By Jane Hodges

These are uncertain times for people saving for retirement. Volatile markets, higher healthcare costs and talks about cuts to government entitlements have investors worried as ever about the adequacy of their portfolios.

As if that is not enough, many Americans say they are underprepared for retirement. Some 25% of adults with retirement savings say they have set aside one year or less of their current income for the future, according to research released in April from Northwestern Mutual.

What's an anxious investor to do? For many, a good book can offer reminders about evergreen financial truths during periods of market tumult -- or offer new perspectives on retirement. With that in mind, The Wall Street Journal asked financial planners what titles they recommend to retirement-minded clients during this period of volatility. Here are five:

'Mastering the Market Cycle'

For investors concerned about volatility and fluctuating market conditions, "Mastering the Market Cycle" by Howard Marks offers "a great reminder of how emotions drive cyclical market prices more than the underlying fundamental value of an investment," says David K. MacLeod, an adviser at Eclectic Associates in Fullerton, Calif.

He adds that Marks's book does a good job communicating that, while it isn't possible to time markets, markets do swing based on investor euphoria and investor fear. "Fear can take over; it's to be expected during the lifetime of any long-term investor," MacLeod says. "It's important to guide investors in understanding when and why we rebalance or derisk a portfolio."

Periodic adjustments that consider market conditions are one thing, he adds, while overcorrection based on emotion is another. Ultimately, he says, investors can benefit from the book by learning the investing fundamentals that protect them from acting out of emotion and against their own interests. In a downturn, they'll understand not exiting entirely; in an exuberant market, they won't overemphasize investments in riskier stocks or sectors.

'Winning the Loser's Game'

Bruce Colin, a financial planner with Bruce Colin & Co. in Rancho Palos Verdes, Calif., considers "Winning the Loser's Game" by Charles D. Ellis an unsung classic for teaching, or reminding, investors about basic investing concepts that protect their wealth.

"There may be a tendency by some to dismiss it as 'old news' in favor of books by fresher, younger authors," says Colin, noting that its 1998 publication date may make it seem dated. "That would be a mistake."

Colin says the book can help guide readers through tough times by reminding them of fundamentals like diversification or avoiding market timing. The author is known for promoting strategies involving passive investing via index funds, Colin adds, and for encouraging investors to stay the course regardless of their age or market conditions.

'Outlive: The Science and Art of Longevity'

Concerns about market volatility come and go, but "one constant concern that people have is health," says Nick F. Nauta, a financial planner with Shotwell Rutter Baer in Lansing, Mich.

Many of Nauta's clients -- and retirement savers writ large -- want to take steps to make sure they maximize their health before leaving work so that their retirement funds aren't depleted by the expense of treating preventable conditions. "Outlive: The Science and Art of Longevity," by Bill Gifford and Dr. Peter Attia, is Nauta's recommendation for these people.

Nauta says that preretirees in his practice typically picture the "traditional stuff" of retirement, such as more time with family and freedom to travel. However, managing one's health and one's retirement are inextricably linked, which the book drives home with numerous examples.

" 'Outlive' does a phenomenal job of walking you through the action steps that you can take to get and stay healthy in retirement and live the life you have worked and saved so hard to achieve," Nauta says. For instance, establishing a routine of strength training and mobility work and finding a diet framework are all steps adults can take in the 40s or 50s to make sure life is enjoyable in the 60s, 70s and beyond.

'Cookin' Up Your Retirement Plan'

William J. Nedza, a financial adviser with Ventoux Financial Advisors in Chicago, says that for his retirement-minded clients, Medicare and Social Security are top of mind. For them, he recommends "Cookin' Up Your Retirement Plan" by planner Marcia MacDonald Mantell, as well as two of her other titles, including "What's the Deal With...Social Security for Women?" and "Creating Your Medicare Recipe."

Taking a "kitchen table" approach, the books are written to make complicated concepts comprehensible, help people avoid costly errors, and to give advice on how to make the best choices when it comes to opting into Medicare's multiple plans and Social Security benefits.

While the books can't guarantee investors will navigate market volatility bruise-free, Nedza says, they offer some perspective on how markets work and how a life of fulfillment involves variables beyond "hitting a number."

'The Good Life'

Market tumult can disrupt even the best-laid retirement plans, but retirement is more than a number. For Mitchell Kraus, a financial planner at Capital Intelligence Associates in Santa Monica, Calif., that means reminding clients that a sense of purpose and social connection are vital for quality of life in retirement at any budget.

To that end, Kraus recommends clients read "The Good Life," in which Dr. Robert Waldinger and Marc Schulz discuss findings from Harvard University's 80-year study on happiness.

"The book dives into the key factors that lead to true well-being in later years -- strong relationships, a sense of purpose, and personal satisfaction," says Kraus. "I've watched many retirees flourish when they embrace these principles alongside their financial plans."

Jane Hodges is a freelance writer in Seattle. She can be reached at reports@wsj.com.

(END) Dow Jones Newswires

July 05, 2025 10:00 ET (14:00 GMT)

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