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Planning Ahead: Two books try to help workers face the realities of retirement
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In her book, Jane White outlines primary issues that she believes will create financial stress as seniors prepare for retirement.
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Published: October 24, 2009
Retirement planning is under the spotlight in the wake of the stock-market crash that forced millions of older workers to re-examine their prospects.
Will it take being scared to make people do the right thing for retirement, or would soothing words work better? The authors of a couple of new books try each of those approaches.
Here's a look at two new titles:
Welcome To The Poorhouse: What You Must Do To Protect Your Financial Future And The Reform We Need
Author Jane White's paperback (FT Press, $22.99) has her discussing her view of how political lobbying and economic policies have joined to work against the average American employee.
Too much debt and too little in retirement savings will result in severe lifestyle changes for future retirees, she says.
White is the founder of Retirement Solutions, a company that provides investment education and promotes 401(k) reform.
She outlines four primary issues that she believes will create financial stress.
They include too little saved for retirement, unaffordable homes, overpriced colleges and high credit-card debt.
She also offers solutions including an overhaul of the 401(k) system to require companies to contribute a minimum amount to worker accounts and the government to raise contribution limits.
In addition, she offers practical consumer advice on debt management, home refinancing and other issues.
A quote from the book worth noting: "Not only do employers get away with not contributing a dime to their employees' accounts, but when they do, at best it's typically only a matching contribution of 50 cents for every dollar you put in, or equivalent to 3 percent of your pay. This contribution rate is the second lowest in the world -- even Mexico's is higher, at 6 percent."
Next Steps: A Practical Guide to Planning for the Best Half of Your Life
Authors Jan Warner and Jan Collins have written a paperback,($14.95, Quill Driver Book) that shows how getting old can be complicated, and not just because of health problems.
The authors delve into a range of other issues that must be dealt with -- from wills and living trusts to the intricacies of Medicare and Medicaid, to divorce and planning for long-term care.
Warner, an elder-law and matrimonial attorney, and Collins, a journalist, present a step-by-step plan that is aimed at helping seniors avoid costly mistakes when dealing with these legal, medical, financial and personal challenges of aging.
The book's cheery title notwithstanding, no potentially unpleasant subject goes ignored.
There is even a chapter on ensuring that your pets will be cared for when you are incapacitated or die.
A notable quote from the book:
"The truth is that none of us knows whether we will remain healthy into our old age. Anyone can develop physical or mental conditions that require long-term care.
"If we are unprepared, we could lose everything and become dependent upon the social welfare system."
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