Wednesday, May 25, 2011
BEYOND WORK #1
I just purchased an outstanding book entitled Beyond Work. It is written by Bill Rotter. I am very interested in what he has to say about life after retirement. I intend to focus several blog entries on material contained in the book. I highly recommend that you consider purchasing this book as it’s message can be useful not matter what country a person lives in.
In this blog contribution I will briefly introduce the organizational pattern of the book which covers four “domains”. They are: Personal, Social Financial and Physical.
First there is the financial. Uses some information provided by Martha Patton[i] and provides a table that shows the influence of inflation. A table in the book indicates that if a person started out in 1971 with an income of $ 6000/year they would need just over $19,000/ year today to live at the same standard of living. “if you followed this 1971 advice on saving for retirement, you would be in bad shape today.”
“At this point you may feel discomfort rising and decide it is easier to cast the matter aside. Rotter says “I have heard people give any number of excuses:
· “My head hurts when I think about this stuff
· “Math is not my strong suit
· “I don’t have any extra money to put away.”
· “I expect that the news won’t be good. I would just rather not know’”
He suggests that we find a financal advisor and gives us six steps to assessing an advisor and building mutual trust, They are:
1. Begin by being trustworthy yourself
2. Determine if the financial advisor understands you
3. Does the advisor provide you with a clear picture fo your situation?
4. Is the advisor qualified?
5. Does the advisor do the work you are looking for day in and day out?
6. Trust you advisor and keep your eyes open.
This is about all I have to say on this topic except that I have an appointment with a new advisor next week. The book is published by WILEY It's ISBN is