Cover image for Retire on less than you think : the New York times guide to planning your financial future
Title:
Retire on less than you think : the New York times guide to planning your financial future
Author:
Brock, Fred.
Personal Author:
Edition:
First edition.
Publication Information:
New York : Times Books, [2004]

©2004
Physical Description:
xi, 191 pages : illustrations ; 24 cm
General Note:
Includes index.
Language:
English
Added Uniform Title:
New York times.
ISBN:
9780805073744
Format :
Book

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HG179 .B7438 2004 Adult Non-Fiction Open Shelf
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Summary

Summary

From the New York Times retirement expert, an authoritative resource for successfully assessing and tackling the real costs and challenges of retirement 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.


Reviews 2

Booklist Review

The aging of the baby boomers heralds in its own way a rush to proffer advice and counsel on all topics, from reinventing lives to investing wisely for the short and longer terms. This experienced financial professional jumps at the opportunity of focusing on the latter.By no means a self-acclaimed money wizard, New York Times0 "Seniority" columnist Brock has, quite literally, learned on the job--and applies his knowledge frankly and pragmatically. What's more, his main message may shock many who have long believed that 70 to 80 percent of final salary is a mandatory number to accumulate for retirement. His recommendation? Based on current and projected savings, it may be just as easy to cut back and simplify lifestyles, whether that means moving to a less expensive area or streamlining postretirement activities or both. Plenty of research and resources support his contention, including Web sites like BestPlaces.net and actual great-to-hear reader stories. There's 81-year-old Elton Pasea of Nederland, Texas, who enjoys his passion of bicycling and an active lifestyle on less than $2,000 a month. Energizing--and extraordinarily enlightening. --Barbara Jacobs Copyright 2004 Booklist


Library Journal Review

Brock writes the "Seniority" column for the New York Times and has expanded the ideas from his columns into this book. He answers the main question from his readers, "Can I afford to retire?" with reassurance that you can retire with less money than you might think. He disputes the conventional wisdom that you must save 70-80 percent of your pre-retirement income in order to maintain your standard of living in retirement. The first part of the book analyzes specific retirement situations and covers details such as living location, fixed expenses, health insurance, and more. The author spends a good portion of the book outlining how you cut back on expenses and therefore increase income. The number one suggestion is to consider lowering your cost of living expenses by moving to a cheaper area. The latter part of the book advises on how to analyze your assets and what to do about health insurance as you get older. Social Security is covered in one chapter, and a number of useful work sheets end the book. This straightforward, practical, and clearly written book is recommended for all collections.-Stacey Marien, American Univ., Washington, DC (c) Copyright 2010. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.


Excerpts

Excerpts

The basic idea behind this book is simple and straightforward: you can retire sooner and on less money than you think, and live quite well, if you are willing to make a few relatively painless lifestyle changes. Various polls in recent years by AARP, the Employee Benefit Research Institute, and USA Today have shown that some 60 percent of working Americans dream of early retirement. Yet every time there is some jarring economic news--declining stock prices or a slump in the housing market--many people feel they must postpone retirement as they contemplate their shrinking investments and how much money they still need to save. This is a book for those dreamers who want to retire sooner rather than later but are afraid they can't afford it: people who yearn for the time to realize a lifelong dream or avocation; people who have reached a dead end in their careers or who are burned out after years of doing the same thing and want to move on; or people who simply want a change. It is also for those who are at or past the traditional retirement age of sixty-five but continue to work because they are convinced they don't have enough money to retire. Also, of course, it is for those who suddenly find themselves involuntarily retiring early because of employer cutbacks. Such forced retirements usually involve so-called incentive packages that may include a lump-sum payment or extra years credited to your retirement account--or both. Many forced retirees are equally apprehensive, perhaps even more so, about whether they can afford retirement. SMOKE AND MIRRORS Whatever the situation, most people are victims of "data" circulated by the financial services industry--mutual fund companies, stockbrokerage firms, and banks--which hold that you need at least 70 to 80 percent of your preretirement income in order to retire without becoming a charity case. This estimate has become conventional wisdom and is routinely and endlessly repeated in newspapers and magazines and on radio and television shows that offer financial advice. Little wonder people have come to believe it. It has struck fear into the hearts of baby boomers, who are known for spending, not saving. There's only one problem: it's not true! Worse, people in the financial services industry know it's not true. It is clever advertising bait to lure investors. Copyright (c) 2004 by The New York Times Company, (c) 2008 by Fred Brock. All rights reserved. Excerpted from Retire on Less Than You Think, Revised Edition: The New York Times Guide to Planning Your Financial Future by Fred Brock 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.