I finally finished the book, although it took a couple of tries. Our state library only has one copy but some other patron kept requesting it before I could renew it... was that you, Clif? OK, OK, I know it's due today but I'll turn it in tomorrow before they open. And this time I really mean it.
I particularly enjoyed Bengen's article on sustainable withdrawals
. He starts at 4.15% and then messes with all the different parameters-- longer than 30 years, other asset classes like small-cap stocks & Treasuries, varying equity allocations during ER, and alternative withdrawal plans. Very nice.
There's hardly a chapter in here that I didn't enjoy, and it's an easy book to skim if the text is too boring or the math is too hard.
I think Deena Katz' first chapter on Boomers describes it best:
New Realities: Retirement is bad for you
As Boomers rapidly approach the traditional age for retirement, we realize that after years of uncontrolled consumption and extravagant lifestyles, coupled with new demands of family circumstances, we simply have not saved enough. So in inimitable Boomer style, we find an alternative: we won't retire. But we're not likely to admit that the decision to reject traditional retirement is forced on us by a lack of resources. Boomers have never seen themselves as limited by a lack of resources. No. Boomers will undoubtedly retire "conventional retirement" by redefining it.
Boomers with creativity and opportunity will reframe the meaning of retirement and eventually assign negative connotations to the word, as if it meant dropping out and becoming physically and intellectually idle. We'll describe those who attempt full retirement as "slackers". Instead of retirement being a threat because we failed to save adequately, it will be a hazard because, like smoking, it's bad for us.
Lots of that "research" and "journalism" going around these days...