TITLE: Never Too Late
AUTHOR: Gail Vaz-Oxlade
GENRE: Personal Finance
RATING: 3.5 Stars
I read Gail's previous book about becoming debt free and enjoyed it, so I was thrilled to be able to read this one about a subject that is close to my heart - retirement. Although I am not yet retiring, it is something that I have to consider.
Having said this, I enjoy Gail's no nonsense attitude about money and this is the strength of this book for me. If you want to hear it "like it really is" without any bull, then reading this book about retirement will set you straight. In fact, in the preface, the author tells us pretty honestly that she is going to write a book that is completely different from the "standard" retirement books we usually read.
The reality is that this book does actually contain some important information - including the fact that NOT everyone needs to save 70% of their "revenue" for retirement. Also, the author encourages us to start saving - whatever little amount and this is a theme that is repeated often throughout the book - "don't get discouraged if you started late - just put something aside". I liked the overall tone of the book - made me feel optimistic and that every little bit helps.
She also does a fine job of describing the QPP and CPP plans and the differences - which, of course, is highly appreciated since it means that for once, we are reading a book about retirement that is addressing Canadian residents.
Now, for the less positive aspects and why I gave this book 3.5 stars. Firstly, this book is guilty of the same thing that I find in pretty much every personal finance book - whether it is about retirement or debt reduction - it pretty well addressed couples ONLY and on top of that, those who have homes of their own. What if I am single and renting and don't plan on changing any of that? does this mean I should not get any type of advice?
In defense of this book, this is something that is pretty common - for some reason, the people who write personal finance books/magazines, etc. don't seem to factor in single people - which is odd since there are a ton of single and/or divorced people out there. Secondly, while in some areas of the country, owning your home is "the" generally accepted rule, the truth is that where I live - tons of people rent - because the rents are much cheaper and there are a lot of rentals available.
This is where this book fell apart for me. Otherwise, it was an informative and honest read.
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