Customer Reviews

What Color Is Your Parachute? for Retirement: Planning Now for the Life You Want

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Having read and reviewed quite a few books on retirement, I was excited about getting a copy of "What Color is Your Parachute? For Retirement," by Richard Bolles and John E. Nelson. The original "Parachute" book has sold millions, and has stayed popular for decades. Hopefully, the "Parachute" format would map successfully over, and add new insight into the advice, to date, on a life in retirement.

But we're off to a bad start in the first of two introductions, when Richard Boles pretty much tells us that he did not write the book. And, even worse, he comes right out and tells us that he hates the word "retirement." To him, he says, it implies "being put out to pasture"...and a "'disengagement' from both work and life, as one patiently - or impatiently - waits to die."

What a God-awful statement for a supposed co-author of a book on retirement to make. The guy sounds like he hates the concept of retirement from the start. But I think things only get worse when we're encouraged several times within the book to read the original version of "Parachute." Geeezzz! Is this new book really "For Retirement," as we have been led to believe? Or is it more of an advertisement for the original book?

But, let's move on. Now that we know that Bolles didn't write the book, we can explore what author John Nelson has to say, starting with HIS introduction. Here, he tells us that the book is not a finance book, or a book on health or psychology. It could be, he says, seen as an introductory seminar...or an advanced seminar. And, get this, he tells us that the book should be useful to "people of all career stages... Whether you're just starting your career or already retired...."

So, now that we've included just about anyone on the planet as a possible reader, we're off to Chapter one, where we are told that retirement today is not like the old days, when retirement planning was "all about money." It was? Yes, according to the author, but today, retirement is all about retiring "to something - your next stage of life....(And) to make it what you really want, you'll have to figure out what that is and go about getting it. That's where this book comes in."

O.K. I'm game.

But, in my opinion, from here on in, the book is in a free fall, parachute and all. One early concept discussed is about putting the individual in charge of the retirement event, not the employer. Sounds fine, but in the list of "Ten ways to customize your retirement," nine involve continuing to be employed. The other says you can retire early, assuming that you have saved enough to do so.

Isn't that what saving for retirement is all about? Are my chances really only one in ten, or is the author bent on encouraging anything but this early retirement option? Looks like that may be where we are going.

And how's this for a concept? The author talks about how the term "retirement" needs to reinvented. A list of new "labels" is suggested. But in the end we're told that as "more and more people take the new approach" we won't need an alternative name after all. We'll still get to call it "retirement." How's that for coming full-circle?

But now that we fell like we have just returned to "Go," we're told that we don't just want to "survive" in retirement. No, we'll want to "thrive." So, we turn the page, and find the next 30 pages or so talk about the basics of retirement financials. And later, we'll find another 30 or so, which means that more than 20% of the book involves retirement finances. Wasn't that something we weren't going to talk about?

But, let's get back to the "thriving" and into what could be the trust of the book: The Retirement Well-Being Model, which consists how one's prosperity, health and happiness intertwine.

I've told you that the prosperity part is covered by about 20% of the book, so that's enough of that. As for the happiness component, there's a long chapter on this, where the elements of pleasure, engagement and meaning are compared. But the writing, in general, I find to be trivial. Things like: "when the challenges in your life are too far below your level of skill, they create boredom." And we're introduced to a system designed to "jog your awareness of your own strengths, so that you can incorporate them into your retirement." This comes with exercises and options and all kinds of stuff. But, who, I ask, would actually want to do all of this stuff?

Then, for some reason, there is a chapter on relocation in retirement, a subject that has been done over and over again in other books and magazines. It doesn't add much of anything new. And there is a chapter on health in retirement, most of which seems to be a rehash of, again, what one can read elsewhere.

Taking a few things out of context from what we've covered so far might seem unfair, but I'll do it anyway to show some other weaknesses of the book. One section tells us about a "Retirement Hogwash Detector," which I found sophomoric, at best. It's main point seems to be to poo-poo some common retirement choices, including a romantic getaway cruise, buying a luxury car, having cosmetic surgery done, and moving to an active adult community, as if these were inherently poor choices. Another is a section that takes a paragraph to define what a "perk" is. Come on, isn't this book written with educated adults in mind? A third example comes in one of the chapters about finances, when he gives us a silly analogy about a variety of plants in a garden to explain the concept of financial "diversity," a term/word that, hopefully, everyone who has ever thought about retirement investing is familiar with already.

At last, we're now down to the final chapter, which is meant to wrap things up. The author congratulates the reader for getting this far: "It takes a heroic effort to step back from your everyday life and make an effort to see things clearly, as you have done." I have? Yep, per the author, since you have filled in the blanks in the exercises in the book, it is simply a matter of putting the pieces together and, just in case you are not burned out on all the twists and turns introduced so far, he says that "you can choose from a variety of methods to assemble the picture of your Ideal Retirement."

But there is still more: In the case that the "assembled picture" fails to disclose, immediately, some obvious direction or callings for you in retirement, you are urged to seek counsel from a list of possible "helpers," which includes your attorney, realtor, financial advisor, personal trainer or therapist. Hey, what about my mother? She could be of some help?

But we're not done just yet. There is also the challenge of bringing this vision of your Ideal Retirement back into the world of "everyday life." And -- are you still with me -- there are once again multiple ways to do this, in this case: the "no-brainer approach," "the right-brain approach" and the "left-brain approach."

Had enough? Obviously, I have by this point. But the book ends, almost unbelievably, with the concept that maybe you can find some ideal JOB out there that gives you all the happiness, prosperity, health, pleasure, engagement and meaning that you could ever imagine in life. In which case, you are one of those lucky dogs who really doesn't have to deal with retirement issues any more, or bother reading any more books even remotely related to the subject, I'd guess. And, of course, if you are at all intrigued in this idea, you are encouraged - I kid you not! -- to read the original Parachute book.......or did I mention that before?

In terms of a comprehensive approach to retirement planning, this book is truly The Missing Link. Every other book on retirement I have read has focused on just the economics -- personal financial planning. The authors of Parachute address financial planning, but go far beyond it to emphasize the less-tangible aspects of preparing for and then living in retirement. The book helps you understand who you are now, and then helps you determine how your personal attributes can create an optimal retirement. Optimizing the "three dimensions" of retirement is your goal, and the book gives you several tools to help you through this planning process. The intangibles will directly affect your fulfillment in retirement, and indeed will affect your financial needs, as well. I now realize that financial planning for retirement is improved when one uses this comprehensive approach.

I wish this book had been available 10 years ago. If you are starting planning for your retirement, read this book FIRST. It will give you a great roadmap. You can then turn to other resources as needed to fill out a particular aspect of your retirement plan. The book cites many valuable resources. I can definitely recommend this book to those interested in a holistic approach to retirement planning, one that goes beyond the typical dollars-and-cents approach.

What a great book! It really ignites new thoughts about retirement planning. Whether already in retirement, not there yet, or just starting a first job, this book shows that retirement is an entirely separate life stage that requires some careful thought and planning. As someone who has worked in the retirement field for over 20 years, this is a message that both young and old need to hear and by taking the approach suggested in the book, it can be a great help in deciding how much needs to be saved to support a retirement lifestyle.

I'm one of those people who are "kind of" retired, but still working and I'm not alone. Studies show that between 60% and 80% of retirees and pre-retirees today are planning to continue some type of "work" - whether for pay or volunteering - well into their retirement years. The reasons for working are generally because the retiree is bored, needs a social network and/or wants to add some purpose to their life.

Unfortunately, most people don't have a clue about how to actually plan for what their retirement lifetime will be like or even think about what their "dream retirement" is. What this book does is offer an approach that will let you picture your future and help you plan how to get there.

What I found really great about this book is that it is more than just something to read. I was able to complete the exercises/worksheets and really learn something about me and what I want to get out of my retirement years. It gave me a whole new perspective about what I can do when I "grow up" and really retire.

Will this book be for everyone? Maybe not. (I really disagree with the last reviewer, though.) If you already know what your retirement life will be like, you probably aren't looking for a book about retirement. However, if you haven't thought about planning for a retirement lifestyle - not just saving and investing money - or you are just leaving your retirement happiness to chance, this is definitely a book you should read.

You may not agree with everything that is in there but it will definitely make you think. And, after all, isn't that what a book like this is supposed to do?

I have read several books on retirement, and this one is by far the best. It contains all the tools you will need to build a retirement that is best for you. It has lived up to its namesake, "What color is your parachute?" and I believe will be a classic itself. It begins by explaining you must build your retirement by balancing the big three of happiness, prosperity, and health. They overlap each other and depend on the others for fullfilment. Can you be happy if you are broke or sick in retirement? It explains the three boxes of life: education, work, and then retirement which takes you through the three dynamics of development, productivity, and then leisure. However you may want to make plans to have education or productivity in your retirement also and not just leisure. It briefly covers the financial aspects of retirement in examining what you will need from social security, your IRA/401K, and possible pension income, but it is brief, and covers the bases.
The book then takes you through exercises on the six fields of knowledge for well being that enables you to build a specific retirement plan that caters to you. They include the aspects of social, psychological, geographical,financial, medical, and biological. You will have to answer for yourself questions like:
Will I have an adequate network of friends after I retire?
What do I value most? Simplicity? Excitement? etc.
Where do I want to live? Keep my house or sell it for a condo in Florida?
Will I have enough income to support the lifestlye I want? Should I scale down for freedon or should I work part time in retirement?
Do I favor medical doctors, alternative care of a mixture of both? Will I have adequate medical coverage? Do I need to change my lifestlye of eating or exercise to maintain my health in retirement?
You will find specific answers to all these questions as you build a page of information that contains your answers to these questions. This will be the only book you need on retirement it is like a text book and when you are finished you have the answers. It doesn't matter what color your parachute is as long as it brings you safely to the ground after you jump.

As a Certified Finanicial Planner®, I counsel people in all phases of life including those who are thinking about, getting close to and experiencing the "retirement" phase of their lives. "What Color Is Your Parachute for Retirement" is a must read for anyone who is thinking about retirement or helping others prepare for this phase of their life. While I like the entire book and found virtually all of it useful, there are two parts I like best. First is the simple structure that the authors provide to think about the myriad issues in retirement. The three part structure of happiness, prosperity and health provide a way to look at retirement piece by piece so as to not overwhelm and yet touch on the important topics. My second favorite part of this wonderful book is the section on "Where in the world will you retire?" I've read numerous retirement planning books, but this is the best treatment on this key subject that I've come across.

Everyone for whom retirement is relevant will find useful information, suggestions and resources in this book to help them plan and execute their own retirement journey. My hats off to the authors for a job well done. Thank you.

Mr. Fulmore has written such an unpleasant review that I might have skipped the book, if I hadn't actually read it already. Skipping this book would have been a mistake, though.

Like Mr. Fulmore, I read and review a lot of retirement-related books (though not, usually, for Amazon). I have also taken the time to read some of Mr. Fulmore's other reviews. He is clearly a smart and well-read man, but his preferences are somewhat idiosyncratic. It bothers him when authors cover the same ground that a lot of other books cover -- a legitimate beef from someone who reads about retirement as a hobby.

But if you are one of the 99.9% of people who are not going to read a whole shelf of retirement books, and perhaps will read only one, this is a very good one to read -- partly BECAUSE it covers the essential ground covered in most other good books on the subject.

Its most conspicuous virtue, though, is its balance. John Nelson has an approach to retirement that is explicitly, deliberately balanced -- because a life that is meaningful and rewarding should itself be balanced. Nelson believes, and builds his book upon the idea that, a good life requires a balance of money, health, and happiness. More importantly, he tells you how to do it. This is important.

Nelson deals with these topics in sufficient breadth so that you legitimately feel that the ground is being covered, and with enough specificity so that you walk away with ideas you can really use. This is no small feat, and though it is clear (and I don't mean this at all facetiously) Mr. Fulmore doesn't need this kind of information, chances are that YOU do.

I might also mention that it is one of Mr. Fulmore's personal quirks that he doesn't like to hear about working in retirement (he disses it in his other reviews, too). Such talk does seem paradoxical, but it makes perfect sense. Most people retire with the idea that they will relax and enjoy themselves the rest of their lives. This often turns out to be self-defeating, though, because doing something productive is an important part of most people's lives, and if it isn't "work," it's something that often closely resembles it, even in retirement. There is certainly nothing wrong with retiring from a career job that has become stressful or otherwise too much, and (perhaps after some time off) taking on a new job that is different and rewarding. The fact that life might deal us some financial reverses and a job can help compensate for that, is a plus, but often is not the main reason retired people go back to some kind of gainful employment.

Is this the best book on retirement you could get? Not if you're George Fulmore. But on the theory that you are someone else, it just might be your best bet. Retirement is a field crowded with many worthy books, some of them very strong on particular aspects of retirement. But if you want a BALANCED book, that will help you create and maintain a BALANCED retirement, I recommend John Nelson's book to you.

Although I don't typically take the time to write reviews, I felt compelled to praise this work highly. I'm still 10 or so years away from retirement, but watching my parents struggle through their retirement, unprepared, stressed, bored and unhappy motivated me to pick up this book, and i'm very glad that I did. I finished my "first read" of this work on Sunday and I can't stop thinking about my future and how I might like to shape it. Bolles/Nelson has a way of personalizing the process of creating YOUR retirement, asking you critical questions that you might never have asked yourself, but the answers you definitely want to know! Quite simply, its quite compelling and motivating. Impressive book.

Little is missed in this comprehensive guide into re-wirement. With some guidance from a good coach, there no reason why readers shouldn't find thier true path and the joy it brings in their Second Act. As a Certified Retirement Coach and a re-wired corporate manager, I recommend this book to everyone who is thinking about their next stage whether it's eight years or eight days away.

Certainly not cut from the same cloth as the original "What Color . . ." publication. Far too much time spent discussing basics so widely covered elsewhere. I had hoped that there would be more "tools" provided for relevant decision making. This was a waste of good money.

This book is simply the best broad treatment of issues for the prospective retiree or already retired person that I am aware of. It covers all the bases and is presented in an easy-to-read style. It is meant to appeal to readers from a broad background and thus has content which is trivial in places (to me). But don't make reviewer George Fulmore's mistake of confusing the occasional trivial, repetitive, or (intentionally) internally contradictory words as meaningless or worthless: nothing could be further from the truth. Much of this reflects our society's ignorance, uncertainty and ambivalence about the topics under consideration, especially those that are now dramatically changing due to increasing life spans.

I particularly like the author's consistent inclusion of recommendations for further (and deeper) study and thought. I have uncovered a wealth of great material in following those leads.