Cover image for Retire early-- and live the life you want now : a 10-step plan for reinventing retirement
Title:
Retire early-- and live the life you want now : a 10-step plan for reinventing retirement
Author:
Wasik, John F.
Personal Author:
Edition:
First edition.
Publication Information:
New York : Henry Holt & Co., 2000.

©1999
Physical Description:
xiv, 221 pages : illustrations ; 22 cm
Language:
English
ISBN:
9780805063486
Format :
Book

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HG179 .W3194 1999 Adult Non-Fiction Non-Fiction Area
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Summary

Summary

For the millions of Americans who want to retire early, this revolutionary investment and lifestyle guide shows the way.

Retire Early turns the traditional plan of work hard now, retire later on its head. According to John Wasik, 21 million Americans-those with a household income of $100,000, or above-are in a position to retire early and start living their dreams sooner than they thought possible. In this invaluable guide, he provides solid financial advice on how to save, invest, and cut costs; how to target personal retirement goals; and, finally, how to realize them. He includes sections on how to raise children without going broke, how to insulate a long retirement with insurance and investment portfolio protection, and how to keep the money coming in by beating the market most of the time. Retire Early is a perfect bl of financial and lifestyle wisdom that redefines how we see retirement and helps us start living the lives we want today.


Author Notes

John F. Wasik is a special-projects editor of Consumer's Digest magazine and a lecturer at the University of Chicago. He lives with his family in Lake County, Illinois.


Reviews 2

Booklist Review

All the fuss that has been made (mostly by boomers themselves) over the fact that the baby-boom generation has begun turning 50 has created a backlash from those both older and younger. Nonetheless, the parade of books on retirement and financial planning targeting graying fiftysomethings continues. Holzer and Wasik should already be familiar names to those in this group. Holzer is a Paine Webber retirement-plan consultant and the author of Retire Rich: The Baby Boomer's Guide to a Secure Financial Future (1998). This earlier book focused on building wealth. Now Holzer, with coauthor Floyd, emphasizes preserving wealth, and she ties her advice to the increasing variety of lifestyle options available to those growing older. She addresses the question of choosing a place to live and how to figure one's living costs. She then analyzes investing, social security, corporate pensions, individual retirement accounts, real estate, and paid employment as sources of income. She follows with a discussion of expenses, including taxes, insurance, and inflation. Among longer-term issues considered by Holzer are health care and alternative living arrangements, distribution of assets, and family relationships. Wasik is the author of The Late-Start Investor: The Better-Late-Than-Never Guide to Realizing Your Retirement Dreams (1998) and a special-projects editor at Consumers Digest. He puts together a 10-step plan that primarily addresses the financial aspects of early retirement but that also looks at spiritual and psychological issues. He stresses that one must evaluate current spending patterns to determine financial needs for retirement; and he explains the importance of creating an "income stream," identifying the "funding vehicles" that will help one retire early. He also considers how to evaluate early-retirement buyouts and withdrawal options. Wasik then discusses broader issues, such as what you will do, what happens when you still have kids at home, how you make your money last, and how you find a full life after full-time work. --David Rouse


Library Journal Review

Quality of life during retirement is the focus of these two short volumes. Freedman, a former adviser on aging to the federal government and founder of Civic Ventures, argues that seniors are an untapped social resource. In each chapter, he tells a story about the civic involvement of particular seniors and then moves on to explore how the program they work with benefits the community. Most of these stories are about government programs, but some focus on privately developed initiatives, like the free clinic for uninsured workers that retired physician Jack McConnell established near his Hilton Head, SC, retirement home. Throughout the volume, Freedman decries age-segregated communities, like Sun City, AZ, and calls on government programs to encourage healthy seniors to work with the less fortunate, particularly the young. In Retire Early, on the other hand, Wasik, an editor at Consumer's Digest, gives a short, clearly written synopsis on how to approach retirement in ten steps--everything from finance to lifestyle. His financial advice is sound and uncomplicated, and, like Freedman, he emphasizes how to sustain a vibrant life that balances personal freedom and attachment to society at large. Both titles have lists of resources. There are more detailed works available, like the Columbia Retirement Handbook (LJ 9/1/94), edited by Abraham Monk, or Kiplinger's Retire Worry Free (Random, 1998). But even the smallest public library should have a current retirement guide, and Wasik's is a good, inexpensive, sensible start. Freedman's volume is really a public policy study and is more suitable for libraries serving public administration, sociology, and gerontology users; an optional purchase for public libraries.--Patrick J. Brunet, Western Wisconsin Technical Coll. Lib., La Crosse (c) Copyright 2010. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.


Table of Contents

Prefacep. ix
Acknowledgmentsp. xiii
Step 1 Focusing on How Your Retirement Will Be Differentp. 3
Step 2 Your Financial Portrait: Balancing Your Spending with What You Need for Early Retirementp. 16
Step 3 Get the Life You Want Now by Structuring an Income Streamp. 47
Step 4 Choosing and Setting Up Your New Prosperity Planp. 75
Step 5 Creating Your Own Private Utopiap. 91
Step 6 Fully Funding the Vehicles to Get You Out Earlyp. 107
Step 7 How to Retire Early Even If You Have Kids at Homep. 122
Step 8 Making Your Money Last as Long as You Dop. 139
Step 9 Finding a Full Life after Leaving Full-Time Work Behindp. 160
Step 10 Putting It All Together and Launching Your Personal Pursuit of Happinessp. 181
Referencesp. 193
Resourcesp. 201
Indexp. 211