Retirement Catch Up
REVIEWS OF
BANKROLL YOUR FUTURE RETIREMENT WITH HELP FROM UNCLE SAM
'Future' Maps Secure Retirement
By Kerry Hannon, USA TODAY
(Review of original hardcover book)
"Bankroll Your Future" by Ellen Hoffman isn't a fancy book, nor a
particularly sexy one. But it is essential. The bottom-line message: Get the
most from the government for your retirement years. Who can argue with that?
It delivers the goods without a lot of fuss.
Bankroll Your Future is a toolbox filled with practical checklists, questions to ask and resources, from Web sites to toll-free numbers. Hoffman has a solid background: She has been involved in writing about and formulating government policy for more than 30 years and has been a reporter for The Washington Post, among other publications.
She has her material down cold.For a relatively complex and ever-changing world of retirement, pensions and health care that every American will confront at some point, that says something.
This is not your typical primer. Bankroll Your Future delves into the importance of understanding the intricacies of the tax code, for instance. Almost every chapter has a special section called "The Tax Factor" relating to issues such as working part time after retirement. The subjects include pension plans, Social Security benefits, long-term care insurance, Medicare, consumer protection for retirees and housing alternatives.
Here is a sample of her specific advice. In the chapter "Taking Control of Your Social Security Benefits," she advises: Talk with a Social Security representative either by calling the toll-free number (1-800-772-1213) or by visiting your local office six months to a year before you intend to retire. The representative can help you calculate the impact of various retirement dates on the size of your benefits.
And her advice on examining early retirement offers: The law requires that you sign a waiver of claims against your employer in return for early retirement benefits. At the minimum, the waiver must: Be in the form of an agreement between you and your employer. Be written in a way that you can understand. Advise you of the right to consult a lawyer before you sign. In return for the waiver of your rights, your employer must offer some additional benefit beyond what you are already entitled to. Examples might be a one-time, $1,000 retirement bonus or an extension of your health insurance for a year beyond the legal requirement. You also must be given at least 21 days to consider an early retirement package before making a decision. If the package is being offered to a group of employees, each person affected must have at least 45 days to consider it. Once you've signed the agreement, you have seven days to revoke it, counsels Hoffman.
There are pullout boxes for women who face a tougher battle living comfortably in retirement than men do. In general, women have fewer Social Security benefits and are more likely not to have a private pension plan from an employer. They earn less than their male counterparts, still 74 cents to a man's dollar. As a result, they tend to save less. And, typically, a woman lives seven years longer than a man. Bankroll can be repetitive, but for a topic that can make most of us glaze over, Hoffman does a great job of keeping things lively. Her mission is to help you figure out your smartest money moves before (and after) you retire. "Every decision you make in your working life is a decision about retirement," says Olena Berg, formerly with the Department of Labor. She's right. Hoffman knows that.
What Others are Saying
"Bankroll Your Future Retirement should be required reading for every American expecting to get old. For today's young adults in particular -- who will bear the brunt of the Baby Boomer age wave and would do well to prepare themselves now -- everything they need to know is in Ellen Hoffman's terrific and lucid book."
-- Richard Thau Executive Director,Third Millennium
Co-author, Get It Together by 30
"Bankroll Your Future Retirement is filled with lists and important telephone numbers and addresses, for both government and private programs for those planning for retirement. The book is really a toolbox for those near retirement and those far from retirement, but eager to plan ahead. Ellen Hoffman has taken even complex problems, such as pension plan payouts, and made them understandable for the nonexpert."
-- Martha Priddy Patterson, author
The Working Woman's Guide to
Retirement Planning
It's never too soon to start planning for retirement, even if you're a young person, but for those of any age, Ellen Hoffman has written Bankroll Your Future: How to Get the Most from the Government for Your Retirement Years ($24.95, Newmarket Press, ISBN 1-55704-355-8). The author addresses topics such as how to maximize your Social Security retirement benefits, knowing your Medicare rights, keeping a sharp eye on your pension, and lots of other very good advice that will pay off in the long run. I would strongly recommend this book and wish it had been around for me.
-- Alan Caruba, Bookviews, on the Web
"Bankroll Your Future" is the primer for what you need to know about Social Security, Medicare, Medicaid, Pension Plans and tax aspects of retirement planning. The resource listings alone are worth the price of the book. Hoffman's knowledge of the field provides phone numbers and addresses which I did not find in weeks of research. The examples are easy to follow and cover a wide range of situations. Everyone in the US who plans to retire should read this book (This text refers to the Hardcover edition.)
-- The Guide to Get More & Keep More for Your Retirement, January 19, 2000 Reviewer: a recently retired Fortune 50 executive from Loudoun County, VA Posted on Amazon.com