Personal finance after 50 for dummies / Eric Tyson, Robert C Carlson.

Format:

Book

Author/Creator:

Carlson, Robert C., author.

Series:

--For dummies

Language:

English

Subjects (All):

Finance, Personal.

Physical Description:

1 online resource (403 pages) : illustrations

Edition:

Third edition.

Place of Publication:

Hoboken, N.J.: John Wiley, c2021.

Indianapolis, Indiana : John Wiley & Sons, Incorporated, [2021]

Summary:

Thebestway to take control of your post-career financial future Retirement is lasting longer for all of us.That's why-andhowever long youdecidetokeepworking-it'sessential toplanaheadso you can liveyourpost-careerlifeas you wish.Thelatest edition of Personal Finance After 50 For Dummies detailswhat you need to know-making it the perfect book to shelve next to your diet and fitness library, so you cankeep your finances, as well as your health, inpeakcondition. Whether you'renew tofinancial planningor areprettysavvy but wantto cut through the noise with targetedinformation and advice, you'll find everything you need to know about how best to spend, invest, and protect your wealth so you canmakeyoursenioryears worry-free, healthy, and fun. In plain English, retirementand financialexpertsEric Tyson and Bob Carlsoncoverall the issuesfrominvesting, Social Security, and thelong-term insurance marketplacetotaxesandestate planning-including state-by-statedifferences. They demystify the muddy world of financial planning and provide strategies that make the course ahead crystal clear.They also dive into less obvious territory, showinghowit's possible tostrategizefinanciallyto avoid the worst impact of unexpectedevents-such as the COVID-19 crisis-as well asexploringwhatinvestment approaches youcantake toprotectthe most important possessionof all: your own and your family's health. * Minimize your taxes and make wise investing decisions * Find outhow the SECURE Act affects retirement accounts and savings * Navigatethe latest Medicare, Social Security, andpropertytaxrules * Dig intowhat's newin estate planningand reverse mortgages * Get what you want fromyour career as you approach retirement Whetherdoing itfor yourself orfor parents, it's never too lateto beginretirement planning-and this highly praised, straightforwardbook is thebestway to takecontrol, so you can be confidentyour senior yearsareexactlywhatyou want them tobe: golden.

Contents:

Intro

Title Page

Copyright Page

Table of Contents

Introduction

About This Book

Foolish Assumptions

Icons Used in This Book

Beyond the Book

Where to Go from Here

Part 1 Understanding Personal Finance After 50

Chapter 1 Looking Ahead to Your Future

Planning for the Longer Term

Identifying long-term planning issues

Taking personal responsibility for your financial future

Saving and planning sooner and smarter pays off

Eyeing Keys to Successful Retirement Planning

Saving drives wealth

Keeping your balance

Understanding that planning is a process

Chapter 2 Protecting Your Employment Income and Your Health

Assessing Your Need for Life Insurance

Understanding the purpose of life insurance

Determining your life insurance need

Assessing your current life coverage

Figuring out what type to buy

Choosing where to buy life insurance

Protecting Your Employment Income: Disability Insurance

Why most people lack disability insurance and why you need it

Identifying needed disability coverage

Shopping for disability coverage

Investing In and Protecting Your Health

Take care of your ticker

Exercise (and sweat)!

Hydrate with good-quality H2O

Include fiber in your diet

Manage your stress

Get your calcium and vitamin D

Chapter 3 Developing a Retirement Plan

Deciding When to Retire

Knowing How Much You Really Need for Retirement

Figuring out what portion of income you need

Grasping what the numbers mean

Eyeing the Components of Your Retirement Plan

Social Security retirement benefits

Pensions

Investments

Your home's equity

Setting Up a Couples Plan

Crunching the Numbers

Understanding assumptions and how they work

Making the numbers work

Dealing with excess money

Making Plans for Nonfinancial Matters.

Personal connections

Personal health

Activities, hobbies, interests

Chapter 4 Identifying Retirement Investments and Strategies

Defining Investments

Understanding risk

Eyeing your returns

Considering how investments are susceptible to inflation

Being aware of tax consequences

Monitoring sensitivity to currency and economic issues

What You Need to Do Before You Select and Change Investments

Knowing your time horizon

Factoring some risk into your investment plan

Keeping the bigger picture in mind

Allocating your assets

Surveying Different Investments

Comparing lending investments to ownership investments

Looking into stocks

Investing in mutual funds and ETFs

Comparing investments and risks

Managing Investment Portfolios

Funds of funds and target-date funds

Index and exchange-traded funds

Assessing and changing your portfolio

Chapter 5 Grasping Retirement Accounts and Their Rules

Eyeing the Characteristics of Retirement Accounts

Focusing on the tax benefits

Being aware of restrictions and penalties

Identifying the Different Types of Retirement Accounts

Employer-sponsored retirement accounts

Self-employed retirement savings plans

Individual Retirement Arrangements (IRAs)

Rolling Over Retirement Balances

Deciding what road to take

Choosing a custodian and rolling over your balance to an IRA

Choosing Beneficiaries for Your Retirement Accounts

Taking Required Minimum Distributions

Calculating your RMD for an IRA

Computing the RMD for other retirement plans

Part 2 Making Money Decisions in Retirement

Chapter 6 Managing Budgets and Expenses

Discussing Some Retirement Worries You May Have

Running out of money

Supporting others

Addressing your worries

Spending Your Nest Egg

Considering the 4 percent rule.

Naming the factors affecting your use of retirement assets

How Spending Really Changes in Retirement

Managing Your Expenses

Bigger-picture issues

Taxes

Housing

Utilities and communication

Food

Transportation

Personal care and fashion

Travel and fun

Healthcare

Insurance

Children and grandchildren

Chapter 7 Guiding Investments and Distributions in Retirement

Guiding Your Investments through Retirement

Estimating your investment income

Rebalancing your investments

Looking Closer at Annuities

Annuities: A retirement account and insurance combination

Contributing in your working years

Annuitizing in your retirement years

Examining the newest annuity

Choosing Your Pension Options

Selecting between a lump sum or monthly payments

Deciding among monthly payment options

Eyeing Withdrawal Strategies for Your Investment Accounts

Chapter 8 Making Important Housing Decisions

Analyzing Moving

Considering the pros and cons of moving

Eyeing the options for where you can move

Tapping Your Home's Equity: Reverse Mortgages

Defining terms and costs

Determining whether a reverse mortgage is right for you

Searching for more information on reverse mortgages

Looking at Tax Issues Regarding Your Housing Decisions

Being aware of capital gains exclusion rules

Converting your home to a rental: Yes or no?

Chapter 9 Considering Your Long-Term Care Insurance Needs and Options

Understanding Long-Term Care

Naming the types of long-term care

Predicting who will need long-term care

Estimating how much long-term care will cost

Planning to Pay for LTC

Considering Traditional LTC Insurance

Knowing the basic features of LTCI

Checking out two more important LTCI factors

Using Hybrid Insurance Products

Exploring annuities to finance LTC.

Financing LTC with life insurance

Assessing the LTC hybrids

Reimbursement versus Indemnity Coverage

Financing LTC Yourself

Figuring out whether you can finance your own LTC

Deciding when to buy LTCI

Comparing tax-qualified and nonqualified policies

Opting for life insurance instead of LTCI

Taking advantage of the reverse mortgage

Evaluating Employer and Group Coverage

Combining LTCI and Self-Insurance

Part 3 Dealing with Government Programs

Chapter 10 Making Your Best Choices under Social Security

The Lowdown on Social Security

Determining When You're Eligible for Benefits

Reviewing your earnings history

Defining when you can retire

Taking a Closer Look at Spouses' and Survivor Benefits

Understanding the choices for spousal benefits

Ensuring spouses are taken care of: Survivor's benefits

Identifying When You May Need to Receive Benefits

What are your cash flow needs?

Will waiting pay off?

What other income do you have?

Do you want to continue to work?

What are the potential income taxes on benefits?

What's your life expectancy?

Noting How Working Reduces Benefits

Taking the penalty for exceeding the annual income limit

Determining the penalty on a monthly basis

The penalty isn't always bad

Preserving Your Benefits

Deferring income

Using your corporation

Considering exempt income

Relying on special income

Being Aware of Potential Income Taxes on Your Benefits

Understanding how modified adjusted gross income works

Reducing taxes on benefits

Changing Your Mind: A Do-Over

Deciding whether you should take a do-over

Doing the do-over

Looking at What the Future Holds for Social Security

Chapter 11 Getting the Most Out of Medicare

Starting Medicare: A Broad Overview of Enrollment Deadlines

Understanding Part A.

Seeing who's eligible and signing up for Part A

Defining Part A coverage

Exploring Parts B and C

Scoping out Part B

Probing Part C: Medicare Advantage

Qualifying for Prescription Drug Coverage with Part D

Examining Part D plans

Enrolling in a Part D plan

Eyeing a Medicare Supplement

Understanding Medigap policies

Standardizing Medigap policies

Choosing a Medigap policy

Obtaining quotes for Medigap insurance

Resolving Some Sticky Issues

Changing plans

Monitoring changes at work

Making a foreign move

Chapter 12 The State Healthcare System Backup: Medicaid

Discovering What Medicaid Is

Considering Medicaid Eligibility

Establishing Functional Eligibility

Meeting Financial Requirements

Understanding income limits

Understanding asset limits

Examining Planning Strategies

Spending down

Creating a life estate

Setting up trusts

Buying an immediate annuity

Going the spousal refusal route

Recognizing the downsides of Medicaid eligibility strategies

Using Both Medicare and Medicaid

Eyeing Reasons Not to Seek Medicaid

Part 4 Estate Planning: It's More than Just Dead People and Lawyers

Chapter 13 The Basics on Estate Planning

Understanding Estate Planning

Studying Some Strategies Before Starting Your Estate Plan

Finish your plan no matter what

Keep track of your estate

Estimate cash flow

Don't wait for the perfect plan

Carefully choose executors and trustees

Anticipate conflicts

Answering Key Questions to Gather Critical Information

Who's in charge?

How much should I give now?

Should I apply controls and incentives?

Should heirs get equal shares?

Should I exclude someone?

How should my blended family be handled?

Should I leave only money?

Should my wealth stay in the family?

Knowing How Estate Taxes Work.

Reviewing the estate tax.

Notes:

Includes index

Description based on print version record.

ISBN:

1-119-72408-2

1-119-72422-8

OCLC:

1244628085