You're Fifty-Now What?: Investing for the Second Half of Your Life

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9780609605622: You're Fifty-Now What?: Investing for the Second Half of Your Life

Think of sports: a football game, a round of golf, a tennis match. Or think of a play, or an opera. Now think of the halfway mark in that event -- the halftime, the intermission -- when everyone takes a breather and wonders the same thing: What's going to happen in the second half?

We have a similar point in our lives, often around our fiftieth birthday, when we begin to wonder about our second half. If you're at or approaching that age, you probably think about how much money you're going to need so you can have the kind of life you want. Charles Schwab, bestselling author of Charles Schwab's Guide to Financial Independence, offers you advice and support for getting there.

For more than twenty-five years, Charles Schwab has been passionate about demystifying investing. In a user-friendly style, You're Fifty --Now What? offers a mix of clear and workable advice about how to accumulate and grow your money. Through simple worksheets, understandable language, and a healthy dose of encouragement, you learn how to take control of your financial life. You'll find answers to your questions, including help with estate planning and charitable giving.

His message emphasizes that the goal is not just financial security, but also the peace of mind that comes from knowing you're prepared. He takes you step-by-step through a process that will enable you to see where you are financially today and where you want to get so that the second half of your life can be as fulfilling as you hope.

One hundred percent of the author's profits from this book will be donated to a charity that benefits seniors through The Charles Schwab Corporation Foundation.

Dear Reader,
We have a point in our lives when we find ourselves wondering about the second half. The age differs from person to person. For some it comes in their late forties, for others it's in their early fifties. When we reach that age, we feel different. We may sense a change coming and we want to pause and to think about what we've accomplished and what we still hope to do.
So what does this have to do with investing?

A lot. A sound investing strategy is what gives you the means and the courage to do what you want. The issues may seem daunting. But it can be done. It has to be done, because while getting older isn't a bad thing, being unprepared for it is. And by not understanding the financial part of your future, you sabotage yourself and you limit your choices.

Start today, maybe even right now. Take control of the second half of your life. Dream about it, wonder about it, think boldly about what you want. And take the first step, which is usually the hardest. Once you get started, the satisfaction you feel will keep you going. But don't delay in your preparations. The best is yet to come.

Charles R. Schwab
from the prologue

"synopsis" may belong to another edition of this title.

Review:

As boomers reach midlife faster than a new Beatles CD can climb the charts, many are wondering if they'll have sufficient resources to comfortably make it through their golden years. Investment guru Charles Schwab's You're Fifty--Now What? addresses these concerns with a step-by-step road map to help the middle-aged assess where they're at, determine where they want to go, and pick the proper mix of investments to get there. "While getting older isn't a bad thing," Schwab writes, "being unprepared for it is. And by not understanding the financial part of your future, you sabotage yourself and limit your choices." Not surprisingly--given the author's background as founder of the discount brokerage that bears his name--the book contends that you have to remain an active investor for the rest of your life in order to make it financially over the long haul. To do so, it advocates using as aggressive an approach as you can comfortably handle, centered on a combination of broad-based index funds and actively managed mutual funds or individual stocks.

With plenty of easy-to-use worksheets, Schwab helps you take stock of everything you've accumulated, determine how much it costs you to live now, and estimate what it will take to maintain that lifestyle into the future. The latter is determined by calculating everything from projected housing and tax obligations to food and entertainment expenses, while life-expectancy tables, inflation adjustment factors, and investment return rates allow you to see where you stand versus where you need to be. Schwab then addresses reaching these goals through a proper investment mix. (Sidebars explaining the basics guide even novices through these critical steps.) Additional chapters detail ways to develop a regular long-term cash flow, and suggest how to monitor its progress while making adjustments when necessary. There is also information on financial advisors, insurance, estate plans, and charitable giving, adding up to a wealth of specifics presented in a manner that virtually everyone should be able to understand and follow. --Howard Rothman

From the Inside Flap:

5 CDs/ 6 hours
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Every eight seconds someone in this country turns 50, an age at which even baby-boomers can no longer put off becoming fiscally responsible and planning for the future. For everyone who finds that thought daunting (and that's an awful lot of us), Charles R. Schwab, America's most trsuted figure in financial services, is here to outline the simple steps we should take to evaluate what we have, determine what we'll need, and put our money to work to make our future one of reward instead of worry.

In the same upbeat, user-friendly style that made Charles Schwab's Guide to Financial Independence a bestseller, You're Fifty--Now What? offers a mix of clear and workabel advice, simple worksheets, and a healthy dose of encouragement. In addition to learning how to accumulate and grow their money, listeners will even find help with estate planning and charitable giving.

His message is that the goal is not just financial security, but financial peace of mind. The way to get there is not by being a spectator, but a participant. It doesn't take special talent or advanced degrees; it just takes attention and a little time. With baby-boomers living longer and spending more time in retirement, the need is clear. Charles Schwab's You're Fifty--Now What? is the perfect place to get started.

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