As someone who is now in the mid50s, retirement is definitely something I am planning for and that is on my mind. While I feel blessed to have a job and employer-based health insurance as well as 401K matching, I never take these things for granted and started planning for retirement a long time ago. And that is the number one lesson by experts as well as by the author of this book – prepare early and keep at it.
The book “The Retirement Planning Roadmap) is a quick read and meets the goal of the author to be a hands-on guide for people of all ages that want to retire and retire without having to worry about money. The chapters are split up in order of how to approach retirement and provides lists and bulleted information for an easy read of the most pertinent information. The language is straight forward and to the point, allowing the reader to reread chapters as needed. For example, if you want to reevaluate how much you may need for retirement, you can easily do so and your number may change as you age.
The author also includes a lot of practical information, such as what to do about housing. Is it best to rent or to own? The author provides a useful list of pros and cons for each option. I really like the author’s style in providing that information. The author repeatedly makes it clear that what may be best for her, may not be suitable for others and in presenting options the author sticks to a very non-biased style. Making it clear that there are options and that each reader has to decide what is best for them.
The book is organized in 7 chapters, which are summarized briefly below.
Chapter 1 guides you through the general preparation for retirement such as planning.
Chapter 2 is focused on how much you will need, including tips to identify expenses and start a lifestyle of saving now to keep expenses down and ensure a better retirement.
Chapter 3 is focused on saving for retirement. Now that you have expenses identified and start cutting unnecessary spending, the author has additional guidance on how to trim expenses, calculating how much social security may contribute to your retirement and how to be tax-smart in preparation for your golden years.
Chapter 4 preaches the front loading saving habit as an important step towards retirement. How to invest, where to get help and also that retirement does not have to mean the end of earning. The book really shines in educating readers in general on financial literacy and making you smart about money.
Chapter 5 switches gears and talks about housing, the options you have and the benefits of each option versus what may not work for some of the readers.
Chapter 6 is focused on retirement, such as what to expect from the big change of having no longer to show up for work each day. There will be some let downs, some concerns, but the author walks the reader through these steps and how to find distractions from when retirement has you down.
The final chapter, chapter 7, ends on a positive note and the author here is focusing on social connections and why they are important. This is something you can also prepare for now, before you retire. For example, identify things that interest you and start being active in these areas, such as meet regularly with friends family to start a habit that can easily be maintained when retirement starts. Personally, I have started attending book clubs focus on areas that interest me. The members in these virtual clubs are people of all ages, several of which are retired; a sign that this activity can easily be maintained after you no longer show up in the office.
Overall, I found this book to be a sound read to prepare me for retirement. As someone who is already preparing for retirement and considers themselves financially literate, this book contained reassuring information and confirmed that I am on the right path. But if you are worried about where to start and what to do, this book will provide a concise guide on next steps. I recommend this book for both novice and experienced retirement thinkers; keep it on hand and check the options from time to time as you struggle with a specific decision or what step to take next.
The book is available on Amazon.
Disclaimer: I got this book for free from the author in exchange for a review. The opinion expressed in the review are my own and have not been influenced by the author or any other party.
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