Preparing for Retirement Recommendation

As I prepare for retirement in the next 5-years or so, I have been reading several books, newsletters, and many podcasts.
I have been looking for a Clark reading, subscribing, or listening list, but I need help finding something besides Clark’s passing comments in a few podcast shows. Any recommendation from Clark or others?
Thank you in advance for your assistance.

The financial guy on WSB, Wes Moss has written a good book on retirement. “You can retire earlier than you think” and another that is about the happiest retirees, don’t remember the exact name. Both on Amazon. I thought they were both good books, didn’t get real deep into the exact dollars and cents but good general info.

Thank you for the recommendation

The book is called “What the happiest retirees know”. I bought it after hearing Wes on Clark’s podcast and a few others. It’s a good read.

Thanks, I also found that on Audible, it might make good walking content!

I think there are two main areas you should concentrate on. One is your financial position and the other involves the change in lifestyle that retirement brings about.

The retirement financial stuff is plentiful and there’s lotsa books written on the subject. I just checked Amazon and searched the book section and got 35 books with a “retirement planning” search. Most of those books have from 50 to 1,000 reviews and many are from well-known authors on the subject. I’d try reading four or five of them to flesh out your thoughts.

But I think the best tools for the financial part of the equation consist of a 5th-grade math education and a $10 calculator. You are the best source for how much income you’ll need . How much you’ll need in savings and investments is pretty easy to find once you have the monthly income number.

The thing that surprised me and my wife after retiring 13 years ago was how difficult it was to shift gears from the workday world to retirement, the shock of having nothing to do requires a little creativity to get used to.

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So true! Most so-called, ‘retirement help books’ discuss only the financials, but skip over this critical aspect. People work 20, 30, 40 years and suddenly STOP!

It’s a shock for which few are prepared.

Yes, this topic is well written about in the books I read. From “retire to something rather than from something” to “find your purpose, and it is ok if you do not know what it is now.”
Thanks for the comment.

Thanks, Woody.
I agree with your two focus areas.
I have read ten books or more, from classics like the Millionaire Next Door to the FIRE movements, and everyone is an expert.
Ultimately, it is as simple as having a budget, living on less than you make, and continually investing or paying yourself first (in money and health)! Health care is a big wild card, and I am sure I will get some Social Security, but I assume it will be cut buy at least 30%, so I am planning to get $0. This way, anything I get will be gravy.

You have 5 years. Are you a volunteer or do you have hobbies and interests that you would like to pursue

Depending on you retirement savings?

Travel or take cruises etc. in the first 10 years.
After 75, I found this more difficult.

Check into Senior Activities.
We have a great Senior Center that has activities ranging from Exercise/Dancing to Cards and Billiards.
Many Churches have Senior Activities.

I belong to a group of ex-coworkers, all former airline employees, and we have a reunion every year. We’ll all in our 80’s so after chatting about health problems, then finances are the topic.

We’ve come to the agreement the two budget killers are family and entertainment. The latter is dining out, travel, electronics, etc. Family is the grandkids.

Of course, health costs are an issue but the ones above are self induced.

Find something you enjoy and do that. When I retired, I retired from all work, so my “something” is cycling. That brings up a second thing though - have a social group. My cycling group is also my social group, but it keeps me busy and happy.

I’d recommend setting a financial goal establishing an income source of two times your anticipated needs. Then you can worry about income taxes. It’s a lot better to worry about paying taxes than it is to worry about having enough money for every-day living expenses.