The 8 Biggest Mistakes People Make with Their Finances before and after Retirement

The 8 Biggest Mistakes People Make with Their Finances before and after Retirement

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Product Details

ISBN-13: 9780793149063
Publisher: Kaplan Publishing
Publication date: 11/15/2001
Pages: 240
Product dimensions: 7.29(w) x 9.02(h) x 0.51(d)

Table of Contents

Forewordvii
Prefaceix
Acknowledgmentsxi
1.Not Investing for the Long Term1
Past Investment Advice3
What to Use for Your Fixed Investments5
The Dividend-and-Interest Method9
Systematic Withdrawal11
Failure to Accumulate14
Stretching Her Resources15
2.Taking on Financial Risk21
Financial Risk21
Diversification Matters22
Put It in Writing Please23
Political Risk23
Look at Risk before You Invest23
Key Points on Financial Risk29
Key Points on Market Risk30
Key Points on Inflation Risk30
Key Points on Interest Rate Risk31
3.Failure to Do Dignity Planning33
Our Sense of Self33
Dignity Planning34
Your Medical Decisions35
Your Financial Affairs37
Durable Power of Attorney44
Disability Insurance53
Plan for the Best, Prepare for the Worst53
Important Policy Benefits54
4.Not Having Good Long-Term Care Coverage55
A Case in Point: Without Resources55
If Medicare Doesn't Pay, Who Does?57
Long-Term Care Insurance59
Indemnity Plans61
Don't Overinsure62
Would You Like Your Policy Tax Qualified or Nonqualified?64
Who Should Consider Purchasing Long-Term Care Insurance or Home Care Coverage?66
Another Way to Reduce Premium Costs73
How to Check on the Financial Status of an Insurance Company74
5.Not Planning Properly for the Transfer of Your Estate75
Put It in Writing75
A Matter of Will77
Loss of Some Tax Advantages83
Typically Married Couples84
Gift to Minors85
Using Living Trusts86
A Brief History of Certain Tax Laws91
How Much Is a Tax Credit Worth?93
Key Points to Remember about the Federal Estate Tax95
A Case in Point: Harry and Sharon Make a Mistake96
How to Preserve Your Unified Credit Amount98
Other Major Mistakes People Make100
Skipping Generations101
Gifting Assets at the Wrong Time102
Owning Life Insurance in Your Own Name103
Other Irrevocable Trusts That Can Dramatically Reduce Taxes or Replace Wealth106
Charitable Remainder Trusts107
Using the Wrong Beneficiary on Your IRA109
Common Disasters and IRA Plans110
Naming Children as Beneficiaries111
Seven Key Points to Keep in Mind115
6.Paying Too Much in Taxes117
Tax Awareness118
The Power of Deferring Capital Gains122
Mutual Funds--The Hidden Tax125
Tax-Free Investments127
Tax-Deferred Annuities131
Taxation of Social Security Benefits135
What Is So Wrong with Congress Taxing Our Social Security Benefits?136
Eight Major Tax Traps That You Should Be Aware Of138
7.Using the Wrong Investment Strategies147
Accumulation versus Investment147
Taking the Next Step148
An Investment Is148
Mutual Funds148
Unit Investment Trusts157
Individual Stocks164
Individual Bonds169
Variable Annuities173
Rules for Being a Successful Investor182
Other Books to Assist You in Becoming a Better Investor195
8.Having the Wrong Type of Life Insurance197
There Are Many Choices199
Financial Leverage201
Newer Types of Coverage203
The Benefits of Having a Tax-Free Spigot204
The Purpose of Life Insurance206
How to Pay Estate Taxes Economically207
Collecting before Your Time210
Viatical Settlements211
Insurance Company Rating Systems212
Glossary215
Index221

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