Index
Numerics
- 4 percent rule, 267
- 90 percent rule, safe harbor method vs., 86–87
- 100 percent join and survivor option, for pensions, 293
- 401(k), 120–123, 289, 395
- 403(b) plans, 117
- 529 plans, 38, 168
A
- AAFD (American Association of Franchisees & Dealers), 73
- AAI (Accredited Advisor in Insurance), 204
- AARP Employer Pledge, 19
- AARP Foundation (website), 26
- AARP Social Security For Dummies (Peterson), 44
- AARP's LifeReimagined (website), 58, 59
- abatement, 273
- accidental death insurance, 196
- Accion (website), 63
- accountants, estate planning and, 160–161, 350
- accounting
- about, 75
- establishing a system, 76–80
- keeping tax records, 80–83
- accounts receivable, 334
- ACCRA (American Chamber of Commerce Research Association), 477
- Accredited Advisor in Insurance (AAI), 204
- AccuQuote (website), 253
- ACTEC (American College of Trust and Estate Counsel) (website), 160
- activities, in retirement communities, 435
- actual expenses, 268
- adapt, ability to, 29
- adjusted future estate value, 419
- adjusted gross income (AGI), 320
- administrator, 368
- advisors, 202–203
- AFA (American Franchisee Association), 73
- afford, 462
- Affordable Care Act (2010), 220, 440
- age of retirement, 108
- ageism, 27–30
- AGI (adjusted gross income), 320
- Aging Workforce survey, 9
- AICPA (American Institute of Certified Public Accountants), 160, 350
- alcohol, heart health and, 258
- Alfred P. Sloan Foundation, 9
- alternative payee, 394
- American Advisors Group, 452
- American Association of Franchisees & Dealers (AAFD), 73
- American Chamber of Commerce Research Association (ACCRA), 477
- American College of Trust and Estate Counsel (ACTEC) (website), 160
- American Franchisee Association (AFA), 73
- American Institute of Certified Public Accountants (AICPA), 160, 350
- amortization, 473
- ancillary probate, 367
- angel investors, 63
- annuities
- about, 285–286
- contributing during working years, 286–287
- deferred, 288–289, 322–323
- deferred income, 288–289
- with designated beneficiaries, 176
- fixed, 286
- fixed indexed, 286
- immediate, 287
- joint and survivor, 288
- lifetime, 288
- lifetime income, 287
- qualified longevity annuity contract (QLAC), 288–289
- from retirement account balance, 121
- in retirement years, 287–288
- variable, 286
- appearance, importance of your, 29
- appliances, upgrading, 275
- application fee, for reverse mortgages, 448
- applying
- for grants, 40
- for scholarships, 40
- for student financial aid, 39–40
- appointments. See also designating
- of people willing to carry out estate plans, 156–159
- of personal representative, 372–379
- appraisals, 492–493
- Arnold, Marilyn (business owner), 16
- asking price, 484, 490, 495
- assessing
- adjustments in estate value due to life changes, 360–361
- assets, 145–146
- current life insurance coverage, 250–251
- current situation, 412–415
- eligibility for Social Security benefits, 300–304
- estate's value, 412
- fair market value (FMV), 484–486
- intended heirs/beneficiaries, 146–149
- likeliness of being sued, 242–244
- RMDs for IRAs, 125–126
- value of personal property, 356–359
- value of real property, 354–356
- your need to sell housing, 457–464
- asset allocation, 107–108
- assets
- calculating, 145–146
- estate, 373–374, 376
- estate planning and, 132–133
- holding in trusts, 152
- liquid, 451
- listed in wills, 181–182
- managing for children, 166–167
- Medicaid spend-down rules and, 136–138
- not covered by wills, 175–177
- retirement, 268
- selling, 36
- subtracting debts from, 359–360
- using to earn money, 36
- assisted living, 435
- association fees, writing off, 42
- Association of Small Business Development Centers (website), 60
- attained age, for calculating premiums with Medigap, 234
- attorney, estate planning and, 351–352
- audit, 76, 77
- authorization, 227
- average indexed monthly earnings, 300
B
- bank accounts, jointly owning, 133–134
- bank loans, financing with, 62
- Bankrate (website), 34
- beneficial interest, 338, 388, 401
- beneficiaries
- choosing for retirement accounts, 123–124
- determining intended, 146–149
- listed in wills, 182–183
- probate and, 371–372
- beneficiary payee
- defined, 394
- of trusts, 400
- benefits
- about, 14
- of estate plans, 131–133
- providing for yourself, 45–47
- public, 44
- Social Security, 299, 300–304, 304–310
- of wills, 174–177
- bequests
- about, 145
- appointing people to carry out estate plans, 156–159
- calculating assets, 145–146
- determining intended heirs/beneficiaries, 146–149
- estate planning for second families, 149–152
- estate planning for your business, 152–156
- family circumstances and, 149
- finding professional help, 159–162
- listed in wills, 183–185
- prenuptial agreements, 151
- succession plan, 154
- bidding wars, 493–495
- binding inheritance, 184–185
- Bizstarters (website), 52
- Blue MauMau, 74
- Bolles, Richard N. (author)
- What Color Is Your Parachute? A Practical Manual for Job-Hunters and Career-Changers, 257
- break-even point, 311
- bridge loan, 477
- The Bridgespan Group, 69
- budgets
- about, 263
- changes after retirement, 269–271
- charting, 33–34
- managing expenses, 271–279
- retirement, 264–267
- spending your nest egg, 267–268
- Bureau of Labor Statistics (website), 27–28
- burial wishes, describing in wills, 186
- burnout factor, with self-employment, 67
- business card, 20
- business expenses, on tax return, 80
- business launch
- about, 55
- developing an idea, 56–59
- financing your enterprise, 62–65
- managing expectations, 55–56
- writing business plans, 61–62
- business meals, writing off, 42
- business plans, writing, 61–62
- Business Plans Kit For Dummies (Peterson and Jaret), 62
- business records, replacing lost, 83
- business succession plan, 143
- business travel, writing off, 42
- “A Business Case for Workers Age 50+: A Look at the Value of Experience 2015,” 9
- businesses
- estate planning for, 152–156
- inheritance of a share of a, 155–156
- BusinessUSA, 62, 64
- buying a listing, 494–495
- by the entireties, 176
- bypass trust, 152
C
- C corporations, 80
- calcium, for health, 262
- calculating
- adjustments in estate value due to life changes, 360–361
- assets, 145–146
- current life insurance coverage, 250–251
- current situation, 412–415
- eligibility for Social Security benefits, 300–304
- estate's value, 412
- fair market value (FMV), 484–486
- intended heirs/beneficiaries, 146–149
- likeliness of being sued, 242–244
- RMDs for IRAs, 125–126
- value of personal property, 356–359
- value of real property, 354–356
- your need to sell housing, 457–464
- calligraphy artist, as a business idea, 59
- cancer coverage insurance, 196
- capital assets, selling, 323
- capital gains, 439
- capital gains exclusion rules, 439–440
- capitalization rate, 355
- car expenses, on tax return, 80–81
- car insurance, 194
- careers
- considerations for, 15–16
- navigating changes in, 25–26
- Carlson, Bob (author)
- Personal Finance After 50 For Dummies, 35
- cash basis, 79
- cash flow, 465
- cash-value life insurance, 253
- catastrophic coverage, Medicare Part D, 226
- CCRC (continuing care retirement community), 435
- Certified Financial Planner Board of Standards (website), 35
- Certified Financial Planners (CFPs), 348
- Certified Fund Specialist (CFS), 349
- Certified Insurance Counselor (CIC), 204
- Certified Investment Management Consultant (CIMC), 349
- Certified Life Underwriter (CLU), 204
- Certified Public Accountant (CPA), 350
- Certified Public Accountant/Personal Financial Specialist (CPA/PFS), 350
- CFA (Chartered Financial Analyst), 349
- CFPs (Certified Financial Planners), 348
- CFS (Certified Fund Specialist), 349
- Chamber of Commerce, 485
- changes in employment
- about, 31–32
- additional public benefits, 44
- filing for unemployment benefits, 32
- financing education and training, 36–41
- organizing finances, 32–36
- providing benefits for yourself, 45–47
- Social Security benefits, 43–44
- writing off job-hunting expenses, 41–43
- charitable gifts
- about, 424–425
- adding, 413
- exclusion amount for, 424
- giving, 360, 425–426
- with IRA, 124
- property, 422–423
- charitable remainder trust, 148
- charities
- as intended heirs/beneficiaries, 148
- trusts and, 405
- Chartered Financial Analyst (CFA), 349
- Chartered Property Casualty Underwriter (CPCU), 204
- charting budgets, 33–34
- Cheat Sheet (website), 3
- checking tax tables, 413–414
- children. See dependents
- chocolate, dark, heart health and, 258
- choosing
- 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
- The Chronicle of Philanthropy, 69
- CIC (Certified Insurance Counselor), 204
- CIMC (Certified Investment Management Consultant), 349
- climate, as a reason for moving, 432
- closing costs, 471–472
- CLU (Certified Life Underwriter), 204
- CMA (comparable market analysis), 486–493
- CNCS (Corporation for National and Community Service), 40
- COBRA, 46
- coinsurance
- Medicare Part B, 219
- Medicare Part D, 225
- collecting estate assets, 373–374
- College Savings Plans Network (website), 38
- Collier, Marsha (author)
- eBay For Dummies, 9th Edition, 36
- CommonGood Careers, 69
- communication, as an expense, 275–276
- community associations, 436
- community property, 393
- community rating, for calculating premiums with Medigap, 234
- comparable market analysis (CMA), 486–493
- completing
- Form 1040-ES: Estimated Tax for Individuals, 87–88
- Form 8889: Health Savings Accounts (HSAs), 94–95
- comps (comparables), 487, 489–490, 491
- consolidating debt, 34
- Consumer Financial Protection Bureau (website), 38–39
- Consumer Price Index (CPI), 326
- contingent, 339
- continuing care retirement community (CCRC), 435
- contract wills, 152
- contract work, 50–54
- convenience, as an advantage of joint tenancy, 385
- coordinating umbrella policy with other insurance, 239–240
- copayments, Medicare Part D, 225
- copersonal representatives, 158
- Corporation for National and Community Service (CNCS), 40
- corporations
- about, 80
- Social Security benefits and, 317–318
- corpus, 387
- cost of living
- adjustments to, in LTD, 256
- as a reason for moving, 432–433
- costs
- as an advantage of joint tenancy, 384
- closing, 471–472
- of housing, 482, 483–484
- moving, 42, 433–436, 474
- of probate, 371
- of reverse mortgages, 437–438, 449
- of turnover, 10
- cotrustees, 158
- counseling, 453
- coverage, insurance, 193
- coverage gap, Medicare Part D, 226, 228
- Coverdell Account, 168–169
- CPA (Certified Public Accountant), 350
- CPA/PFS (Certified Public Accountant/Personal Financial Specialist), 350
- CPCU (Chartered Property Casualty Underwriter), 204
- CPI (Consumer Price Index), 326
- creating trusts/wills, 140–144
- credit cards
- financing with, 64
- reviewing offers, 34
- credit line account, 448
- credit report/score, reviewing, 34
- creditor claim reductions, as an advantage of joint tenancy, 384–385
- creditors
- as a disadvantage of joint tenancy, 385–386
- notifying of probate, 365–366
- processing claims of, 375
- credits, in closing costs, 472
- critical path method
- about, 373
- to estate planning, 344–346
- crowdfunding, financing with, 63
- crowdlending, financing with, 63
- Crummey trust, 169–170
- crunches, as an exercise, 260
- current workforce, changes in, 8
- “Currently For Sale” section (CMA), 488–489
- custodians
- choosing for IRAs, 121–123
- for minor children, 139–140
- customizing insurance policies, 200–201
- cybersecurity jobs, 18
D
- day rate, 54
- death, impact of, 419–420
- death tax, 381
- debts
- avoiding additional, 39
- consolidating, 34
- defined, 442
- eliminating, 35
- payment of by estates, 186
- reducing, 35
- subtracting from assets, 359–360
- deductible, insurance
- about, 193
- in LTD, 256
- Medicare Part B, 219
- Medicare Part D, 225
- deductible losses, 324
- deeds, 383, 395
- deferred income annuity, 288–289
- deferring
- income, 316–317
- taxes, 273
- defined benefit pension plans, 298
- delayed retirement credits, 304
- demographics, in retirement communities, 434–435
- dependents
- about, 163
- choosing guardians for, 163–166
- expenses for, 279
- managing assets for, 166–167
- providing for needs of, 167–171
- supporting, 264–266
- depreciation, 466
- designating. See also appointments
- guardians in will, 187
- personal representatives in will, 186–187
- detailed description, in business plan, 61
- determining
- adjustments in estate value due to life changes, 360–361
- assets, 145–146
- current life insurance coverage, 250–251
- current situation, 412–415
- eligibility for Social Security benefits, 300–304
- estate's value, 412
- fair market value (FMV), 484–486
- intended heirs/beneficiaries, 146–149
- likeliness of being sued, 242–244
- RMDs for IRAs, 125–126
- value of personal property, 356–359
- value of real property, 354–356
- your need to sell housing, 457–464
- disability insurance. See long-term disability (LTD) insurance
- distributing
- estate assets, 376
- estate during probate, 366–367
- distributions
- about, 281
- annuities, 285–289
- minimizing, 322
- pensions, 289–294
- divorces
- impact of, 419–420
- spousal benefits and, 307
- documenting expenses/income, 77
- domestic partnership, 149
- do-overs, 324–325
- doughnut hole, Medicare Part D, 226, 228
- downsizing, 36, 274, 434
- dread disease coverage insurance, 196
- Duarte, Joe (author)
- Trading Options For Dummies, 3rd Edition, 359
- due diligence, with franchising, 70, 71–73
- dues, writing off, 42
- durable power of attorney, 391
- duress, 484
E
- earnings history, reviewing, 301
- eBay For Dummies, 9th Edition (Collier), 36
- economic development programs, financing with, 63–64
- education
- financing, 36–41
- providing for child's, 167–170
- providing funds for, 404
- education IRA, 168–169
- Edvisors (website), 38
- effective interest rate, 438
- eHealth (website), 47
- Elance, 52, 58
- elective share, 148
- eligibility
- for Medicare Part A, 210–212
- as personal representative, 376–378
- eliminating debt, 35
- emergency fund, 35
- Employee Retirement Income Security Act (1974) (ERISA), 105, 293
- employer education/training opportunities, 36–37
- employer-based life insurance, 250–251
- employer-sponsored retirement accounts, 117
- employment, changes in
- about, 31–32
- additional public benefits, 44
- filing for unemployment benefits, 32
- financing education and training, 36–41
- organizing finances, 32–36
- providing benefits for yourself, 45–47
- Social Security benefits, 43–44
- writing off job-hunting expenses, 41–43
- employment agency fees, writing off, 42
- employment opportunities, 476–478
- Encore.org, 69
- energy audit, 275
- engaged workers, power of, 10
- engineering jobs, 18
- enrollment deadlines, for Medicare, 208–209
- enterprises, financing, 62–65
- entrepreneurs
- about, 65–66
- help for, 69
- nonprofit start-up to-do list, 66–68
- equity
- defined, 441, 442, 457
- in your home, 464–465
- equity investors, financing with, 63
- ERISA (Employee Retirement Income Security Act) (1974), 105, 293
- establishing
- accounting systems, 76–80
- retirement accounts, 119
- estate assets
- collecting, 373–374
- distributing, 376
- estate plans
- about, 129–130, 331–332
- benefits of, 131–133
- for businesses, 152–156
- creating wills/trusts, 140–144
- critical path method for, 344–346
- defined, 335
- getting help with, 346–352
- individualized goals for, 342–343
- pitfalls of, 133–138
- reasons for having an, 339–342
- results of not having, 130–131, 138–140
- for second families, 149–152
- terminology for, 332–339
- estate property, managing, 374–375
- Estate Recovery Act, 381, 418
- estate taxes, 144, 153, 417–418
- estate-related taxes
- about, 411
- assessing current situation, 412–415
- planning for, 425–427
- predicting the future, 415–421
- strategies for, 421–425
- trade-offs, 421–425
- estates
- determining value of, 412
- distributing during probate, 366–367
- protecting, 404
- estimated benefits statement, 102
- estimated cash flow, rental property and, 466
- estimated quarterly income taxes, 53
- estimated sale price, for housing, 470–471
- estimated taxes
- about, 53, 85
- Form 1040-ES: Estimated Tax for Individuals, 86–88
- estimating
- investment income, 282–283
- proceeds of housing sales, 469–475
- exceptional risk factor, 243
- exclusion amount, for gifts, 424
- executing wills, 187–188
- executive summary, in business plan, 61
- executor, 368. See also personal representative
- exempt income, 318–319
- exercise, 259–260
- expectations, managing, 55–56
- expenses
- about, 263
- actual, 268
- documenting, 77
- managing, 271–279
- moving, 474
- rental property and, 465–466
- retirement, 264–267, 269–271
- spending your nest egg, 267–268
- on tax return, 80–81
- experienced workers, recognizing need for and value of, 7–11
- external factors, 483
- extra-virgin olive oil, heart health and, 259
- eyeballing, 492
F
- FAFSA (Free Application for Federal Student Aid), 39–40
- FAIL acronym, 347
- fair market value (FMV), 484–486, 493–494
- faith lift, 29
- family, housing near, 435
- Family Limited Partnership (FLP), 152, 155
- fashion, expenses for, 277
- FastTrac Boomer Entrepreneur program, 60
- Fastweb (website), 40
- Federal Direct Loan, 39
- Federal Trade Commission (FTC), 74
- fee-for-service plan, 215
- fee-only financial planner, 35
- fellowships, 38
- fiber, 260–261
- filing
- for unemployment benefits, 32
- withholdings for employees, 89–90
- filing returns, 375–376
- FinAid (website), 38, 40
- Finance of America Reverse Mortgage, 452
- finances
- organizing your, 32–36
- as a reason to sell your home, 462–463
- separating business and personal, 76–77
- financial aid, applying for, 39–40
- financial factor status
- assessing current, 242
- assessing future, 243
- financial goals, for contract work, 54
- Financial Planning Association (website), 35, 348
- financial planning professionals, 348–350
- financial resources, tapping your, 35–36
- financial stability, of dependents, 170–171
- financing
- education/training, 36–41
- enterprises, 62–65
- finding
- insurance agents, 203–205
- professionals to help with estate planning, 159–162
- purpose, 15–21
- fish, heart health and, 259
- 529 plans, 38, 168
- Fiverr, 52
- fixed annuity, 286
- fixed indexed annuity, 286
- fixed price, for contract work, 54
- flexibility, workday, 13–14
- flood insurance, 195
- FLP (Family Limited Partnership), 152, 155
- FMV (fair market value), 484–486, 493–494
- food, expenses for, 276–277
- forced disposition, as a disadvantage of joint tenancy, 385
- forced heirship laws, 141, 148, 160, 175, 183
- Ford, Henry (businessman), 25
- Form 940, “Employer's Annual Federal Unemployment (FUTA) Tax Return,” 90
- Form 941, “Employer's Quarterly Federal Tax Return,” 90
- Form 1040-ES: Estimated Tax for Individuals
- about, 86
- completing, 87–88
- safe harbor method vs. 90 percent rule, 86–87
- Form 8889: Health Savings Accounts (HSAs)
- about, 93
- completing, 94–95
- how HSAs work, 93–94
- Form W-4 (IRS), 89
- formulary, 227
- forward mortgage, 441
- 4 percent rule, 267
- 401(k), 120–123, 289, 395
- 403(b) plans, 117
- FRA (full retirement age), 301–304
- Franchise Management For Dummies (Seid and Mazero), 71
- Franchise Registry (website), 73
- franchising
- about, 69–79
- due diligence, 70, 71–73
- guidelines for, 71
- loans for, 73
- money requirements for, 73
- resources for, 73–74
- self-assessment, 70–71
- FRANdata.com (website), 73
- FRB (full retirement benefits), 301–302
- Free Application for Federal Student Aid (FAFSA), 39–40
- Freelancer, 52
- freeze, of taxes, 273
- friends, financing with, 63
- fruits, heart health and, 259
- FTC (Federal Trade Commission), 74
- full retirement age (FRA), 301–304
- full retirement benefits (FRB), 301–302
- full-body makeover, 22
- fun, expenses for, 278
- funding the trust, 390
- Fundingcircle.com (website), 63
- funeral wishes, describing in wills, 186
- FUTA (Form 940, “Employer's Annual Federal Unemployment Tax Return”), 90
- future interest, 338
G
- gap coverage, personal umbrella policy for, 239–240
- garbage bill, reducing, 275
- garlic, heart health and, 259
- Garrett Planning Network (website), 35
- gift tax and generation skipping transfer tax (GSTT), 418
- gifts
- about, 424–425
- adding, 413
- exclusion amount for, 424
- giving, 360, 425–426
- with IRA, 124
- property, 422–423
- Gofundme (website), 63
- GoHealth (website), 47
- government-sponsored benefits, reverse mortgages and, 451
- graduated tax system, 414
- grandchildren, expenses for, 279
- grant programs, financing with, 64
- grantor, 399
- grants
- applying for, 40
- defined, 38
- Grants.gov (website), 64
- gross misconduct, 32
- GSTT (gift tax and generation skipping transfer tax), 418
- guardians
- choosing, 163–166
- designating in will, 187
- Guides.co, 52
- GuideStar, 69
- Guru, 52
H
- health
- about, 258
- calcium, 262
- exercise, 259–260
- fiber, 260–261
- heart, 258–259
- hydration, 260
- stress management, 261
- health expectancy, 268
- health insurance, 46–47
- health maintenance organizations (HMOs), 220
- health savings account (HSA), 46
- healthcare
- expenses for, 278
- housing near, 435
- jobs in, 17–18
- Healthcare.gov (website), 46
- heart health, 258–259
- HECM (Home Equity Conversion Mortgage), 436, 444, 445, 449, 452
- “HECM for Purchase,” 454
- heirs, determining intended, 146–149
- help
- with estate planning, 346–352
- getting, 59–61
- seeking, 27
- for social entrepreneurs, 69
- HMOs (health maintenance organizations), 220
- hobbies, turning into profit, 58
- holographic will, 178
- home equity, as a retirement plan component, 105
- Home Equity Conversion Mortgage (HECM), 436, 444, 445, 449, 452
- home equity line of credit
- defined, 35
- financing with, 62–63
- home equity loan
- reverse mortgages vs., 439
- second mortgage vs., 443–444
- home healthcare, under Medicare Part A coverage, 214
- home office, writing off, 42–43
- hospital stays, under Medicare Part A coverage, 213
- hospitality and leisure jobs, 18
- HourlyNerd, 52
- housing
- about, 431, 455–456
- calculating value of homes, 354–355
- determining your need for, 457–464
- expenses for, 81, 273–275
- financial feasibility of a move, 475–479
- health of market, 464–468
- job moves, 462
- location options, 433–436
- moving, 431–436
- pros and cons of moving, 432–433
- rental income, 440
- reverse mortgages, 436–439
- schools and, 459
- selling, 455–468, 469–475
- tax issues, 439–440
- trading, 461–462
- housing, value of
- about, 481–482
- bidding wars, 493–495
- comparable market analysis (CMA), 486–493
- cost, 482, 483–484
- determining fair market value (FMV), 484–486
- price, 482, 484
- value, 482–483
- “How Work Affects Your Benefits” (website), 44
- HSA (health savings account), 46
- HUD-approved counselor, 453
- hydration, 260
I
- IA (Investment Adviser), 349
- IBM's Transition to Teaching program, 37
- icons, explained, 2–3
- Idealist, 69
- identifying need for disability insurance, 255–256
- identity loss, with self-employment, 67
- IFA (International Franchise Association), 74
- imaginary property, 336
- immediate annuity, 287
- impound account, 472
- income
- deferring, 316–317
- documenting, 77
- exempt, 318–319
- rental, 274, 355, 440, 465–467
- requirements for retirement, 99–100
- special, 319
- income, protecting
- about, 247
- assessing need for life insurance, 248–253
- disability insurance, 254–258
- protecting your health, 258–262
- income beneficiaries, 388
- income taxes, 78–79
- increasing savings, 34
- independent living, 435
- Independent Sector, 69
- Indiegogo (website), 63
- Individual Retirement Accounts (IRAs), 119, 395
- individuals, as intended heirs/beneficiaries, 146–148
- inheritance
- of a share of a business, 155–156
- of sole proprietorships, 154–155
- inpatient care, 227
- institutional trustees, estate planning and, 161–162
- institutions
- as intended heirs/beneficiaries, 148
- trusts and, 405
- insulation, improving for home, 275
- insurance
- about, 191, 199
- accidental death, 196
- balanced, 200
- buying, 196–197, 199–206
- buying as a last resort, 196–197
- choosing companies for, 206
- choosing professional advisors, 201–206
- coinsurance, 219, 225
- contract work and, 53
- customizing policies, 200–201
- deductibles, 193, 219, 225, 256
- with designated beneficiaries, 176
- expenses for, 278–279
- flood, 195
- health, 46–47
- Las Vegas, 196
- odds, 194–195
- risks, 193–194, 195
- rush-hour liability, 196
- simplicity of, 191–192
- travel accident, 196
- insurance agents
- about, 202, 203–205
- estate planning and, 350–351
- insurance companies, 205–206
- Insure.com (website), 47
- intangible personal property, 336–337, 358–359
- interactions, with other employees, 14
- interest
- beneficial, 338, 388, 401
- defined, 337
- future, 338
- legal, 338, 388, 401
- present, 338
- property, 337–339
- for reverse mortgages, 449
- vested, 339
- interests by the entirety, 393
- internal factors, 483
- International Franchise Association (IFA), 74
- Internet access
- bundling with television, 276
- writing off, 42
- Internet resources
- AARP Foundation, 26
- AARP's LifeReimagined, 58, 59
- Accion, 63
- AccuQuote, 253
- American Association of Franchisees & Dealers (AAFD), 73
- American Chamber of Commerce Research Association (ACCRA), 477
- American College of Trust and Estate Counsel (ACTEC), 160
- American Franchisee Association (AFA), 73
- American Institute of Certified Public Accountants (AICPA), 160
- Association of Small Business Development Centers, 60
- Bankrate, 34
- Bizstarters, 52
- Blue MauMau, 74
- The Bridgespan Group, 69
- Bureau of Labor Statistics, 27–28
- BusinessUSA, 62, 64
- Certified Financial Planner Board of Standards, 35
- Certified Public Accountant/Personal Financial Specialist (CPA/PFS), 350
- Cheat Sheet, 3
- The Chronicle of Philanthropy, 69
- 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
- Fastweb, 40
- Federal Trade Commission (FTC), 74
- FinAid, 38, 40
- Financial Planning Association, 35, 348
- Fiverr, 52
- flood insurance, 195
- Franchise Registry, 73
- FRANdata.com, 73
- Freelancer, 52
- Fundingcircle.com, 63
- Garrett Planning Network, 35
- Gofundme, 63
- GoHealth, 47
- Grants.gov, 64
- Guides.co, 52
- GuideStar, 69
- Guru, 52
- Healthcare.gov, 46
- HourlyNerd, 52
- “How Work Affects Your Benefits,” 44
- HUD-approved counselor, 453
- Idealist, 69
- Independent Sector, 69
- Indiegogo, 63
- insurance company grades, 206
- 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
- job, 17
- job search tips, 23
- Kauffman Foundation's FastTrac Boomer Entrepreneur program, 60
- Kickstarter, 63
- Kiva Zip, 63
- Lawrence N. Field Center for Entrepreneurship, 60
- life insurance, 253
- LifeReimagined, 58, 59
- Lyft, 36
- Medicare, 207, 215, 228
- Medicare & You, 215
- Mint, 34
- National Association of Health Underwriters, 47
- 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
- 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
- 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
- Tyson, Eric (author), 260
- Uber, 36
- Unhappy Franchisee, 74
- U.S. Department of Education, 38
- U.S. Department of Labor, 78, 477
- VolunteerMatch, 112
- WorkCoachCafe, 12
- You Need a Budget, 34
- intervivos trust, 405–408
- intestate succession, laws of, 139
- inventory
- for insurance, 192
- of property during probate, 366
- Investing For Dummies (Tyson), 119
- Investment Adviser (IA), 349
- investments
- about, 281
- annuities, 285–289
- calculating value of property, 355
- estimating income, 282–283
- guiding through retirement, 282–285
- pensions, 289–294
- performance of, 268
- rebalancing, 283–285
- as a retirement plan component, 104–105
- withdrawal strategies for, 294–295
- IRAs (Individual Retirement Accounts), 45, 119, 295, 395
- irrevocable life insurance trust, 403
- irrevocable living trust, 387
- irrevocable trusts, 408–410
- IRS (website), 37, 78, 86, 89, 126, 169, 413, 440
- IRS Form 940, “Employer's Annual Federal Unemployment (FUTA) Tax Return,” 90
- IRS Form 941, “Employer's Quarterly Federal Tax Return,” 90
- IRS Form 1040-ES: Estimated Tax for Individuals
- about, 86
- completing, 87–88
- safe harbor method vs. 90 percent rule, 86–87
- IRS Form 8889: Health Savings Accounts (HSAs)
- about, 93
- completing, 94–95
- how HSAs work, 93–94
- IRS Form W-4, 89
- IRS Publication 504, “Tax Withholding and Estimated Tax,” 321
- IRS Publication 521 “Moving Expenses” (website), 42
- IRS Publication 587, “Business Use of Your Home” (website), 43
- IRS Publication 915, “Social Security and Equivalent Railroad Retirement Benefits,” 321
- IRS Publication 970, “Tax Benefits for Education” (website), 41, 43
- IRS Schedule SE: Self-Employment Tax
- about, 90–91
- completing the short, 92–93
- versions of, 91–92
- issue age, for calculating premiums with Medigap, 234
J
- Jaret, Peter E. (author)
- Business Plans Kit For Dummies, 62
- job markets, fast-growing, 16–19
- job moves, 462
- job searches
- broadening your, 24
- realities of, 12–13
- tips for, 23
- job websites, 17
- job-hunt expenses, writing off, 41–43
- joint and survivor annuity, 288
- joint bank accounts, 176
- joint tenancy, 382–387
- joint tenancy bank accounts, 393
- joint tenancy with right of survivorship (JTWROS), 133–134, 382
- joint will, 179–180
- Jones, Beverly (career coach), 20
- journaling, 20
- Joyce, Susan P. (website publisher), 12
- JTWROS (joint tenancy with right of survivorship), 133–134, 382
K
- Kauffman Foundation's FastTrac Boomer Entrepreneur program, 60
- Keogh plan, 118
- Kickstarter (website), 63
- Kiva Zip (website), 63
- Koenig, Gary (author)
- “The Long Road Back: Struggling to Find Work after Unemployment,” 21, 22, 24
L
- Las Vegas insurance, 196
- Lawrence N. Field Center for Entrepreneurship, 60
- laws of intestate succession, 139
- lawyers, estate planning and, 160
- learning
- ability to, 29
- opportunities for, 14
- Lecy, Jesse D. (professor), 56
- legal environment factor, 243
- legal interest, 338, 388, 401
- leisure and hospitality jobs, 18
- Letters of Administration, 365
- Letters of Testamentary, 365
- leveraging tax breaks, 41
- liability, insurance and, 193–194
- life estates, 135–136, 150–151
- life expectancy, 268, 313–314
- life insurance
- about, 144, 153, 170
- assessing current coverage, 250–251
- cash-value, 253
- choosing where to buy, 253
- need for, 249–250
- purpose of, 248
- types, 251–253
- variable, 252–253
- whole, 252–253
- LifeReimagined (website), 58, 59
- lifetime annuity, 288
- lifetime income annuity, 287
- Lifetime Learning Credit, 37, 41
- like-kind, 1031 Starker exchange, 440
- Limited Liability Company (LLC), 80, 355–356
- Limited Liability Partnership (LLP), 355–356
- line of credit, reverse mortgages and, 446
- liquid, staying, 34
- liquid asset, 451
- living costs, 476–478
- living trust
- about, 143, 387, 403
- advantages of, 389–391
- costs of, 392
- disadvantages of, 391–392
- paperwork for, 388–389
- roles in, 387–388
- LLC (Limited Liability Company), 80, 355–356
- LLP (Limited Liability Partnership), 355–356
- loan balance, 442
- loan origination fee, for reverse mortgages, 448
- loans
- about, 38–39
- bridge, 477
- financing with, 62
- for franchising, 73
- nonrecourse, 438, 443, 447
- repaying, 448
- local economic development agencies, financing with, 64
- locations, options for, 433–436
- long-term disability (LTD) insurance
- about, 254
- identifying needed coverage, 255–256
- reasons for having, 254–255
- shopping for, 256–258
- “The Long Road Back: Struggling to Find Work after Unemployment” (Koenig, Trawinski and Rix), 21, 22, 24
- LTD. See long-term disability (LTD) insurance
- lump sum
- retirement account balance and, 121
- reverse mortgages and, 446
- Luntz, Frank (author)
- What Americans Really Want…Really, 266
- Lyft (website), 36
M
- MacDonald, Molly (CEO), 68
- MAGI (modified adjusted gross income), 41, 217–218, 320–321, 323–324
- magnesium-rich foods, heart health and, 259
- mail order only, 227
- makeover, 22
- managing
- assets for children, 166–167
- estate property, 374–375
- expectations, 55–56
- expenses, 272–279
- taxes, 272–273
- marginal tax rate, 319
- market analysis, in business plan, 62
- Mazero, Joyce (author)
- Franchise Management For Dummies, 71
- means-testing, 326
- median sales price, 485–486
- Medicaid, 451
- Medicaid spend-down rules, assets and, 136–138
- medical equipment maintenance/repair, as a business idea, 59
- medical savings accounts (MSAs), 221
- medically necessary services, 215
- Medicare
- about, 207–208
- changing plans, 235
- contact information for, 222–223
- enrollment deadlines, 208–209
- Part A. See Medicare Part A
- Part B. See Medicare Part B
- Part C. See Medicare Part C
- Part D. See Medicare Part D
- prescription drug coverage, 208, 223–230
- problem-solving tips for, 234–236
- starting, 208–209
- supplements to, 230–234
- website, 207, 215, 228
- Medicare Advantage. See Part C (Medicare)
- Medicare Part A
- about, 210
- coverage under, 212–214
- eligibility for, 210–212
- enrollment deadline for, 209, 211–212
- signing up for, 210–212
- Medicare Part B
- about, 214–215
- changing between Part C (Medicare) and, 235
- enrollment deadline for, 209, 216
- paying for, 216–219
- signing up for, 215–216
- Medicare Part C
- about, 214, 219–220
- changing between Part D (Medicare) and, 235
- enrollment deadline for, 221–222
- joining/changing plans, 221–222
- plans under, 220–221
- researching plans, 222–223
- Medicare Part D
- about, 223
- changing between Part C (Medicare) and, 235
- comparing plans, 228–229
- enrolling in, 229–230
- enrollment deadline for, 209
- plans under, 224–229
- Medicare & You, 215
- Medicare-approved amount, 219
- Medigap
- about, 230
- choosing policies, 232–233
- enrollment deadline for, 209
- obtaining quotes for, 234
- policies, 230–231
- standardizing policies, 231–232
- memorandum of trust, 389
- mentors, 60–61
- minimal credit check, for reverse mortgages, 448
- minor beneficiaries, 388
- Mint (website), 34
- modified adjusted gross income (MAGI), 41, 217–218, 320–321, 323–324
- money
- running out of, 264
- will substitutes and, 381
- Money Magazine (magazine), 348
- monitoring changes at work, 235–236
- Monte Carlo simulations, 110
- monthly servicing fee, for reverse mortgages, 449
- moral obligation, 184–185
- moral responsibility factor, 244
- mortgage lender, 458
- mortgage payoff, 472–473
- mortgages
- forward, 441
- reverse. See reverse mortgages
- moving
- about, 431–432
- overseas, 236
- pros and cons of, 432–433
- moving costs
- about, 474
- location options, 433–436
- writing off, 42
- MSAs (medical savings accounts), 221
- mutual fund certificate, 337
N
- National Association of Health Underwriters (website), 47
- National Association of Personal Financial Advisors (website), 35
- National Association of Realtors, 485
- national base premium amount, 229
- The National Council of Nonprofits, 69
- natural gifts, cashing in on, 58–59
- navigating career changes, 25–26
- need-based pricing, 485
- negative balance, 359
- nest eggs, spending, 267–268
- net operating income, 355
- net value, 334
- NetQuote (website), 47
- networking, 23
- 90 percent rule, safe harbor method vs., 86–87
- nonfinancial matters, planning for, 110–112
- nonprobate property, 368
- nonqualified deferred compensation plan, 317
- nonrecourse loans, 438, 443, 447
- non-UPC states, 368
- normal retirement benefits, 301–302
- nuncupative will, 178
- nursing home, 435
O
- odds, insurance and, 194–195
- offering price, 484
- 100 percent join and survivor option, for pensions, 293
- Onevest (website), 63
- ongoing costs, for reverse mortgages, 448
- online presence, 29
- operation of law, 381
- operations research, 344
- organizing
- as a business idea, 59
- your finances, 32–36
- Original Medicare. See Part B (Medicare)
- origination fees, for reverse mortgages, 449
- outplacement fees, writing off, 42
- outside of probate, 175–176, 381
- outstanding balance, 472–473
- overimproving, 460
- “own occupation,” in LTD, 256
- Oz, Mehmet (doctor), 258
P
- paper losses, 323
- paperwork, contract work and, 53
- Part A (Medicare)
- about, 210
- coverage under, 212–214
- eligibility for, 210–212
- enrollment deadline for, 209, 211–212
- signing up for, 210–212
- Part B (Medicare)
- about, 214–215
- changing between Part C (Medicare) and, 235
- enrollment deadline for, 209, 216
- paying for, 216–219
- signing up for, 215–216
- Part C (Medicare)
- about, 214, 219–220
- changing between Part D (Medicare) and, 235
- enrollment deadline for, 221–222
- joining/changing plans, 221–222
- plans under, 220–221
- researching plans, 222–223
- Part D (Medicare)
- about, 223
- changing between Part C (Medicare) and, 235
- comparing plans, 228–229
- enrolling in, 229–230
- enrollment deadline for, 209
- plans under, 224–229
- partnerships, 80
- passion, pursuing your, 15–21
- passive trust, 401
- patchwork approach, 25
- payable on death accounts (PODs), 394–395
- paying
- personal representative, 379
- taxes, 375–376
- payroll taxes, 78–79, 326
- PayScale, 477
- PBGC (Pension Benefit Guaranty Corporation), 105, 291, 293
- Pell grants, 38
- penalties
- for not paying estimated taxes, 88
- on retirement accounts, 115–116
- Social Security and, 314–316
- Pension Benefit Guaranty Corporation (PBGC), 105, 291, 293
- pensions
- about, 289
- lump sum vs. monthly payments, 289–293
- as a retirement plan component, 103–104
- period certain, 287–288
- personal care, expenses for, 277
- personal comfort factor, 243
- Personal Finance After 50 For Dummies (Tyson and Carlson), 35
- personal finance course, 35
- Personal Finance For Dummies (Tyson), 348
- personal property
- calculating value of, 356–359
- defined, 336
- personal representative
- about, 142, 156–158, 186–187
- appointing, 372–379
- considerations for, 379–380
- defined, 368
- eligibility as, 376–378
- identifying role of, 373–376
- paying, 379
- swearing in your, 365
- personal risk manager, 204
- personal savings, financing with, 62
- personal umbrella policy
- about, 237–238
- advantages of, 238–240
- coordinating with other insurance, 240–241
- determining how much to buy, 242–244
- Peterson, Jonathan (author)
- AARP Social Security For Dummies, 44
- Peterson, Steven D. (author)
- Business Plans Kit For Dummies, 62
- Petition for Probate of Will and Appointment of Personal Representative, 365
- PFFS (private fee-for-service) plans, 220
- pharmacy restrictions, 227
- The Pink Fund, 68
- planning
- for property transfers, 426–427
- for retirement, 45–46
- for your care, 131–132
- PODs (payable on death accounts), 394–395
- policy, insurance, 192
- positivity, 29
- pour-over will, 178, 179
- PPOs (preferred provider organizations), 220
- predicting the future, 415–421
- preferred provider organizations (PPOs), 220
- premiums
- insurance, 193
- Medicare Part B, 217–218
- Medicare Part D, 224–225
- prenuptial agreements, 151
- prepaid college tuition plan, 168
- prepayment penalty, 473
- prescription drug coverage. See Part D (Medicare)
- present, staying, 29
- present interest, 338
- preserving Social Security benefits, 316–319
- price, of housing, 482, 484
- price-per-square-foot format, 488
- primary liability limits, 241
- principal residence, 444
- privacy, as an advantage of joint tenancy, 385
- private fee-for-service (PFFS) plans, 220
- probate
- about, 363–364
- advantages of, 369–370
- ancillary, 367
- appointing personal representatives, 372–379
- avoiding, 403
- being a personal representative, 379–380
- complications with process of, 367–368
- defined, 364
- disadvantages of, 370–372
- outside of, 175–176, 381
- process of, 364–367
- streamlining, 372
- UPC states vs. non-UPC states, 368
- will substitutes, 380–395
- probate affidavit, 372
- probate estate, 368, 403
- processing creditors' claims, 375
- professional advisors, choosing, 201–206
- professional group, 54
- “professional judgment” review, 39
- professional societies, for finding insurance agents, 204
- professional trust services, estate planning and, 161–162
- profit, turning hobbies into, 58
- property
- community, 393
- defined, 333
- estate, 374–375
- gifting, 422–423
- imaginary, 336
- intangible personal, 336–337, 358–359
- inventorying during probate, 366
- jointly owning, 133–134
- nonprobate, 368
- personal, 336, 356–359
- pricing of, 494–495
- real, 335–336, 354–356
- rental, 355, 465–467
- tangible personal, 356–358
- trust, 399
- types of, 335–337, 368
- property interest, 337–339
- property taxes
- in closing costs, 471–472
- defined, 273
- property transfers
- as a disadvantage of joint tenancy, 385–386
- planning for, 426–427
- property with a right of survivorship, 176
- prorated property taxes, in closing costs, 471–472
- protecting estates, 404
- Prudent Investor Rule, 379
- public, notifying of probate, 365–366
- public benefits, 44
- Public Service Loan Forgiveness Program (website), 39
- Publication 504, “Tax Withholding and Estimated Tax,” 321
- Publication 521 “Moving Expenses” (website), 42
- Publication 587, “Business Use of Your Home” (website), 43
- Publication 915, “Social Security and Equivalent Railroad Retirement Benefits,” 321
- Publication 970, “Tax Benefits for Education” (website), 41, 43
- publications. See also IRS publications
- AARP Social Security For Dummies (Peterson), 44
- Aging Workforce survey, 9
- Business Plans Kit For Dummies (Peterson and Jaret), 62
- eBay For Dummies, 9th Edition (Collier), 36
- Franchise Management For Dummies (Seid and Mazero), 71
- Investing For Dummies (Tyson), 119
- Medicare & You, 215
- Money Magazine (magazine), 348
- Personal Finance After 50 For Dummies (Tyson and Carlson), 35
- Personal Finance For Dummies (Tyson), 348
- Real Estate Investing For Dummies, 440
- Selling Your House For Dummies (Tyson), 454
- Smart Money (magazine), 348
- Starting a Business All-In-One For Dummies, 55, 257
- Trading Options For Dummies, 3rd Edition (Duarte), 359
- What Americans Really Want…Really (Luntz), 266
- What Color Is Your Parachute? A Practical Manual for Job-Hunters and Career-Changers (Bolles), 257
- purchase price, 484
- purpose, finding, 15–21
- pursuing your passion, 15–21
Q
- QLAC (qualified longevity annuity contract), 288–289
- QTIP (Qualified Terminable Interest Property) trust, 152
- qualifications
- for prescription drug coverage with Medicare Part D, 223–230
- for reverse mortgages, 437, 444–445
- qualified longevity annuity contract (QLAC), 288–289
- Qualified Terminable Interest Property (QTIP) trust, 152
- quantitative methods, 344
- quantity limits, 227
R
- real estate, jointly owning, 133–134
- real estate agent commissions, 471
- Real Estate Investing For Dummies, 440
- real estate partnerships, calculating value of, 355–356
- real property
- about, 335–336
- calculating value of, 354–356
- realistic forecast, in business plan, 62
- rebalancing investments, 283–285
- “Recent Sales” section (CMA), 487–488
- record-keeping system, setting up, 81–82
- reducing
- debt, 35
- estate value, 360
- taxes, 79–80, 321–324
- taxes on Social Security benefits, 321–324
- reduction option, for taxes, 273
- refund, of closing costs, 472
- Registered Investment Adviser (RIA), 349
- reimbursements, Medicare, 216
- relatives, financing with, 63
- ReliaQuote (website), 253
- remainderman, 388
- Remember icon, 3
- rental income, 274, 440, 465
- rental property
- about, 465–467
- calculating value of, 355
- rent-subsidized senior housing, 275
- repairs, in closing costs, 471
- repaying loans, 448
- replacement ratio, 326
- replacing lost business records, 83
- Required Minimum Distributions (RMDs)
- about, 125
- calculating for IRAs, 125–126
- calculating for other retirement plans, 126
- residual benefits, in LTD, 256
- residuary clause, 139, 185, 376
- resources, Internet
- AARP Foundation, 26
- AARP's LifeReimagined, 58, 59
- Accion, 63
- AccuQuote, 253
- American Association of Franchisees & Dealers (AAFD), 73
- American Chamber of Commerce Research Association (ACCRA), 477
- American College of Trust and Estate Counsel (ACTEC), 160
- American Franchisee Association (AFA), 73
- American Institute of Certified Public Accountants (AICPA), 160
- Association of Small Business Development Centers, 60
- Bankrate, 34
- Bizstarters, 52
- Blue MauMau, 74
- The Bridgespan Group, 69
- Bureau of Labor Statistics, 27–28
- BusinessUSA, 62, 64
- Certified Financial Planner Board of Standards, 35
- Certified Public Accountant/Personal Financial Specialist (CPA/PFS), 350
- Cheat Sheet, 3
- The Chronicle of Philanthropy, 69
- 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
- Fastweb, 40
- Federal Trade Commission (FTC), 74
- FinAid, 38, 40
- Financial Planning Association, 35, 348
- Fiverr, 52
- flood insurance, 195
- Franchise Registry, 73
- FRANdata.com, 73
- Freelancer, 52
- Fundingcircle.com, 63
- Garrett Planning Network, 35
- Gofundme, 63
- GoHealth, 47
- Grants.gov, 64
- Guides.co, 52
- GuideStar, 69
- Guru, 52
- Healthcare.gov, 46
- HourlyNerd, 52
- “How Work Affects Your Benefits,” 44
- HUD-approved counselor, 453
- Idealist, 69
- Independent Sector, 69
- Indiegogo, 63
- insurance company grades, 206
- 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
- job, 17
- job search tips, 23
- Kauffman Foundation's FastTrac Boomer Entrepreneur program, 60
- Kickstarter, 63
- Kiva Zip, 63
- Lawrence N. Field Center for Entrepreneurship, 60
- life insurance, 253
- LifeReimagined, 58, 59
- Lyft, 36
- Medicare, 207, 215, 228
- Medicare & You, 215
- Mint, 34
- National Association of Health Underwriters, 47
- 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
- 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
- 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
- Tyson, Eric (author), 260
- Uber, 36
- Unhappy Franchisee, 74
- U.S. Department of Education, 38
- U.S. Department of Labor, 78, 477
- VolunteerMatch, 112
- WorkCoachCafe, 12
- 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
- choosing beneficiaries for, 123–124
- with designated beneficiaries, 176
- rolling over balances, 120–123
- taking Required Minimum Distributions (RMDs), 125–126
- 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
- nonfinancial matters, 110–112
- requirements for retirement, 99–101
- retirement savings, financing with, 64
- returns, filing, 375–376
- reverse mortgage insurance premium, 449
- reverse mortgages
- about, 436–439, 441
- amount owed, 447
- amounts of, 445–446
- basics of, 441–451
- 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
- regular home mortgage vs., 442
- repaying, 448
- shopping for, 451–453
- total annual rate, 450
- reviewing earnings history, 301
- revocable living trust, 387
- revocable trusts, 408–410
- RIA (Registered Investment Adviser), 349
- right of survivorship, 382
- rising debt, falling equity loans, 442
- risk manager, 204
- risk tolerance, 268
- 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)
- about, 125
- calculating for IRAs, 125–126
- calculating for other retirement plans, 126
- ROBS (rollovers as business start-ups), 64
- Rockport Institute (website), 58
- Roizen, Michael (doctor), 258
- rolling over retirement balances, 120–123
- rollovers as business start-ups (ROBS), 64
- Roth IRAs, 295
- rush-hour liability insurance, 196
S
- S corporations, 80
- safe harbor method, 90 percent rule vs., 86–87
- savings, increasing, 34
- savings bonds, 394
- savings plan, 168
- SBA (Small Business Administration), 53, 60, 72, 74
- Schedule SE: Self-Employment Tax
- about, 90–91
- completing the short, 92–93
- versions of, 91–92
- scheduling contract work, 51–52
- scholarships
- applying for, 40
- defined, 38
- schools, housing and, 459
- SCORE, 60
- seamstress, as a business idea, 59
- SEC (Securities and Exchange Commission) (website), 349
- second families, estate planning for, 149–152
- second home, calculating value of, 355
- second mortgage, home equity loan vs., 443–444
- Section 2503(c) trust, 169
- 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
- SelectQuote (website), 253
- self-employed retirement savings plans, 117–118
- self-employment
- 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
- selling
- assets, 36
- capital assets, 323
- housing, 455–468
- Selling Your House For Dummies (Tyson), 454
- Senior Entrepreneurship Works, 60
- senior fitness trainer, as a business idea, 59
- SEP-IRA (Simplified Employee Pension Plan, Individual Retirement Account), 45, 118
- Serve America Act, 40
- settlor, 388, 399
- setup
- 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
- Skillshare, 52
- Small Business Administration (SBA), 53, 60, 72, 74
- Small Business Investment Company program, 63
- 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
- Social Security
- about, 297–299
- benefits of, 43–44, 101–103, 108, 272–273, 299
- do-overs, 324–325
- eligibility for, 300–304
- future of, 325–327
- income taxes on benefits, 319–324
- preserving benefits, 316–319
- receiving benefits, 310–314
- reducing benefits, 314–316
- spouses' and survivor benefits, 304–310
- survivor's benefits, 251
- website, 300, 301
- Social Security Administration (SSA), 101–103, 251, 314, 318
- Social Security benefits
- 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
- SSI (Supplemental Security Income), 451
- Stafford loan, 37
- Standby HECM, 437
- standing exercises, 260
- Starting a Business All-In-One For Dummies, 55, 257
- starting Medicare, 208–209
- Startup Nation, 60
- state economic development agencies, financing with, 64
- state income tax, 82–83
- statutory will, 177
- step therapy, 227
- step-type moves, 260
- stock certificate, 337
- stock options, 359
- strategies
- 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
- tangible personal property memorandum, 185, 336
- tax basis, 423
- 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
- reducing, 79–80
- Schedule SE: Self-Employment Tax, 90–93
- Social Security benefits, 313, 319–324
- state, 82–83
- traps for, 414–415
- trusts and, 403
- withholding, 89–90
- tax-exempt bonds, 323
- tax-exempt interest income, 320
- Technical Stuff icon, 3
- telephone costs, 276
- television, bundling with Internet, 276
- tenancy by the entirety, 393
- tenants in common, 384
- 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, 3
- 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
- transaction costs, rebalancing investments, 284
- transfer tax, in closing costs, 471
- transfer-on-death provision, 177
- transferring retirement accounts, 119
- translator jobs, 19
- transportation, expenses for, 277
- travel, expenses for, 278
- travel accident insurance, 196
- Trawinski, Lori (author)
- “The Long Road Back: Struggling to Find Work after Unemployment,” 21, 22, 24
- 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
- trusts
- about, 397–398
- beneficiaries of, 402–405
- categorizing, 405–500
- checklist for, 400–402
- components of, 398–399
- creating, 140–144
- defined, 124
- holding assets in, 152
- setting up, 426
- terminology, 399–400
- turnover, 9–10
- two-thirds joint and survivor option, for pensions, 294
- Tyson, Eric (author)
- Investing For Dummies, 119
- Personal Finance After 50 For Dummies, 35
- Personal Finance For Dummies, 348
- Selling Your House For Dummies, 454
- website, 260
U
- Uber (website), 36
- unemployment benefits, filing for, 32
- Unhappy Franchisee, 74
- Uniform Probate Codes (UPC), 368
- 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
- calculating for personal property, 356–359
- calculating for real property, 354–356
- of estate, 412
- of housing, 482–483
- Van Slyke, David M. (professor), 56
- variable annuity, 286
- variable life insurance, 252–253
- vegetables, heart health and, 259
- venture capitalists, 63
- vested interest, 339
- video, for insurance inventory, 192
- voice-over actor/artist, 58
- volunteering, 23, 112
- VolunteerMatch (website), 112
W
- waiting period, in LTD, 256
- Warning icon, 3
- water bill, reducing, 276
- websites
- AARP Foundation, 26
- AARP's LifeReimagined, 58, 59
- Accion, 63
- AccuQuote, 253
- American Association of Franchisees & Dealers (AAFD), 73
- American Chamber of Commerce Research Association (ACCRA), 477
- American College of Trust and Estate Counsel (ACTEC), 160
- American Franchisee Association (AFA), 73
- American Institute of Certified Public Accountants (AICPA), 160
- Association of Small Business Development Centers, 60
- Bankrate, 34
- Bizstarters, 52
- Blue MauMau, 74
- The Bridgespan Group, 69
- Bureau of Labor Statistics, 27–28
- BusinessUSA, 62, 64
- Certified Financial Planner Board of Standards, 35
- Certified Public Accountant/Personal Financial Specialist (CPA/PFS), 350
- Cheat Sheet, 3
- The Chronicle of Philanthropy, 69
- 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
- Fastweb, 40
- Federal Trade Commission (FTC), 74
- FinAid, 38, 40
- Financial Planning Association, 35, 348
- Fiverr, 52
- flood insurance, 195
- Franchise Registry, 73
- FRANdata.com, 73
- Freelancer, 52
- Fundingcircle.com, 63
- Garrett Planning Network, 35
- Gofundme, 63
- GoHealth, 47
- Grants.gov, 64
- Guides.co, 52
- GuideStar, 69
- Guru, 52
- Healthcare.gov, 46
- HourlyNerd, 52
- “How Work Affects Your Benefits,” 44
- HUD-approved counselor, 453
- Idealist, 69
- Independent Sector, 69
- Indiegogo, 63
- insurance company grades, 206
- 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
- job, 17
- job search tips, 23
- Kauffman Foundation's FastTrac Boomer Entrepreneur program, 60
- Kickstarter, 63
- Kiva Zip, 63
- Lawrence N. Field Center for Entrepreneurship, 60
- life insurance, 253
- LifeReimagined, 58, 59
- Lyft, 36
- Medicare, 207, 215, 228
- Medicare & You, 215
- Mint, 34
- National Association of Health Underwriters, 47
- 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 retrictions, 116
- Rockport Institute, 58
- SCORE, 60
- 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
- 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
- Tyson, Eric (author), 260
- Uber, 36
- Unhappy Franchisee, 74
- U.S. Department of Education, 38
- U.S. Department of Labor, 78, 477
- VolunteerMatch, 112
- WorkCoachCafe, 12
- You Need a Budget, 34
- weight lifting, for health, 260
- What Americans Really Want…Really (Luntz), 266
- What Color Is Your Parachute? A Practical Manual for Job-Hunters and Career-Changers (Bolles), 257
- whole life insurance, 252–253
- will substitutes
- about, 380–381
- defined, 368
- types of, 382–395
- Williams, Jeff (CEO), 52
- wills
- about, 173
- benefits of, 174–177
- creating, 140–144
- elements of, 181–187
- 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
- WorkCoachCafe (website), 12
- workforce
- benefits of staying in the, 11–12
- current, 8
- work-life balance, 14
- 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
- giving gifts, 360
- housing, 470
- 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
Y
- You Need a Budget (website), 34