Personal finance in your 50s all in one

Giáo trình Personal finance in your 50s all in one Giáo trình Personal finance in your 50s all in one Giáo trình Personal finance in your 50s all in one Giáo trình Personal finance in your 50s all in one Giáo trình Personal finance in your 50s all in one Giáo trình Personal finance in your 50s all in one

Personal Finance in Your 50s ALL-IN-ONE Personal Finance in Your 50s ALL-IN-ONE by AARP, Ray Brown, Bob Carlson, N. Brian Caverly, Esq., Kerry Hannon, Jack Hungelmann, Aaron Larson, Sarah Glendon Lyons, John E. Lucas, Jordan S. Simon, Eric Tyson Personal Finance in Your 50s All-in-One For Dummies® Published by: John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, www.wiley.com Copyright © 2018 by John Wiley & Sons, Inc., Hoboken, New Jersey Certain materials excerpted from: Getting the Job You Want After 50 For Dummies, Copyright © 2015 by AARP Personal Finance After 50 For Dummies, 2nd Edition, Copyright © 2015 by Eric Tyson and Bob Carlson Selling Your House For Dummies, Copyright © 2018 by Eric Tyson, Ray Brown, and John Wiley & Sons, Inc Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the Publisher Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions Trademarks: Wiley, For Dummies, the Dummies Man logo, Dummies.com, Making Everything Easier, and related trade dress are trademarks or registered trademarks of John Wiley & Sons, Inc., and may not be used without written permission All other trademarks are the property of their respective owners John Wiley & Sons, Inc., is not associated with any product or vendor mentioned in this book LIMIT OF LIABILITY/DISCLAIMER OF WARRANTY: WHILE THE PUBLISHER AND AUTHOR HAVE USED THEIR BEST EFFORTS IN PREPARING THIS BOOK, THEY MAKE NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE CONTENTS OF THIS BOOK AND SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. NO WARRANTY MAY BE CREATED OR EXTENDED BY SALES REPRESENTATIVES OR WRITTEN SALES MATERIALS. THE ADVISE AND STRATEGIES CONTAINED HEREIN MAY NOT BE SUITABLE FOR YOUR SITUATION. YOU SHOULD CONSULT WITH A PROFESSIONAL WHERE APPROPRIATE. NEITHER THE PUBLISHER NOR THE AUTHOR SHALL BE LIABLE FOR DAMAGES ARISING HEREFROM For general information on our other products and services, please contact our Customer Care Department within the U.S at 877-762-2974, outside the U.S at 317-572-3993, or fax 317-572-4002 For technical support, please visit https://hub.wiley.com/community/support/dummies Wiley publishes in a variety of print and electronic formats and by print-on-demand Some material included with standard print versions of this book may not be included in e-books or in print-on-demand If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com For more information about Wiley products, visit www.wiley.com Library of Congress Control Number: 2018937027 ISBN: 978-1-119-47151-6 (pbk); ISBN: 978-1-119-47153-0 (ebk); ISBN: 978-1-119-47146-2 (ebk) Manufactured in the United States of America 10 Contents at a Glance Introduction Book 1: Managing Your Career and Retirement CHAPTER 1: CHAPTER 2: CHAPTER 3: CHAPTER 4: CHAPTER-5: CHAPTER 6: CHAPTER 7: Finding a New Job after 50 Dealing with Changes in Employment 31 Joining the Ranks of the Self-Employed 49 Tracking Small Business Revenues and Costs 75 Estimated Taxes and Self-Employment Taxes 85 Developing a Retirement Plan 97 Grasping Retirement Accounts and Their Rules 113 Book 2: Getting Your Affairs in Order CHAPTER 1: 127 Ensuring That Your Last Wishes Are Honored CHAPTER 2: Planning Your Bequests CHAPTER 3: Providing for Your Children and Dependents CHAPTER 4: Writing and Signing a Will 129 145 163 173 Book 3: Dealing with Insurance 189 CHAPTER 1: Seven Guiding Principles of Insurance Buying Insurance CHAPTER 3: Getting the Most Out of Medicare CHAPTER 4: Introducing the Personal Umbrella Policy CHAPTER 2: Book 4: Handling Budgets and Investments CHAPTER 1: 191 199 207 237 245 Protecting Your Employment Income CHAPTER 2: Managing Budgets and Expenses CHAPTER 3: Guiding Investments and Distributions in Retirement CHAPTER 4: Making Your Best Choices under Social Security 247 263 281 297 Book 5: Planning Your Estate 329 CHAPTER 1: Yes, You Have an Estate Bean Counting: Figuring Out What You’re Worth CHAPTER 3: Probate and How to Dodge It CHAPTER 4: Understanding Trusts CHAPTER 5: Minimizing Estate-Related Taxes CHAPTER 2: 331 353 363 397 411 Book 6: Tapping Into Your Home’s Value CHAPTER 1: 429 Making Important Housing Decisions Reverse Mortgages for Retirement Income Deciding to Sell Exploring the Economics of Selling Determining Your House’s Value 431 441 455 469 481 Index 497 CHAPTER 2: CHAPTER 3: CHAPTER 4: CHAPTER 5: Table of Contents INTRODUCTION About This Book Foolish Assumptions Icons Used in This Book Beyond the Book Where to Go from Here 2 3 BOOK 1: MANAGING YOUR CAREER AND RETIREMENT CHAPTER 1: Finding a New Job after 50 Recognizing the Need for and Value of Experienced Workers Noting a change in the current workforce Seeing experienced workers as an affordable option Capitalizing on lower turnover Harnessing the power of highly engaged workers 10 Reaping additional benefits 11 Tallying the Benefits of Staying in the Workforce 11 Reorienting Yourself to Today’s Job-Search Realities 12 Deciding What (Else) You Want Out of Work 13 Pursuing Your Passion and Finding Purpose 15 Considering other careers 15 Checking out fast-growing job markets 16 Taking the first steps in pursuing your passion 19 Putting Proven Success Strategies into Practice 21 Starting sooner rather than later 21 Giving yourself a full-body makeover 22 Using the most effective means to get a job 22 Broadening your job search 24 Considering a patchwork approach to your career 25 Navigating a career change 25 Getting the training you need 26 Seeking help 27 Dealing with Ageism 27 Knowing what employers are so worried about 28 Laying their worries to rest 28 CHAPTER 2: Dealing with Changes in Employment 31 Filing for Unemployment Benefits 32 Getting Your Financial House in Order .32 Motivating yourself to get started 33 Focusing on the fundamentals 33 Tapping your financial resources 35 Table of Contents vii Financing Any Additional Education and Training Paying for your education Avoiding additional debt Applying for student financial aid Applying for grants and scholarships Leveraging tax breaks to lower costs Writing Off Your Job-Hunt Expenses Accounting for Social Security Benefits Reductions When You Work Taking Advantage of Additional Public Benefits Providing Benefits for Yourself Planning for retirement Getting health insurance CHAPTER 3: 50 50 51 53 53 55 55 56 59 61 62 65 66 69 69 70 70 71 71 73 73 73 Tracking Small Business Revenues and Costs 75 Establishing an Accounting System for Your Business Separating business from personal finances Documenting expenses and income in the event of an audit Keeping current on income and payroll taxes Reducing your taxes by legally shifting income and expenses viii 43 44 45 45 46 Joining the Ranks of the Self-Employed 49 Working on Contract Getting sold on the idea Lining up contract gigs Running your contracting operation as a business Avoiding common pitfalls Launching Your Own Business Managing your expectations Coming up with a business idea Getting help Writing a solid business plan Financing your enterprise Becoming a Social Entrepreneur Making a nonprofit start-up to-do list Getting help: Organizations that support social entrepreneurs Exploring Franchising Opportunities Don’t rush in Do a self-assessment Accept that you don’t call the shots Do your due diligence Be sure you have enough money Consider getting a loan Check out additional resources CHAPTER 4: 36 36 39 39 40 41 41 Personal Finance in Your 50s All-in-One For Dummies 76 76 77 78 79 www.downloadslide.net Insure.com, 47 International Franchise Association (IFA), 74 IRS, 37, 78, 86, 89, 126, 169, 413, 440 IRS Publication 521, “Moving Expenses,” 42 IRS Publication 587, “Business Use of Your Home,” 43 IRS Publication 915, “Social Security and Equivalent Railroad Retirement Benefits,” 321 IRS Publication 970, “Tax Benefits for Education,” 41, 43 Securities and Exchange Commission (SEC), 349 SelectQuote, 253 Senior Entrepreneurship Works, 60 Skillshare, 52 Small Business Administration (SBA), 53, 60, 72, 74 Small Business Investment Company program, 63 Social Security, 300, 301 job, 17 Social Security Administration (SSA), 101, 103, 251, 314, 318 job search tips, 23 Startup Nation, 60 Kauffman Foundation’s FastTrac Boomer Entrepreneur program, 60 T. Rowe Price Web-based Retirement Income Calculator, 107 Kickstarter, 63 Kiva Zip, 63 Tax Benefits for Education Information Center, 37 Lawrence N. Field Center for Entrepreneurship, 60 Term4Sale, 253 TheLadders, 12 life insurance, 253 Tyson, Eric (author), 260 LifeReimagined, 58, 59 Uber, 36 Lyft, 36 Unhappy Franchisee, 74 Medicare, 207, 215, 228 U.S. Department of Education, 38 Medicare & You, 215 U.S. Department of Labor, 78, 477 Mint, 34 VolunteerMatch, 112 National Association of Health Underwriters, 47 WorkCoachCafe, 12 National Association of Personal Financial Advisors, 35 The National Council of Nonprofits, 69 NetQuote, 47 Onevest, 63 PayScale, 477 The Pink Fund, 68 public benefits, 44 Public Service Loan Forgiveness Program, 39 ReliaQuote, 253 retirement account restrictions, 116 Rockport Institute, 58 SCORE, 60 You Need a Budget, 34 restrictions, on retirement accounts, 115–116 résumé preparation/postage, writing off, 42 retirement See also distributions; investments age of, 108 benefits for spouses, 304, 305 budgets after, 264–271 guiding investments through, 282–285 Monte Carlo simulations, 110 planning for, 45–46 as a reason to sell your home, 463 retirement accounts about, 113, 395 characteristics of, 114–117 Index 519 www.downloadslide.net retirement accounts (continued) RIA (Registered Investment Adviser), 349 choosing beneficiaries for, 123–124 right of survivorship, 382 with designated beneficiaries, 176 rising debt, falling equity loans, 442 rolling over balances, 120–123 risk manager, 204 taking Required Minimum Distributions (RMDs), 125–126 risk tolerance, 268 types of, 117–119 retirement communities, 434–435 retirement plan about, 97–98 components of, 101–105 for couples, 106 crunching numbers, 107–110 deciding when to retire, 98–99 risks defined, 191 downplaying, 29 exceptional risk factor, 243 insurance and, 193–194, 195 Rix, Saea (author) “The Long Road Back: Struggling to Find Work after Unemployment,” 21, 22, 24 RMDs (Required Minimum Distributions) nonfinancial matters, 110–112 about, 125 requirements for retirement, 99–101 calculating for IRAs, 125–126 retirement savings, financing with, 64 calculating for other retirement plans, 126 returns, filing, 375–376 ROBS (rollovers as business start-ups), 64 reverse mortgage insurance premium, 449 Rockport Institute (website), 58 reverse mortgages Roizen, Michael (doctor), 258 about, 436–439, 441 rolling over retirement balances, 120–123 amount owed, 447 rollovers as business start-ups (ROBS), 64 amounts of, 445–446 Roth IRAs, 295 basics of, 441–451 rush-hour liability insurance, 196 common objections, 442–444 costs of, 449 decision-making on, 453–454 defined, 105 government-sponsored benefits and, 451 out-of-pocket cost for, 448–449 paying back, 446–447 qualifications for, 444–445 S S corporations, 80 safe harbor method, 90 percent rule vs., 86–87 savings, increasing, 34 savings bonds, 394 savings plan, 168 regular home mortgage vs., 442 SBA (Small Business Administration), 53, 60, 72, 74 repaying, 448 Schedule SE: Self-Employment Tax shopping for, 451–453 about, 90–91 total annual rate, 450 completing the short, 92–93 reviewing earnings history, 301 versions of, 91–92 revocable living trust, 387 scheduling contract work, 51–52 revocable trusts, 408–410 scholarships 520 Personal Finance in Your 50s All-in-One For Dummies www.downloadslide.net applying for, 40 defined, 38 schools, housing and, 459 SCORE, 60 selling assets, 36 capital assets, 323 housing, 455–468 seamstress, as a business idea, 59 Selling Your House For Dummies (Tyson), 454 SEC (Securities and Exchange Commission) (website), 349 Senior Entrepreneurship Works, 60 second families, estate planning for, 149–152 SEP-IRA (Simplified Employee Pension Plan, Individual Retirement Account), 45, 118 second home, calculating value of, 355 senior fitness trainer, as a business idea, 59 second mortgage, home equity loan vs., 443–444 Serve America Act, 40 Section 2503(c) trust, 169 setup Securities and Exchange Commission (SEC) (website), 349 Seid, Michael (author) Franchise Management For Dummies, 71 selecting beneficiaries for retirement accounts, 123–124 custodians for IRA, 121–123 guardians, 163–166 insurance companies, 206 pension options, 289–294 personal representative, 156–158 professional advisors, 201–206 successors, 158–159 trustee, 156–158 where to buy life insurance, 253 witnesses to will, 188 settlor, 388, 399 record-keeping system, 81–82 trusts, 426 shared housing, 274 side fund, 312 signing wills, 187, 188 Silver Scholarship Grant Program, 40 Simple IRA, 45 Simplified Employee Pension Plan, Individual Retirement Account (SEP-IRA), 45, 118 single-life option, for pensions, 294 SIR (self-insured retention), 240–241 Skees, Bill (business owner), 16 skill building, writing off, 43 skilled labor jobs, 19 skilled nursing facilities, under Medicare Part A coverage, 213 SelectQuote (website), 253 Skillshare, 52 self-employed retirement savings plans, 117–118 Small Business Administration (SBA), 53, 60, 72, 74 self-employment Small Business Investment Company program, 63 about, 49–50 contract work, 50–54 franchising, 69–74 launching your business, 55–65 social entrepreneurs, 65–69 taxes See estimated taxes; taxes self-insured retention (SIR), 240–241 self-proving will, 179, 180 small estate affidavit, 372 Smart Money (magazine), 348 SNPs (special needs plans), 221 social entrepreneurs about, 65–66 help for, 69 nonprofit start-up to-do list, 66–68 Index 521 www.downloadslide.net Social Security SSI (Supplemental Security Income), 451 about, 297–299 Stafford loan, 37 benefits of, 43–44, 101–103, 108, 272–273, 299 Standby HECM, 437 do-overs, 324–325 eligibility for, 300–304 Starting a Business All-In-One For Dummies, 55, 257 future of, 325–327 starting Medicare, 208–209 income taxes on benefits, 319–324 Startup Nation, 60 preserving benefits, 316–319 state economic development agencies, financing with, 64 receiving benefits, 310–314 reducing benefits, 314–316 spouses’ and survivor benefits, 304–310 survivor’s benefits, 251 website, 300, 301 standing exercises, 260 state income tax, 82–83 statutory will, 177 step therapy, 227 step-type moves, 260 Social Security Administration (SSA), 101–103, 251, 314, 318 stock certificate, 337 Social Security benefits strategies about, 43–44 in retirement assumptions, 108 as a retirement plan component, 101–103 taxes on, 272–273 software development jobs, 18 sole proprietorships defined, 80 inheritance of, 154–155 Solo 401(k), 45 special income, 319 special needs plans (SNPs), 221 special needs trust, 147, 170 speed, as an advantage of joint tenancy, 385 spending after retirement, 269–271 nest eggs, 267–268 spendthrift trust, 147 spouses benefits to, 304–310 leaving estates to, 424 SSA (Social Security Administration), 101–103, 251, 314, 318 522 stock options, 359 for estate planning, 421–425 for success, 21–27 stress management, 261 subscriptions expenses for, 279 writing off, 42 subtracting debts from assets, 359–360 success stories/strategies, 16, 21–27 succession plan, 153, 154 successor trustee, 388, 401 successors, choosing, 158–159 summary probate, 372 Supplemental Security Income (SSI), 451 supporting others, 264–266 surtax, 217 survivor benefits, 304–310 T T. Rowe Price Web-based Retirement Income Calculator, 107–108 tailor, as a business idea, 59 tangible personal property, 356–358 Personal Finance in Your 50s All-in-One For Dummies www.downloadslide.net tangible personal property memorandum, 185, 336 television, bundling with Internet, 276 tax basis, 423 tenants in common, 384 Tax Benefits for Education Information Center (website), 37 tax breaks, leveraging, 41 tax credits, 275 tax tables, checking, 413–414 taxable bonds, 323 taxes benefits of retirement accounts, 114–115 deductions for moving costs, 475 as a disadvantage of joint tenancy, 385–386 estate, 144, 153, 417–418 estate plans and, 138 estate-related, 411–427 estimated quarterly income taxes See estimated taxes Form 8889: Health savings Accounts (HSAs), 93–95 housing and, 439–440 income, 78–79 keeping records, 80–83 managing, 272–273 paying, 375–376 payroll, 78–79, 326 probate and, 370 property, 273, 471–472 rebalancing investments, 283–284 tenancy by the entirety, 393 term life insurance, 252 Term4Sale (website), 253 terms, of reverse mortgages, 437–438 testamentary trust, 387, 405–408 testamentary will, 178, 179 TheLadders (website), 12 third-party closing costs, for reverse mortgages, 449 Thrift Savings Plan, 117 time commitment with self-employment, 67 tracking for contract work, 54 will substitutes and, 381 timeshare, 355 Tip icon, title transfer, as an advantage of joint tenancy, 384 total annual rate, 450 tracking time for contract work, 54 trade-offs, 24, 421–425 Trading Options For Dummies, 3rd Edition (Duarte), 359 training financing, 36–41 getting, 26–27 reducing, 79–80 transaction costs, rebalancing investments, 284 Schedule SE: Self-Employment Tax, 90–93 transfer tax, in closing costs, 471 Social Security benefits, 313, 319–324 transfer-on-death provision, 177 state, 82–83 transferring retirement accounts, 119 traps for, 414–415 translator jobs, 19 trusts and, 403 transportation, expenses for, 277 withholding, 89–90 travel, expenses for, 278 tax-exempt bonds, 323 travel accident insurance, 196 tax-exempt interest income, 320 Trawinski, Lori (author) Technical Stuff icon, telephone costs, 276 “The Long Road Back: Struggling to Find Work after Unemployment,” 21, 22, 24 Index 523 www.downloadslide.net trust, living about, 143, 387, 403 advantages of, 389–391 costs of, 392 disadvantages of, 391–392 paperwork for, 388–389 roles in, 387–388 trust agreement, 400 trust principal, 387, 390 trust property, 399 trustee, 156–158, 388, 400 trustor, 399 Uniform Transfers to Minors Act (UTMA) trust, 169 unmarried couples, 387 UPC (Uniform Probate Codes), 368 upside down, as a homeowner, 464 U.S. Department of Education (website), 38 U.S. Department of Labor, 78, 477 utilities, as an expense, 275–276 UTMA (Uniform Transfers to Minors Act) trust, 169 V value trusts about, 397–398 calculating for personal property, 356–359 beneficiaries of, 402–405 calculating for real property, 354–356 categorizing, 405–500 of estate, 412 checklist for, 400–402 of housing, 482–483 components of, 398–399 Van Slyke, David M (professor), 56 creating, 140–144 variable annuity, 286 defined, 124 variable life insurance, 252–253 holding assets in, 152 vegetables, heart health and, 259 setting up, 426 venture capitalists, 63 terminology, 399–400 vested interest, 339 turnover, 9–10 video, for insurance inventory, 192 two-thirds joint and survivor option, for pensions, 294 voice-over actor/artist, 58 Tyson, Eric (author) VolunteerMatch (website), 112 volunteering, 23, 112 Investing For Dummies, 119 Personal Finance After 50 For Dummies, 35 Personal Finance For Dummies, 348 Selling Your House For Dummies, 454 website, 260 waiting period, in LTD, 256 Warning icon, water bill, reducing, 276 websites AARP Foundation, 26 U Uber (website), 36 unemployment benefits, filing for, 32 Unhappy Franchisee, 74 Uniform Probate Codes (UPC), 368 524 W AARP’s LifeReimagined, 58, 59 Accion, 63 AccuQuote, 253 American Association of Franchisees & Dealers (AAFD), 73 Personal Finance in Your 50s All-in-One For Dummies www.downloadslide.net American Chamber of Commerce Research Association (ACCRA), 477 Gofundme, 63 American College of Trust and Estate Counsel (ACTEC), 160 Grants.gov, 64 American Franchisee Association (AFA), 73 American Institute of Certified Public Accountants (AICPA), 160 Association of Small Business Development Centers, 60 GoHealth, 47 Guides.co, 52 GuideStar, 69 Guru, 52 Healthcare.gov, 46 HourlyNerd, 52 Bankrate, 34 “How Work Affects Your Benefits,” 44 Bizstarters, 52 HUD-approved counselor, 453 Blue MauMau, 74 Idealist, 69 The Bridgespan Group, 69 Independent Sector, 69 Bureau of Labor Statistics, 27–28 Indiegogo, 63 BusinessUSA, 62, 64 insurance company grades, 206 Certified Financial Planner Board of Standards, 35 Insure.com, 47 Certified Public Accountant/Personal Financial Specialist (CPA/PFS), 350 International Franchise Association (IFA), 74 IRS, 37, 78, 86, 89, 126, 169, 413, 440 Cheat Sheet, IRS Publication 521, “Moving Expenses,” 42 The Chronicle of Philanthropy, 69 IRS Publication 587, “Business Use of Your Home,” 43 College Savings Plans Network, 38 CommonGood Careers, 69 Consumer Financial Protection Bureau, 38–39 coverage gap, 226 Edvisors, 38 eHealth, 47 Elance, 52, 58 Encore.org, 69 IRS Publication 915, “Social Security and Equivalent Railroad Retirement Benefits,” 321 IRS Publication 970, “Tax Benefits for Education,” 41, 43 job, 17 job search tips, 23 Fastweb, 40 Kauffman Foundation’s FastTrac Boomer Entrepreneur program, 60 Federal Trade Commission (FTC), 74 Kickstarter, 63 FinAid, 38, 40 Kiva Zip, 63 Financial Planning Association, 35, 348 Lawrence N. Field Center for Entrepreneurship, 60 Fiverr, 52 flood insurance, 195 Franchise Registry, 73 FRANdata.com, 73 Freelancer, 52 Fundingcircle.com, 63 Garrett Planning Network, 35 life insurance, 253 LifeReimagined, 58, 59 Lyft, 36 Medicare, 207, 215, 228 Medicare & You, 215 Mint, 34 Index 525 www.downloadslide.net websites (continued) National Association of Health Underwriters, 47 National Association of Personal Financial Advisors, 35 The National Council of Nonprofits, 69 VolunteerMatch, 112 WorkCoachCafe, 12 You Need a Budget, 34 weight lifting, for health, 260 What Americans Really Want. . .Really (Luntz), 266 Onevest, 63 What Color Is Your Parachute? A Practical Manual for Job-Hunters and Career-Changers (Bolles), 257 PayScale, 477 whole life insurance, 252–253 The Pink Fund, 68 will substitutes NetQuote, 47 public benefits, 44 about, 380–381 Public Service Loan Forgiveness Program, 39 defined, 368 ReliaQuote, 253 types of, 382–395 retirement account retrictions, 116 Williams, Jeff (CEO), 52 Rockport Institute, 58 wills SCORE, 60 about, 173 Securities and Exchange Commission (SEC), 349 benefits of, 174–177 SelectQuote, 253 elements of, 181–187 Senior Entrepreneurship Works, 60 Skillshare, 52 Small Business Administration (SBA), 53, 60, 72, 74 Small Business Investment Company program, 63 Social Security, 300, 301 Social Security Administration (SSA), 101, 103, 251, 314, 318 Startup Nation, 60 T. Rowe Price Web-based Retirement Income Calculator, 107 Tax Benefits for Education Information Center, 37 Term4Sale, 253 TheLadders, 12 creating, 140–144 executing, 187–188 types of, 177–180 withdrawals, from investment accounts, 294–295 withholding about, 89 defined, 86 filing for employees, 89–90 Form W-4, 89 witnesses, choosing for will, 188 word of mouth, for finding insurance agents, 203 work deciding what you want out of, 13–14 meaningful, 14 Tyson, Eric (author), 260 WorkCoachCafe (website), 12 Uber, 36 workforce Unhappy Franchisee, 74 U.S. Department of Education, 38 U.S. Department of Labor, 78, 477 526 benefits of staying in the, 11–12 current, work-life balance, 14 Personal Finance in Your 50s All-in-One For Dummies www.downloadslide.net worth about, 353 calculating adjustments due to life changes, 360–361 calculating value of personal property, 356–359 calculating value of real property, 354–356 knowing your, 54 reducing value with gifts, 360 subtracting debts from assets, 359–360 writing business plans, 61–62 writing off job-hunt expenses, 41–43 giving gifts, 360 Y housing, 470 You Need a Budget (website), 34 Index 527 www.downloadslide.net www.downloadslide.net About the Authors Bob Carlson is editor of the monthly newsletter Retirement Watch Bob is also Chairman of the Board of Trustees of the Fairfax County Employees’ Retirement System, which has more than $2.4 billion in assets He has served on the board since 1992 He was a member of the Board of Trustees of the Virginia Retirement System, which oversaw $42 billion in assets, from 2001 to 2005 His prior books include Invest Like a Fox . . . Not Like a Hedgehog and The New Rules of Retirement, both published by John Wiley & Sons, Inc He has written numerous other books and reports, including Tax Wise Money Strategies and Retirement Tax Guide He has also been interviewed by or quoted in numerous publications, including The Wall Street Journal, Reader’s Digest, Barron’s, AARP Bulletin, Money magazine, Worth magazine, Kiplinger’s Personal Finance magazine, The Washington Post, and many others He has appeared on national television and on a number of radio programs He is past editor of Tax Wise Money The Washington Post calls Bob’s advice “smart . . . savvy . . . sensible . . . valuable and imaginative.” You can also hear Bob as a featured guest on nationally syndicated radio shows, such as The Retirement Hour, Dateline Washington, Family News in Focus, The Michael Reagan Show, Money Matters, and The Stock Doctor Bob received his JD and an MS (accounting) from the University of Virginia, received his BS (financial management) from Clemson University, and passed the CPA Exam He is also an instrument-rated private pilot N. Brian Caverly, Esq., is a practicing lawyer in Northeastern Pennsylvania with his principal office in Wilkes-Barre He has practiced law since 1968 and in his practice emphasizes wills and estates, estate planning, and elder law He is a graduate of Bucknell University in Lewisburg, Pennsylvania, with an AB degree in economics, and from the Dickinson School of Law in Carlisle, Pennsylvania, with a JD degree He serves on the board of directors of the Angeline Elizabeth Kirby Memorial Health Center in Wilkes-Barre, a major charitable organization Brian is also chairman of the Luzerne County Planning Commission He presents lectures and writes articles and papers about various legal topics, including those related to estate planning Robert S.  Griswold, MSBA, is a successful real estate investor, expert witness, and hands-on landlord/property manager with a large portfolio of residential and commercial rental income properties He uses print and broadcast journalism to bring his many years of experience to his readers, listeners, and viewers He is the author of Property Management For Dummies and Property Management Kit For Dummies both published by Wiley and for 15 years was the real estate expert for NBC San Diego, with a regular on-air live-caller segment Robert was the host of a live weekly radio talk show, Real Estate Today!, for nearly 15 years, and he’s also the columnist for the syndicated “Rental Roundtable” and “Rental Forum” columns www.downloadslide.net These popular features are published in dozens of major newspapers throughout the country, and Robert has been recognized twice as the number-one real estate broadcast journalist in the nation by the National Association of Real Estate Editors Robert’s educational background includes having earned a BS and two master’s degrees in finance and business economics, real estate finance, international finance, real estate and urban land economics, and real estate development, all from the Marshall School of Business at the University of Southern California His real estate investing and managing professional designations include the CRE (Counselor of Real Estate), the CPM (Certified Property Manager), the CCIM (Certified Commercial Investment Member), the ARM (Accredited Residential Manager), the GRI (Graduate, REALTOR Institute), the CCAM (Certified Community Association Manager), and the PCAM (Professional Community Association Manager) Robert has been retained on more than 2,000 legal matters as an expert in the standard of care, custom, and practice for all aspects of real estate ownership and management in both state and federal cases throughout the country He is the president of Griswold Real Estate Management, Inc., managing residential, commercial, retail, and industrial properties throughout California and Nevada On a personal level, Robert enjoys travel (particularly cruises), sports, and family activities He truly enjoys real estate and tries to keep life in perspective through humor! Kerry Hannon is a nationally recognized authority on career transitions and retirement, a frequent TV and radio commentator who speaks about and offers advice on career and personal finance trends, and author of numerous books, including Love Your Job: The New Rules for Career Happiness (Wiley/AARP), What’s Next? Finding Your Passion and Your Dream Job in Your Forties, Fifties and Beyond (Berkley Trade/AARP), and Great Jobs for Everyone 50+: Finding Work That Keeps You Happy and Healthy . . . And Pays the Bills (Wiley/AARP) Kerry is a columnist and regular contributor to The New York Times, a contributing writer for Money magazine, AARP’s Jobs Expert and Great Jobs columnist, contributing editor and Second Verse columnist at Forbes, and the PBS website NextAvenue org expert and regular columnist on personal finance and careers for boomer women Kerry is a fellow of the Columbia Journalism School and the Robert N. Butler Columbia Aging Center’s 2015 Age Boom Academy She is a former Metlife Foundation and New America Media fellow on aging On June 24, 2015, Kerry testified before the Senate Special Committee on Aging at the invitation of its chairman, Senator Susan M. Collins (R-Maine), and ranking member, Claire McCaskill (D-Mo.) At the hearing, Work in Retirement: Career Reinventions and the New Retirement Workscape, Kerry discussed the challenges that Americans who work in retirement or plan to work in retirement may face and the value that older workers can add to the workplace Kerry has been covering careers and individual career choices for more than a decade In 2006, she developed the U.S. News & World Report “Second Acts” feature — a www.downloadslide.net regular column that looked at people who successfully navigated a career change in midlife, focusing on their challenges and their motivations She has spent more than two decades covering all aspects of business and personal finance as a ­columnist, editor, and writer for the nation’s leading media companies, including Forbes, Money, U.S. News & World Report, and USA Today Kerry’s work has also regularly appeared in BusinessWeek, Kiplinger’s Personal Finance, The Wall Street ­Journal, and Reader’s Digest, among other national publications She has appeared as a financial expert on ABC News, CBS, CNBC, NBC Nightly News, NPR, and PBS Kerry graduated from Shady Side Academy in Pittsburgh, Pennsylvania, where she serves on the Board of Visitors, and received a bachelor’s degree from Duke University, where she is a member of an editorial board Kerry lives in Washington, D.C., with her husband, documentary producer and editor Cliff Hackel, and her Labrador retriever, Zena Follow Kerry on Twitter @KerryHannon, visit her website at KerryHannon.com, and check out her LinkedIn profile at www.linkedin.com/in/kerryhannon Jack Hungelmann’s policy knowledge, problem-solving expertise, and coverage analysis skills were gained through more than 2,000 hours of education and 35 years in the insurance business as a claims adjuster, agent, and consultant He has advised individuals and commercial enterprises on their insurance needs and has earned several distinguished designations Among these are the Certified Insurance Counselor (CIC), the Chartered Property and Casualty Underwriter (CPCU), and the Associate in Reinsurance (ARe) Jack graduated from the University of Minnesota in 1969 and has taught professional continuing education classes for the CPCU Society and the National Alliance for Insurance Education & Research He has been published numerous times in American Agent & Broker magazine More recently, he has written and continues to write quarterly articles on personal risk management and insurance for the ­website of the International Risk Management Institute (www.irmi.com) Jack has personally written newsletters for his clients three times a year for more than 20 years You can check out back issues of the newsletter, as well as subscribe to future electronic versions, at Jack’s website (www.jackhungelmann.com) The site also contains Jack’s contact information and links to most of his articles from the past several years Jack lives in Chaska, Minnesota, with his bride, Judy Aaron Larson is an attorney practicing law in Ann Arbor, Michigan, where he lives with his wife and daughter After graduating from the University of ­Michigan Law School, Aaron started practice as a quintessential small town lawyer, ­providing legal services that included estate planning, probate, and guardianship ­services He subsequently worked for the Institute of Continuing Legal Education in Ann Arbor, Michigan, where he developed professional education programs for lawyers in areas including estate planning, litigation, and family law His www.downloadslide.net present legal practice focuses on civil appeals He operates the ExpertLaw website (www.expertlaw.com), offering free legal information and assistance to consumers, as well as resources for legal professionals Jordan S. Simon is vice president of asset management at Venture West, Inc., a ­Tucson, Arizona–based investment firm, where he has worked since 1988 Jordan focuses on real estate investments He received his bachelor’s degree from the University of Arizona and his MBA from the University of Southern California, where he was the recipient of the Quon Award for outstanding university and community service Jordan is the coauthor of The Computer Professional’s Guide to Effective Communications Eric Tyson is an internationally acclaimed and best-selling personal finance book author, syndicated columnist, and speaker He has worked with and taught people from all financial situations, so he knows the financial concerns and questions of real folks just like you Despite being handicapped by an MBA from the Stanford Graduate School of Business and a BS in Economics and Biology from Yale University, Eric remains a master of “keeping it simple.” After toiling away for a number of years as a management consultant to Fortune 500 financial service firms, Eric took his inside knowledge of the banking, investment, and insurance industries and committed himself to making personal financial management accessible to all Today, Eric is an accomplished personal finance writer His “Investor’s Guide” syndicated column, distributed by King Features, is read by millions nationally He is the author of five national bestselling books, including Personal Finance For Dummies, Investing For Dummies, and Home Buying For Dummies (coauthor), among others, which are all published by John Wiley & Sons, Inc Personal Finance For Dummies was awarded the Benjamin Franklin Award for best business book of the year Eric’s work has been featured and quoted in hundreds of publications, including The Wall Street Journal, Los Angeles Times, Chicago Tribune, Forbes magazine, Kiplinger’s Personal Finance magazine, Parenting magazine, Money magazine, and Bottom Line/Personal magazine; on NBC’s Today Show, ABC, CNBC, PBS’s Nightly Business Report, CNN, and FOX-TV; and on CBS national radio, NPR’s Sound Money, Bloomberg Business Radio, and Business Radio Network Eric’s website is www.erictyson.com Publisher’s Acknowledgments Acquisitions Editor: Tracy Boggier Production Editor: G. Vasanth Koilraj Project Managers: Vicki Adang, Linda Brandon Cover Image: © haveseen/Shutterstock Development Editors: Vicki Adang, Linda Brandon Copy Editor: Jennette ElNaggar Technical Editor: Pierre-Emmanuel Jouve Compilation Editor: Corbin Collins www.downloadslide.net WILEY END USER LICENSE AGREEMENT Go to www.wiley.com/go/eula to access Wiley’s ebook EULA ... whipping your finances into shape Icons Used in This Book This book uses the following icons to point out certain insights: Personal Finance in Your 50s All -in- One For Dummies This one indicates... Personal Finance in Your 50s ALL -IN- ONE Personal Finance in Your 50s ALL -IN- ONE by AARP, Ray Brown, Bob Carlson, N. Brian Caverly, Esq.,... CHAPTER 4: 36 36 39 39 40 41 41 Personal Finance in Your 50s All -in- One For Dummies 76 76 77 78 79 Keeping Good Tax Records for Your Small Business Ensuring a complete and accurate