Retire on Less Than You Think: The New York Times Guide to Planning Your Financial Future

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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 Times "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
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Book Description
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.


About the Author
Fred Brock is a business editor and writes the “Seniority” column for The
New York Times. He has also covered business and finance issues for The Wall Street Journal, the Houston Chronicle, and the Louisville Courier-Journal. He lives in New Jersey.



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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 Copyright 2004 Reed Business Information.


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