Let’s start this week with a book review at The Financial Buff. TFB reviewed A Social Security Owners Manual. A compelling overview of this book, with brief discussion of each of the four major sections. While the rules are changing all the time, if you are retiring soon, or just want a better understanding of the current rules regarding Social Security, a great read.
Boomer and Echo ask, “Will that be Paper or Plastic“? I never tire of this discussion, and this was Boomer’s pros and cons list for the use of cash money vs a credit or debit card. Of course there’s no general right or wrong, just what’s right or wrong for you.
In 1980, Andrew Tobias wrote a book titled “Getting by on $100,000 a Year (and other sad tales).” The title was meant a bit tongue-in-cheek, as in 1980, $100,000 was a tidy sum of money, equal to about $260,000 in today’s dollars. But, I digress. This week I read When $1 Million Isn’t Enough at Bargaineering. In this article is referenced a post by James Altucher, whose friend made a million dollars but is stressed out over the lack of money. No sympathy, but yes, I understand if you manage to create a lifestyle that’s 10% above your income, you too can be stressed.
At Lazy Man and Money, Determining Your Retirement Expenses. All the rules of thumb are pretty pointless if you are not that average person. The rule that you’ll retire needing 80% of your preretirement income is one such rule. Lazy Man talks about what his retirement needs might be and how you can start to project these numbers now.
And to wrap up this week, let’s stick with the retirement theme. At My Retirement Blog, Almost 50% of Boomers Don’t Have Enough Retirement Savings: So What Can They Do? I had to do a double take there. 50%! The author of this post has written a book promoting starting a business and retiring with a continued stream of income from that business. Not a bad idea if you can swing it.