Used by the U.S. Military Academy at West Point, Continental Airlines, McGraw Hill Publishing Company, the United Federation of Teachers, and the N.Y.P.D.--to mention just a few names--Retiring Right is fast becoming this country’s most popular book on retirement. Now, in its 2004 edition, this book is primed to become number one.

Written by Dr. Lawrence J. Kaplan, one of the country’s leading experts in retirement planning, this practical book answers all your most important questions about savings and investment income, the Social Security system, and so much more. Each section covers a particular area of concern, including lifestyle issues such as working, leisure, and housing; long-term retirement funding, including savings and investments and pensions; day-to-day financial considerations, such as budgeting and taxes; life and health insurance; and preparing for the inevitable through estate planning, wills, and trusts. All information reflects the most recent regulations so that readers can take full advantage of the new 2004 tax laws and maximize their retirement income.

Through planning guides and worksheets, Retiring Right helps readers apply successful retirement strategies to meet their individual needs. These guides allow them to evaluate their financial situation, select and implement the means by which they can achieve financial security, and chart their own course towards a fulfilling and secure retirement.

Lawrence J. Kaplan received his MA and PhD from Columbia University in New York City, and is Professor Emeritus of Economics at John Jay College of Criminal Justice CUNY. An authority in the field of financial management, Dr. Kaplan writes and lectures extensively on the subject of retirement planning.

Contents

Acknowledgments
Preface Introduction
First Facts About Retirement and Planning

PART 1: LIFESTYLES
1. Working in Retirement
2. Playing in Retirement
3. Retirement Housing
4. Care Facilities
5. Legal Affairs

PART 2: LONG-TERM FUNDING FOR RETIREMENT
6. Savings and Investments
7. Social Security
8. Pensions
9. Annuities

PART 3: DAY-TO-DAY FINANCIAL CONSIDERATIONS
10. Budgeting
11. Credit
12. Inflation
13. Taxes and Tax Shelters

PART 4: INSURANCE
14. Life Insurance
15. Health Insurance
16. Medicare and Medicaid
17. Medigap and Long-Term Care Coverage

PART 5: FINAL FACTS
18. Estate Planning and Wills
19. Minimizing Estate and Gift Taxes
20. Trusts
21. Probate
22. Planning for the Inevitable

Conclusion

Appendices
Glossary
Inventory of Personal and Financial Data
Resources
Suggested Readings
Index

Introduction

Why plan for retirement? If you are under 55, you probably have not given much thought to retirement. You see getting old as something that happens to other people. You tell yourself that you will plan for retirement when the time comes--that there is no need to think about it now. Wrong!

If you want the so-called golden years of your life to be truly golden, you must prepare for them now. The sooner you get started and the more you investigate and understand your situation, the better your retirement will be. Planning for your retirement will enable you to reach the following goals:

• Eliminate fear and uncertainty, and achieve a sense of security. Many people approach retirement with fear and trepidation. This is quite natural because most people fear the unknown. Thinking about the future and planning for it will allow you to reach the retirement stage of your life with knowledge and preparation. The unknown will become known, and the fear and uncertainty of retirement will be replaced with a sense of security.

• Prepare for the unexpected. As you move along in life, problems will constantly present themselves. Without a plan that looks into the future, you will tackle each crisis in a purely haphazard manner. If you plan ahead, however, you will not be thrown by an unexpected problem such as an illness in the family or a downturn in the economy that affects your savings or investments. You will be better able to cope with the difficulty and make the necessary adjustments.

• Gain flexibility. By starting your planning early, you will have enough time to prepare for the things that you want to do when you retire. You will have time to prepare for a second career, if you want one, or to learn a new hobby or sport. If you change your mind about your choice, you will have enough time to modify your plan and try something else.

• Make the right decisions. If you plan for retirement, you will not have to make hasty, ill-considered decisions. For example, housing plays a large role in shaping retirement. By investigating numerous housing locations and living arrangements during your pre-retirement years, you will be able to make an informed decision regarding your retirement housing.

Each of us approaches retirement with different needs, interests, and attitudes. All of us, however, have the same goal: a successful retirement. That means a sound financial plan, psychological and social stability, and stimulating and satisfying activities that provide a sense of accomplishment and a feeling of usefulness. The purpose of this book is to help you develop a total, individualized retirement plan that will generate maximum satisfaction, security, and fulfillment.

Reviews

"Given the difficulty in choosing among the many guides on retirement, the durability of Kaplan’s manual makes his an attractive option."
--Booklist

"Retiring Right teaches you to make smart investments, find the best places to live on a fixed income, and avoid common retirement pitfalls."
--National Education Association (NEA)

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