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Finances After 55

Name: Finances After 55
Brand: SELF-COUNSEL PRESS
SKU: 9781551805825
Price: 24.99 AUD
Availability: InStock

SELF-COUNSEL PRESSISBN: 9781551805825

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By Sylvia Lim
Imprint: SELF-COUNSEL PRESS
Release Date: January 14, 2005
Format: PAPERBACK
Pages: 160

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Finances After 55 is a book for people who are already retired or who will be retiring in the next decade. This is not a retire rich, stay rich book. Its a practical guide that shows readers how to take what they already have saved and manage their money and assets to live a full and successful retired life. Living off savings is much different than living from paycheck to paycheck. It requires a very different kind of budget and very different financial plan. Unfortunately, the majority of North Americas millions of retired people are caught off guard when they make the switch, and financial errors at this time can be very costly. Retired people need a financial plan that takes into account their evolving needs. But what is needed is more than just a budget. The plan should include a will, estate plan, powers of attorney, health-care directives, insurance, and an end-of-life plan. Finances After 55 shows readers how to get all their personal finance and business matters in order.

Make the transition from earning a living to retirement living!

Learn to live comfortably on what you already have.

Create a sound financial plan, step by step.

For retired people and for those who will retire soon.

Retire successfully on what you already have! Living off savings is much different than living from paycheck to paycheck. It requires a different kind of budget and a different financial plan. Dont be caught off guard when you make the switch, because financial errors at this time can be costly. Finances After 55 is not a retire richa investment book. Its a practical guide that shows you how to take what you have already saved and manage your money and assets to live a full and successful retired life. When you retire (if you havent already), you will need a financial plan that takes into account your changing needs. And youll need a lot more than just a budget. The plan should include:

an estate plan,

a will,

a power of attorney,

a health-care directive,

an end-of-life plan, and

insurance

With the sound financial planning and budgeting outlined in this book, you can make a successful transition from life with a paycheck to a life with savings.

1 Why Plan? 1Statistics 2American demographics 2Canadian demographics 3Caregiver demographics 4The Fear Factor 5The Current Model of Retirement 7Changing Needs, Changing Plan 8Active retirement 9Semi-active retirement 9Passive retirement 9Financial Opportunities and Choices 112 You Can Do It: Goal Setting 13Issues to Consider 13Active retirement years 13Semi-active retirement years 14vPassive retirement years 14Retirement Goal Setting 153 Calculating What You Are Worth 19Knowing Your Dollar Value 20Running the Numbers 214 Assessing Your Investments 31ABCs of Investing: Common Types of Investments 33Safety investments 33Income investments 34Growth investments 34Mutual funds 35Real property investment 36Being Wise 37The Magic of Compounding 39What Will Your Investments Produce for You? 415 Show Me the Money 51From Where Will the Money Flow? 51Running the Numbers 52Sources of Cash Inflow 54Company pensions 54Qualified or registered retirement accounts 55International social security agreement pensions 55Social Security benefits (US) 55Veterans benefit payments (US) 56Canada Pension Plan (CPP) payments (Canada) 57Old Age Security (OAS) payments (Canada) 57Veterans benefits (Canada) 57Other Income-Generating Options 58Returning to work part-time 58Home-based business income 59Rental income from your home 61vi Finances After 556 Yearly Retirement Spending Budget 65Your Expenses 65Insurance 68Life insurance 69Disability insurance 70Critical illness insurance 70Long-term care insurance 70Health insurance 72Your Budget and Your Choices 74Budgeting Downward 777 Reading the Crystal Ball 85Heres How You Begin 868 Using Your Home to Finance Your Retirement 95Downsizing Your Home 96Sell and Rent 97Reverse Mortgage (US) 98Reverse Mortgage (Canada) 99Home Equity Line of Credit (HELOC) 1009 Housing Choices 103Housing Options for Active Retirees 105Option 1: Same house? Different house?Too much house? 105Option 2: Moving in with your grown childand his or her family 109Housing Options for Semi-Active Retirees 110Option 3: Assisted home care 110Option 4: Independent-living retirement homes 111Housing Options for Passive Retirees 112Option 5: Assisted-living retirement homes 112Option 6: Extended-care or long-term care homes 11310 Estate Planning 115Contents viiAPPENDIXES1 Free Money and Other Saving Tips 1192 Living Well 1313 Home Sweet; Home Safe 137RESOURCES 141CHART1 Savings Chart Summary Guide 40SAMPLES1 Retirement Goal Planning 172 Net Worth Worksheet 263 Income-Producing Investments 464 Cash Inflow Worksheet (For active and 63semi-active retirees)5 Cash Inflow Worksheet (For passive retirees) 646 Yearly Spending Budget (For active retirees) 817 Yearly Spending Budget (For passive retirees) 83

Finances After 55

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