Ken Bodnar

What happens when you turn 55 years old, and have no money for retirement? Simple arithmetic shows you that it is impossible to save enough for a decent retirement with so little time left in your working career. But wait, the fear and misery gets worse. What if you are too old for the job market and find yourself jobless to boot? And to further compound the hopelessness, there is household debt to service. The author of "55 and Scared Sh*tless" found himself in that exact situation.

What can be done? Throwing yourself at the mercy of the state and hope that the government takes care of you is not a viable option. There is a virtual tsunami of baby boomers hitting retirement age, and the social security net provides enough for just a tin of dog food above the poverty line. It may collapse under the strain in the coming years.

Even with a retirement plan, most people are looking at retiring with an income of about 25% of their regular salaries. It's just not the 55 year olds who are up the creek without a paddle. One third of workers in their forties do not have a retirement plan or retirement savings. Two thirds of working people who do have a company retirement plan have not contributed to it or topped it up with contributions.

What is a person to do? Many hucksters are trying to sell get-rich-quick schemes or sign desperate people up for multi-level marketing plans to solve this issue. Others tout one-off methods that really don't work. With the shifting paradigms of the job market, the author went on a personal quest to become a retirement turnaround artist and perform a rescue on his own retirement.

55 and Scared shows that quitting work at 65 will be impossible for a lot of people. Maintaining their regular jobs if they have one, will be difficult as well. It is a mighty grim outlook to think that you might be a Wal-Mart greeter or work under the Golden Arches in your golden years. However there is hope.

The author presents four rescue options, all of which worked for him. These options include job-chunking to leverage your knowledge base and personal experience so that you can continue to have an income above minimum wage after age 65. Another option includes digitizing and monetizing your assets to create a recurring passive income stream. The Third and Fourth Options outlined in the book are what saved the author in a dramatic fashion, provided him with a significant revenue stream, considerable equity assets, and some potentially serious wealth, all before the age of 65.

The book includes a chapter on problem-solving along with a cognitive personal toolkit to creatively think your way out of any jams or problems, as well as dozens and dozens of examples of how people from many walks of life have solved their retirement dilemmas. Also there is a quick guide to becoming digitally literate and creating and using an internet persona to leverage non-traditional income.

This book is a must read for anyone who has not yet commenced retirement planning, or who desire a rich read in generating alternate income streams to fund retirement. Even if you are now retired, this book helps you get the comfortable level of income to enjoy your Golden Years.