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The New Retirement [Hardcover]

Sherry Cooper
3.8 out of 5 stars  See all reviews (13 customer reviews)

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Book Description

Dec 28 2007

In The New Retirement, global economic strategist Sherry Cooper explains that the boomer generation will be reaching traditional retirement age very soon and the enormous wave of boomer retirees will crest in 2025. This phenomenon will profoundly affect the labour markets, the economy, and financial markets for decades. But will boomers retire they way their parents did? Will they work longer and transition gradually into semi-retirement?

Cooper tells us that boomers will redefine retirement with great energy and creativity, working well beyond age 65 and mostly by choice. With the dramatic rise in their longevity, healthy goal-driven boomers will seek purposeful leisure—focusing on regeneration, rejuvenation, and low-stress contributions to society and their own personal wealth.

Follow Cooper through her own journey to discover the route to financial security in this engaging and insightful read. Learn how the new retirement is about living well while achieving both monetary security and your personal goals.

The New Retirement is an indispensable roadmap to the best years of your life.


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Review

As expected, the estimable economist Sherry Cooper provides sage financial advice to baby boomers contemplating their retirement. But surprise: she also draws from the latest literature in psychology and gerontology to offer wise counsel on how boomers can live the second half of their adult lives productively and in good health. Turns out we don't have to be millionaires for the best years of our lives to be the ones ahead of us. -- Michael Adams, bestselling author and president of the Environics group of research and communications consulting Michael Adams, bestselling author and president of the Environics group of research and communications consulting companies

As one would expect, Sherry's latest book is crisp, clear, focused, and laser-like in its ability to answer the questions that all of us had better start asking. The New Retirement offers just the kind of analysis and insight that both informs us and jolts us into taking action. -- Pamela Wallin

Sherry Cooper is a dynamo--bright, savvy--and literally redefines the way we view retirement and what lies ahead for us in this groundbreaking book. -- Don Tapscott, bestselling author of Wikinomics

With her usual combination of trenchant analysis and creative insight, Sherry Cooper draws a portrait that will redefine retirement and, indeed, society as we have come to know it. -- Allan Gregg, Chair, Harris/Decima Research

About the Author

Sherry Cooper is Global Economic Strategist and Executive Vice-President of BMO Financial Group and Chief Economist, BMO Capital Markets.

Cooper has an M.A. and Ph.D. in economics from the University of Pittsburgh, where she was awarded a Mellon Fellowship. After five years as an economist at the Federal Reserve Board in Washington, D.C., she joined the Federal National Mortgage Association (Fannie Mae) as Director of Financial Economics. Since 1983, she has been chief economist of BMO Nesbitt Burns. Cooper, a former member of the Barron's Economic Roundtable, is a frequent guest on CNBC, CNN, CBC, and CTV, and is widely quoted in leading business and investment publications such as the National Post, The Globe and Mail, Maclean's, Canadian Business, The Wall Street Journal, The New York Times, Business Week, and Investors Business Daily. She is the author of the national bestsellers The Cooper Files and Ride the Wave.


Customer Reviews

Most helpful customer reviews
3 of 3 people found the following review helpful
5.0 out of 5 stars New, fresh approach to an overworked topic Feb. 19 2008
Format:Hardcover|Verified Purchase
I've read several books on retirement planning and they all take one page worth of information and stretch it into a full length book. This book is different in that the information is accessible, concise and easy to find. The first half of the book reviews current demographics of the G8 countries and the economic implications, which made for fascinating but not essential reading. The remainder of the book gets down to the nitty-gritty of how much money you need and when you can safely retire. The "20-25 rule" is a great formula and something you can actually hang your hat on. If you are looking for answers to "how much?" and "when?" this is the only book you need.
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1 of 1 people found the following review helpful
4.0 out of 5 stars Some Sage Advice With a Couple of Caveats June 15 2008
By Ian Gordon Malcomson HALL OF FAME TOP 50 REVIEWER
Format:Hardcover
For the most part, Sherry Cooper, investment vice-president for BMO, offers some helpful tips on how this wave of retiring baby boomers can preparing for the next thirty years of their lives. In her demographic analysis, Cooper repeatedly points to the late boomers (those born between 1955 and 1964) having not faired as well as their earlier counterparts, the early boomers. A freezing of some private pensions, divorce settlements, and economic downturns in the 80s and beyond have all contributed to a declining disposable income within this later group. Cooper then proceeds to lay out a number of strategies that will help a late baby boomerplan for retirement within the next decade. The book is full of formulas and figures that would have retiring Canadians looking at saving as much as 22X normal pre-tax income during their working life in order to retire at a similar standard of living. Well, we all know what a fanciful notion that is: Canadians, just like their American cousins, are not savers, and over a third can't even save 5X. That is why more and more Canadians are opting to stay in the workforce beyond their minimum retirement. It's when Cooper says that new retirees should look at getting as much as 5% on their investment portfolio during their retirement years to keep their savings intact that I smell a rat. The only place where you can get that kind of return right now is in the stock market and that is precisely where Cooper would like to see baby boomers put a hefty portion of their nest egg. That is a bit of departure from the conventional advice that would have my generation park their money in safe and security GICs and annuities. According to her, these two instruments won't cut it because they can't keep up with the rate of inflation. Your money will run out before twenty years. Read more ›
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1 of 1 people found the following review helpful
5.0 out of 5 stars Excellent Read Jan. 30 2008
Format:Hardcover
Finally a book that is very easy to read and understand and not just for boomers, but for everyone, including young adults. As Dr. Cooper said, "Healthy older brains are better at dealing with complex situations that you have dealt with for many years, having the benefit of so much experience. Emotions can be more easily controlled, and the opportunity to feel joy and have peace of mind is greater than at any other time in our lives." This book is very positive and will change the way you think about retirement and to enjoy the last chapters of your life. It is a definite must read for everyone.
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5.0 out of 5 stars New Retirement Jan. 30 2008
Format:Hardcover
The New Retirement was an eye opener. It's the first book I've read that actually acknowledges our new world and its financial and demographic realities. It should be required reading in every college and university to avoid the "head in the sand" mentality. I am giving it to every young person I know.
I also enjoyed the scientific insights about the two approaches to withdrawing funds from your retirement nest egg. I had always suspected that there was a bit of a "crapgame" around investments and timing the market, etc. but the Monte Carlo approach really confirmed my suspicions. I can hardly wait to talk to my broker!
What really surprised me about the book was the last few chapters. Even such a top achiever as Dr. Cooper has obviously gone thru the ringer herself and what's more, can share. Her book is a must read for anyone concerned not only for their own future, but for the rest of us as well.
A Grateful Woman Reader!
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1 of 1 people found the following review helpful
5.0 out of 5 stars A very good how-to-retire-right book Jan. 21 2008
Format:Hardcover
A well written and researched book. Loads of advice on how to retire in fit shape financially, emotionally and physically. Excellent section on why you shouldn't try to time the stock market (hint: you are likely to miss out on the biggest short-term rallies that lead to solid long-term returns).
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5.0 out of 5 stars Happy Long Life Jan. 20 2008
Format:Hardcover
This book explains how boomers will revolutionize those final 30 years of life--a time when boomer parents kicked back and left the labour force. Truth is, most boomers will remain active and purposeful for their many years yet to go. This book is energizing and optimistic. Well written and an easy read, it would appeal to anyone who wants to maximize their chances of a long and happy life, as well as to those who want to market to this, the largest generation in Canadian history.
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5.0 out of 5 stars Must-Read! Jan. 20 2008
Format:Hardcover
This book was fantastic -- easy to read, very positive, and incredibly informative. It changed the way I view retirement, both my own and that of my parents. It makes the case that boomers will revolutionize what we now know of as "retirement," as they have with every other institution they've touched. Cooper is an excellent writer and a visionary thinker. This book is a must-read for anyone interested in how our world will look over the next 50 years.
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