Introduction

Welcome to Personal Finance in Your 50s All-in-One For Dummies!

So, you’ve hit your 50s, your job is fulfilling and lucrative, your kids got full-ride scholarships to college, your mortgage is paid off or close to it, you invested early and wisely, your early retirement is on track, and you have an updated, signed will and a plan for your estate that will ensure that exactly what you want to happen to your stuff when you die will in fact happen. Nicely done! Go and be well. You can put this book down now.

What? You’re still reading? Hmmm. That must mean you hit a snag or two along the way to personal financial nirvana. Well, don’t worry. You’re hardly alone. By picking up this book, you’ve already shown you want to get yourself on a better track, and you’ve taken your first step toward doing so. This book is all about understanding and improving your financial health from late middle age heading into retirement.

remember It’s never too late to right the ship! There’s a whole lot you can do — even in your 50s — to help yourself have a more comfortable life as you head into your more advanced years, and this book is chock full of juicy advice on that stuff.

About This Book

You hold in your hands a big ol’ conglomeration of some of the best For Dummies material on the topic of bettering your economic picture in your later working years. It’s divided into six sections, each of which is itself a miniature “book” that focuses on one aspect of personal finance. Check out the Contents at a Glance to see how the book is organized.

You can peruse this book in the way most books have been perused since time immemorial — from cover to cover, starting on Page 1. Or you can use it as a reference guide, looking up specific topics in the Index or Table of Contents.

To make reading and understanding personal finance topics a bit easier, this book uses some conventions to help you along the way:

  • Italics: Newly defined terms are set in italics.
  • Acronyms: Acronyms are spelled out on first use.
  • Websites: You’ll find references to websites that may provide additional information or make some task easier. Every effort has been made to make sure the links are functional at the time of publishing. If you ever see a website URL split from one line to the next, rest assured there are no extra hyphens, so type the address in your browser just as it appears. If you’re reading the e-book, just tap the link to go to that website.

Foolish Assumptions

Here’s what this book assumes about you:

  • You’re middle-aged. You’re no spring chicken. You did not just fall off the turnip truck. You’ve been, as it were, around the block. As such, you probably know very well what a mortgage is, for example, but may not know what a reverse mortgage is exactly. You know there are these mysterious programs called Medicare and Social Security headed your way in a few years, but as for details, well … you haven’t exactly studied up on them — yet.
  • You know you can do better with your money. You’re busy — work and family duties have had you running around for years. You have a vague sense that you’re not as well off as you should be, and you know there must be things you’re not doing that you should be doing, and vice versa. You’ve come to the right place.

That’s it! If those two descriptions apply to you, you’re ready to read on for hundreds of ideas and expert advice on whipping your finances into shape.

Icons Used in This Book

This book uses the following icons to point out certain insights:

remember This one indicates short summaries of subject matter you’ve just read about and also points out important things to keep in mind for later. If you hesitate for a moment when reading the core content, check for one of these to keep progressing smoothly.

technicalstuff This icon flags stuff that may be more technical than you really need to know. The information included with this icon isn’t necessary to your understanding of the topic at hand, and you can safely skip it.

tip This icon is just what you think it is. It highlights something particularly helpful, useful, surprising, or efficient that is well worth paying extra attention to.

warning This icon flags stuff that could get you in trouble or hurt you financially. Ignore these at your peril!

Beyond the Book

In addition to the material in the print or e-book you’re reading right now, this product also comes with some access-anywhere goodies on the web. Check out the free Cheat Sheet and other free articles at www.dummies.com. Just search for “personal finance in your 50s all-in-one.”

Where to Go from Here

Ready to go? You’re about to dive into lots of valuable advice. As mentioned, feel free to pour a mug of coffee (or, heck, beer), sink into your favorite chair, and plunge into Book 1, Chapter 1. Or if you’re really interested in something specific, look it up in the Index or Table of Contents.

Maybe you’re in better shape in some areas than others. Maybe your mortgage is actually paid off or close to it. However, you hate your job and want to finally strike out on your own and be your own boss, but you’ve never had the courage to do it. Try Book 1, Chapter 3.

Or perhaps you really do have an up-to-date will, but you’re terrible at managing a budget. Check out Book 4, Chapter 2 for loads of tips on budget management.

Or you do indeed love your job, but you’ve put away next to nothing for retirement and you’re starting to get nervous you’ll never be able to. Get thee to Book 1, Chapter 6 to get started on that. (And, no, it’s never too late.)

No matter where you begin, you’re sure to find a wealth of great ideas in this big old book that can make your life better. Heck, even if you pick up only one or two great ideas and implement them — such as buying an umbrella insurance policy (Book 3, Chapter 4), figuring out what you’re worth so you can plan where it should go after you’re gone (Book 5, Chapter 2), or turning the equity in your home into a steady income stream that pays you every month (Book 6, Chapter 2) — then the book already paid for itself many times over.

Congratulations on recognizing that you can and should be doing better than you are financially. Really, that’s all of us. Because who has time to become an expert on all the dizzying aspects of personal finance? Oh, right … the authors of the following pages! So let our hard-earned wisdom guide you. It’s time to dive in!