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The New Retirementality: Planning Your Life and Living Your Dreams....at Any Age You Want Paperback – June 30, 2008
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From the Back Cover
Praise for The New Retirementality THIRD EDITION
"I'm 71, never thought of retiring, and people have told me I'm crazy. Finally, someone has written the book in support of my continually creative life. Read it and join me. It's fun!"
Michael E. Gerber, author of Awakening the Entrepreneur Within, The E-Myth Revisited, and E-Myth Mastery
Praise for Previous Editions
"Mitch Anthony's energizing ideas about retirement are positive, hopeful, and visionary. I can't recommend this book enough. If you want to know what your future should look like and make the most of your Power Years, read The New Retirementality."
Ken Dychtwald, PhD, author of Age Wave, Age Power, and The Power Year
"The New Retirementality is a must-read guide for the baby boomer generation. Finally, here is an investment book that goes beyond the numbers of retirement planning and looks at the meaning of 'living a full life.' This book is all about a new way of thinkingwhere you not only finish rich, but you live rich as well! I highly recommend it!"
David Bach, bestselling author of The Automatic Millionaire
Stop Making a Living and Start Making a Life!
While previous generations looked forward to retiring with pensions and peace of mind, the rest of us face a much different reality. Most of us won't experience the same retirements that our parents did, but this isn't necessarily a bad thing.
With the latest edition of The New Retirementality, you'll quickly discover how to achieve the freedom to pursue your retirement goalsat your own pace, on your own termsregardless of your age. Page by page, Mitch Anthony reveals how new opportunities will enable readers to create a tailor-made life that is both fulfilling and flexible. He includes new research and studies to back his insights and introduces important concepts, such as "wealth care" and "return on life," that will guide you on your journey.
Filled with engaging anecdotes and inspirational suggestions, this book will motivate you to rethink the meaning of retirement and put you in a better position to enjoy the new retirementality you deserve.
About the Author
Mitch Anthony is the founder and President of mitchanthony.com, whose companies include Advisor Insights Inc. and The Financial Life Planning Institute. He also writes and hosts the syndicated radio feature The Daily Dose. Anthony was named one of the financial service industry's top "Movers & Shakers" by Financial Planning magazine. Visit www.newretirementality.com to complete your own New Retirementality Profile.
Top customer reviews
The author explains these facts very well in the first part of the book.
I don't expect to "quit working" until my health prevents it. Part of the calculation is fear of outliving my resources and becoming dependent on others (children who may not be able to support their own families, much less their aging parents). I'd also like to enjoy the later chapters of life and am frightened that our economy will flat-line and I'll be one of the casualties. I say this as one with a doctoral degree and professional working for a solvent local government with lifetime pension benefits most would admire.
The first part of the book appears intended to help grasshoppers feel okay about not having saved for retirement. He comes at why this is okay from a bunch of happy angles. For example, he doesn't see why you can't just start now and get 15% return on your investments if you want to play it safe, or maybe 50% return if you care to gamble a little. Oh, did I mention, this was originally written at the top of the internet bubble in the late 90's?
And, hey, if investing isn't your thing, you can always sell your house at an enormous profit and move to a cheaper location. But, uh, he also suggests you keep your social circles intact. Maybe by cheaper location he means an apartment in your same town. (The second edition was written in 2003.)
His other main thrust is that it's perfectly fine to not save because you can keep working. After all, people really benefit from working. It helps their soul. All you have to do is find a vocation that you love and structure it so you can work part-time. He then goes into a few chapters stolen straight out of "What Color Is Your Parachute" to inspire you to go find a job that makes you happier. Because, he says, the workplace is so desperate for employees that they will gladly bend over backwards to accommodate aging baby boomers. (Did I mention that the most recent edition was written in 2008?)
But, anyway, to "retire" is to get sick and die. (He has a causation vs. correlation problem here, in my opinion.) Instead of being incapacitated by old age, though, he suggests that it is way better to stay vibrant and young, which you can do by continuing to work. And don't you worry none about social security imploding. This is the baby boom we're talking about, and they are rule-breakers! Not ones to let simple math get in the way! No one dare defy the Baby Boomers when they want something. So relax. Take a cruise now if you want. You'll be fine later.
Then he goes into a section on "Your Money and Your Life" which is radically different than the excellent "Your Money or Your Life" by Robins & Dominguez. Mitch Anthony's point is that you shouldn't care about Return on Investment - which he says is outside your control - but instead be concerned about Return on Life. I kind of liked this, to be honest. He said not to be a gerbil on a wheel, but rather to use your money as a sail on the boat taking you places. He said that a good return on life meant:
I'm living well within my means.
I'm investing time, energy and resources in those I love.
I'm allowing myself to have experiences and live whenever possible.
I'm saving with discipline.
I'm not comparing my progress to others who live with a different set of circumstances.
I agree that you need to have a vision of what you want out of your life, and harness money to achieve that vision rather than just accumulate money for the sake of money alone.
He also had a nice section on "Maslow Meets Retirement" where he asks you to identify the part of your budget that is:
freedom (hobbies, travel)
Then he bids you to identify the sources of funds you will allocate to each of these categories. I thought that was a useful concept. He flew right past it, though, without every throwing any actual numbers at it.
He also gets into a section on "Money Maturity" that appears to have been cribbed from George Kinder's "Seven Stages of Money Maturity". At this point I'm being impressed that he has read all the same books I have. I liked his section on "wealth-care checkup". He says to watch your balance, or else:
Physical rest becomes laziness
Quietness becomes non-communication.
The enjoyment of life becomes intemperance
Physical pleasure becomes licentiousness
Enjoyment of food becomes gluttony
Self-care becomes selfishness
Self-respect becomes conceit
Cautiousness becomes anxiety
Being positive becomes insensitive (his term; mine would be "oblivious")
Loving kindness becomes over-protection
Judgement becomes criticism
Conscientiousness becomes perfectionism
Interest in possessions of others becomes covetousness
Generosity becomes wastefulness
The theme emerging here is that you don't need to save for retirement, you just need to find a job you love, stay healthy and age well, and not worry about material things. See? The New Retirementality. Oh, and have an extra $250K stuck aside for health care spending you're really going to want to do, and maybe another $50K to help your centenarian parents when they run out of money. But, hey, other than that kick back and relax. Except when you're at work. Work hard then. Because you've got shit-all to fall back on. But don't worry, be happy!
Oddly, I did get some business management tips from the section on how to find a good employer. I might write those notes up as I'm probably going to be hiring some staff next year (as I work hard getting set up for retirement) and can always use more tips on managing employees.
If you want actual financial information about how to afford retirement, the absolute best book out there I've ever seen is by Henry Hebeler: http://www.amazon.com/Getting-Started-Financially-Secure-Retirement/dp/0470117788/ref=sr_1_1?ie=UTF8&qid=1345836486&sr=8-1&keywords=hebeler