There are no easy solutions to long-term retirement security, but it’s clear that one solution is earning an income past the traditional retirement age, writes economics journalis Chris Farrell in the Minneapolis Star-Tribune. Farrell is the economics editor for public radio’s Marketplace Money, author of The New Frugality (Bloomsbury Press, 2009), a book on the new retirement that I admire. His recent article on redefining retirement also touched on The Hard Times Guide:
A new book by syndicated columnist Mark Miller is spot-on when it comes to thinking through the new retirement. In “The Hard Times Guide to Retirement Security: Practical Strategies for Money, Work and Living,” Miller thoughtfully guides the reader through all the key questions and issues for creating long-term financial security. “The Great Recession has sent a wake-up call to older Americans,” he writes.
Let’s hope so. That said, the book isn’t alarmist or despairing. Instead, it’s practical, with a “let’s-roll-up-the-sleeves” attitude. An aspect of the book I prized is his emphasis on the fact that the finances of retirement for a household are not the same thing as investing for retirement. There are many other important money components to consider, from Social Security to lifelong learning. About a third of the book deals with advice on just what it might mean to work in retirement. “It might sound like a contradiction in terms, but remember that we’re looking for ways to achieve financial security over a retirement that could last 20 years or more,” he writes. “Working for even a few additional years can pay a surprisingly large bonus.”
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