Eric Tyson - Personal Finance After 50 For Dummies

ISBN 978-1-119-72418-6 (pbk); ISBN 978-1-119-72422-3 (ebk); ISBN 978-1-119-72408-7 (ebk)

1 Cover

2 Title Page

3 Copyright

4 Introduction About This Book Foolish Assumptions Icons Used in This Book Beyond the Book Where to Go from Here

5 Part 1: Understanding Personal Finance After 50 Chapter 1: Looking Ahead to Your Future Planning for the Longer Term Eyeing Keys to Successful Retirement Planning Chapter 2: Protecting Your Employment Income and Your Health Assessing Your Need for Life Insurance Protecting Your Employment Income: Disability Insurance Investing In and Protecting Your Health Chapter 3: Developing a Retirement Plan Deciding When to Retire Knowing How Much You Really Need for Retirement Eyeing the Components of Your Retirement Plan Setting Up a Couples Plan Crunching the Numbers Making Plans for Nonfinancial Matters Chapter 4: Identifying Retirement Investments and Strategies Defining Investments What You Need to Do Before You Select and Change Investments Surveying Different Investments Managing Investment Portfolios Chapter 5: Grasping Retirement Accounts and Their Rules Eyeing the Characteristics of Retirement Accounts Identifying the Different Types of Retirement Accounts Rolling Over Retirement Balances Choosing Beneficiaries for Your Retirement Accounts Taking Required Minimum Distributions

6 Part 2: Making Money Decisions in Retirement Chapter 6: Managing Budgets and Expenses Discussing Some Retirement Worries You May Have Spending Your Nest Egg How Spending Really Changes in Retirement Managing Your Expenses Chapter 7: Guiding Investments and Distributions in Retirement Guiding Your Investments through Retirement Looking Closer at Annuities Choosing Your Pension Options Eyeing Withdrawal Strategies for Your Investment Accounts Chapter 8: Making Important Housing Decisions Analyzing Moving Tapping Your Home’s Equity: Reverse Mortgages Looking at Tax Issues Regarding Your Housing Decisions Chapter 9: Considering Your Long-Term Care Insurance Needs and Options Understanding Long-Term Care Planning to Pay for LTC Considering Traditional LTC Insurance Using Hybrid Insurance Products Reimbursement versus Indemnity Coverage Financing LTC Yourself Evaluating Employer and Group Coverage Combining LTCI and Self-Insurance

7 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 Taking a Closer Look at Spouses’ and Survivor Benefits Identifying When You May Need to Receive Benefits Noting How Working Reduces Benefits Preserving Your Benefits Being Aware of Potential Income Taxes on Your Benefits Changing Your Mind: A 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 Exploring Parts B and C Qualifying for Prescription Drug Coverage with Part D Eyeing a Medicare Supplement Resolving Some Sticky Issues Chapter 12: The State Healthcare System Backup: Medicaid Discovering What Medicaid Is Considering Medicaid Eligibility Establishing Functional Eligibility Meeting Financial Requirements Examining Planning Strategies Using Both Medicare and Medicaid Eyeing Reasons Not to Seek Medicaid

8 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 Answering Key Questions to Gather Critical Information Knowing How Estate Taxes Work Finding Good, Affordable Advice Chapter 14: Eyeing Wills and Other Legal Documents Creating Your Will Assigning a Financial Power of Attorney Delegating Medical Decisions Passing Other Assets Looking Closer at Probate Chapter 15: Tackling the Federal Estate Tax When You Have Too Much Money Understanding the Estate Tax Tallying Your Assets Reducing Your Estate Taking Deductions Choosing Family Estate Strategies Contemplating Life Insurance Avoiding the Tax on Gifts to Grandkids: The GSTT Chapter 16: Focusing on Estate Taxes and the Many Types of Trusts Identifying the Cast of Characters Naming the Types of Trusts Using Trusts in Estate Planning

9 Part 5: The Part of Tens Chapter 17: Ten Common Retirement and Estate Planning Mistakes Not Having at Least a Basic Financial Plan Procrastinating about Estate Planning Underestimating Life Expectancy Miscalculating Inflation Believing You’ll Retire When You Expected To Ignoring Nonfinancial Planning Failing to Coordinate with Your Spouse Expecting to Age in Place Thinking Most Medical Expenses Will Be Covered Missing the Initial Enrollment for Medicare Plans Chapter 18: Ten Things to Know about Working in Retirement Some Work Is Good for You The Social Security (Tax) Impact Can Be Huge Number Crunching Can Show You How Different Scenarios Work Life Is Short and You Owe It to Yourself to Do What You Love Investing in Education Can Boost Your Employment Value Some Employers Are More User-Friendly for Older Workers Taking Some Employment Risk Is Important Starting/Buying a Small Business May Be a Rewarding Option Your Spouse May Not Want What You Want Volunteering Makes You Happy and Benefits Your Community Chapter 19: Ten (or So) Tips to Know about Caring for Your Aging Parents Leverage Off Others’ Experiences Ask for Professional Help Invest in Their Health Get Your Parents’ Affairs in Order Examine Housing and Medical Care Options Use Caregiver Agreements Separate Living Spaces if Parents Are Going to Move In Take Care of Your Family Take Care of Yourself

10 Index

11 About the Authors

12 Advertisement Page

13 Connect with Dummies

14 End User License Agreement

1 Chapter 1 TABLE 1-1 The Long-Term Value of Saving More and Earning Higher Investment Retur...

2 Chapter 2 TABLE 2-1 Calculating Your Life Insurance Needs TABLE 2-2 The Portion of Your Income Being Replaced by Social Security Disabilit...

3 Chapter 5 TABLE 5-1 Retirement Tax Rates That Would Negate Tax-Deferral Benefits

4 Chapter 6TABLE 6-1 Per Person Changes in Expenditures by Age GroupTABLE 6-2 Household Changes in Expenditures by Age Group

5 Chapter 7TABLE 7-1 Allocation ChangesTABLE 7-2 Allocations after RebalancingTABLE 7-3 Maximum PBGC Benefit Guarantees

6 Chapter 10TABLE 10-1 Age to Receive Full Social Security BenefitsTABLE 10-2 Full Retirement and Age 62 Benefit by Year of BirthTABLE 10-3 How Much Will Delayed Retirement Increase My Benefits?

7 Chapter 11TABLE 11-1 Part B Total Premiums and Surtaxes Due, According to MAGITABLE 11-2 Part D Monthly Premiums and Monthly Adjustments According to MAGITABLE 11-3 Coverage for Medigap Plans

1 Chapter 4FIGURE 4-1: Comparing risks and returns of different portfolios.

2 Chapter 15FIGURE 15-1: Estate or inheritance tax by state.

1 Cover

2 Title Page

3 Copyright

4 Table of Contents

5 Begin Reading

6 Index

7 About the Author

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