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It would be great if we could all retire with a nice portfolio of savings and pension income, without having to worry about paying the bills most retired people pay.

Yet...many retirees are living out their retirement on the breadline without much hope for even going on holiday without being assisted by relatives or even handouts. Don't let yourself be one of them...it's never too late!

Title : Funny, I Don't Feel Old!: How to Flourish After 50
Author : Carter Henderson
Rating : 5 Stars out of 5.
Summary : A great gift

I gave this book to my mother and father after they turned 55 and they both enjoyed it very much

Title : You'RE Fifty--Now What?: Investing for the Second Half of Your Life
Author : Charles R. Schwab
Rating : 5 Stars out of 5.
Summary : The Best Book on Financial Planning for the Over 46 Age Set

My biggest complaint about most books on financial planning is that they try to cover everyone with one approach. Mr. Schwab's book is a pleasant exception to this rule. By at least focusing on those of around middle years (46 through 56), he can be more specific and make the information more relevant to each reader. Naturally, I would like to see future books be even more focused than this one, but Mr. Schwab has certainly moved in the right direction.

I found this book to be vastly superior to 52 Weeks to Financial Fitness by Marshall Loeb, which was also written for people in this age category.

Mr. Schwab's profits as author from this book are all being donated to the Charles Schwab Corporation Foundation to provide for the needs of seniors.

The book is divided into two parts: First, planning for the rest of your life; and second, getting organized to implement that plan.

The planning section is very well done because it covers materials at a level of perspective that goes from the needs of most beginners to handling the needs of all but the most sophisticated people. Fundamentals are covered in sidebars so as not to clutter-up the main text for those who do not need the information. The subjects covered include how much money you will need in total, determining the value of what you have available, estimating the gap between your needs and resources, understanding how to think about asset allocation in your investment funds, establishing the proper cash flow to match your needs, and readjusting your investment mix over time.

Each section is clearly written and provides formats to make it easier for you to assemble and think about your information. I was particularly pleased to see Mr. Schwab challenge some conventional wisdom about financial planning. Many people use a rule of thumb that you will need 70% of your preretirement income. In practice, many people find that they spend more than that because some costs go up more rapidly than inflation, like medical care, or they take on new interests. Mr. Schwab suggests 90%. I think even that may not be conservative enough. I think a better assumption is to have the percentage grow over time, slowly. Eventually, it will probably exceed 100%.

In addition, many people will tell you to plan on spending 6% of your assets each year after you have to start drawing on them. Mr. Schwab wisely suggests that 3-4% will be more appropriate for most people. I liked that advice very much.

The advice on investing is much more conservative than you would expect from someone who heads an on-line brokerage house. But appropriately so. He suggests you stay in common stocks as long as possible, because you may well live much longer than you think. But he has all but 10% of your portfolio in either no-load index funds or conservative bond and cash positions. If you skip the idea of owning any individual stocks, the advice is quite appropriate for the average person. It also has you reducing your exposure to stocks over time, as the years appraoch when you will need the income. So even if stocks stop performing well (as some warn) in the next few years, you will be relatively safe.

Part II of the book gets you into deciding whether you need a financial advisor or not, and how to select and work with one. It also looks at the most important questions about insurance, estate planning (get thee to a lawyer), and how to handle your donations so they bring you the most satisfaction and least after-tax cost.

The book has several other nice qualities. It emphasizes the rest of your life as being the "second half" rather than the downhill slide or some other negative concept. In sports, we all know that the winners are usually those who play the second half the best. Also, at half-time, the coach often makes adjustments that lead to winning performance. It is a very nice metaphor for financial planning at this stage in life. "What do I want for the second half of my life?" is the key question posed in the beginning of the book for you to consider.

I also liked the optimism of the book. Rather than focusing on the fear that people have about outliving their money, the book emphasizes the potential for good things to happen. You may live longer, and think of all the good things that could follow. "Anything is possible" was my favorite line from the book, which followed examples of wonderful accomplishments by seniors of advanced years.

Unless you already have been through this exercise recently with a financial advisor, I suggest that you get the book and use the exercises.

Further, I suggest you take even more time to think through the possibilities that the post child-rearing and tuition years may offer you. It's almost like getting to start over again, but with much more in the way of resources and wisdom.

Look for and find the best choices!

Title : How to Retire Rich
Author : James O'Shaughnessey
Rating : 5 Stars out of 5.
Summary : I am buying one of these books for each member of my family.

As an avid reader and a novice investor I could not put the book down. The information was clear and very understandable. I immediately went on line and was able to pull up the 50 stocks I will be using for Reasonable Runaways. My goal was to self manage my 401k. This has given me the tools to do so. I'm in it for the long term so will let you know in 25 years how the strategy worked. I feel strongly enough about the concept to share it with all my friends and family. Wouldn't it be fun to grow wealthy together???

I have also read "What Works on Wall Street". If you must chose between the two "How to Retire Rich" is the better book in my opinion. "What Works" does provide reinforcement of the ideas if that is important to you.

Title : You'Ve Earned It, Don't Lose It: Mistakes You Can't Afford to Make When You Retire
Author : Suze Orman
Rating : 1 Stars out of 5.
Summary : The math is wrong

The time value of money analysis in this book does not take into account that money has time value and thus the results of the studies Orman presents are biased in the wrong direction. Also the rate of inflation of 5% is too high based on current and past values. This also biases the results. It is funny to see the results of her long term care insurance policy analysis. According to Orman, the insured pays in $1,255 each year for 30 years and alternately if they had not taked the policy get no credit for the compound growth rate this money would earn had not they taken the policy. It makes a huge different that was not considered Also there is a chart that shows a comparison of 5% simple and compound interest on an inflation rider. Certainly, inflation is not a simple interest growth rate. The data of Orman's table make no sense whatsoever and certainly have no bearing on the long term care policy decision.

Title : The New Golden Door to Retirement and Living in Costa Rica: A Guide to Inexpensive Living, Making Money and Finding Love in a Peaceful Tropical Paradise
Author : Christopher Howard
Rating : 3 Stars out of 5.
Summary : Great Book!

Hi, I am working at ILISA Language Institute in Costa Rica, San Jose and I just want to say that this book helps our student a lot by giving them helpful tips or by arrange their own travel in Costa Rica. Thanks!

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