RetireSmart II: The Gig Economy Edition
Mark Anthony Grimaldi
Page Publishing, Inc. (2022)
Reviewed by Jill Rey for Reader Views (07/2022)
“RetireSmart II” is geared to individuals working in the gig economy, but the knowledge within can be applied across a diverse range of employees and employment types. Author Mark Anthony Grimaldi offers unique insights into the complexities of retirement savings without the full-time, permanent employment status.
While geared toward Gig Economy workers, or those in temporary employment situations like freelance, independent contractors, etc. (think rideshare drivers, substitute teachers, software developers, laborers, etc.) the concepts, contributions, and curriculum within are educational and insightful for all. From understanding the definition of a gig worker to the complexities of retirement when an employer is not contributing to it, to a step-by-step guide to ensuring a smooth retirement savings and finally, the distributions, taxation and inheritance pieces, this comprehensive guide provides a peace of mind to an ever-growing employment population.
More than ever, COVID-19 has exploded the gig economy as technology makes it easier to work from many locations, causing more and more individuals to seek new ways to make money. But the nuances of gig employment in our 20s have long-lasting effects on our retirement savings in our 60s if we fail to do many of the key pieces author Grimaldi suggests within.
Even as a full-time employee, with an employer sponsored 401(k) and benefit plans, I found much of this book extremely helpful. One such insight geared toward all readers was the inside knowledge of target date retirement funds. The author really opened my eyes to the dangers of putting money there and letting it ride on autopilot, trusting the fund companies to monitor the allocations as your target retirement year looms. Furthermore, Grimaldi educates readers on what to look for in advisors, as he details fee-based versus commission-based advisors and explains why this information is important.
The tips, tricks, and tools in “RetireSmart II” left me feeling more confident in my decisions and less afraid to ask for help or further guidance, rather than placing my money and closing my eyes. All readers will benefit from the knowledge Grimaldi provides, the formulas he uses to showcase his points, and the in-depth insider information he provides to readers of all ages and levels of financial literacy.