Personal Finance After 50 For Dummies. Tyson MBA Eric

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      Personal Finance After 50 For Dummies®

Praise for Eric Tyson

      “Eric Tyson is doing something important – namely, helping people at all income levels to take control of their financial futures. This book is a natural outgrowth of Tyson’s vision that he has nurtured for years. Like Henry Ford, he wants to make something that was previously accessible only to the wealthy accessible to middle-income Americans.”

– James C. Collins, coauthor of the national bestseller Built to Last; former Lecturer in Business, Stanford Graduate School of Business

      “Personal Finance For Dummies is the perfect book for people who feel guilty about inadequately managing their money but are intimidated by all of the publications out there. It’s a painless way to learn how to take control.”

– National Public Radio’s Sound Money

      “Eric Tyson … seems the perfect writer for a For Dummies book. He doesn’t tell you what to do or consider doing without explaining the why’s and how’s – and the booby traps to avoid – in plain English… It will lead you through the thickets of your own finances as painlessly as I can imagine.”

– Chicago Tribune

      “This book provides easy-to-understand personal financial information and advice for those without great wealth or knowledge in this area. Practitioners like Eric Tyson, who care about the well-being of middle-income people, are rare in today’s society.”

– Joel Hyatt, founder of Hyatt Legal Services, one of the nation’s largest general-practice personal legal service firms

      “Worth getting. Scores of all-purpose money-management books reach bookstores every year, but only once every couple of years does a standout personal finance primer come along. Personal Finance For Dummies, by financial counselor and columnist Eric Tyson, provides detailed, action-oriented advice on everyday financial questions… Tyson’s style is readable and unintimidating.”

– Kristin Davis, Kiplinger’s Personal Finance magazine

      “This is a great book. It’s understandable. Other financial books are too technical and this one really is different.”

– Business Radio NetworkMore Bestselling For Dummies Titles by Eric Tyson

       Investing For Dummies ^®

      A Wall Street Journal bestseller, this book walks you through how to build wealth in stocks, real estate, and small business as well as other investments.

       Mutual Funds For Dummies ^®

      This best-selling guide is now updated to include current fund and portfolio recommendations. Using the practical tips and techniques, you’ll design a mutual fund investment plan suited to your income, lifestyle, and risk preferences.

       Taxes For Dummies ^®

      The complete, best-selling reference for completing your tax return and making tax-wise financial decisions year-round. Tyson coauthors this book with tax experts David Silverman and Margaret Munro.

       Home Buying For Dummies ^®

      America’s #1 real estate book includes coverage of online resources in addition to sound financial advice from Eric Tyson and frontline real estate insights from industry veteran Ray Brown. Also available from America’s best-selling real estate team of Tyson and Brown – House Selling For Dummies and Mortgages For Dummies.

       Real Estate Investing For Dummies ^®

      Real estate is a proven wealth-building investment, but many people don’t know how to go about making and managing rental property investments. Real estate and property management expert Robert Griswold and Eric Tyson cover the gamut of property investment options, strategies, and techniques.

       Small Business For Dummies ^®

      Take control of your future and make the leap from employee to entrepreneur with this enterprising guide. From drafting a business plan to managing costs, you’ll profit from expert advice and real-world examples that cover every aspect of building your own business. Tyson coauthors this book with fellow entrepreneur Jim Schell.

      Personal Finance After 50 For Dummies^®

      Published by: John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, www.wiley.com

      Copyright © 2016 by Eric Tyson and Bob Carlson

      Published by Wiley Publishing, Inc., Indianapolis, Indiana

      Published simultaneously in Canada

      No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the Publisher. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, [phone], fax [phone], or online at http://www.wiley.com/go/permissions.

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      Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com. For more information about Wiley products, visit www.wiley.com.

      Library of Congress Control Number: 2015950214

      ISBN 978-1-119-11877-0 (pbk); ISBN 978-1-119-11883-1 (ebk); ISBN 978-1-119-11881-7 (ebk)

      Introduction

      We’re all getting older, together. Aging presents opportunities for increased wisdom and broader perspective as well as some increased challenges. One of those challenges has to do with finances. The new, and sometimes more complex, financial decisions that confront folks in their later working years and then in retirement can be tough to work through.

      For example, consider the types of questions we, your humble authors, have been asked from folks in our advisory businesses:

       ✓ Can we afford to retire? How much can we comfortably spend per year given our assets?