommend “How to Make Your Money Last: The Indispensable Retirement Guide” by Jane Bryant Quinn (Simon and Schuster). Quinn covers all aspects of retirement in a comprehensive manner. Her book is easy to read, and includes the sources she has used in the book, many of which I regularly use myself. She covers health insurance, Social Security, pension issues, retirement plans, income investing, real estate issues (including reverse mortgages) and life insurance in depth. I found her advice in all these areas to be sound and easy to read.

As for other resources, I recommend reading the Wall Street Journal, Barron’s and Investment News. These periodicals have helped me stay up-to-date with the latest financial information.

Elliot Raphaelson welcomes your questions and comments at raphelliot@gmail.com.

Gold is out of fashion these days, but you can buy a one-ounce $20 U.S. American Eagle gold coin for just under $2,000 based on the current price of gold. And there are smaller gold coins, such as the one-tenth of an ounce American Liberty coin that you can buy in “proof” condition from the U.S. mint for about $345.

Always buy from a reputable dealer. To find one, go the website of the American Numismatic Association, Money.org. Or buy directly from the U.S. Mint at USMint. gov, where the offerings tend to be more expensive collector versions of various U.S. coins and sets.

In case you think savings bonds and gold coins are a bit “retro” for these modern times, you can also buy a bitcoin as a gift — or at least open an account to buy a fraction of a bitcoin. And with the price of just one bitcoin trading over $65,000 per coin, this digital gift will have to be just a “token amount.”

You can open a Bitcoin account at one of dozens of bitcoin exchanges advertising everywhere. They are mostly unregulated, so I hesitate to mention any one place.

And you’ll need personal info to open a gift account.

A Roth IRA, where money grows and compounds without paying taxes ever, is a gift that will grow over the years. You can still contribute up to $6,000 for 2021 (or $7,000 if over the age of 50) as long as the IRA owner has earned income in that amount. The initial money can come as a gift, encouraging the recipient to set up an automatic monthly additional contribution from their checking account.

It’s easy to open the account online at Fidelity, Vanguard or Acorns with a starter gift that could create a retirement windfall many years down the road.

Now, here’s a game the whole family can play, with a twist for the economics pros. The original board set is available on Amazon for $19.99. Monopoly has always been the most fun money-learning game, as you save up to buy properties and then houses and hotels, which generate rent.

But wait, there’s more. If the game is going too slowly, you can turn yourself into a Fed Chairman — buying an additional packet of all denominations of Monopoly money for $13.99 on Amazon. Just distribute it when things slow down and watch the action you generate. Hint: Play it like real life, and let people bid on Boardwalk and Park Place. Then with new money, you’ll really see prices jump!

As a last resort, for those who still believe that money grows on trees, consider a gift from Harry and David, the well-known purveyors of holiday fruit boxes and other delicacies. You can add a live, desktop-sized “money tree” that comes in its own ceramic container. (HarryandDavid. com, $39.99).

A lot of money changes hands in the holiday season. These gifts make it more meaningful. And that’s the Savage Truth!

Terry Savage is a registered investment adviser and the author of four best-selling books, including “The Savage Truth on Money.” Terry responds to questions on her blog at TerrySavage.com.