Poor Richard's Retirement: Retirement for Everyday Americans

Like others who have reviewed this book, as I recall them imperfectly, the book's three main points for me are:First, during retirement, focus on people, because they (we) are the only 'thing' (albeit, people are not things) worthy of our attention while we live. People give meaning to life.Second, you will do well if you always spend less than you earn.Third, the Financial Advisory industry seems to be focused on selling you (us) the idea that you must accumulate the biggest pile of cash (eg. financial resources) that you can before you retire, and then turn that into an income stream when you stop working. Coupled with low interest rates, this has resulted in overvalued stocks giving pitiful 2% yields. The point is that we need to focus not just on the size of the 401k, but at building up passive income (like real estate rentals) or develop interesting side gigs. One day, the growth rate in the value of stocks will slow (because society is aging) and we will be left mostly with the low-yield dividends.The author makes it clear that he has secular worldview. I can respect that, but disagree. God is real. He exists, and He loves us. :)

Aaron Clarey, Poor Richard’s Retirement: Retirement for Everyday AmericansAaron Clarey is a consultant and unaffiliated economist who writes books that are meant to help young men and women make wiser financial choices. His approach is no nonsense, gruff, and often cynical. But despite seeming like a complete jerk, his advice which is free on his blog or youtube channel clearly comes from a big heart (for sensitive users or those who may listen w/children around, he does curse a lot). This is evident when he, for instance, criticizes parents who don't spend a great deal of time with their children (this is a common thread in his books and podcasts and I only listen to them a couple of times a year). I disagree with a great deal of his material, but it's because he's not religious and I'm a Christian. But his grasp of markets, how they work, and what personal steps are necessary for success are second to none.That being said, if you're a millennial, especially one who graduated college between 2007-2010, you've probably wondered how in the heck you could ever retire. Clarey's has what all books of this sort have. It contains a helpful explanation of steps one can take in order to get ready for retirement, but does something a great many similar books don't do. He reframes what it means to live a life of meaning with a personal sense of significance. The book amounts to a sort of secular explanation of Jesus' saying that we should "...take care, and be on your guard against all covetousness, for one's life does not consist in the abundance of his possessions.” I think the argument he makes, though it veers toward Clarey's not infrequent cynicism is worth reading in full because of its rhetorical effect. So I won't explain it. The practical tips he gives are excellent. His solution to the problem of retirement is ultimately satisfying (more on that below). And he does run some of the numbers comparing costs in previous generations of those of ye olde current year in a way that is helpful and potentially guilt inducing.Worthwhile quotes:Understand this and understand this clearly. Most two-income families are: Outsourcing the upbringing of their own children To complete strangers Passing up on seeing their children grow up So BOTH parents can work jobs they don’t like While suffering commutes that keep them from their families AND stressing themselves out in the process. (47)We engage in the rat race, pursuing pointless educations, for taxing careers, life-wasting commutes, just to buy stuff, pointless material things, while abandoning anything and anybody that really matters in life.  It’s the cause of the majority of divorces in the country, the majority of unvisited parents in nursing homes, and is ultimately responsible for all the country’s financial problems.  And to throw the burden of saving for retirement on top of Americans’ inability to just keep it together, only makes an already-miserable situation impossible to bear. (48-49)It is a full - time job to go and seek out new and interesting people who are going to make your life worth living. (134)ConclusionUltimately, Clarey's essay on retirement is an admirable little book in that it accomplishes three things:Instructs you not to retire. Tells you how to retire. Subverts the present day value system.With respect to number three, I'll wax philosophical. One of the reasons that a capitalist style economy can work is if Adam Smith's moral sentiments are assumed. Capitalism helps provide a wide degree of freedom to people who pursue a sort of Aristotelian/Christian/Stoic vision of the good life wherein virtue is paramount, social trust is assumed, and while the particulars of an individual's pursuit of wealth and greatness may vary, they typically revolve around family, invention, adventure, and philanthropy. Such a system of values simply is not broadly assumed in Western Civilization, and so capital itself is perceived as the highest and total good for man. Clarey, an irreligious capitalist, sees this problem as a source of poverty and unhappiness and attempts to solve it by reorienting the value system of his audience. For this the book is worth ten times the price. Buy it for graduating seniors, read it if you're in college, use it to get out of debt. It's a good book.

As I look around to my family and friends, it is painfully obvious that many people have not prepared for their retirement. When people you know remortgage their house at age 55 you know there is something wrong. Aaron Clarey has an in depth financial background, but more importantly, Clarey doesn't let feelings or wishful thinking sway his math. Clarey is a straight shooter, and this book is written for those with high expectations and few funds. The book also delves into minimalism as an alternative people can choose who either did not prepare well enough, or wish to oppt out of the rat race to nowhere. But this book cannot help those at retirement age who did not prepare at all. This book was a real eye opener to the reality of finances, and if you're lucky you've read it at least 10 years before retirement.~~~~~~~~~~Update 9/22/2019After receiving Poor Richards Retirement on 2/13/2019, and reading within a few days, decided to impose some radical changes to my finances as an experiment. #1 above all else being to stop spending money. 3 years previously had changed my living expenses from owning a condo with expensive fees to renting a couple of rooms. Add this change of mindset to not spend unless I declared it a necessity... the reults are simply amazing. I'm not throwing out any numbers, but as of this date I have saved more money than in any year previously times 4. Give u your excuses and make the neessary changes before it's too late.

I read books on retirement while still working in the class room, which I have done, raising two children as a single mother on a meager income. The books I read - well, made me depressed...I can't do that. Now during Covid I see, " only some of you will die" the hell with pre-exsisting conditions all teachers and para educators need to be in the classroom, so far in our district of 18 schools, 16 have gotten infections...so yes, I retired, like it or not, I don't want to die or go bankrupt in the medical system we have now. I got my hands on this book and for the first time realized, yes I am going to be ok...it made me laugh and I finally felt the tightness of fear, lifted. Thank you for giving me hope...and letting me know, that all will be ok. I jusr have to remember what is important in my life and in having a life...A very good and profound read! If you are retiring or have retired read this!

A great book. If you've read Clarey before there won't be much new in here for you, and Clarey warns his constant readers of this, if you haven't read his earlier works this is well worth it. It's very short but extremely useful and is an excellent return of investment both in £ terms and time. Clarey's approach is as much philosophical as it is practical and if you can incorporate it into your life you'll have a lot of worry and anxiety lifted from you.For me there was nothing new, but it was a good, easily digested kick up the arse.

Very simple advice that could change your financial life.

Give it to someone younger and starting out, or older, whatever the age it's for seriously planning retirement. Common sense and this works. Not what you read on all the big sites and stuff.

Entertaining and quick read. Lay's out a solid plan on retiring but you have to change your mindset and re-evaluate your priorities in life. Do you need that McMansion and BMW 7 series. I am so glad I am single and have complete control over my finances. If you have a nagging wife the plan laid out in this book is unlikely to work. Women don't "downgrade" their lifestyle.

It teaches you how to stop spending money on useless crap, save space in your house and make you realise you don't need as much to just come by and enjoy life. A very good read and almost mandatory for every guy and girl of my generation.