RETIREMENT READINESS

Financial planner Bonacorsi squares expectations with resources to help readers shape a sensible retirement plan.

The author tenders an interactive course in individualized retirement planning by presenting concerns that must be addressed, then giving readers worksheets to fill in with honest answers. He cautions that this will not result in a detailed plan. Instead it is intended to be a critical step toward retirement understanding. In a voice that is comfortable, encouraging and direct, Bonacorsi approaches retirement the way a coach would approach a coming contest–this is what is going to be thrown at you and these are the tools you need to respond. There is much to be considered and only by taking in the factors in manageable doses will readers be able to design a plan that reflects reality. Certainly, putting dreams out on the table is a good place to start. Then comes the nit and grit of financial considerations–somehow those goals will have to be underwritten. Even before then, “first you need to see how your income and savings stack up against your bills.” This is bedrock stuff, and Bonacorsi makes it as black and white as possible, while fielding little nuances like inflation and tax rates. The worksheets alert readers to financial surprises and help locate bumps, mostly healthcare, in the road ahead. Particularly valuable is the author’s overview of Medicare, which will make a few eyes bulge. Thought it was free, did you, after paying for it all those years? “Estimates are that a retiree will need $250,000 and up to pay Medicare premiums, deductibles, copayments, and uncovered drug costs.” Don’t despair, there are alternatives. Bonacorsi closes this slim, digestible–if modestly rattling, though it’s better to know where you stand–volume with some preliminary guidance on how to go about planning your estate.

A praiseworthy primer, Bonacorsi meshes personal and financial gears to get retirement wheels rolling.