Must-read for baby boomers - and the rest

Here are a couple of questions for you. What are you going to do when you retire and do you have enough money to do it?
No - don't stop reading - procrastination is not the answer.
The questions are hard, but New Zealand authors Joan Baker and Mandy Fealy have come up with a tool to help you answer them.
Fealy says with an aging population and a life expectancy far and beyond what it was when the word "retirement" came into play, everyone needs to take a look at their retirement plan.
"Once upon a time when you got to retirement age, that's what you did," Fealy says. "You retired to your quarter-acre section after years of hard work and quietly lived your days out. Most people didn't live long after retirement, many didn't even make it."
Nowadays, it's not unusual to live well into your 80s, 90s and beyond.
"So if you want to keep living well when you retire, now's the time to answer those hard questions," Fealy continues.
"But first take a look at the one thing money can't buy ... your health. To enjoy 'your time' you need to be fit and healthy in both body and mind.
"I don't believe the old adage that you can't teach an old dog new tricks. You are never to old to learn something new.
"Take up a hobby, learn a new language. It is so important to keep your mind active as well as your body.
"You need to invest in your health now, stop smoking, go for a walk, drink less, eat healthily, all common-sense things we know we should be doing."
Now to the money part ... how much is enough?
"That, of course, depends on what you want to do with yourself," Fealy says. "What are your dreams? Do you want to stop working? Is it possible to stay on at your workplace full time for a while longer, or maybe part time? Do you want to do something entirely different? If so, maybe now's the time to learn a new skill.
"Keep your options open. Talk
about your retirement to friends and family. Bounce some ideas around - you never know what other people might come up with that will help you decide on a plan."
Fealy says people need to think about what they are doing with their saving.
"It's no good putting it under your mattress. You need your money to grow - the $100 you put under your mattress today might only be worth $10 by the time you retire.
"I understand that many people are afraid to invest their hard-earned savings after the collapse of several finance companies a few years ago. However, my advice is to get some independent professional advice."
Baker and Fealy talked to a diverse range of people to gather information for their book.
The pair have more than 54 years' experience between them in career management. Baker is an organisation consultant specialising in wealth creation and Fealy is an organisation development psychologist specialising in individual executive coaching and leadership development.
Although the book is aimed at baby-boomers, I would recommend it to anyone in the workforce - whether they are 18 or 68.
My Time: How to Make the Rest of Life the Best of Life, by Joan Baker and Mandy Fealy, Penguin, $40