Work Less, Live More: The New Way to Retire Early

by Robert Clyatt, Bob Clyatt

Many people long for an alternative to the daily grind, and this book shows them how to achieve it, step by step.Most people are overextended, and over-stressed¡Xand feel that the thrill is gone from their worklives. Even those who are not mired in debt or struggling to save for retirement feel they have no choice but to keep slogging away until age 65. Work Less, Live More teaches how to make early semi-retirement work, built „X sensible spending „X a rational investing method based on Nobel Prize winning research „X a safe lifelong withdrawal rate system, and „X psychological adjustments needed to live a life outside the dominant culture of consumption and overwork.The author, who gained financial independence at age 42 and has been living as an early semi-retiree ever since, gives reader the tools to make it early semi-retirement work, step by step and in plain English.This book is for people who want to plan ahead for a more fulfilling life, those ready to make a change now, and those interested in managing their retirements more successfully ¡V all will find valuable advice based on the experience of hundreds who have made the leap.

Genres: Finance, Personal Finance, Self Help, Business

321 pages, Paperback

First published October 1, 2005

Reviews

[Χρήστος · Rating 2 out of 5]

I especially liked the last chapter

[Zhenia Vasiliev · Rating 3 out of 5]

Despite a puzzling title, goes into some rather dense discussions of personal finance matters which is good for freelancers & contains some reasonable advice on frugal living

[Todd N · Rating 4 out of 5]

I've been reading books on investing and economics for 18 months. And I've been fortunate enough to do this while enduring my second recession caused by a President Bush. This has allowed me to freely move my investments around without having to worry about the effects of taxes. (In fact, I have a nice big chunk of losses to apply against any future gains. Thanks, W!)

Also occurring over the past 18 months, the company I work for has gotten itself stuck in a perpetual reorg do loop like a demented and scary combination of Tom Peters and HAL from 2001. And though I work for Cosmodemonic Telegraph Company of my day, I don't have the energy or the panache to Henry Miller my way out of there. Besides my wife would kill me if I went off to Paris with someone named June.

As a result, this book ties a lot of my recent thought threads together and offers a middle way between the indignity of eating pigeons in some Paris park (or was that Hemmingway?) and the indignity of hoping you survive the next reorg even if it means getting demoted from Director to a mere Head Of. That middle way is called "early retirement" or "semi retirement."

This book is published by Nolo Press of Berkeley, so be prepared for some hippy-dippie sections. To be honest, I even found these parts sort of interesting because they forced me to consider the psychological aspects of suddenly having a lot of free time and abandoning the identity that full-time work provides. Mr. Clyatt makes a good case that if you don't have your head together, you'll find your self heading right back in to full time work because in a lot of ways it's the easier life to live.

The part on finances is your basic asset allocation through indexing strategy, that I now firmly believe in. The book hammers home the 4% safe withdrawal rate, but actually goes to the trouble of explaining several different ways that this rate is derived. One problem I have with this part is that one portfolio is presented with a "ta da!" as the ideal portfolio for an early retiree. I find this vaguely irresponsible for two reasons: (1) the right portfolio is a highly individual thing that depends on the investor's goals and risk tolerance, and (2) whether or not the portfolio is high-return/low-risk as it is presented is completely unknowable regardless of its past performance.

There are very useful chapters on how to self-insure and how to think about taxes while living off of investments and part-time work. I'm going to reread these chapters and follow up on some of the related resources listed at the end of the book.

Highly recommended, if only to get a clearer picture of the "walk away point" for your current job.

Sudden random thought: It's sort of the anti-4 Hour Work Week, though it may lead you to a similar conclusion.

[Shawn · Rating 4 out of 5]

I didn't read this book cover to cover since it was written in 2005 and I didn't read it until 2013. I've read a lot of books, blogs and newsletters and most of the book wasn't new to me but i would recommend it to someone who was new to the idea.

The concepts in the book are good and basic. Spend less, save more and invest wisely so you can retire or go into semi retirement early.

The book also explains some investment vehicles that those who have not been studying up in this area may not know.

The book did cover the 4% rule (with some explanation and other pages) that says you can only spend about 4% of your money a year in retirement to have that money last forever. So if you have $400,000 at retirement"

$400,000*.04= $16,000 a year income. Remember there is inflation etc.

[Laurie · Rating 4 out of 5]

Ok, this book is good because it is guiding me toward retirement, which is what I want! Whether you are young or old, if you want to work less, perhaps retire earlier than you thought, or just prepare for retirement, give it a read!

[Tony Bradshaw · Rating 3 out of 5]

This is for those wondering if they should end their jobs early and enter the world of retirement., so I'm not the target audience, yet. Those looking for how to have n early retirement should read this.

[Legacy Dad · Rating 4 out of 5]

Make a plan to invest now so you can retire young and live the life you only dream of later. Great insights on sample portfolios and the 4% withdrawal rule.

[Mark Kricheff · Rating 4 out of 5]

Reduce expenses, asset allocation so that you withdraw <4.5% of your assets annually and if the market slumps, reduce spending by 5% each year the market is down.

[Craig · Rating 3 out of 5]

good tips and ideas regarding early retirement or partial retirement. Challenges a lot of the conventional wisdom on the subject, especially the marketing approaches of financial companies.

[K · Rating 4 out of 5]

I like the specifics on asset allocation, taxes, and budgeting. I think the workbook expands on this even more but a very solid retirement planning book.

[Pedro · Rating 4 out of 5]

Simple book and simply put. It's a good introduction to personal expenses and what you can plan to your life retirement.