retirement REVIEW |
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catalunya early retirementIt 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.
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!
1. OneWorld Benin Guide
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Kallio fights back in 250cc final preparations ... 19. catalunya-rally-van-merksteijn ... hard Pirelli tyres in the early morning as it has been a cold night on ... After the retirement of Peter jr. on Saturday and Peter forced out off the rally ... 20. The Official Formula 1 Website ... Catalunya last month and successfully trialled during the Spanish race, should ... Renault will arrive in Istanbul early next week ahead of the Turkish Grand Prix ... 21. Staff Profiles ... de Sant Jordi of the Generalitat de Catalunya and in the following year was made ... Having taken early retirement in 1999, being made Emeritus Professor and ... 22. F1 News - Grandprix.com > GP Encyclopedia > Circuits > Barcelona ... ... in Catalonia which dates back to the first Copa Catalunya in 1908, ... It was not until the early 1930s that there was racing again near Barcelona with ... 23. Bartol and KTM under the spotlight | The Official MotoGP Website The Official MotoGP World Championship Website ... Catalunya showed how quickly things can turn around. ... `If this happens, I'll go into early retirement! ... 24. Formula one news, features, videos, interviews, podcasts Michael Schumacher - The strange story of his retirement ... Formula One debut on Monday afternoon at Barcelona's Circuit de Catalunya, test ... 25. Subaru Impreza Drivers Club - True Grip Editor Catalunya Owners Club. Track Masters Newsletters. Terzo Owners Club. True ... up as a Senior Business Manager for 7 of those, before taking early retirement. ... 26. GREEN PAPER- Improving the mental health of the population Towards a ... Mental disorders are a leading cause of early retirement and disability. pensions. 7 ... Generalitat de Catalunya, European Platform for Mental Health ... 27. autosport.com - News & Grapevine: F1 | WRC | IRL | GP2 | Champ Car | Le ... (AUTOSPORT) Button frustrated at early retirement. 09 Apr 2000, 23:58 ... (AUTOSPORT) Brits battle for Catalunya lead. 01 Apr 2000, 22:14 ... 28. Posts tagged IPhone at The Unofficial Apple Weblog (TUAW) The early MMO features are in the App Store right now -- the ... Ashes to Apex: Spread your remains at Catalunya. Your garage sale needs a hook, try a Lambo ... 29. NHL Betting Odds The 91st NHL season will begin in early October 2008. ... Andy Cole has announced his retirement, bringing to an end a glittering 19-year career. ... 30. Honda Worldwide | MotoGP 2006 Round 07: Catalunya GP As early as the fourth lap a nine-rider group had broken away from the pack, but ... Repsol Honda: Sebastian Porto has announced his retirement from racing. ... 31. Formula One Fanatics - Where Formula One Fans and Enthusiasts Can ... ... winter test at the Circuit de Catalunya on November 17-19. Senna's tasks will ... saw Coulthard's final Grand Prix end in early retirement at the first corner. ... 32. Schumacher comes out of retirement. - Yahoo! Eurosport UK ... of retirement to test for Ferrari in the F1 group test at Catalunya next week. ... Early Doors Football Blog. Live and updated: Fantasy Football 2008/2009 ... 33. Nissan provides details of Spain job cuts ... Gerona,Lleida,Lerida,Catalonia 34. The Unofficial Apple Weblog (TUAW) Retirement. Savings Account. Small Business. Stock Charts ... Ashes to Apex: Spread your remains at Catalunya. Your garage sale needs a hook, try a Lambo ... 35. 1,600 British early retirees lose their health cover in the Valencia region The Valencian Regional Health Service say they will no longer treat those British ... That's not the case here in Catalunya, where we took early retirement. ... 36. Ducati.com ... Pacific until a crash at Oschersleben in Germany forced his early retirement. ... While his first victory came in the Catalunya Grand Prix in 2000, he must have ... 37. LIFE-TIME REDISTRIBUTION EFFECTS OF THE SPANISH PUBLIC PENSION SYSTEM ... Spain during the early stages of the Social ... existing regulations that induce early retirement (see Gómez-Sala, 1993). 4 ... Caixa de Catalunya, Barcelona. ... 38. The Official Formula 1 Website ... for his efforts, giving him an early lead in the championship table ahead ... race here at the Circuit du Catalunya in 2007 will start fourth tomorrow and ... 39. altvoices - words - january 2007 - goldstein Recent events in Catalunya suggest otherwise. by Simeon Goldstein ... government, and fresh elections called for November 1, a full 12 months early. ... 40. CREI 12- angls 2 de Catalunya. It is located at the campus of ... to discourage early retirement. ... and the early retirement age (age at which. individuals can start receiving ...
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