3 out of 4 stars
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As you approach retirement, you anticipate a lot of changes ahead, and there are a lot of things you need to consider. From financial needs to healthcare needs, while considering the more limited streams of income that most retirees have, going into retirement is daunting for many. To put this into perspective, "fifty-five percent of people approaching retirement fear outliving their money, forty-five percent fear Alzheimer’s disease and nursing homes, fifty-one percent feel they cannot maintain their lifestyle in retirement, while seventy-five percent state they are not prepared to manage retirement for thirty years." - Page 10.
Therefore, How to Survive the Coming Retirement Storm: A Five-Step Process for Success in Volatile Times by Robert Margetic, an experienced financial advisor, is of utmost importance, as the author attempts to guide people approaching retirement on what retirement entails, how to prepare for it, how to live their best lives in retirement, and even utilize their finances after retirement.
While I thought that the book was all about helping people manage retirement from a financial standpoint, the author does extremely well to go much deeper than that, covering every aspect of a retiree's life (personal, social, dietary, physical, and more) and clearly showing the necessary adjustments needed. The level of depth to this book definitely stands out above all else and is my favorite aspect.
Robert Margetic commences by giving us an insight into the realities that retirees face, presenting facts and figures to support his claims. I have to admit that reality seems very scary, especially with the retirement storm that is coming to rock the current retirement system due to the number of people approaching retirement and inflation. Nevertheless, this serves as an urgent call to action, and all hope is not lost if changes are made starting from today, which you will see when you pick up this book.
The financial markets in the U.S. can be difficult for many people to understand, but the author shows his experience in this field, introducing us to several processes and models (Longevity Pod, POISE process, and Drawdown Ratio) that readers can apply to not only get the best out of their investments, savings, income (social security and/or employer income), and taxes but also manage the balance between their income sources and lifestyle expenses. The level of in-depth, simplified knowledge offered in these areas will be very helpful, and the author includes methods that can be used to track progress and inform readers of their current status, hence readers will know if a change or how much change is needed in their lifestyles at any point in time.
Furthermore, there is a lot of calculating and strategizing in the book, which may overwhelm some readers initially, but I am sure that they will gradually adjust by practicing the author's methods. The only thing I did not like about the book was its editing, as I found numerous distracting errors while reading, and they got even worse as I read further. A professional editor's touch will make this book a perfect read, but as it stands, I rate this guide three out of four stars. Readers who are approaching retirement will hugely benefit from this book, as they will learn how to make calculated assumptions and deal with change, including predictable and unpredictable change.
"Entering retirement is like training for a sporting competition. You trained well, psyched yourself up, put on your game face, and are ready to go. You will not know how effective you are until you play the game. Once the game begins, your deficiencies get exposed, you encounter the elements and compensate and adjust." - Page 59.
How to Survive the Coming Retirement Storm
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