Thinking Smarter: Seven Steps to Your Fulfilling Retirement...and Life - eBook
Thinking Smarter: Seven Steps to Your Fulfilling Retirement...and Life - eBook  -     By: Shlomo Benartzi
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Portfolio / 2015 / ePub
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Thinking Smarter: Seven Steps to Your Fulfilling Retirement...and Life - eBook

Portfolio / 2015 / ePub

In Stock
Stock No: WW74811EB


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Product Information

Format: DRM Protected ePub
Vendor: Portfolio
Publication Date: 2015
ISBN: 9780698195851
ISBN-13: 9780698195851

Publisher's Description

From the acclaimed behavioral economist Shlomo Benartzi, a powerful new approach to thinking smarter when making important life decisions.

Although we’ve been blessed with a very powerful thinking machine—our minds—there’s good evidence that we don’t like to think. In fact, one study shows that many people prefer receiving electric shocks to thinking and reflecting. Other studies show that even when we do think, we tend to think in too narrow and shallow a fashion. With these shortcomings, how can we be smarter when thinking about life situations like retirement? For example, once we have built up a financial nest egg, how can we become better thinkers about what to do in retirement?

To help us, behavioral economist Shlomo Benartzi introduces the notion of thinking architecture and thinking tools. In this book, he offers one such thinking tool—a unique seven-step system called the Goal Planning System (GPS)—and explains the science behind it. When applied to retirement planning, this system helps readers identify what they value most, what they want to achieve in retirement, and ultimately, who they really are. By going through GPS, readers will then have a solid foundation upon which to build a tailored action plan that can help them attain their goals.

To illustrate the impact GPS can have, Thinking Smarter considers the cases of Phillip and Francesca, actual retirees, and the action plans they developed after using GPS. For example:

• Spend More Today: While many people spend too much and outlive their assets, Phillip discovered that he errs on the side of spending too little, so he will plan to spend more on something he values a lot—traveling with his wife.

• Claim More Tomorrow: GPS taught Francesca that she places a high value on financial independence. An action plan that makes sense for her is to reap the financial benefit derived from deferring Social Security until she’s seventy, rather than claiming it as soon as she becomes eligible at age sixty-two.

Thinking Smarter will become your indispensable guide to making better life decisions and achieving the future you really want.


From the Hardcover edition.

Author Bio

Shlomo Benartzi is a professor at and co-chair of the Behavioral Decision-Making Group at UCLA’s Anderson School of Management. He has advised many government agencies, financial institutions, and advisory boards, and currently serves as the chief behavioral economist for the Allianz Global Investors Center for Behavioral Finance. He co-created (with Richard Thaler) the acclaimed Save More Tomorrow™ program, which makes it easy for employees to increase their retirement saving rate and has helped millions of people boost their savings.
 
Roger Lewin is the author of more than twenty books, including Complexity: Life at the Edge of Chaos. He co-authored, with Shlomo Benartzi, Save More Tomorrow, the first major publication from the Allianz Global Investors Center for Behavioral Finance.
 
The Allianz Global Investors Center for Behavioral Finance is committed to empowering people to make better financial decisions. For more information, visit befi.allianzgi.com.

Editorial Reviews

"This is a most unusual retirement planning book, for it focuses squarely on the psychological barriers to good saving, investing, and life goals achievement, and from a scientific perspective. I have never seen an account of these issues that has such a solid and detailed plan for dealing with these all-important barriers."
ROBERT SHILLER, Nobel Laureate, professor of economics, Yale University; author of Irrational Exuberance and Finance and the Good Society
 
"Too often, ’retirement planning’ is limited to financial issues, leaving many vital factors unaddressed. In this highly original and practical book, Benartzi helps people prioritize their goals for their later years, and shows them how to really think creatively about their future."
RICHARD THALER, University of Chicago; coauthor of Nudge and author of Misbehaving
 
"This book transformed the way I think about my future goals and how to reach them. I absolutely love the goal planning app that accompanies the book and brings the ideas to life. It is a game changer for how financial planners will help their clients get the most of their retirement years."
MARK CASADY, chairman and CEO, LPL Financial
 
"Benartzi provides a powerful, innovative framework for thinking more deeply, broadly, and clearly about retirement and about many of the most consequential decisions affecting the rest of your life. Entertaining, full of lively examples, valuable insights, and practical advice, this small book can make a big difference."
MARK IWRY, coauthor of Aging Gracefully and Automatic: Changing the Way America Saves

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