Bonacorsi speaks on "Retirement Readiness"
"Financial Fitness" Series
at the Chelmsford Public Library
Thursday, April 9, 2009, at 7 p.m.
Nashua, NH award-winning author and Certified
Financial Planner, Mike Bonacorsi will talk about being prepared for retirement
on Thursday, April 9th. His new book, "Retirement Readiness,"
will be of interest to all Baby Boomers envisioning retirement. His title
just won a 2008 Book Festival Award. In addition, a September 2008 Kirkus
Discoveries Review calls the book, “A praiseworthy primer, Bonacorsi
meshes personal and financial gears to get retirement wheels rolling.”
• Interactive guide for singles or couples
to begin retirement planning
• Easy to follow anecdotes with end of chapter worksheets
“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. 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. ...A praiseworthy primer, Bonacorsi
meshes personal and financial gears to get retirement wheels rolling.”
Author and CERTIFIED FINANCIAL PLANNER ™
professional, Mike Bonacorsi, wrote this interactive title as a precursor
to, and tool for, successful retirement planning. During his nearly 20
years of retirement and investment planning, Bonacorsi has seen clients
who have already made the leap into retirement without any real direction
or thought. This readable guide will help readers to jumpstart the process
of retirement visioning and create focus for the dreams and goals of the
retirement years. Bonacorsi uses a humorous style to bring readers in
touch with this difficult subject and help them make clear progress in
their financial plans.
Reader Praise for Retirement Readiness . . .
"A book . . . for everyone who is contemplating
retirement in the coming years. The earlier the better! He brings the
subject down to basics in a form understandable to all of us baby-boomers
and beyond." -- Hardy Hasenfuss, Certified Retirement Coach
"A must read‚ whether you're retiring
this year or years from now. In his direct, down to earth style, Mike
has written an easy to understand guide that cuts through the maze of
retirement information and puts you in control of your future. Buy it,
read it, work it."
-- Judith Rutty Godfrey, Certified Coach; author, "Never Have Another
About the Author
Mike Bonacorsi is a CERTIFIED FINANCIAL PLANNER™ professional, author
and public speaker. He is a current member of the Financial Planning Association.
He has a unique style, using humor combined with sound financial advice,
which is effective with clients from all walks of life. He lives an active
life, with golf and ballroom dancing as two of his interests, in Nashua,
NH. You can visit Mike's website
Question & Answer with Mike Bonacorsi
Q: You have been in the investment industry for
20 years, and a Certified Financial Planner for the last 5 years. Your
clients have obviously already had the benefit of your wisdom about retirement
readiness. Why write a book?
Mike: Because I still find that people aren’t
taking all the information that’s out there about
retirement and applying it to their own lives. In
general, people seem to base their choices about
retirement on what they’ve seen other people do. So, for example,
take their Social Security benefit at age 62, because it’s available,
to do than to really think about, and plan for, what might be the best
for their retirement.
Q: Your book takes a very holistic approach to
retirement readiness – in fact, your first two chapters are not
about finances as much as they are about approaching retirement physically,
emotionally and mentally healthy.
Mike: I think that you have to have a vision of some sort, and you need
to plan for it, just as you planned for home ownership, or your children’s
education. But I think what happens is that people hit the magic day,
and then they flounder. Two years into retirement, they’re bored
and dissatisfied, and it’s because they didn’t take the time
to prepare for it properly. Money is certainly a big piece of it, but
there’s more to it than that. You also want to think about approaching
your retirement in good health, and mentally sharp, especially if you
want a different retirement than spending it in a recliner with the remote.
And you need to think about what your goals are and how to achieve them.
You don’t want to be the person who had a dream to spend retirement
traveling the world, and then find that you aren’t healthy enough
to travel, and that you didn’t look at your finances realistically
so you can’t afford to travel. That’s not a dream –
that’s not even a windmill.
Q: In your introduction, you call “Retirement
Readiness” an interactive book, and you include work sheets in five
out of your six chapters. What would be the most effective way for your
readers to use this book?
Mike: My book is about planning, not about strategy. It’s meant
to be an eye-opener. The best way to use it is to keep the book, the work
sheets and a small notebook handy, and start writing your thoughts down
about retirement. Writing things down takes a commitment, and once you
start writing, you start to create a plan. I suggest that your partner
or spouse do the same, so that you can see where your plans converge and
where they differ. You can also use it to set-up a realistic retirement
timeline, and use it for budgeting. You may find that you’re blowing
$100/week that you’d rather be saving for retirement. It’s
important to understand your cash flow, and write down where your money’s
coming from, and where it’s going. It can be a hard thing to face,
but if you want to spend your retirement volunteering, for example, you
have to have enough money to support that. Money is a big piece of your
retirement picture, but if you’re prepared, it doesn’t have
to be the only piece.
Mike Bonacorsi's Keys to Retirement
1) Plan your dreams together, and live them together.
No matter whether you spend your life with a spouse, companion or partner,
each of you have been thinking about what life will be like at retirement.
It is important to take the time to plan together, listen to the other
person's thoughts, and create a lifestyle that satisfies both visions.
2) Set priorities for your money.
Remember you will not be receiving a weekly paycheck anymore so it is
important to know where your money will come from, and how much you will
need to live on. Make sure your necessary bills are covered before you
set aside your fun money. Getting behind in payments, or sacrificing a
necessary expense for a little short term fun is not worth it
3) Stay sharp.
Your brain needs to be exercised regularly just like your biceps, to stay
strong. Just because you are no longer working your regular 9-5 job, doesn't
mean you have to stop thinking. Continue to keep your brain active, take
a class, learn a language, do puzzles, join a book club. All these activities,
and there are so many more, will keep your mind sharp and you mentally
4) Stay healthy.
To enjoy your retirement your physical health is as important as your
financial health. If you have taken care of yourself up to now it should
be easy, if not, make sure you understand your limitations. Make an appointment
with your doctor and let him know what you hope to do. Get an evaluation
of your health and work with your doctor to determine the correct diet
and exercise program to keep you going.
5) Prepare for the unexpected, now.
We may like to think we are immortal and nothing will ever happen to us
but we know that isn't true. Should you become incapacitated or pass on,
it is important to have a plan in place to direct your affairs according
to your wishes, in the most efficient manner. Discussing your plans and
creating the documents necessary to carry them out may save time, and
money in the future and assure your wishes are met.
6) Use a team.
There are many things to understand and set in place. You can't expect
to be an expert in all areas but, you can bring in experts; a financial
planner, an attorney, and a CPA can bring their expertise to different