Focus
Full time employment: Posting here.
- Joined
- Oct 10, 2009
- Messages
- 640
Just finished reading (or skimming, actually) "The 7 Most Important Equations for Your Retirement" by Moshe Milevsky.
The math was over my head -- that's why I skimmed -- although I suspect engineering types, of which this forum has many, would eat it up.
He takes a different approach, which is hinted at in his subhead: "The Fascinating People and Ideas Behind Planning Your Retirement Income." I've read a lot of retirement planning books, and many of them have been similar. Not this one. It distills the thoughts of great mathematicians of history and makes their approaches currently applicable to your retirement planning.
I found the chapter on mortality rates most interesting, since there is so much discussion nowadays of longer lifespans and the impact on Social Security and retirement planning in general. The assumption always is that many of us are headed to 100 and beyond and need to plan accordingly. I think it's wishful thinking. As a table in the book indicates, if you're 55 now, your chances of making it to 85 are 47%, to 90 about 27%, to 95 about 11%, and to 100 about 2%.
I found this oddly reassuring.
The math was over my head -- that's why I skimmed -- although I suspect engineering types, of which this forum has many, would eat it up.
He takes a different approach, which is hinted at in his subhead: "The Fascinating People and Ideas Behind Planning Your Retirement Income." I've read a lot of retirement planning books, and many of them have been similar. Not this one. It distills the thoughts of great mathematicians of history and makes their approaches currently applicable to your retirement planning.
I found the chapter on mortality rates most interesting, since there is so much discussion nowadays of longer lifespans and the impact on Social Security and retirement planning in general. The assumption always is that many of us are headed to 100 and beyond and need to plan accordingly. I think it's wishful thinking. As a table in the book indicates, if you're 55 now, your chances of making it to 85 are 47%, to 90 about 27%, to 95 about 11%, and to 100 about 2%.
From the book: "As Gompertz's law says, your mortality rate is increasing by 9% per year, so whether you are 45 or 65, the changes of becoming a centenarian are quite slim."
I found this oddly reassuring.