Melden Sie sich bei getAbstract an, um die Zusammenfassung zu erhalten.

The Savage Number

Melden Sie sich bei getAbstract an, um die Zusammenfassung zu erhalten.

The Savage Number

How Much Money Do You Need to Retire?

Wiley,

15 Minuten Lesezeit
10 Take-aways
Audio & Text

Was ist drin?

Boomers facing retirement are in a hailstorm of financial hazards: get under cover. Big change takes big planning.

automatisch generiertes Audio
  • 0.5×
  • 0.75×
  • 1×
  • 1.25×
  • 1.5×
  • 1.75×
1×
automatisch generiertes Audio

Editorial Rating

7

Qualities

  • Applicable

Recommendation

Book publishers know a good thing when they see it. That explains why there is yet another book on Baby Boomer retirement planning. But, fear not, "Savage" isn’t the description of a fierce retirement savings program that will bite you in the wallet; it’s the name of the author: Terry Savage, a personal finance newspaper columnist. In this case, she seems to have linked many of her columns together to form a basic book for novice investors who are planning for retirement. While much of the content may seem very familiar to anyone who reads mainstream financial publications, having it in book form is convenient. getAbstract recommends Savage’s nuts-and-bolts information to people who are just entering the workforce, novice investors, financial planners and human resource people concerned about issues affecting retirees. It is also a handy quick reference for questions about Medicare, reverse mortgages, long-term health insurance or estate planning. If you are on the verge of retirement, it’s a good refresher, although you needed to know most of this some time ago.

Summary

Longevity and Uncertainty

As the Baby Boom generation approaches retirement, it faces new financial challenges, particularly investing, securing health care and finding a new way of life postretirement. The generation approaching retirement is growing. According to the American Association of Retired Persons (AARP), some 12,000 U.S. Baby Boomers turn 50 every day. Within the next 10 years, 76 million Americans will hit age 65, the traditional retirement age. Because people are living longer, male Baby Boomers can expect to live an average of 16 years after they retire. Women can anticipate 19 years postretirement. These are averages, so half of the Boomers will live longer.

Meanwhile, the traditional Social Security safety net may undergo severe changes. Proposals range from reducing benefits to implementing a means test for participants. Similarly, Medicare is straining to deliver new benefits, including costly prescription drug coverage. Federal and state benefit systems also face the challenge of paying for extended medical care. Health care is one of the most expensive facets of retirement. Many professionals advise Boomers to buy long-term health care insurance...

About the Author

Terry Savage, a former stockbroker, writes a syndicated personal finance column and is a CNN markets commentator. She has written three books, including The Savage Truth on Money. She has won many awards, including the National Press Club Award for Outstanding Consumer Journalism.

Comment on this summary