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Personal Finance in Your 50s All-in-One For Dummies


Personal Finance in Your 50s All-in-One For Dummies


1. Aufl.

von: Eric Tyson

20,99 €

Verlag: Wiley
Format: EPUB
Veröffentl.: 16.04.2018
ISBN/EAN: 9781119471530
Sprache: englisch
Anzahl Seiten: 552

DRM-geschütztes eBook, Sie benötigen z.B. Adobe Digital Editions und eine Adobe ID zum Lesen.

Beschreibungen

<p><b>Manage your finances and enjoy your retirement</b></p> <p>Retirement security is one of the most pressing social issues facing the world in the next 30 years—so if you’re approaching your golden years, it’s essential to have a secure financial future. <i>Personal Finance in Your 50s All-in-One For Dummies</i> provides targeted financial advice and assists soon-to-be or established boomers with making informed decisions about how best to spend, invest, and protect their wealth while planning for the future.</p> <p>Retirement is an exciting time … but it can also be scary if you’re not sure that you have your ducks in a row. This hands-on resource arms you with an arsenal of beginner to intermediate personal finance and estate planning techniques for everything from spending, saving, navigating insurance, managing medical costs, household expenses, and even employment.</p> <ul> <li>Build a diversified portfolio</li> <li>Create emergency funds</li> <li>Avoid scams and frauds</li> <li>Improve your estate planning</li> </ul> <p>With the help of this all-in-one resource, you’ll get a succinct framework and expert advice to help you make solid decisions and confidently plan for your future.</p>
<p><b>Introduction </b><b>1</b></p> <p>About This Book 1</p> <p>Foolish Assumptions 2</p> <p>Icons Used in This Book 2</p> <p>Beyond the Book 3</p> <p>Where to Go from Here 3</p> <p><b>Book 1: Managing Your Career and Retirement</b><b> 5</b></p> <p><b>Chapter 1: Finding a New Job after 50</b><b> 7</b></p> <p>Recognizing the Need for and Value of Experienced Workers 7</p> <p>Tallying the Benefits of Staying in the Workforce 11</p> <p>Reorienting Yourself to Today’s Job-Search Realities 12</p> <p>Deciding What (Else) You Want Out of Work 13</p> <p>Pursuing Your Passion and Finding Purpose 15</p> <p>Putting Proven Success Strategies into Practice 21</p> <p>Dealing with Ageism 27</p> <p><b>Chapter 2: Dealing with Changes in Employment</b><b> 31</b></p> <p>Filing for Unemployment Benefits 32</p> <p>Getting Your Financial House in Order 32</p> <p>Financing Any Additional Education and Training 36</p> <p>Writing Off Your Job-Hunt Expenses 41</p> <p>Accounting for Social Security Benefits Reductions When You Work 43</p> <p>Taking Advantage of Additional Public Benefits 44</p> <p>Providing Benefits for Yourself 45</p> <p><b>Chapter 3: Joining the Ranks of the Self-Employed</b><b> 49</b></p> <p>Working on Contract 50</p> <p>Launching Your Own Business 55</p> <p>Becoming a Social Entrepreneur 65</p> <p>Exploring Franchising Opportunities 69</p> <p><b>Chapter 4: Tracking Small Business Revenues and Costs</b><b> 75</b></p> <p>Establishing an Accounting System for Your Business 76</p> <p>Keeping Good Tax Records for Your Small Business 80</p> <p><b>Chapter 5: Estimated Taxes and Self-Employment Taxes</b><b> 85</b></p> <p>Form 1040-ES: Estimated Tax for Individuals 86</p> <p>Keeping Current on Your Employees’ (and Your Own) Tax Withholding 89</p> <p>Schedule SE: Self-Employment Tax 90</p> <p>Form 8889: Health Savings Accounts (HSAs) 93</p> <p><b>Chapter 6: Developing a Retirement Plan</b><b> 97</b></p> <p>Deciding When to Retire 98</p> <p>Knowing How Much You Really Need for Retirement 99</p> <p>Eyeing the Components of Your Retirement Plan 101</p> <p>When Setting Up Your Couples Plan 106</p> <p>Crunching the Numbers 107</p> <p>Making Plans for Nonfinancial Matters 110</p> <p><b>Chapter 7: Grasping Retirement Accounts and Their Rules</b><b> 113</b></p> <p>Eyeing the Characteristics of Retirement Accounts 114</p> <p>Identifying the Different Types of Retirement Accounts 117</p> <p>Rolling Over Retirement Balances 120</p> <p>Choosing Beneficiaries for Your Retirement Accounts 123</p> <p>Taking Required Minimum Distributions, or RMDs 125</p> <p><b>Book 2: Getting Your Affairs in Order</b><b> 127</b></p> <p><b>Chapter 1: Ensuring That Your Last Wishes Are Honored</b><b> 129</b></p> <p>What Can Happen When You Don’t Plan Your Estate 130</p> <p>Reaping the Benefits of Planning Your Estate 131</p> <p>Looking Out for Common Pitfalls 133</p> <p>Realizing What Happens If You Don’t Have an Estate Plan 138</p> <p>Creating Your Will or Trust 140</p> <p><b>Chapter 2: Planning Your Bequests</b><b> 145</b></p> <p>Calculating Your Assets 145</p> <p>Determining Your Intended Heirs and Beneficiaries 146</p> <p>Thinking about Your Family Circumstances 149</p> <p>Estate Planning for Second Families 149</p> <p>Estate Planning for Your Business 152</p> <p>Appointing the People Who Will Carry Out Your Estate Plans 156</p> <p>Finding Professionals to Assist You 159</p> <p><b>Chapter 3: Providing for Your Children and Dependents</b><b> 163</b></p> <p>Choosing a Guardian 163</p> <p>Managing Your Child’s Assets 166</p> <p>Providing for Your Child’s Needs 167</p> <p><b>Chapter 4: Writing and Signing a Will</b><b> 173</b></p> <p>Deciding Whether a Will Serves Your Needs 174</p> <p>Exploring the Types of Wills 177</p> <p>Elements of a Will 181</p> <p>Executing a Valid Will 187</p> <p><b>Book 3: Dealing with Insurance </b><b>189</b></p> <p><b>Chapter 1: Seven Guiding Principles of Insurance</b><b> 191</b></p> <p>Keep It Simple 191</p> <p>Don’t Risk More than You Can Afford to Lose 193</p> <p>Don’t Risk a Lot for a Little 193</p> <p>Consider the Odds 194</p> <p>Risk a Little for a Lot 195</p> <p>Avoid Las Vegas Insurance 196</p> <p>Buy Insurance Only as a Last Resort 196</p> <p><b>Chapter 2: Buying Insurance</b><b> 199</b></p> <p>Understanding What Makes a Balanced Insurance Program 200</p> <p>Customizing Each Policy to Meet Your Unique Needs 200</p> <p>Choosing Your Professional Adviser 201</p> <p>Choosing an Insurance Company 206</p> <p><b>Chapter 3: Getting the Most Out of Medicare</b><b> 207</b></p> <p>Starting Medicare: A Broad Overview of Enrollment Deadlines 208</p> <p>Understanding Part A 210</p> <p>Exploring Parts B and C 214</p> <p>Qualifying for Prescription Drug Coverage with Part D 223</p> <p>Eyeing a Medicare Supplement 230</p> <p>Resolving Some Sticky Issues 234</p> <p><b>Chapter 4: Introducing the Personal Umbrella Policy</b><b> 237</b></p> <p>Discovering the Umbrella Policy’s Major Coverage Advantages 238</p> <p>Coordinating an Umbrella with Your Other Insurance 240</p> <p>Determining How Many Millions to Buy 242</p> <p><b>Book 4: Handling Budgets and Investments</b><b> 245</b></p> <p><b>Chapter 1: Protecting Your Employment Income</b><b> 247</b></p> <p>Assessing Your Need for Life Insurance 248</p> <p>Protecting Your Employment Income: Disability Insurance 254</p> <p>Investing In and Protecting Your Health 258</p> <p><b>Chapter 2: Managing Budgets and Expenses</b><b> 263</b></p> <p>Pointing Out Some Retirement Worries You May Have 264</p> <p>Spending Your Nest Egg 267</p> <p>How Spending Really Changes in Retirement 269</p> <p>Managing Your Expenses 271</p> <p><b>Chapter 3: Guiding Investments and Distributions in Retirement </b><b>281</b></p> <p>Guiding Your Investments through Retirement 282</p> <p>Looking Closer at Annuities 285</p> <p>Choosing Your Pension Options 289</p> <p>Eyeing Withdrawal Strategies for Your Investment Accounts 294</p> <p><b>Chapter 4: Making Your Best Choices under Social Security</b><b> 297</b></p> <p>The Lowdown on Social Security 298</p> <p>Determining When You’re Eligible for Benefits 300</p> <p>Taking a Closer Look at Spouses’ and Survivor Benefits 304</p> <p>Identifying When You May Need to Receive Benefits 310</p> <p>Noting How Working Reduces Benefits 314</p> <p>Preserving Your Benefits 316</p> <p>Being Aware of Potential Income Taxes on Your Benefits 319</p> <p>Changing Your Mind: A Do-Over 324</p> <p>Looking at What the Future Holds for Social Security 325</p> <p><b>Book 5: Planning Your Estate </b><b>329</b></p> <p><b>Chapter 1: Yes, You Have an Estate</b><b> 331</b></p> <p>What Is an Estate? 332</p> <p>Why You Need to Plan Your Estate 339</p> <p>Why Your Estate-Planning Goals Are Different from Your Neighbors’ 342</p> <p>The Critical Path Method to Planning Your Estate 344</p> <p>Getting Help with Your Estate Planning 346</p> <p><b>Chapter 2: Bean Counting: Figuring Out What You’re Worth</b><b> 353</b></p> <p>Calculating the Value of Your Real Property 354</p> <p>Calculating the Value of Everything Else: Your Personal Property 356</p> <p>Dead Reckoning: Subtracting Your Debts from Your Assets 359</p> <p>Giving Gifts throughout Your Life to Reduce Your Estate’s Value 360</p> <p>Calculating Adjustments in Your Estate’s Value Due to Life Changes 360</p> <p><b>Chapter 3: Probate and How to Dodge It</b><b> 363</b></p> <p>Probing Probate: What You Should Know 364</p> <p>Knowing the Good, the Bad, and the Ugly of Probate 369</p> <p>Streamlining the Probate Process 372</p> <p>Appointing Your Person in Charge 372</p> <p>Thinking Things Through When Someone Asks You to Be a Personal Rep 379</p> <p>Understanding Will Substitutes 380</p> <p>Sorting through the List of Will Substitutes 382</p> <p>Identifying Some Less Common but Worthy Will Substitutes 392</p> <p><b>Chapter 4: Understanding Trusts</b><b> 397</b></p> <p>Defining Trusts, Avoiding Hype 397</p> <p>Trust Power — Making Your Beneficiaries Smile 402</p> <p>Sorting Out Trusts — from Here to Eternity 405</p> <p><b>Chapter 5: Minimizing Estate-Related Taxes</b><b> 411</b></p> <p>Figuring Out Where You Are Today 412</p> <p>Fortune-Telling: Picturing the Future as Best You Can 415</p> <p>Hmmm . . . Deciding on Strategies and Trade-Offs 421</p> <p>Putting Together a Comprehensive Estate-Related Tax Plan 425</p> <p><b>Book 6: Tapping Into Your Home’s Value</b><b> 429</b></p> <p><b>Chapter 1: Making Important Housing Decisions</b><b> 431</b></p> <p>Analyzing Moving 431</p> <p>Tapping Your Home’s Equity: Reverse Mortgages 436</p> <p>Looking at Tax Issues Regarding Your Housing Decisions 439</p> <p><b>Chapter 2: Reverse Mortgages for Retirement Income </b><b>441</b></p> <p>Grasping the Reverse Mortgage Basics 441</p> <p>Shopping for a Reverse Mortgage 451</p> <p>Deciding Whether You Want a Reverse Mortgage 453</p> <p><b>Chapter 3: Deciding to Sell</b><b> 455</b></p> <p>Figuring Out if You Really Need to Sell 457</p> <p>Knowing the Health of Your Housing Market 464</p> <p><b>Chapter 4: Exploring the Economics of Selling</b><b> 469</b></p> <p>Estimating Proceeds of Sale 469</p> <p>Assessing the Financial Feasibility of a Move 475</p> <p><b>Chapter 5: Determining Your House’s Value</b><b> 481</b></p> <p>Defining Cost, Price, and Value 482</p> <p>Determining Fair Market Value (FMV) 484</p> <p>Using a Comparable Market Analysis 486</p> <p>Bidding Wars 493</p> <p>Index 497</p>
<p><b>Boost your financial fitness and enjoy retirement</b> <p>As you approach your 50s, you're undoubtedly counting down the days to retirement — lounging on a sandy beach or even in a hammock in your own backyard. This all-in-one reference helps you make informed decisions about how best to spend, invest, and protect your wealth now so you can reap the rewards later. It's never too late to find out how to manage a budget, limit expenses, find emergency funds, avoid scams, navigate insurance choices, and start a second career either working for yourself or someone else. And it's never too early to get your affairs in order. <p><b>Inside…</b> <ul> <li>Personal Finance For Dummies</li> <li>Estate Planning For Dummies</li> <li>Reverse Mortgages For Dummies</li> <li>Insurance For Dummies</li> <li>Selling Your Home For Dummies</li> <li>Wills & Trust Kit For Dummies</li> </ul>

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