HOW TO RETIRE THE CHEAPSKATE WAY

Retirement may be a long way off for many, but according to Yeager (The Ultimate Cheapskate's Road Map to True Riches, 2007, etc.), there is never a better time to start thinking and preparing for that moment than the present.

Full of practical advice and numerous stories of "cheapskates" who have retired early, this book prompts readers to reexamine how they spend their money. Believing that it's not how much money you make, but how you spend what you do have that makes the difference between an early retirement, free of debt, or a later one, full of money woes, the author gives simple and sound advice on how to live frugally. Covering topics such as health insurance, Medicaid and investing, Yeager hammers home the need to spend less and save more, whether by packing a bag lunch or forgoing that new car. On Social Security, he writes that readers should “NEVER PLAN to retire on your Social Security benefit alone—it's only designed to replace 30-40 percent of most people's preretirement income." Checklists help determine what makes a person happy, whether items can be sold or donated to charity, and what health risks older people encounter and how to prevent them. For those who want to continue to work past retirement, Yeager offers a long inventory of self-employment ideas. The ultimate goal is to determine what a person "really, really wants" out of life and then work toward that goal without faltering. Much of this information is not new, but by gathering it in one place, the author makes it much easier to step down from work debt-free.

Useful information on frugality and retirement.