The best way to take control of your post-career financial future 

Retirement is lasting longer for all of us. That’s why—and however long you decide to keep working—it’s essential to plan ahead so you can live your post-career life as you wish. The latest edition of Personal Finance After 50 For Dummies details what you need to know—making it the perfect book to shelve next to your diet and fitness library, so you can keep your finances, as well as your health, in peak condition. Whether you’re new to financial planning or are pretty savvy but want to cut through the noise with targeted information and advice, you’ll find everything you need to know about how best to spend, invest, and protect your wealth so you can make your senior years worry-free, healthy, and fun.  

In plain English, retirement and financial experts Eric Tyson and Bob Carlson cover all the issues from investing, Social Security, and the long-term insurance marketplace to taxes and estate planning—including state-by-state differences. 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, showing how it’s possible to strategize financially to avoid the worst impact of unexpected events—such as the COVID-19 crisis—as well as exploring what investment approaches you can take to protect the most important possession of all: your own and your family’s health.  

  • Minimize your taxes and make wise investing decisions 
  • Find out how the SECURE Act affects retirement accounts and savings 
  • Navigate the latest Medicare, Social Security, and property tax rules 
  • Dig into what’s new in estate planning and reverse mortgages 
  • Get what you want from your career as you approach retirement 

Whether doing it for yourself or for parents, it’s never too late to begin retirement planning—and this highly praised, straightforward book is the best way to take control, so you can be confident your senior years are exactly what you want them to be: golden.  

Table of Contents

  1. Cover
  2. Title Page
  3. Copyright
  4. Introduction
    1. About This Book
    2. Foolish Assumptions
    3. Icons Used in This Book
    4. Beyond the Book
    5. Where to Go from Here
  5. Part 1: Understanding Personal Finance After 50
    1. Chapter 1: Looking Ahead to Your Future
    2. Planning for the Longer Term
    3. Eyeing Keys to Successful Retirement Planning
    4. Chapter 2: Protecting Your Employment Income and Your Health
    5. Assessing Your Need for Life Insurance
    6. Protecting Your Employment Income: Disability Insurance
    7. Investing In and Protecting Your Health
    8. Chapter 3: Developing a Retirement Plan
    9. Deciding When to Retire
    10. Knowing How Much You Really Need for Retirement
    11. Eyeing the Components of Your Retirement Plan
    12. Setting Up a Couples Plan
    13. Crunching the Numbers
    14. Making Plans for Nonfinancial Matters
    15. Chapter 4: Identifying Retirement Investments and Strategies
    16. Defining Investments
    17. What You Need to Do Before You Select and Change Investments
    18. Surveying Different Investments
    19. Managing Investment Portfolios
    20. Chapter 5: Grasping Retirement Accounts and Their Rules
    21. Eyeing the Characteristics of Retirement Accounts
    22. Identifying the Different Types of Retirement Accounts
    23. Rolling Over Retirement Balances
    24. Choosing Beneficiaries for Your Retirement Accounts
    25. Taking Required Minimum Distributions
  6. Part 2: Making Money Decisions in Retirement
    1. Chapter 6: Managing Budgets and Expenses
    2. Discussing Some Retirement Worries You May Have
    3. Spending Your Nest Egg
    4. How Spending Really Changes in Retirement
    5. Managing Your Expenses
    6. Chapter 7: Guiding Investments and Distributions in Retirement
    7. Guiding Your Investments through Retirement
    8. Looking Closer at Annuities
    9. Choosing Your Pension Options
    10. Eyeing Withdrawal Strategies for Your Investment Accounts
    11. Chapter 8: Making Important Housing Decisions
    12. Analyzing Moving
    13. Tapping Your Home’s Equity: Reverse Mortgages
    14. Looking at Tax Issues Regarding Your Housing Decisions
    15. Chapter 9: Considering Your Long-Term Care Insurance Needs and Options
    16. Understanding Long-Term Care
    17. Planning to Pay for LTC
    18. Considering Traditional LTC Insurance
    19. Using Hybrid Insurance Products
    20. Reimbursement versus Indemnity Coverage
    21. Financing LTC Yourself
    22. Evaluating Employer and Group Coverage
    23. Combining LTCI and Self-Insurance
  7. Part 3: Dealing with Government Programs
    1. Chapter 10: Making Your Best Choices under Social Security
    2. The Lowdown on Social Security
    3. Determining When You’re Eligible for Benefits
    4. Taking a Closer Look at Spouses’ and Survivor Benefits
    5. Identifying When You May Need to Receive Benefits
    6. Noting How Working Reduces Benefits
    7. Preserving Your Benefits
    8. Being Aware of Potential Income Taxes on Your Benefits
    9. Changing Your Mind: A Do-Over
    10. Looking at What the Future Holds for Social Security
    11. Chapter 11: Getting the Most Out of Medicare
    12. Starting Medicare: A Broad Overview of Enrollment Deadlines
    13. Understanding Part A
    14. Exploring Parts B and C
    15. Qualifying for Prescription Drug Coverage with Part D
    16. Eyeing a Medicare Supplement
    17. Resolving Some Sticky Issues
    18. Chapter 12: The State Healthcare System Backup: Medicaid
    19. Discovering What Medicaid Is
    20. Considering Medicaid Eligibility
    21. Establishing Functional Eligibility
    22. Meeting Financial Requirements
    23. Examining Planning Strategies
    24. Using Both Medicare and Medicaid
    25. Eyeing Reasons Not to Seek Medicaid
  8. Part 4: Estate Planning: It’s More than Just Dead People and Lawyers
    1. Chapter 13: The Basics on Estate Planning
    2. Understanding Estate Planning
    3. Studying Some Strategies Before Starting Your Estate Plan
    4. Answering Key Questions to Gather Critical Information
    5. Knowing How Estate Taxes Work
    6. Finding Good, Affordable Advice
    7. Chapter 14: Eyeing Wills and Other Legal Documents
    8. Creating Your Will
    9. Assigning a Financial Power of Attorney
    10. Delegating Medical Decisions
    11. Passing Other Assets
    12. Looking Closer at Probate
    13. Chapter 15: Tackling the Federal Estate Tax When You Have Too Much Money
    14. Understanding the Estate Tax
    15. Tallying Your Assets
    16. Reducing Your Estate
    17. Taking Deductions
    18. Choosing Family Estate Strategies
    19. Contemplating Life Insurance
    20. Avoiding the Tax on Gifts to Grandkids: The GSTT
    21. Chapter 16: Focusing on Estate Taxes and the Many Types of Trusts
    22. Identifying the Cast of Characters
    23. Naming the Types of Trusts
    24. Using Trusts in Estate Planning
  9. Part 5: The Part of Tens
    1. Chapter 17: Ten Common Retirement and Estate Planning Mistakes
    2. Not Having at Least a Basic Financial Plan
    3. Procrastinating about Estate Planning
    4. Underestimating Life Expectancy
    5. Miscalculating Inflation
    6. Believing You’ll Retire When You Expected To
    7. Ignoring Nonfinancial Planning
    8. Failing to Coordinate with Your Spouse
    9. Expecting to Age in Place
    10. Thinking Most Medical Expenses Will Be Covered
    11. Missing the Initial Enrollment for Medicare Plans
    12. Chapter 18: Ten Things to Know about Working in Retirement
    13. Some Work Is Good for You
    14. The Social Security (Tax) Impact Can Be Huge
    15. Number Crunching Can Show You How Different Scenarios Work
    16. Life Is Short and You Owe It to Yourself to Do What You Love
    17. Investing in Education Can Boost Your Employment Value
    18. Some Employers Are More User-Friendly for Older Workers
    19. Taking Some Employment Risk Is Important
    20. Starting/Buying a Small Business May Be a Rewarding Option
    21. Your Spouse May Not Want What You Want
    22. Volunteering Makes You Happy and Benefits Your Community
    23. Chapter 19: Ten (or So) Tips to Know about Caring for Your Aging Parents
    24. Leverage Off Others’ Experiences
    25. Ask for Professional Help
    26. Invest in Their Health
    27. Get Your Parents’ Affairs in Order
    28. Examine Housing and Medical Care Options
    29. Use Caregiver Agreements
    30. Separate Living Spaces if Parents Are Going to Move In
    31. Take Care of Your Family
    32. Take Care of Yourself
  10. Index
  11. About the Authors
  12. Advertisement Page
  13. Connect with Dummies
  14. End User License Agreement