What to Do to Retire Successfully. Martin B. Goldstein

      

      

      Copyright © 2015 by Dr. Martin B. Goldstein Associates

      All rights reserved. No portion of this book may be reproduced or transmitted in any form whatsoever, including electronic, mechanical or any information storage or retrieval system, except as may be expressly permitted in the 1976 Copyright Act or in writing from the publisher.

      Requests for permission should be addressed to:

      New Horizon Press

      P. O. Box 669

      Far Hills, NJ 07931

      Martin B. Goldstein

      What to Do to Retire Successfully:

      Navigating Psychological, Financial and Lifestyle Hurdles

      Cover design: Charley Nasta

      Interior design: Scribe Inc.

      Library of Congress Control Number: 2014938453

      ISBN-13 (eBook): 978-0-88282-487-1

      New Horizon Press

      19 18 17 16 15 1 2 3 4 5

       To Gary, Susan, Aaron, Lenny and David:

       The next generation

       and

       To two successful retirees:

       Ellen, the love of my life, and Honey, a true sister.

      ACKNOWLEDGMENTS

      I wish to thank Ellen Goldstein for reading the raw text, assisting with the editing and making many useful suggestions. Throughout this project, her support has been very helpful and greatly appreciated.

      AUTHOR’S NOTE

      This book is based on the author’s research, personal experiences, interviews and real life experiences. In order to protect privacy, names have been changed and identifying characteristics have been altered except for contributing experts.

      For purposes of simplifying usage, the pronouns his/her and s/he are sometimes used interchangeably. The information contained herein is not meant to be a substitute for professional evaluation and therapy with mental health professionals.

      TABLE OF CONTENTS

Preface

Chapter 1: The Psychology of Retirement

Chapter 2: The Practicality of Retirement

       Chapter 3: Your Retirement Environment

       Chapter 4: Investment Alternatives

       Chapter 5: Financial Formulas for Retirement

       Chapter 6: Lifestyle in Anticipation of Retirement

       Chapter 7: Affluent Behavior Patterns

       Chapter 8: Funding for Retirement

       Chapter 9: Living Arrangements

       Chapter 10: Occupying Yourself in Retirement

       Epilogue

       Bibliography

       Notes

PREFACE

      This book spells out a step-by-step approach to a successful and contented retirement, including psychological, practical and financial formulas for the best ways to achieve desired goals. I will address the difficulties in adapting to a life after work’s end, teaching the adjustment and coping skills required to have a contented retirement.

      My approach differs from other books with similar titles by professionally and personally addressing the psychology of retirement, as well as the practical lifestyle and financial aspects, by one who is living it.

      First, the physical and psychological foundations for retirement success are explored.

      Then, the chapter on practicality deals with various personality types and discusses which are more readily suited to retire comfortably and which would find it more difficult. It also addresses the issues facing those workers who are forced to retire and other factors hampering adjustment to a retired state.

      The next three chapters focus on your financial situation. Steps for saving and investing with proper asset allocation at different age periods are stressed. Specific formulas are introduced spelling out the monetary requirements for continuance of a standard of living comparable to times of employment for different income levels. A comprehensive financial handling of retirement resources is outlined.

      The lifestyle portion details how to enact a plan for eventual retirement while still working and being concerned with family and life matters.

      The last part of the book teaches the actual steps to take to facilitate an easy transition to retired living. Included are funding avenues, decision-making regarding living arrangements and personal insights on rewarding retirement activities.

      This comprehensive approach, if applied rigorously, should enable you to retire successfully.

CHAPTER 1

       The Psychology of Retirement

      Retirement is as much a state of mind as a cessation of the labors of life. It has to be regarded as the culmination of those labors, to be enjoyed and cherished. Sadly, many times this is not the case. People who are abruptly thrust into the untimely loss of a job find themselves adrift and ill-prepared for a future not of their choosing. Therefore, preparation for such a prospect must begin at an early age and with adequate psychological as well as practical and financial preparation.

      Not all people must adapt to a retirement lifestyle. Those who have a vast amount of money and the freedom to choose are not the primary concern of this work. I address middle-income workers and professionals who need to save and invest for retirement. These individuals have to transition from a routine of going to work each day to a life of greater relaxation and adjustment to the travails of aging and loss of a work environment.

      If one can learn to combine the carefree attitude of one’s early years with the wisdom gained through experience, the later years can be the most gratifying of all. This freedom from care does not come by itself—it must be learned and prepared for. Preparation should begin while one is still at the peak of one’s earning potential.

      The substitute for the work experience has to be addressed early on with both physical and mental preparation.