Book Description
A proven way to financially prepare for retirement
Are you wondering if you can make your retirement savings last?
Concerned about inflation reducing your purchasing power?
Worried about the stock market's violent swings?
In Buckets of Money: How to Retire in Comfort and Safety, nationally recognized Certified Financial PlannerTM and radio personality Ray Lucia offers you a smart and conservative way to protect and grow your nest egg-so you can enjoy a comfortable retirement without worrying about your money running out.
Developed by Lucia over his thirty-year career as a financial planner, the "Buckets of Money" technique is a proven way to achieve both income and growth, while guarding against the ravages of inflation. Buckets of Money is filled with in-depth insights and practical advice that will help you assess your retirement situation, save the money you need to last your entire lifetime, and adjust your plan to good times and bad.
Regardless of your age, income, net worth, or investment experience, you need to have a solid plan for your retirement years. Buckets of Money provides you with such a plan, and shows you the best way to implement it.
Download Description
The smart time-tested approach to protecting and growing your nest egg
Buckets of Money outlines a proven strategy to both protect and grow the nest egg of individuals approaching retirement through a smart and conservative system. The strategy outlines three "buckets" into which an individual places their money-stable reserve, income, and growth. Readers will learn that through proper allocation and investments, these buckets will provide them with the necessary assets over the course of their retirement. Filled with real-life examples and a detailed self-assessment test, Buckets of Money will help readers evaluate their investing style and create a retirement plan that is right for them.
Raymond J. Lucia, CFP (San Diego, CA), is a nationally renowned expert in the field of financial and business management. He is the founder and President of the Raymond J. Lucia Companies, Inc., which manages over $500 million in assets, and is the host of the nationally syndicated radio show The Raymond J. Lucia Show.
Customer Reviews:
Well Written and Very Comprehensive.......2007-06-26
This is an excellent book for those looking for a simplified approach to retirement funding.
A Valuable Case Study.......2007-05-12
I enjoy Ray's work. His book walks you through the financial planning process and clearly illustrates how it is done right. The first step of the process is factfinding and educating. The second is suggesting solutions. Ray's mastery of the process shines through and provides enough information to help you get started with your own plan.
Something for Everyone...........2007-04-05
This is an excellent book for the beginner to the more sophisticated person to consider when managing your retirement funds. Ray gives thoughtful insight into the potential investment strategies for three different "buckets of money". The difference in the 3 buckets is the time horizon the funds will be needed and the various amounts of investment risk that could be assumed in each time period.
His plan makes amazing sense and I have utlized it successfully in my personal retirement plan (I am 46 & retired) and my mother's (who is now 70 1/2). I have listened to Ray's business talk show for the past several years and also seen him speak at a free weekend morning seminar in Portland, OR. His personal judgement and that of his "brain trust" is safe, sound and easily followed.
I have purchased this book for myself and multiple family members/friends for their consideration. It has always gotten favorable reviews. I just purchased his newest book, "Ready..Set..Retire: Financial Strategies for the Rest of Your Life". I am anxiously awaiting it's delivery for any new information he has to share!
Finally a simple method.......2007-01-18
Whenever a financial advisor's starts to speak, I yawn intellectually. There are so many products and financial terms that I can't grasp it all. Enter Lucia with a plan so simple that even I can understand it. I loved listening to the "The Ray Lucia Show" and the book did not disappoint me.
"Don't run out of money before you run out of time"
Buckets of Money.......2006-11-05
I love the book. It's packed with solid information in a very easy-to-read format.
Book Description
Executives today recognize that their firms face a wave of retirements over the next decade as the baby boomers hit retirement age. At the other end of the talent pipeline, the younger workforce is developing a different set of values and expectations, which creates new recruiting and employee retention issues. The evolution from an older, traditional, highly-experienced workforce to a younger, more mobile, employee base poses significant challenges, particularly when considered in the context of the long-term orientation towards downsizing and cost cutting. This is a solution-oriented book to address one of the most pressing management problems of the coming years: How do organizations transfer the critical expertise and experience of their employees before that knowledge walks out the door? It begins by outlining the broad issues and providing tools for developing a knowledge-retention strategy and function. It then goes on to outline best practices for retaining knowledge, including knowledge transfer practices, using technology to enable knowledge retention, retaining older workers and retirees, and outsourcing lost capabilities.
Customer Reviews:
Worth Considering as a Future Career Choice.......2007-03-13
I'm not much of a fan of management consultant books as I generally find them quite faddish. They usually state that there is a problem, enter a few amusing anecdotes that illustrate what they mean and follow up with some suggested solutions. In that sense this book is no different, but far closer to the Tom Peters academic style than the "One Minute Manager"
However the problem that it discusses struck a resonant chord in me. Years ago I viewed a tape from Texas Instruments that talked about capturing the knowledge of a distillation column engineer for Campbell's soup in a expert system. The gentleman was retiring soon, and the company didn't know what he knew and felt the best approach was to build a system that modelled his expertise. What I never found out was how successful the approach was in the end. (This story is not in the book.)
The basic problem is that through retirement and attrition key knowlege in many organizations disappears. No one knows who knows what nor the value of that knowledge before it is gone. The problem is exascerbated by the huge lump of the baby boomers when they retire. The anecdotes include NASA no longer knowing how to get to the moon any more using Saturn V technology (the plans are lost), Sandia labs needing to retain the knowledge of how to build, test and dismantle nuclear weapons, given that they haven't built or tested a weapon in years, the cost rediscovering wiring and conduits in building that we no longer have the blueprints of. The solution lies in identification, sharing, managing and storytelling. Various success stories are brought out to support the points. Strategies such as Communities of Practice and the U.S. Army's AAR (After Action Review): 1) What was supposed to happen 2) What actually happened 3) Why were there differences 4) What can we learn for next time) are covered.
What de Long doesn't deal with is the cost of collecting this knowledge vs the value received on a per item basis. Localized cost for globalized benefit usually plays poorly in most organizations.
Still the book is well written and enjoyable. I've always been one to define my own job functions. It suggests to me that there is a potential role in any organization as a professional liason between groups and generations of expertise - a possible career choice. The book emphasises the value that is contributed by individuals in the workplace and gets you thinking about the need to transmit the legacy not only of things done well but of things done poorly.
A book that inspires that kind of introspection is worth picking up and reading.
Protecting the Eroding Treasure of Knowledge.......2005-10-29
The generation of workers that is moving into retirement now-the Traditionalists, followed by the huge (76.4 million) Baby Boomer cohort-has experienced an unprecedented era of change and growth. Workers in this period have typically stayed with one employer for many years, accumulating experience, continuity, and a wealth of knowledge that is principally captured within the individual. Now, as these workers retire, they're taking that invaluable knowledge with them; it's not being captured effectively to be used by successors. This loss is potentially a tremendous risk and cost for employers and for society.
The book, written by a a research fellow at the Massachusetts Institute of Technology's Age Lab, is organized into three sections. The opening chapters explain the high cost of losing intellectual capital. The author provides an abundance of delicious examples of how the departure of workers with unique, uncaptured knowledge and experience will wreak havoc in practically every environment. He certainly makes his case, and maybe even overdoes it. I felt, at times, that I was getting bogged down in an almost repetitious litany of exposure to the problem.
Part two takes us into evaluating knowledge retention practices. Readers will gain insights into developing the infrastructure and the process of preserving what people have absorbed, but not recorded or passed along to others. Again, DeLong presents a large volume of information, examples, and case studies-so much material that it seems to get in the way of the message. The small type size and book design make the book even more difficult to read. The content is strong, but the presentation was not holding my attention. I found my eyes glazing over on a number of occasions as I drifted, then pulled myself back to the message.
The final section of the book moves us into implementation, again with example after example of what various companies are doing to protect their intellectual and operational knowledge. There is unquestionably a tremendous amount of value in these pages; it's just a bit difficult to draw it out without some serious concentration.
The book concludes with a strong section of notes and a comprehensive index.
Lost Knowledge--A must read.......2005-05-27
Lost Knowledge-a review
I enjoyed Lost Knowledge immensely. I am not a corporate manager,
but I found the book's insights and suggestions interesting, amusing and valuable. It's also incredibly readable. The anecdotes and stories are clever and compelling. The chapter dealing with the transfer of "explicit knowledge" got me thinking again about a woman I had known, the assistant to the head of an important organization, who had worked with him for several decades. She knew everything about anything. One day she was suddenly hit by a bus and killed and all her knowledge went with her. It took three people to replace her and even then...
The chapter on transferring "tacit" knowledge was also right on target. I didn't realize, until I turned my business over to colleagues, just how much of what I did (dealing with vendors, clients, buyers, employees) was either instinctual or learned and nowhere written down. This book also made me reexamine the current spate of industrial mishaps and accidents. I wonder how much of what happens (train derailments, chemical spills, etc) are a result of what DeLong suggests is departed experience.
The author identifies many hidden traps and challenges of lost knowledge and explains them clearly. Like the knowledge it so earnestly beseeches us to protect, this book should be kept and revisited as questions and challenges arise. If I were running a business again, I would consider this required reading.
Fascinating and Usefull.......2005-03-25
This book deals with a fascinating and complex issue facing organizations today. It's full of compelling examples that show how losing knowledge can seriously hurt organizational performance. DeLong provides a comprehensive approach to the challenges posed by boomer retirements, and the solutions he describes will be very helpful to managers looking for a way to attack this growing problem.
Excellent Suggestions for Better Knowledge Management.......2004-08-29
Around the developed countries of the world, knowledge workers will be retiring at a fast clip in the next five to ten years. In some companies and organizations that have done poor succession planning or have been wracked by layoffs, this impact will come sooner. Professor DeLong has done a number of helpful case studies to document the harm that these retirements can cause, and describes the questions that organizations must ask themselves if they are to avoid dangerous and expensive knowledge gaps.
The bulk of the book is a detailed look at the effectiveness of knowledge management techniques in a variety of companies rather than a focus on the retirement problem. I was most impressed with the parts of the book that began with chapter 10 and continued to the end. If you have experience with the subject of knowledge management, you can skip the parts of the book that precede chapter 10. If you are new to the subject, you will find those parts helpful . . . but slowly developed. Stick with it. The material after chapter 9 is worth the wait.
The central reality of knowledge management is that few executives are very interested in it, many retiring workers don't really want to share what they know and many new workers don't feel like they have much to learn from older workers. I was delighted to see that Professor DeLong was familiar with those problems and makes a number of helpful suggestions for overcoming those psychological stalls to maintaining and improving knowledge.
Lest you think that the subject really isn't very important, you will be chilled to learn that there's a substantial risk of organizations forgetting how to disarm nuclear devices built in the 1970s and how to repair nuclear reactors built in the 1960s. In many other situations, life and death are at risk.
Pass it along!
Book Description
Whether you're considering retirement or scouting out the best location for a second home, Retirement Places Rated is an invaluable sourcebook. For more than 20 years, people have turned to author David Savageau for help in choosing the perfect location, and now that the number of Americans who are reaching retirement age is greater than ever, this information is more valuable than ever before. Nearly 200 top retirement areas in the United States, both traditional and newly discovered, are profiled.They're ranked and compared for cost of living, climate, health care, economic factors, crime, services, cultural life, and recreation. Included are climate graphs, maps of retirement regions, comparison charts, and demographic profiles of each area. A special section on relocation resources helps you set your plans in motion once you've chosen where to live.This completely updated edition includes new locations and factors in the latest statistics.
Customer Reviews:
STILL THE BEST.......2007-10-13
When the first edition of this book came out I was impressed. I am still impressed. This is one of the most extensive and detail books on locations for retirement. As I near that wonderful time in life I read, mark and digest all the information provided. WELL DONE!
This book like its readers is not getting any younger............2007-06-08
This is an excellent resource however it is in grave need of an update.
The cost of housing and the US economy have made some changes since publication date.
A wealth of facts and figures for retirement wannabes.......2006-06-14
In the growing field of books offering suggested places to live or retire, RETIREMENT PLACES RATED is one of the few to base its findings entirely on statistics rather than opinion. David Savageau, the author, has authored prior editions of this book as well as the popular PLACES RATED ALMANAC. Feeding into the statistics here come metrics on each of 203 locations from six specific areas: Ambiance (by which the author means largely historic charm and outdoor recreation), Costs of Living, Climate, Personal Safety, Services (availability of medical services, for example) and The Economy. We're also given a useful Appendix with Chamber of Commerce addresses, income-tax information, and the like.
My hunch is that people will find this book quite useful, but not conclusive. It's impossible to avoid opinion entirely, even in a statistics-gathering format like this one, because someone still has to decide what to count and how to weight it. Take the section on Climate: the very top performers are California coastal Mediterranean places like San Diego, which is not surprising. Then come snowless Pacific Northwest cliimates, desert climates, beach climates (mainly in Florida), and long-hot-summer climates (think central Texas). Although nearly half of the 203 locales rated here are not in the Sunbelt or on salt water, we have to move almost halfway down the list to get to them.
The heat doesn't seem to matter much in this author's assessment of what constitutes "climatic mildness." That's why Yuma, Arizona, where it goes to triple-digit temperatures all summer, comes in at number 10, while relatively mild four-season Charlottesville, Virginia ranks 137. (Actually, if a place has any snowfall that sticks, it's doomed to a poor rating.) Interestingly, Charlottesville placed no. 1 among places to retire in a guide for general use that also came out in 2004 (Cities Ranked & Rated), which used only slightly different metrics. As for an overall score, in RETIREMENT PLACES RATED Charlottesville comes in number 35, edging out Yuma at number 37.
A happy feature of the prior general-interest PLACES RATED ALMANAC was Savageau's use of screening or "filtering" devices to custom-tailor the rankings to people with differing tastes. There was, in fact, precisely a ranking of climatic mildness for people who nonetheless want to live in a four-season climate, not a winterless one, screening out San Diego and Sarasota and Yuma but including, say, Charlottesville. There should have been much more of that sort of thing here.
But a person doesn't have to agree with all the rankings to benefit from the stats. Data on housing costs, crime, and the local economy are all welcome. Just don't think of RETIREMENT PLACES RATED as the only book of its kind you'll ever need.
Reader Beware!.......2006-06-02
Save your valuable time and steer clear of this train wreck! Worse yet, you could be making the biggest mistake of your life if you make an important decision based on Retirement Places Rated.
Sorry, but I get upset after having my time and money wasted, and just need to vent.
I've spent a career in corporate relocation, and find myself stunned at most of the recommendations. The book's choices usually fall into the following categories; unaffordable, uninteresting, uninhabitable, unsafe, unpleasant, unhealthy, or uncomfortable.
On top of the flawed and biased reviews that might have been researched from chamber of commerce web sites, the book's layout requres endless page flipping to get the full profile of each city.
And yes, I said biased. As a West Coaster, where are the cities west of the Rockies? There are very few included, representing a strong East Coast leaning, maybe because the author sticks to what he can drive to.
Please, Mr. Savageau, invest in a Jet Blue ticket and take a trip out here. Spend some time out here, in person, and maybe you'll avoid mistakes like your #1 choice - Florence, Oregon.
I asked an associate from the Northwest about this town as the nation's top retirement spot, and she laughed, "Retire there? I don't even like to drive through Florence! Has this guy ever been there?"
Good question!
Retirement Places Rated. David Savageau.......2006-03-14
Apart from its main function as indicated in the title, the book provides a very good source of information about our Land.
It is worth having around as a ready reference for much useful informaion and data which would be very time consuming on the PC.
Book Description
Ernie Zelinski has taught more than 150,000 people what THE JOY OF NOT WORKING is about: learning to live every part of your life—work and play, employment, and retirement alike—to the fullest. In this completely revised and expanded edition, you'll learn how to create an excellent work/life balance by working less, producing more, and being more leisurely; how to gain the courage to leave a life-draining job; and, if you are recently retired or unemployed, how to bring purpose and community back to your life. Plus, new to this edition are 30 inspiring letters from readers detailing how the book helped them live a more exciting and rewarding life. Illustrated with eye-opening exercises, thought-provoking diagrams, and lively cartoons and quotations, THE JOY OF NOT WORKING will guide you to living a more exciting and rewarding life—at work and at play.
Customer Reviews:
A good book to consult if someone moves your cheese!.......2007-05-16
The book is filled with alot of experience and wisdom to ponder. An excellent read if you are considering a major career change but do not know what you want. The book does not suggest you keep a stiff upper lip and take it, so do not read it if you do not want change. You will not be able to look at work or your life the same way when you have finished.
A MUST READ FOR EVERYONE.......2007-05-16
I read this book as I was prepairing to retire. It suited my purposes just fine but contained solid advise for just about anyone on how to live happily. I ordered six more copies to give to friends!!!
A valuable resource that is fun to read.
Boomers Must Read!.......2007-05-09
Excellent book for those are ready to retire. It affirms many experiences my wife and I are having. Mr. Zelinski's insights will help those who are weary of the rat race. Maybe after you read the book you will give yourself permission to try to enjoy the rest of your life. Downsizing isn't a sin.
Not working is not always joyful.......2007-04-30
Believe it or not, I have the soul of a lazy person. I have enjoyed time off from 6 weeks to a year. I've enjoyed freedom in my work, especially now. So I totally understand the joy of Not Working.
Zelinski's book has many things going for it. For example:
(a) Too many of us are workaholics.
(b) We need structure, purpose and a sense of community, with or without a job.
(c) Work smart, not hard ("peak performance").
(d) The checklist on page 54 can be a wake-up call.
(e) We can gain several hours a week if we give up television.
But as a career consultant I am concerned about the book's core advice. Page 55: "The first day your job does not nourish and enthuse you is the day you should consider leaving. Indeed, I advise you to quit."
Pretty strong stuff! In my experience, few jobs provide daily nourishment and enthusiasm every day or even every week. I would say, "If you've outgrown your job, begin a search for alternatives. Don't do anything until you have a plan."
People do miss their jobs - even jobs they hated. I have never seen statistics, but my experience suggests at least 50% of those who quit without another job regretted the decision. One discussion list posted a note from a 40-something woman who had chosen enjoyable, low-paying jobs in the personal growth field. Now she was ready to move on, with no nest egg to fund a career transition.
Job dissatisfaction actually can be a misleading signal. Many people who seek a career change actually need to relocate geographically or work on relationships.
My biggest criticism of the book is the potentially misleading presentation of information. For example, the author mentions "a research study conducted in 2001 by Florida's Nova Southeastern University" which found that over 38% of stockbrokers making $300,000 - $1,000,000 suffered from "subclinical depression" while 28% reported "clinical depression." (Overlap? Additional? We're not told.)
Most studies are conducted by individual researchers, not universities or even departments. The author does not cite his source or indicate whether this study was actually published in a reputable peer-reviewed journal.
How was this sample of brokers chosen? What methods were used to assess "subclinical depression" or "clinical depression?" Was the depression long-term or situational? Was this study carried out in 2001 before or after 9/11? Where's the cause and effect: does the field attract individuals with a propensity to depression?
Other studies are mentioned but not cited or described in detail. For the Schnore study of retirees, I'd want to know how their satisfaction was reported and tested.
Additionally, throughout the book, Zelinski presents letters from readers. He seems to suggest that, "If these folks can do it, you can too."
But nearly all his examples come from people who took only the very first step: quitting or deciding to retire. On page 96, Zelinski writes, "Perhaps you will [say]...married people can't possibly quit their jobs like Ian did. Then go back to page 57 and read the letter [from a married man with 2 kids who quit his job]...Case closed!"
Unfortunately, the letter on page 57 was written by someone who had just marched in to his boss and quit. We don't know what happened afterward. Case not closed, in my opinion!
We do get a few examples of success: a professional who became a music busker in Toronto, someone who moved into a friend's trailer to live on $6000 a year, someone who travels cheaply, and several people who saved a stash of cash and now live comfortably from investments or a spouse's salary. Many readers (and most of my clients) will not relate to those examples.
We should also realize Zelinski writes from Canada, a country with national health care. It's not perfect, but it does open up career options. Those happily unemployed are subsidized by taxes from those who face a 50% tax bracket at surprisingly low salary levels.
I also believe that not everyone will enjoy a life of hobbies and volunteer work. Working for money gives you an edge, changing your thoughts, habits and conversations. Zelinski himself is neither unemployed nor retired: he is a full-time writer. His four-hour-a-day schedule is actually quite typical of professional authors of books. I once heard best-selling mystery author Jon Kellerman speak about writing 3 pages a day. Zelinski aims for four.
Bottom Line: Joy of Not Working is worth skimming to experience a philosophy that can be adapted to many lives. Unfortunately, the adaptation will be up to you.
Not Practical.......2007-03-22
The suggestions in his book are misleading. Not for the motivated young people who want to make a difference in the world. No one can argue with his conclusions about workaholics. However, no one is going to achieve much success with a goal of living and raising a family on $6000 a year. I read his book in about 3 hours - really a waste of time as far as practical advice is concerned.
Book Description
Your one-stop guide for all you need to know about the ins and outs of planning a successful retirement -- it's never too early to start. Indside the
Retirement Bible you'll find:
- How to play the retirement savings game -- putting together and sticking to a retirement check list
- Tips on cutting through the clutter of financial advisors -- your best sources for finding them, the questions to ask them, matching their services with your needs
- The inside scoop on private money managers -- should you hire your own?
- 401K contribution strategies -- getting the 401K you deserve, escaping a potential 401K nightmare, and alternatives for your 401K when you leave a job
- Stock picking 101 -- how stocks measure up, value versus growth, mutual funds, and new alternatives
- Establishing trusts -- ten steps in creating a great trust
- and much, much more!
Customer Reviews:
Well-written and easy to follow.......2007-05-19
The book may have been written 5 years ago but the principles of investing still apply today. The book is detailed, easy to follow and a worthy read. Anyone interested in retiring will benefit from reading this book. I am using the book to make sure that I am ready when retirement age catches up with me.
Much Information is very out of date / no longer accurate.......2007-04-22
Much of the information is out-dated. Many of the financial products referred to have changed alot over the years. This is true particulary about Variable Universal Life Insurance, as well as Variable Annuities. These products have greatly improved over the last 5 years, and much of the information in this book does not apply to the newer products.
The author is not licensed for insurance, not securities licensed, not an investment advisor, and is not a CFP. Therefore she does not have any clients. People who just write books can write almost whatever they want, and are not held to the same standards as licensed professionals. You should be careful of the advice you get from people who only make a living by writing books and articles, and are not licensed professionals.
DON'T WASTE YOUR TIME !!.......2006-08-08
Out of date and poorly written. Might be suited for a middle school class.
A bit out of date but useful for basic info........2006-07-15
Good basic information on various financial topics such as bonds, equities, 401k, pension, etc. But examples provided are out of date.
Information I could understand.......2006-06-28
Lynn O'Shaughnessy's book Retirement Bible was informative and helpful as I plan for my retirement. It was in a format that even I could understand. I appreciated her help on buyer beware. I will probably hire a good financial advisor to assist and this book has educated me, so when I do interview advisors I hope they will be ready for all my questions.
Book Description
Only a few years ago, the question on many Americans' minds wasn't 'how will I retire' but 'when.' Now, with 401(k)s and IRAs at a fraction of their previous value and health-care costs soaring, it's time for a definitive guide book that walks you through the fundamentals of retirement. With his biweekly 'Seniority' column in The New York Times, Fred Brock has earned a reputation for providing frank and pragmatic advice on the changing landscape of retirement. In chapters written exclusively and originally for this book, he offers updated thinking on all the essentials for a smart and secure retirement, including how to - determine new personal finance and investing goals - find untapped asset streams, such as reverse mortgages - deal with the tangle of taxes on pensions, family gifts, and other income - work during retirement - choose a community and housing - maximize your health insurance - assess long-term assisted-living arrangements He offers indispensable tools for analyzing your true costs of retirement, independent of the mutual-fund industry hype and Social Security scares. And a substantial list of national, regional, and online resources as well as worksheets allow you to customize and realize your retirement plan.
Customer Reviews:
Reality Check for 80% of Boomers .......2007-07-15
Before reading this book, my prediction of retirement for the Baby Boomers was based upon a few simple facts:
A. 20% of the Baby Boomers have 80% of the wealth. The 20% that have the wealth don't need to worry about retirement planning. As a side-line note, these 20% also have no need to sell their assets and therefore they will not crash the stock market.
B. The 80% of Baby Boomers that only have 20% of that generation's wealth will not have enough money to retire when and where they want to.
C. The financial planning rule-of-thumb that one needs 70-80% of pre-retirement income for income during retirement is not a bad rule-of-thumb.
Since 80% of the Baby Boomers will not accumulate enough money to retire when they want to (applying the 70-80% rule-of-thumb)......the only choices left to them are:
1. Work longer.
2. Reduce living expenses which can include selling your house and moving into a smaller house, move to a lower cost part of the U.S., or reduce your living standards.
3. Move to a lower cost country
4. Use a reverse mortgage for living expenses
5. Rely on family or charity
When I started to read this book, Brock immediately starts bashing the 70-80% rule-of-thumb as inaccurate and a Wall Street/Mutual Fund Industry conspiracy to get you to over-save for retirement. If you plan to stay in the same house when you retire (which 95% of current retirees choose to do), and you don't want to work until you die, and you don't want to dramatically reduce your living standards, then you will probably need 70-80% of pre-retirement income. If you can't meet the 70-80% rule-of-thumb.....the only choices left are one of the 5 options noted above.
Brock's book mostly focuses on Options #1, #2, and #4 above. Not many of us want to move to a foreign country in retirement. Relying on family or charity is not a popular option either.
If you already live in a smaller house in a lower cost part of the country and you did not save enough to meet the 70-80% rule-of-thumb, the only options open to you are to work longer, reduce your living standards, move to a lower cost country, use a reverse mortgage, or rely on friends or charity.
Brock puts way too little faith in the stock and bond markets compared to a government run Social Security program. One thing the government does do right is the TSA retirement plan for federal workers. Federal workers can choose among low cost index funds for their retirement portfolio. I'm not usually an advocate of government run programs, but in this case I think expanding the TSA program to cover the private sector is an outstanding idea. The low cost index fund approach keeps the high cost Wall Street and mutual fund industry wolves away from the private sector worker sheep.
I also disagree with Brock on how to fix the medical insurance plan in the U.S. My vote is to privatize it completely....including no tax breaks for companies who provide coverage to their workers. In my viewpoint, the auto insurance industry works relatively well in the U.S. (except for poor enforcement of uninsured motorist). Why can't the medical insurance industry work as well as the auto insurance industry? Until the individual deals directly with the insurer (versus multiple layers between the payer and the payee).....there is no real cost competition. The pre-existing condition situation needs to be resolved as well.
After reading hundreds of book, I'm concluding that "fear" does sell books. Painting the conventional rule-of-thumb of 70-80% of pre-retirement income as a big, dark conspiracy between Wall Street and the mutual fund industry is a good fear approach to selling books. In my opinion, there is no such conspiracy.
I guess this book has its place.......as a wake-up call.....or reality check..... to the 80% of Baby Boomers that have not saved enough to retire when and where they want to. The 80% of the Baby Boomers who only have 20% of the wealth are going to need more information about the 5 options I outlined above. Brock's book does contain some useful information on some of these options.
I would suggest companion books to supplement this book including:
The Richest Man in Babylon
Bogle on Mutual Funds: New Perspectives for the Intelligent Investor
The Millionaire Next Door
The Four Pillars of Investing: Lessons for Building a Winning Portfolio
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, Ninth Edition
Index Mutual Funds: How to Simplify Your Financial Life and Beat the Pro's
The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On With Your Life
The Bogleheads' Guide to Investing
Wealth: Grow It, Protect It, Spend It, and Share It
Are You Using the Right Rules to Plan Your Retirement?
Terrible book.......2007-05-04
The only advise I can give you if you follow the author's absurd advise is to make sure you keep a tin can handy so you can panhandle for you meals when you hit your seventies. What he basically does in give stories of people living on $1200 per month and are happy. I have lived on 18K a year and it sucked. Thanks but I will still be placing a chunk of money every two weeks in my 401K.
not helpful.......2007-01-08
I find such retirement advice not very helpful for people whose expenses probably will NOT decrease when they retire. The assumption ALWAYS is that people's expenses will be less after they retire, but I don't see how that will be true for me or many of the people I know.
Many people who live in urban areas do not own homes or cars, for example. And they may not be interested in moving to some small town in the south when they retire.
They will still be paying rent when they retire, and their rent will probably increase each year, and suppose they have to BUY a car after they retire, if they become less able to use public transportation?
So their expenses after retirement will probably go UP instead of down.
I'm not sure where to look for advice for city dwelling renters who don't own houses and cars, and who would rather die than move to the boondocks in their so-called "golden years" - but this book, like so many others, isn't it.
I guess someone needs to write a book called "It Will Take A Lot More Money Than You Have To Retire Without Moving to the Boondocks!"
Retirement 101.......2006-07-27
This is a great beginners book for people looking to begin there plans for retirement. It is very basic advice with the biggest angle it uses is if you own a large house in a metropolitin area then sell that house and by a small one in a place with a lower cost of living. A retiree could sell their large house in the state of New York and move to Okalahoma City and live like a king off the equity that was in it. The main point of this book is that you do not need 70% of your current income in retirement to be comfortable. You should be able to dramatically reduce your expenses when you no longer work, like eating out,clothing and gas. You should also have all your debt paid off like your cars, and even your house by retirement time. To learn about this in great detail buy this book, if this sounds like common sense move on.I think any book by Dave Ramsey is all that is ever needed on personal finance, he covers everything. From budgeting to retirement.
Not worth buying.......2006-03-31
There is a little useful information in this book, but the main advice is to sell your home in an area where property values are very high and relocate to a less expensive area. This is repeated throughout the sections of the book. If you already live in one of the less-expensive areas and do not have a large house to sell,this advice is little help to you. The author advises things like buying a used car and driving it for many years; haven't most people figured this out on their own? There is a lot of filler in the form of stories about people who illustrate the author's view, many of whom are "indulging their passion for bicycling" in retirement.
Book Description
More than 5,000 people retire every day--yet there have been no retirement books that are both informative and motivational until now. 101 Secrets for a Great Retirement encourages and inspires retirees to simplify their lives and pursue their dreams. The authors cover all the essential topics, including health, social life, relationships, financial matters, legal issues, and more.
Customer Reviews:
ITS A PLACE TO START.......2007-01-19
IF YOU HAVE ZERO IDEAS FOR WHAT, HOW,AND WHEN, ITS ALRIGHT.IF YOU HAVE ALREADY DONE SOME HOMEWORK FOR A WHILE SKIP IT.
Practical Wisdom.......2005-08-02
There is a great deal of wisdom in this book by Mary Helen and Shuford Smith. The Smiths cover the practical aspects of retirement as well. The Smiths retired early - ages 39 and 43. They consider their retirement lives extremely rich and provide this guide to fill in a gap that they see in retirement literature. They aren't afraid to tackle issues that many other retirement books don't address, such as the reality of death and sexual changes, while covering the practical aspects of retirement as well.
The construct of the book is in the form of 101 brief essays grouped together in eight categories. The first category, "Make Successful Transitions," is one of the critical sections that make this book stand out. The Smiths discuss the importance of developing a philosophy for life during your retirement years. Many recent retirement books talk about finding jobs, volunteering, travel and relationships, but few acknowledge that we must come to grips with the realities of aging and defining our purpose on earth - our reason for "being," rather than "doing." The Smiths replay this theme throughout the remainder of the book.
If I have one gripe with the book, it's the style of writing. The Smiths have chosen to write in the first person plural ("we," "our"). This can begin to grate if the reader chooses to read from cover to cover, because it begins to sound like a royal "we." Because of this, I recommend reading the book in short bursts, dipping into different essays as appropriate.
In spite of this shortcoming, 101 Secrets for a Great Retirement belongs on the bookshelf of everyone approaching retirement.
common sense, not "secrets".......2005-06-30
I bought this book thinking that the "secrets" therein would enlighten me as to things we might be missing in our planning for retirement. The other reviewers on this site made it sound like the book would have advice on little-known health care deals, finding a good place to live, etc. Instead, it is filled with common sense tips, such as "enjoy sex" and "learn to forgive." Gee, thanks. This might be a good book if you're retired and bored, but don't buy this looking for much more.
Great book for those facing retirement in a few years.......2003-12-31
This is a much more practical book than some of the "100 things you can do when retired" books that suggest babysitting, dogwalking or other simplistic ideas. Mary Helen Smith lists 101 things you should think about or do, like consider what is "quality of life"--for example, downsizing your house versus staying in an expensive piece of real estate, and listing government programs for retirees, something you may not know about. In addition, she stresses understanding about money. Once you are on a fixed income, and one that is possibly lower than your salary, you must deal with money in a different manner. Now is the time to learn about finances and money, not after you've gotten your first social security check. With many millions of people hitting retirement or near-retirement age from the Baby Boom, this is a really good starting-off point to plan out your coming retirement years. Highly recommended.
Practical inspiration.......2000-11-23
I'm impressed by how much information is packed into the conversational style of this book. An abundance of practical information is available without it feeling tedious. Your approach is positive, encouraging, and realistic. Maslow and intuition are acknowledged. Caring ways to honor yourself and others are gently and directly suggested. Thank you for writing a helpful book that will positively affect the lives of those who read it.
Book Description
CIG to Retiring Early 0028640128
The Complete Idiot's Guide(r) to Retiring Early eases the pain of this seemingly complicated subject by walking readers through each step of determining how much they will need to retire early, including-- defining lifestyle expectations, estimating the retirement window, identifying retirement expenses, calculating net worth, determining how much more is needed, and adjusting for taxes and inflation.
Customer Reviews:
Sounds good to me!.......2005-05-24
Who wouldn't want to be able to retire early...even if you didn't retire, it is still nice to know that you have enough money invested, and saved to do so. This book will help you do that! Clear outlines, creative ideas, a must read for all of us "Baby Boomers"! You don't have to be rich to retire....
Great gift to those who want to retire early!.......2001-11-18
Great gift to those who constantly talk about wanting to retire early, but don't have a clue on how to start an early retirment plan. This book will definitely get them on track to retiring early.
For those who have some plans in place for early retirment, this book will help them examine their past and present decisions to see if they are on track. Also, it will help them with future decisions to ensure that early retirement becomes a reality.
Loved those "From the Hammock" comments - quick and easy to read!
Book Description
Seventy-six million American and 10 million Canadian "baby boomers" born between 1946 and 1964 are moving toward retirement in an era of increasing affluence and mobility. Providing information on 60 of the communities that are most rich in amenities across North America, this handy sourcebook guides retirees toward outstanding places to spend their golden years. Careful consideration was given to the final 12 criteria covered for each place—landscape, climate, quality of life, cost of living, transportation, retail services, health care, community services, cultural activities, recreational activities, work/volunteer activities, and crime—and each review includes a discussion of each characteristic as well as a city map and climatic table. Structured regionally rather than alphabetically, this revised and updated edition enables readers to search similar options based on general areas in both the United States and Canada.
Customer Reviews:
FOR THE RICH LIFESTYLE.......2007-10-13
Very limited in scope, the title says it all. A good conversation piece for those who desire that lifestyle.
The small folk cannot retire in Style.......2007-09-16
1. The American cities reviewed are unaffordable for a middle-income person unless one is ready to accept less safe locations.
2. We ended up retiring in style in South America where our pension makes us live in comfort, without snow or extreme summer temps and relative safety.
There are many locations outside the USA where one could retire in style, modernity and safety with from- modest-to-average pensions. (Including medica facilities)
Pretty good, but ..........2007-09-04
Limited number of places, reduced even more by the number of Canadian sites included. I like the format -- all the data grouped together. Would like to see this expanded into several regional books, with more cities added.
Lot of good info.......2007-01-05
This book is very comprehensive about the information it includes such as the quality of factors such as mass transit, health care, the arts. I enjoyed reading about many of the places it included but wish it had photos of the places. Also, it seemed like almost every place in it was a college town like Madison, Fayetteville (AR), Austin, State College, etc. It also would have been nice if it included all areas of the country. They seemed to be grouped like 3 in Arkansas, several in central Texas, none in most of the plains states. Also, when it gave costs for 3 bedroom homes, it didn't include the square footage. A 3-bedroom home could be a 900 square foot home or 2500 square foot home. Without square footage, it was hard to know how expensive homes really are.
Some of my favorite cities.......2006-05-07
When I think of retirement cities, I think of towns and cities, both large and small, that have great spirit and lots of choices of things to do -- something for everyone. That is what attracts a wide cross-section of people, which adds to the charm of a place. Dr. Bland has done a wonderful job of capturing that image of his selected cities.
Of course, I loved it that my city, Portland, Oregon, was ranked very high -- but I was equally attracted to many of his write-ups of other cities we have visited and loved.
Although Dr. Bland gives equal weight to each criteria, you could easily add "weightings" to his numbers for criteria that are most important to you. This would obviously "shuffle" his rankings, depending upon your weightings.
This book is a great, well thought out guide to selecting a new place to live for anyone considering a move -- whether for retirement or not.
Book Description
The financial-service industry wants you to believe that in order to avoid financial destitution, you need to put aside huge amounts of money that you -- let's say it together -- "should have begun saving years ago."
Not true, states Warner, the author of Get a Life. Although a sensible savings plan makes good horse sense, many other actions and decisions will determine whether you enjoy your retirement years.
Get a Life shows you how to beat the anxiety surrounding retirement, and to develop a plan to make your golden years the best of your life by:
* developing family relationships
* maintaining and creating friendships
* improving health
* keeping active
* developing a robust curiosity for the world
* realistically calculating how much money you need and how to secure it
Interviews with successful (and successfully) retired people illustrate how to put Warner's advice into action.
Download Description
The financial-service industry wants you to believe that in order to avoid financial destitution, you need to put aside huge amounts of money that you -- let's say it together -- "should have begun saving years ago." Not true, states Warner, the author of Get a Life. Although a sensible savings plan makes good horse sense, many other actions and decisions will determine whether you enjoy your retirement years. Get a Life shows you how to beat the anxiety surrounding retirement, and to develop a plan to make your golden years the best of your life by: developing family relationships maintaining and creating friendships improving health keeping active developing a robust curiosity for the world realistically calculating how much money you need and how to secure it The 5th edition provides the latest research and studies that show physically and mentally active retirees live longer and enjoy happier lives.
Customer Reviews:
Easy and Fun to Read.......2006-11-11
I enjoyed this book so much, that my boss, brother & sister all wanted copies, so I gave them each their own to read!
This book is right......you DON'T need a million!.......2006-05-02
I have to admit I would have been far more skeptical about the points made in this book if I hadn't seen people already living on far less than a million dollars...and doing just fine.
One lived independently for years (admittedly, not on a champagne and caviar budget, but not poorly,either) and then moved into a nursing home, all expenses paid. This person is happy. Health costs have not driven that person to poverty and the medical care is just fine.
Another friend lives modestly but has family and friends nearby, an active social life and lives in a lovely Arts and Crafts style bungalow, bought for a modest amount and very tastefully decorated. She lives (as this book suggests) a life full of meaningful activities, many of them free, some of them volunteer work, some of them low-cost or free programs such as concerts in the parks or nature programs or lectures. Again, not an expensive lifestyle.. but fully satisfying.
ONE SUGGESTION: If you read this book, it is quite possible that you can start NOW to learn to live on far less money than you may be spending mindlessly today - and not feel deprived. If you do that, of course, you may save even more for your later years, when health issues and other concerns may impact your finances in a less predictable manner than today.
In any case, this is a refreshing change from the books which promote worry and anxiety about not being able to afford retirement. This book advocates finding a happy medium, neither advocating a "no savings" plan or needless worry and obsessions about the future and doomsday scenarios.
Not a bad overview, has some good ideas, but beware..........2006-01-09
The 'Where will the Money come from' chapter , pgs 240-244 on Social Security, is delusional. The author seems to think that Social Security is safe, that pending boomers will get full benefits, and nothing is further from the truth. The author should check the annual letter from Social security that states that withdrawls will exceed contributions within the next 10 years unless something is done. Nothing will be done because our politicians have no spine and are afraid of not being around to milk the tax payer and receive endless kickbacks and graft, all the while being exempt from the very system created as a last resort.
His other ideas are good, however, and worth a read. Id get it from the library first before I decided if I wanted to keep this book around.
An excellent handbook for holistic retirement planning.......2005-11-26
I read this book along with several others two years ago as my husband and I contemplated early retirement. It was by far the best book I read. Most other books were the author's personal musings about what makes for a good retirement. In contrast, Warner's book backs up his views with both solid research and compelling testimonies from actual retirees. He doesn't downplay the importance of financial well-being in retirement, just puts it in context as ONE element of successful retirement. As someone who's now been retired (at age 52) for a year, I can attest to the usefulness of this book. It helped me honestly analyze my own life situation and has been a catalyst for some of the choices and decisions I am making as I create a life without (much) work. Warner's admonishment that you have to start integrating good practices in your life BEFORE retirement is particularly important; for example, if you don't foster close and healthy relationships with your family and friends when you are younger, they aren't going to magically happen once you're retired. Likewise for good health and spiritual habits. I highly recommend this book to anyone, regardless of age, who wants practical and sage advice on building a fulfilling life in retirement.
A few comments.......2005-10-02
Like all "royal road to retirement" advice books this one is a mixed bag with some very sage and wise advice on some topics, but weaker on other topics with a lot of facile generalities and waving of hands in regard to how actually to do it on less than a million bucks. Overall though, I applaud the author's emphasis on quality of life vs. a life devoid of meaning and quality personal relationships but with plenty of money--which is what the financial types will try to sell you. As some wag once said, real money is easy to come by--it just takes a lifetime of hard work. Of course, by that time, your wife has left you, your kids hate you, and you have no friends. What's the point of that? I think a compromise is therefore in order, with a downscaled, more modest retirement but with having preserved one's family and friendships intact. On the other hand, this is America, the land of the Almighty Dollar, to which we all bow and scrape and perform obeisance, and if you've got a gadzillion bucks up the wazzoo you can always buy friends, if you can call them that. And I've discovered that in the U.S., money truly does buy friendship of a sort--at least you'll never be bored and alone on a Friday or Saturday night. Anyway, whatever you decide, this book offers an alternative. The decision is up to you.
Books:
- Complex Inequality: Gender, Class and Race in the New Economy (Perspectives on Gender (New York, N.Y.).)
- Conflict Resolution
- Crimes Against Nature: How George W. Bush and His Corporate Pals Are Plundering the Country and Hijacking Our Democracy
- Disciplined Minds: A Critical Look at Salaried Professionals and the Soul-Battering System That Shapes Their Lives
- Distressed Debt Analysis: Strategies for Speculative Investors
- Don't Sweat the Small Stuff at Work
- Dreaming in Code: Two Dozen Programmers, Three Years, 4,732 Bugs, and One Quest for Transcendent Software
- Dyslexia In Adults: A Practical Guide for Working and Learning
- Employment Law for Business
- Environmental and Natural Resource Economics (7th Edition)
Books Index
Books Home
Recommended Books
- The Analysis of Household Surveys: A Microeconomic Approach to Development Policy
- History: Fiction or Science
- Weygandt: Solutions Manual to Accompany Solving Principles of Accounting Problems Using Lotus 1-2-3
- Across the Moscow River: The World Turned Upside Down
- Foundations of Microeconomics plus MyEconLab Student Access Kit, Second Edition
- Goodbye, Good Men: How Liberals Brought Corruption Into the Catholic Church
- Frank Church, D.C., & Me
- The New Global Banker: What Every U.S. Bank Must Know to Compete Internationally
- Alternative Strategies For Economic Development
- Ainsworth & Bisby's Dictionary Of The Fungi
General
| Popular Economics
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Ready...Set...Retire!: Financial Strategies for the Rest of Your Life
Yes, You Can Still Retire Comfortably!: The Baby-Boom Retirement Crisis and How to Beat It
Live it Up without Outliving Your Money!: 10 Steps to a Perfect Retirement Portfolio
How to Retire Early and Live Well With Less Than a Million Dollars
Yes, You Can Become a Successful Income Investor! Reaching for Yield in Today's Market
