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age raising 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. Working Later : Raising The Effective Age Of Retirement
Working Later : Raising The Effective Age Of Retirement available now at AbeBooks.co.uk. 2. Report Urges Raise in Retirement Age | Article 01-OCT-02 - Raising the state pension age is one way out of the current pension crisis and should be debated, according to a report from the... | Free With Signup 3. 02-DEC-02 | IFAs Back Raise in Retirement Age Price: $4.95 | The majority of independent financial advisers (IFAs) say they would welcome the raising of the state retirement age to address the supposed pension... 4. Online NewsHour: Raising Retirement Age to Fix Social Security Sparks ... RAISING THE RETIREMENT AGE. March 22, 2005 ... So I decided to play devil's advocate and make the case for raising the retirement age. ... 5. Raising the Retirement Age: The wrong direction for Social Security Raising the normal retirement age by a fixed number of years obviously will hit ... Ultimately, raising the retirement age would be most burdensome for those who ... 6. 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Government urged to raise retirement age (19.05.06) | Age Concern England News more info ... decided to raise their own retirement ages, with one third having already ... and increase the mandatory retirement age of 65 now, rather ... 20. CRS Report for Congress Proponents of raising the retirement age say that it is an equitable way ... portray raising the retirement age as unlike ... Raising the Retirement Age ... 21. Honda plans to raise retirement age to 62 - Home News, UK - The Independent Honda plans to raise retirement age to 62. By Barrie Clement, Labour Editor ... Honda has tabled a proposal to raise the retirement age as part of its pay talks ... 22. Actuaries say raise retirement age for benefits - Cracked Nest Egg ... We will not raise the retirement age," Obama said in June at a campaign event in ... "Barack Obama is opposed to raising the retirement age. ... 23. Implications of raising the social security retirement age [WorldCat.org] English Item Publisher: [Washington, D.C. : The Board, 1998] ... Title: Implications of raising the social security retirement age. Author: United States. ... 24. HEHS-99-112 Social Security Reform: Implications of Raising the ... Several proposals focus on raising the normal retirement age ( NRA ) beyond ... GAO/HEHS-99-112 Raising the Retirement Age. Page 3. B-282269 ... 25. Factors Influencing Retirement: Their Implications for Raising ... This study sheds light on the impact on workers of a higher normal retirement age, using data from the 1990 panel of the Survey of Income and Program Participation ... 26. Firms raise retirement age for pensions - Business News, Business - The ... Millions of employees could be forced to stay at work far longer than they had anticipated before drawing their ... to raise the retirement age for their ... 27. CBC News Indepth: Retirement Retirement ... The median retirement age fell from 65.1 years in 1976 to 60.6 in 1997. ... Britain to raise retirement age (May 25, 2006) ... 28. USATODAY.com - Edwards: I won't raise retirement age Seizing on a report that a plan to privatize Social Security includes raising the retirement age for full benefits to 72, vice presidential candidate John Edwards ... 29. Pilots union backs 65 as new retirement age - Chicago Tribune The Air Line Pilots Association, the nation's largest pilots union, onThursday said it will support raising the retirement age of pilots to 65 from60, a move that ... 30. Government urged to raise retirement age The government should increase mandatory retirement ages and implement Lord Turners proposed National Pensions Savings Scheme (NPSS), the Chartered Institute of ... 31. Raising retirement age : The Online Citizen - a community of singaporeans ... government's rationale to raise the retirement age of Singapore workers to ... 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Plans to raise pilots' retirement age to 65 - Aviation- msnbc.com The government is considering raising the mandatory retirement age for airline pilots from 60 to 65, the Federal Aviation Administration said. FAA administrators ...
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