Personal Finance After 50 For Dummies, 2nd Edition

Book description

Personal Finance After 50 For Dummies, 2nd Edition (9781119543633) was previously published as Personal Finance After 50 For Dummies, 2nd Edition (9781119118770). While this version features a new Dummies cover and design, the content is the same as the prior release and should not be considered a new or updated product.


Manage your finances in your golden years—enjoy your retirement!

Numerous life changes come with the territory of getting older—as we're reminded every day by anti-aging campaigns—but one change the media doesn't often mention is the need for a shifting approach to personal financial management. Personal Finance After 50 For Dummies, 2nd Edition offers the targeted information you need to make informed decisions regarding your investments, spending, and how to best protect your wealth. You've worked your whole life for your nest egg—why not manage it as effectively as possible?

Enjoying your golden years hinges on your ability to live the life you've dreamed of, and that's not possible unless you manage your finances accordingly. The right financial decisions may mean the difference between a condo in a more tropical climate and five more years of shoveling snow, so why leave them to chance?

  • Explore financial advice that's targeted to the needs of your generation
  • Understand how changes in government programs can impact your retirement
  • Consider the implications of tax law updates, and how to best protect your assets when filling out tax forms each year
  • Navigate your saving and investment options, and pick the approaches that best fit the economic environment

Whether you're heading into your senior years or your parents are getting older and you want to help them take care of their finances, Personal Finance After 50 For Dummies, 2nd Edition offers the insight you need to keep financial matters on the right track!

Table of contents

  1. Cover
  2. Introduction
    1. About This Book
    2. Foolish Assumptions
    3. Icons Used in This Book
    4. Beyond the Book
    5. Where to Go from Here
  3. Part 1: Working toward Retirement
    1. Chapter 1: Looking Ahead to Your Future
      1. Planning for the Longer Term
      2. Eyeing Keys to Successful Retirement Planning
    2. Chapter 2: Protecting Your Employment Income and Your Health
      1. Assessing Your Need for Life Insurance
      2. Protecting Your Employment Income: Disability Insurance
      3. Investing In and Protecting Your Health
    3. Chapter 3: Developing a Retirement Plan
      1. Deciding When to Retire
      2. Knowing How Much You Really Need for Retirement
      3. Eyeing the Components of Your Retirement Plan
      4. When Setting Up Your Couples Plan
      5. Crunching the Numbers
      6. Making Plans for Nonfinancial Matters
    4. Chapter 4: Identifying Retirement Investments and Strategies
      1. Defining Investments
      2. What You Need to Do Before You Select and Change Investments
      3. Surveying Different Investments
      4. Managing Investment Portfolios
    5. Chapter 5: Grasping Retirement Accounts and Their Rules
      1. Eyeing the Characteristics of Retirement Accounts
      2. Identifying the Different Types of Retirement Accounts
      3. Rolling Over Retirement Balances
      4. Choosing Beneficiaries for Your Retirement Accounts
      5. Taking Required Minimum Distributions, or RMDs
  4. Part 2: Making Money Decisions in Retirement
    1. Chapter 6: Managing Budgets and Expenses
      1. Pointing Out Some Retirement Worries You May Have
      2. Spending Your Nest Egg
      3. How Spending Really Changes in Retirement
      4. Managing Your Expenses
    2. Chapter 7: Guiding Investments and Distributions in Retirement
      1. Guiding Your Investments through Retirement
      2. Looking Closer at Annuities
      3. Choosing Your Pension Options
      4. Eyeing Withdrawal Strategies for Your Investment Accounts
    3. Chapter 8: Making Important Housing Decisions
      1. Analyzing Moving
      2. Tapping Your Home’s Equity: Reverse Mortgages
      3. Looking at Tax Issues Regarding Your Housing Decisions
    4. Chapter 9: Considering Your Long-Term Care Insurance Needs and Options
      1. Understanding Long-Term Care
      2. Planning to Pay for LTC
      3. Considering LTC Insurance
      4. Using Hybrid Insurance Products
      5. Financing LTC Yourself
      6. Evaluating Employer and Group Coverage
      7. Combining LTCI and Self Insurance
  5. Part 3: Dealing with Government Programs
    1. Chapter 10: Making Your Best Choices under Social Security
      1. The Lowdown on Social Security
      2. Determining When You’re Eligible for Benefits
      3. Taking a Closer Look at Spouses’ and Survivor Benefits
      4. Identifying When You May Need to Receive Benefits
      5. Noting How Working Reduces Benefits
      6. Preserving Your Benefits
      7. Being Aware of Potential Income Taxes on Your Benefits
      8. Changing Your Mind: A Do-Over
      9. Looking at What the Future Holds for Social Security
    2. Chapter 11: Getting the Most Out of Medicare
      1. Starting Medicare: A Broad Overview of Enrollment Deadlines
      2. Understanding Part A
      3. Exploring Parts B and C
      4. Qualifying for Prescription Drug Coverage with Part D
      5. Eyeing a Medicare Supplement
      6. Resolving Some Sticky Issues
    3. Chapter 12: The State Health Care System Backup: Medicaid
      1. Discovering What Medicaid Is
      2. Considering Medicaid Eligibility
      3. Establishing Functional Eligibility
      4. Meeting Financial Requirements
      5. Examining Planning Strategies
      6. Using Both Medicare and Medicaid
      7. Eyeing Reasons Not to Seek Medicaid
  6. Part 4: Estate Planning: It’s More than Just Dead People and Lawyers
    1. Chapter 13: The Basics on Estate Planning
      1. Understanding Estate Planning
      2. Studying Some Strategies Before Starting Your Estate Plan
      3. Answering Key Questions to Gather Critical Information
      4. Knowing How Estate Taxes Work
      5. Finding Good, Affordable Advice
    2. Chapter 14: Eyeing Wills and Other Legal Documents
      1. Writing Your Will
      2. Assigning a Financial Power of Attorney
      3. Delegating Medical Decisions
      4. Passing Other Assets
      5. Looking Closer at Probate
    3. Chapter 15: Tackling the Federal Estate Tax When You Have Too Much Money
      1. Understanding the Estate Tax
      2. Tallying Your Assets
      3. Reducing Your Estate
      4. Taking Deductions
      5. Choosing Family Estate Strategies
      6. Contemplating Life Insurance
      7. Avoiding the Tax on Gifts to Grandkids: The GSTT
    4. Chapter 16: Focusing on Estate Taxes and the Many Types of Trusts
      1. Identifying the Cast of Characters
      2. Naming the Types of Trusts
      3. Using Trusts in Estate Planning
  7. Part 5: The Part of Tens
    1. Chapter 17: Ten Common Retirement and Estate Planning Mistakes
      1. Not Having at Least a Basic Financial Plan
      2. Procrastinating about Estate Planning
      3. Underestimating Life Expectancy
      4. Miscalculating Inflation
      5. Believing You’ll Retire When You Expected To
      6. Ignoring Nonfinancial Planning
      7. Failing to Coordinate with Your Spouse
      8. Expecting to Age in Place
      9. Thinking Most Medical Expenses Will Be Covered
      10. Missing the Initial Enrollment for Medicare Plans
    2. Chapter 18: Ten Things to Know about Working in Retirement
      1. Some Work Is Good for You
      2. The Social Security (Tax) Impact Can Be Huge
      3. Number Crunching Can Show You How Different Scenarios Work
      4. Life Is Short and You Owe It to Yourself to Do What You Love
      5. Investing in Education Can Boost Your Employment Value
      6. Some Employers Are More User-Friendly for Older Workers
      7. Taking Some Employment Risk Is Important
      8. Starting/Buying a Small Business May Be a Rewarding Option
      9. Your Spouse May Not Want What You Want
      10. Volunteering Makes You Happy and Benefits Your Community
    3. Chapter 19: Ten (or So) Tips to Know about Caring for Your Aging Parents
      1. Leverage Off Others’ Experiences
      2. Ask for Professional Help
      3. Invest in Their Health
      4. Get Your Parents’ Affairs in Order
      5. Examine Housing and Medical Care Options
      6. Use Caregiver Agreements
      7. Separate Living Spaces if Parents Are Going to Move In
      8. Take Care of Your Family
      9. Take Care of Yourself
  8. About the Authors
  9. Advertisement Page
  10. Connect with Dummies
  11. Index
  12. End User License Agreement

Product information

  • Title: Personal Finance After 50 For Dummies, 2nd Edition
  • Author(s): Eric Tyson, Robert C. Carlson
  • Release date: September 2018
  • Publisher(s): For Dummies
  • ISBN: 9781119543633