What Color is your Parachute? (For Retirement) by Richard N. Bolles and John E. Nelson

Saving for retirement is often presented as a strictly financial question. In this interesting book, the authors make the point that a happy retirement contains multiple elements, (e.g. where you plan to live; how to have strong friendships; what hobbies / activities will you continue to do once you retire) that should also be taken into account along with financial concerns.

Notwithstanding the strong thesis of the authors, as I am only 36 and nowhere near retirement, I skimmed through the more "holistic" parts of the book and concentrated on the sections that deal with financial advice, in particular the first six chapters. In a very convincing discussion, the book begins by pointing out that the traditional pillars of retirement -- i.e. social security, employer pension plans and personal savings -- are becoming increasingly wobbly. The metaphor that is used is of a formerly solid three-legged stool whose legs are consistently being cut-out from underneath. Though this book is from the United States, this analysis will ring true for many Canadians.

This book offers good advice on how to better prepare for retirement in the future. This includes suggestions on how to become a more efficient saver, to tips on how to avoid many of the marketing tricks that are used in the retirement "industry".

4 out of 5 stars