Finances after 55: Make the Transition from Earning a Living to Retirement Living

Overview

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. It?s 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 America?s ...
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Overview

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. It?s 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 America?s 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. Don’t 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 rich” investment book. It’s 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 haven’t already), you will need a financial plan that takes into account your changing needs.
And you’ll 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.

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Product Details

  • ISBN-13: 9781551805825
  • Publisher: Self-Counsel Press, Inc.
  • Publication date: 12/1/2004
  • Series: Self-Counsel Reference Series
  • Edition description: 1st Edition
  • Edition number: 1
  • Pages: 160
  • Product dimensions: 5.39 (w) x 8.33 (h) x 0.32 (d)

Meet the Author

Sylvia Lim is the author of the Simply Essential Personal Budgeting Kit, a step-by-step guide that shows anyone how to take control of their finances. Lim is a Certified Financial Planner and Certified General Accountant. Since 1989 she has operated her own successful accounting practice and specializes in personal finance accounting for retired people.

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Table of Contents

1 Why Plan? 1
Statistics 2
American demographics 2
Canadian demographics 3
Caregiver demographics 4
The Fear Factor 5
The Current Model of Retirement 7
Changing Needs, Changing Plan 8
Active retirement 9
Semi-active retirement 9
Passive retirement 9
Financial Opportunities and Choices 11
2 You Can Do It: Goal Setting 13
Issues to Consider 13
Active retirement years 13
Semi-active retirement years 14
v
Passive retirement years 14
Retirement Goal Setting 15
3 Calculating What You Are Worth 19
Knowing Your Dollar Value 20
Running the Numbers 21
4 Assessing Your Investments 31
ABC’s of Investing: Common Types of Investments 33
Safety investments 33
Income investments 34
Growth investments 34
Mutual funds 35
Real property investment 36
Being Wise 37
The Magic of Compounding 39
What Will Your Investments Produce for You? 41
5 Show Me the Money 51
From Where Will the Money Flow? 51
Running the Numbers 52
Sources of Cash Inflow 54
Company pensions 54
Qualified or registered retirement accounts 55
International social security agreement pensions 55
Social Security benefits (US) 55
Veterans benefit payments (US) 56
Canada Pension Plan (CPP) payments (Canada) 57
Old Age Security (OAS) payments (Canada) 57
Veteran’s benefits (Canada) 57
Other Income-Generating Options 58
Returning to work part-time 58
Home-based business income 59
Rental income from your home 61
vi Finances After 55
6 Yearly Retirement Spending Budget 65
Your Expenses 65
Insurance 68
Life insurance 69
Disability insurance 70
Critical illness insurance 70
Long-term care insurance 70
Health insurance 72
Your Budget and Your Choices 74
Budgeting Downward 77
7 Reading the Crystal Ball 85
Here’s How You Begin … 86
8 Using Your Home to Finance Your Retirement 95
Downsizing Your Home 96
Sell and Rent 97
Reverse Mortgage (US) 98
Reverse Mortgage (Canada) 99
Home Equity Line of Credit (HELOC) 100
9 Housing Choices 103
Housing Options for Active Retirees 105
Option 1: Same house? Different house?
Too much house? 105
Option 2: Moving in with your grown child and his or her family 109
Housing Options for Semi-Active Retirees 110
Option 3: Assisted home care 110
Option 4: Independent-living retirement homes 111
Housing Options for Passive Retirees 112
Option 5: Assisted-living retirement homes 112
Option 6: Extended-care or long-term care homes 113
10 Estate Planning 115
Contents vii
APPENDIXES
1 Free Money and Other Saving Tips 119
2 Living Well 131
3 Home Sweet; Home Safe 137
RESOURCES 141
CHART
1 Savings Chart Summary Guide 40
SAMPLES
1 Retirement Goal Planning 17
2 Net Worth Worksheet 26
3 Income-Producing Investments 46
4 Cash Inflow Worksheet (For active and 63
semi-active retirees)
5 Cash Inflow Worksheet (For passive retirees) 64
6 Yearly Spending Budget (For active retirees) 81
7 Yearly Spending Budget (For passive retirees) 83
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