How to Retire by Christine Benz

HOW TO RETIRE by Christine Benz offers “20 lessons for a happy, successful, and wealthy retirement.” The text is overflowing with ideas and suggestions compiled by Benz who is the director of personal finance and retirement planning for Morningstar. For each “lesson” topic (e.g. Lifestyle, Social Security, Spending Plan), she interviews an expert and then summarizes the discussion with her key takeaways and a list of related resources. The topics are varied and reflect the complexity of the retirement transition; experts do not always agree and there is a lot of “it depends,” but that makes sense give the range of personal situations. Other lessons focus on topics like Housing, Adaptability, Healthcare, Taxes, issues for Women, and creating an Estate Plan. And, Benz has developed a companion podcast hosted on the Morningstar site which certainly merits attention. There are so many books on this subject, of course, but Benz’ compilation has consistently been in the top ten of Amazon’s list of Best Sellers in Retirement Planning and was chosen as the first selection for the newly revived Color of Money Book Club coordinated by the Washington Post’s Michelle Singletary. Readers may also enjoy the monthly (or so) perspective on being retired written by Stephen and Karen Kreider Yoder. HOW TO RETIRE is an extremely useful resource both for those planning retirement and those just beginning that adventure. I took copious notes … and agree with the Foreword where Jonathan Clements writes, “There are no wrong choices here, except choosing not to choose and instead drifting through retirement, with scant thought to how you'll make the most of your time and how you'll ensure that you’re financially okay up until the end. … First, read the pages ahead with pen in hand … Second, view retirement not as a done deal, but as a long period of trial and error. … you're going to be making it up as you go -- and that's a big part of the fun.”

New books: Social Security, Medicare, and Retirement

SOCIAL SECURITY 101 by Michele Cagan and Alfred Mill is the second edition of this self-proclaimed “Essential Primer on Government Retirement Aid.” Cagan is a CPA who writes often about finance investing and accounting and Mill has crafted several texts on finance and economics in this 101 series. They begin with some historical background and basics (e.g., getting a social security card; defining full retirement age). The next section looks at benefits – for individuals, children with disabilities, spouses and so forth. Later, timing of benefits is discussed as well as related issues about Medicare and retirement planning. Cagan and Mill offer numerous examples with specific amounts to help illustrate their points. This relatively short (240 pages) text provides an accessible overview and may serve as helpful prep before heading off to the Social Security office to review your own circumstances, an action highly recommended by the accountants, lawyers, and other advisors with whom I have consulted on this subject. Good luck getting an appointment, though; at latest check the wait was over 6 weeks.

GET WHAT'S YOURS FOR MEDICARE by Philip Moeller is subtitled “Maximize Your Coverage, Minimize Your Costs.” And although this is a revised and updated edition, it would still be difficult to cover this complex topic adequately in an up-to-date manner in a book. Better to consider this text as a very useful guide and to then turn to advisors who work regularly in this area. Granted, those individuals will tend to push people towards Advantage plans, but they can more thoroughly investigate individual situations and changing offerings. Also, get an idea yourself by using some of the online tools (e.g., comparing plans) available through Medicare.gov. Still, “boots on the ground” are quite helpful, be it friends and peers conducting their own investigations or nursing homes helping to publicize innovative, helpful plans for their residents. Moeller is a recognized authority in this area and has collaborated in the past with PBS NewsHour economics correspondent Paul Solman. 

Moeller recently was interviewed on Morningstar's Long View, a podcast co-hosed by Christine Benz who in turn has written a recent book titled How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement. She has a companion How to Retire podcast on morningstar.

The Age-Proof Brain by Marc Milstein

THE AGE-PROOF BRAIN by Marc Milstein offers “New Strategies to Improve Memory, Protect Immunity, and Fight Off Dementia.” Milstein, educated at UCLA, is a knowledgeable presenter, including press and television interviews, regarding brain health. His new text is easy to follow and offers numerous suggestions, particularly that “learning new information or a new skill keeps your brain young.” The book has three primary parts: the first several chapters explain how the brain and memory works as well as connections to the gut and heart; the second part reviews issues (memory loss, insulin resistance, inflammation, and mental health) associated with the brain and aging; the third part is filled with steps to take related to sleep, stress, exercise, community, nutrition, environment, and cross-training (developing different skills). Whether or not all of his information is truly “new” to you, Milstein’s appendix even includes a seven day plan with very specific examples which should be useful to everyone seeking to develop or reinforce healthy habits. For a related text and additional resources, see Dotson’s Keep your Wits About You.

The Wall Street Journal also recently recommended the best 2022 books (and podcasts) about aging and retirement, some of whom we had profiled: Fellowship Point and Independence Day.

Added note: And, The New York Times just published "3 Steps to Age Exuberantly:" be grateful (even for some "pain" where you can find joy); surround yourself with young people; and be curious (say "yes" whenever possible). These ideas are from a new book by Margareta Magnusson who also wrote the bestseller titled The Gentle Art of Swedish Death Cleaning.

Independence Day by Steve Michael Lopez

INDEPENDENCE DAY by Steve Michael Lopez is a relatively quick read in which he reviews “What I Learned about Retirement from Some Who’ve Done It and Some Who Never Will.” Lopez is an award-winning Los Angeles Times columnist and his aptitude for writing in an engaging matter is readily apparent. Each chapter contain small vignettes (almost dying after knee replacement surgery, surfboarding near Waikiki). These are intertwined with tales of meeting an assortment of others who offer perspective on possibly retiring. For example, he speaks with a Jesuit priest who argues, “You have to do what replenishes you.” Lopez also meets a “genius winemaker” who prompts him to look into the impact of climate change on California’s vineyards. Later, he comments on the research from psychologist Nancy Schlossberg; she told him that retirees “want to matter” and need “to embrace ambiguity.” Lopez’s writing feels like a stream of consciousness at times or even a good friend sitting down to share a story. The closest comparison I can think of is Mary Roach (Stiff, Grunt, Fuzz and more) or maybe Bill Bryson (A Walk in the Woods, The Road to Little Dribbling) on one of his entertaining rambles. Lopez expertly captures and conveys the bittersweet feelings engendered by retirement, commenting for instance, on becoming less apt to take experiences for granted and reflecting on the privilege of his life’s work: “me, wandering around, finding what looks interesting, assembling a story, and moving on to the next.” INDEPENDENCE DAY would make an excellent choice for a Senior book club although its insightful and amusing accounts could be enjoyed by all adults. 

Keep Your Wits about You; From Strength to Strength

KEEP YOUR WITS ABOUT YOU by Vonetta M. Dotson is a primer focused on “The Science of Brain Maintenance as You Age.” Dotson, an Associate Professor affiliated with the University of Florida, begins by describing a healthy brain and moves on to suggests for activities (physical, mental, and social) to maintain that health. She also stresses the importance of nutrition (especially Mediterranean, DASH, and MIND diets) and sleep and says, “people who practice those behaviors tend to have not only sharper minds but also better moods, and they are less likely to develop cognitive impairment.” Each chapter concludes with a summary of key points, resources and suggested readings, and selected references. While Dotson says that everyone can benefit from reading this book, she includes charts – like ones that describe numerous ideas for moderate and vigorous physical activity – that will be especially beneficial for those age 50 and older.  Throughout, she encourages readers to brainstorm options for future (e.g., new hobbies or resuming old ones) and to note potential barriers and resources. She suggests investigating AARP Learning Academy, FutureLearn, and Coursera. And, Dotson keeps it simple – advocating even ten minutes of exercise or investigating a novel activity to stimulate the brain. Listing six key pillars (Get Moving! Engage your Brain! Get Connected! Nourish your Brain! Sleep Well! And Be Well!), much of her information comes from The Global Council on Brain Health which parallels information available through AARP’s Staying Sharp portal. 

FROM STRENGTH TO STRENGTH by Arthur C. Brooks should be of interest to anyone forty years of age and older. Brooks, a prolific writer and professor at Harvard, writes about “Finding Success, Happiness, and Deep Purpose in the Second Half of Life.” He deftly employs a conversational tone, personal examples, and memorable phrases (e.g., the strivers’ curse) to share insights about how our brains and capabilities change as we age. Noting that aging achievers often fall into a “vicious cycle: … hooked on successes that are increasingly of the past and isolated from others,” Brooks explains the differences between fluid intelligence (ability to solve abstract problems) that is strongest early in adulthood and crystallized intelligence (application of accrued knowledge) that increases as we age and contrasts the life work and satisfaction of Darwin and Bach. He also references Robert Waldinger’s TedTalk, “What makes a Good Life? Lessons from the Longest Study on Happiness:”

Brooks lists factors we can influence - not smoking or drinking, body weight, exercise, adaptive coping style and education, and especially the impact of loneliness and the importance of healthy relationships with family and friends. He offers a call to action even though “sometimes, we must fight our natural instincts if we want to be happy.” Highly recommended.