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    How To Retire Without Money
    How To Retire Without Money
    How To Retire Without Money
    Ebook71 pages56 minutes

    How To Retire Without Money

    By Noah Pranksky

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    About this ebook

    How To & Advice- How To Retire Without Money delves deeply into the subject of retirement at any age and includes discussion on retirement communities, retirement decisions, retirement essentials, retirement goals, retirement ideas, retirement life, and retirement on a shoestring. It is every person’s goal to eventually retire but the current state of the economy has people working long past the accepted retirement age of 65 and actually pushing it to 70. This book demonstrates that you can retire at any point in your life without tons of money. It is a compendium of retirement advice and a must-read for all people seeking the golden age of retirement. Written by Amazon bestselling author, Dr. Noah Pranksky, he leaves no stone unturned in providing concise and correct information.

    LanguageEnglish
    PublisherDr. Leland Benton
    Release dateJan 12, 2015
    ISBN9781310625213
    How To Retire Without Money
    Author

    Noah Pranksky

    Meet the Author: Dr. Noah Pranksky is a research behavioral scientist for Applied Mind Sciences. His research involves many aspects of the human mind including relationships, energy psychology, and various protocols and modalities relating to treatment and cure of various mental maladies. He and his wife Marianne reside in Portland, Oregon.

    Read more from Noah Pranksky

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      Book preview

      How To Retire Without Money - Noah Pranksky

      Introduction – Some Food For Thought

      In this book - How To Retire Without Money: You Can Do It! – I have relied heavily on the words of Jacob Fisker, who in my opinion is one of the best experts in the field of early retirement.  I have included the resources he cites to better serve my readers in completely understanding that this topic is a serious one and very much attainable…truly you can do it!

      This will probably come as a shocker to most people: Three economists from leading universities have found that a substantial fraction of persons die with virtually no financial assets -- 46.1% with less than $10,000 -- and many of these households also have no housing wealth and rely almost entirely on Social Security benefits for support.  Got that?

      The findings, in a paper published by the National Bureau of Economic Research show that a huge portion of America is relying almost completely on Social Security, and that they die with hardly any money to their name.

      I wrote this book because of the facts cited above.  I have been a research behavioral science doctor for over 31-years.  I decided to use my research abilities and attempt to discover How To Retire Without Money.

      Dying broke is a very good thing from the standpoint that you not only screw the government on your way out but in reality you can’t take it with you and where you going they don’t use money. 

      Furthermore, the professors' data above reflects millions of Americans not living perfect financial lives, but instead struggling to get by in retirement. They don't end up running out of assets on their last day, but long before it.

      So let’s put it in perspective…the average monthly Social Security benefit is $1,230. That's $14,760 per year. Can you imagine yourself living on that – or, let's even up it a little, on, say, $20,000 or $25,000 per year? 

      And would you want to?

      The experts suggest that when it comes time to live off your nest egg, you should plan to withdraw about 4% of it in the first year, and then adjust for inflation annually. Thus, if you're looking for income of $40,000 per year, you'll need a million dollars. (Remember that everyone's needs are different -- you might want more income than that, but you might also be expecting some Social Security income and perhaps even some pension money to make up some of that income.)

      If you're reading this wishing you'd started saving for retirement aggressively many years ago, don't freak out. All is not lost, no matter how imperfect your current financial situation may seem.  There is still a bunch of ways that you can make your retirement much more comfortable. Here are some of the main ones:

      • Aggressive savings. The old rule of thumb to sock away 10% of your income is too low for many people. Aim for 15%, or even 20% or more, if you can. And remember that due to the ability of money to grow over time, the dollars you sock away today will likely contribute much more to your retirement than dollars you sock away next year or in five years. So don't put it off.

      • Effective Investing. Keeping everything in a bank account isn't investing -- with interest rates below the average rate of inflation; you're actually losing buying power every year. Bonds are appropriate for those in or near retirement, but ideally in combination with stocks, which usually build wealth much faster. Within the stock world, you needn't take chances on obscure potential high-fliers, either. Over long periods, healthy, growing dividends can build great wealth. And if all goes well, the dividend payouts will rise over time, as will the stock prices, too.

      • Retire later . The benefits are many: For each extra year you work, you'll keep workplace benefits such as health-care coverage, and won't have to pay for them. You'll also delay tapping your nest egg for money to live off. And ideally, you'll be able to contribute to the nest egg for a few more years, as well. Meanwhile, for every year that you delay starting to receive Social Security benefits, they'll go up about 8%. Delay three years, and you'll collect roughly 24% more. That's a big difference!

      • Cost Cutting Works - Downsize. Another way to make your retirement fund last longer is to use less of it each year. You might move into a smaller house, for example, or to a region with a lower cost of living. You and your partner might make do with one car in retirement, instead of two, saving money on insurance and upkeep. And if you've been supporting some grown and able children or grandchildren, you might rein in that spending, too.

      Some or all of these moves can have a powerful effect on your financial condition now and in retirement. You don't have to be among the 46% who die with more worries than dollars.

      Okay, now to the good stuff…

      Chapter 1 – How Much Money Can You Live On Each Year?

      In my Introduction, I said the following: "So let’s put it in perspective…the average monthly Social Security benefit is $1,230. That's $14,760

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