Pete Matthew, MD of Jacksons Wealth Management and creator of the MeaningfulMoney podcast:
“Ready, Steady, Retire! is an important book. Bamford and King’s deep understanding of the unique set of opportunities and challenges facing Baby Boomers has enabled them to deal frankly with the issues and provide clear action steps for a successful retirement, while keeping the tone light and accessible.
Everyone over 50 should read this book. Scratch that. Everyone over 35 should read this book.”
Tessa Norman, Finance Journalist and Reporter for Money Marketing:
“With their final salary pensions and envied property market returns, the Baby Boomer generation is set to be one of the wealthiest in UK history.
But as the post-war generation approaches pension age, a raft of other factors, such as rising divorce rates and high care costs, threatens to disrupt their plans for a comfortable retirement.
Ready, Steady, Retire! is co-authored by chartered financial planners Martin Bamford and Justin King and explores the demographic trends that are reshaping retirement for this generation.
It features case studies and interviews with industry experts, and sets out practical solutions to deal with the challenges facing retirees, from planning for and seeking to prevent dementia to keeping an updated spreadsheet of all financial assets to help relatives after one’s death.
The book presents a compelling argument that Baby Boomers’ riches are not quite what they seem.
For example, the authors point out that today’s retirees may find themselves under pressure to both care for their ageing parents and financially support their children, who may be struggling with high tuition fees and house prices.
Furthermore, while the Boomers have a considerably longer life expectancy than their parents, the book lays bare the risks of inflation eating away at savings over their much longer retirement.
Not only is the awareness of inflation risk low, interestingly the authors point out that the real rate of inflation experienced by retirees is often higher than the official rate. They say this is because retirees are not buying the latest consumable goods, which push down inflation rates, but are instead spending their money on food, fuel and other goods, whose prices typically rise rapidly.
They warn also that some members of this generation hold a disproportionate percentage of their wealth in property and should consider spreading their risk across different asset classes, as well as making themselves aware of the complications associated with releasing equity from property.
While these arguments are not new, they are likely to have been overlooked by much of the mass-market population at whom this book is aimed, many of whom believe they can rely simply on property to fund their retirement.
Unsurprisingly, given the background of its authors, the book centres on the importance of creating a plan for retirement and gives some useful tips on how to find a financial planner, while also explaining how to go about creating a plan without professional help.
But the authors also look beyond the financial elements of retirement by encouraging readers to think about issues such as relationships, health and fulfilment.
While the book is both informative and engaging, inevitably its focus is on topics that most people are reluctant to discuss or even think about: death, disease and money. If the aim of the authors is to convince the unprepared masses to develop a plan for retirement, the biggest challenge may be getting those who really need it to pick up the book in the first place.
Nonetheless, Ready, Steady, Retire! is sure to act as a good conversation starter for advisers and is likely to encourage retirees already thinking about their finances to create a more comprehensive plan for the years after work.”
5.0 out of 5 stars Good retirement guide, 17 Dec 2014