Cover image for Retiring right : planning for a successful retirement
Title:
Retiring right : planning for a successful retirement
Author:
Kaplan, Lawrence J. (Lawrence Jay), 1915-
Edition:
Third edition.
Publication Information:
Garden City Park, NY : Square One Publishers, [2003]

©2003
Physical Description:
viii, 387 pages : illustrations ; 24 cm.
Language:
English
ISBN:
9780757001321
Format :
Book

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Summary

Summary

This practical book on retirement planning answers important questions about savings and investment income, the Social Security system, and so much more. Each section covers a particular area of concern, including lifestyle issues such as working, leisure, and housing; long-term retirement funding; day-to-day financial considerations; life and health insurance; and preparing for the inevitable through estate planning, wills, and trusts. Planning guides and worksheets are included to help you successfully apply retirement strategies to meet your individual needs.


Author Notes

Lawrence J. Kaplan received his MA and PhD from Columbia University in New York City, and is Professor Emeritus of Economics at John Jay College of Criminal Justice CUNY. An authority in the field of financial management, Dr. Kaplan writes and lectures extensively on the subject of retirement planning


Excerpts

Excerpts

Introduction Why plan for retirement? If you are under 55, you probably have not given much thought to retirement. You see getting old as something that happens to other people. You tell yourself that you will plan for retirement when the time comes--that there is no need to think about it now. Wrong! If you want the so-called golden years of your life to be truly golden, you must prepare for them now. The sooner you get started and the more you investigate and understand your situation, the better your retirement will be. Planning for your retirement will enable you to reach the following goals: Eliminate fear and uncertainty, and achieve a sense of security. Many people approach retirement with fear and trepidation. This is quite natural because most people fear the unknown. Thinking about the future and planning for it will allow you to reach the retirement stage of your life with knowledge and preparation. The unknown will become known, and the fear and uncertainty of retirement will be replaced with a sense of security. Prepare for the unexpected. As you move along in life, problems will constantly present themselves. Without a plan that looks into the future, you will tackle each crisis in a purely haphazard manner. If you plan ahead, however, you will not be thrown by an unexpected problem such as an illness in the family or a downturn in the economy that affects your savings or investments. You will be better able to cope with the difficulty and make the necessary adjustments. Gain flexibility. By starting your planning early, you will have enough time to prepare for the things that you want to do when you retire. You will have time to prepare for a second career, if you want one, or to learn a new hobby or sport. If you change your mind about your choice, you will have enough time to modify your plan and try something else. Make the right decisions. If you plan for retirement, you will not have to make hasty, ill-considered decisions. For example, housing plays a large role in shaping retirement. By investigating numerous housing locations and living arrangements during your pre-retirement years, you will be able to make an informed decision regarding your retirement housing. We all approach retirement with different needs, interests, and attitudes. All of us, however, have the same goal: a successful retirement. That means a sound financial plan, psychological and social stability, and stimulating and ­satisfying activities that provide a sense of accomplishment and a feeling of usefulness. The purpose of this book is to help you develop a total, individualized retirement plan that will generate maximum satisfaction, security, and fulfillment. Excerpted from Retiring Right, 2003: Planning for a Successful Retirement by Lawrence J. Kaplan, Lawrence Kaplan All rights reserved by the original copyright owners. Excerpts are provided for display purposes only and may not be reproduced, reprinted or distributed without the written permission of the publisher.

Table of Contents

Acknowledgmentsp. v
Prefacep. vii
Introductionp. 1
First Facts About Retirement and Planningp. 3
Part 1 Lifestyles
1. Working in Retirementp. 15
2. Playing in Retirementp. 27
3. Retirement Housingp. 35
4. Retirement Communities and Care Facilitiesp. 57
5. Legal Affairsp. 71
Part 2 Long-term Funding for Retirement
6. Savings and Investmentsp. 87
7. Social Securityp. 111
8. Pensionsp. 127
9. Annuitiesp. 147
Part 3 Day-to-Day Financial Considerations
10. Budgetingp. 159
11. Creditp. 173
12. Inflationp. 179
13. Taxes and Tax Sheltersp. 183
Part 4 Insurance
14. Life Insurancep. 193
15. Health Insurancep. 201
16. Medicare and Medicaidp. 213
17. Medigap and Long-Term Care Coveragep. 229
Part 5 Final Facts
18. Estate Planning and Willsp. 243
19. Minimizing Estate and Gift Taxesp. 271
20. Trustsp. 279
21. Probatep. 285
22. Planning for the Inevitablep. 289
Conclusionp. 305
Appendices
Glossaryp. 309
Inventory of Personal and Financial Datap. 331
Resourcesp. 361
Suggested Readingsp. 371
Indexp. 377