We’re not in the 1950s anymore, Toto. That sound you hear in the background is the death knell of the traditional pension plan, also known as a defined-benefit plan. Thanks to a round of one-two-three-four punches—the 2000–2002 bear market, historically low interest rates, corporate bankruptcies and the impending graduation to retirement for tens of millions of baby boomers— pension plans are hurting. According to a survey of 200 large companies by human resources and consulting firm Hewitt Associates, the percentage of employers offering traditional pensions dropped from 83 percent in 1990 to 45 percent last year, reflecting an inexorable shift to defined-contribution plans such as the 401(k) and 403(b).

Steve Eggers, a member of the finance faculty at University of Phoenix and president of CFO Corporate Services, confirms that today’s employees are demanding more control of their retirement funds. “Employees want more control over their 401(k) plans and demand more choices and more flexibility than ever,” he says.

Combine all that with the widespread and well-publicized suspicions about the solvency of Social Security, and it’s best to assume that you’re on your own when it comes to funding your retirement. Rote financial advice includes limiting your high-interest, non–tax-deductible debt; saving more and spending less; and maximizing your contributions to whatever retirement plan your employer offers as well as to the appropriate types of IRAs.

Ah, but then what? All those hard-earned and well-saved dollars need to go somewhere other than under the mattress (although that would’ve been a brilliant plan in March 2000). Mindful of the industry-standard disclaimer that past performance is not an indication of future results, Future reveals the pros and cons of a few of the newest financial-advice books on the market—and revisits what superinvestor Warren Buffett calls “by far the best book on investing ever written.”

Hang on, Suze

With an empire spanning from QVC to CNBC to O, The Oprah Magazine, Suze Orman has become one of the most visible financial commentators. The latest of her four books on personal finance, The Laws of Money, 5 Timeless Secrets to Get Out and Stay Out of Financial Trouble (Free Press, 2004), treads familiar ground for Suze fans—you can practically hear her soothing, psychotherapeutic tones emanating from the page. Orman boils down her philosophy into five laws to help you get—and stay—out of financial trouble:

Truth creates money; lies destroy it. Look at what you have, not at what you had. Do what is right for you before you do what is right for your money. Invest in the known before the unknown. Money has no power of its own.

Good lessons, if somewhat preachy. In the end, Orman’s power comes from the consistency of her message, which is geared more toward helping people have healthy relationships with their money than to actually making them rich.

Target Audience: The inexperienced investor or the unsure investor looking for reassurance (or a scolding for bad behavior)

Bang for Your Buck: Sound advice about basic finances; removing fear of money

But Then Again…: Does she really expect the average reader to complete the 100-page workbook in the back?

Best in Show

The Market Gurus: Stock Investing Strategies You Can Use From Wall Street’s Best (Dearborn Trade Publishing, 2002), by John Reese and Todd Glassman, takes an interesting approach to investing—and has a short-term track record that’s made it the envy of the financial press. Essentially, the authors have created a Cliff’s Notes list of “who’s who” in investing, including Peter Lynch, Benjamin Graham and Warren Buffett. Some of the calculations are simple, others are complex, but everything is logical enough for non–math majors to comprehend.

Target Audience: Investors interested in the methods of top investors

Bang for Your Buck: Currently beating the pants off the S&P 500

But Then Again…: Be ready to endure some pain if you try to crunch the numbers without the companion subscription Web site.

Trumped

The Art of the Deal, The Art of the Comeback—and now, Trump: How to Get Rich (Random House, 2004). One thing’s for sure: The Donald has no shortage of self-esteem. The problem is, How to Get Rich has plenty of Trumpian bluster without much advice that transcends the ho-hum. He name-drops like a fiend. He writes in aphorisms. He even talks about his hair for two and a half pages. There’s little here that could make anyone rich if he weren’t already headed that way.

Target Audience: Fans of NBC’s The Apprentice (which is mentioned effusively on the dust jacket)

Bang for Your Buck: Classically egotistical Donald, if you’re into that sort of thing

But Then Again…: Without the Trump name ensuring sales, this author would have the words “You’re fired!” ringing in his ears.

Rich Dad, Contrarian Dad

Like Suze Orman, Robert T. Kiyosaki, author of Rich Dad’s Who Took My Money?: Why Slow Investors Lose and Fast Money Wins! (Warner Business Books, 2004) borders on being ubiquitous—but he’s 180 degrees different from Orman in philosophy. In his Rich Dad, Poor Dad books, infomercials and public appearances, Kiyosaki turns the conventional financial-industry wisdom on its ear. (With a cover tease like “What your financial advisor does not want you to know,” who can resist?) The song remains the same in Who Took My Money?, extolling the virtues of real estate for its cash flow, tax advantages, downside protection and leverage—and berating the finance industry for its transgressions.

Target Audience: Investors fed up with stock-market losses or who want to diversify their portfolios

Bang for Your Buck: The book offers the advantages of investing in real estate, if you understand it, over securities alone.

But Then Again…: If you understand real estate, this book may be an oversimplification.

Revisiting a Classic

By virtue of its author’s influence on Warren Buffett, The Intelligent Investor: The Definitive Book on Value Investing, Revised Edition (Harper-Business, 2003), by Benjamin Graham, is undoubtedly one of the most-cited-but-least-read tomes on investing. Weighing in at more than 600 pages, The Intelligent Investor is actually more readable than you’d guess staring at its two-inch spine. Moreover, unlike many of today’s gurus, Graham makes no pretensions of his book being a ticket to untold riches; rather, he strives to educate the reader in a logical manner and with the assistance of historical perspective—maximizing gains, minimizing losses and avoiding self-defeating behaviors. No stock tips here, but the framework to come up with your own if you have the patience.

Target Audience: Committed investor who doesn’t trust media blather or chart-worshiping talking heads

Bang for Your Buck: You want to argue with Warren Buffett?

But Then Again…: Some of the “now” references to dates in the 1970s (when the book was revised) cause confusion.

Fooling Around

Tom and David Gardner, the brothers behind the Motley Fool, tend to polarize their audience into people who adore their irreverent style and people who think they’re just foolish in the worst sense of the word. The Motley Fool’s Money After 40: Building Wealth for a Better Life (Fireside, 2004) doesn’t break a lot of new ground for the duo, who have delved into retirement topics throughout their multimedia empire and whose books are geared to spurring readers into action with practical steps. If you’re prepared for some cold, hard reality, they’ve provided some creative ways to dissect your monthly expenditures. Boomers with kids will appreciate the chapters on paying for college and teaching the rugrats how to be independent once they graduate—and keeping yourself busy once they do.

Target Audience: Motley Foolers, as well as boomers looking for preretirement guidance

Bang for Your Buck: Clever delivery of serious topics makes for pleasant reading; available as an e-book at Amazon.com for less than half the hardcover price

But Then Again…: As with many guru books, this one covers a lot of ground—but the hard work is all yours.