If your goal is to retire sometime in your early to mid-60’s then there are a few financial moves you should be making in your 50’s. These moves will help increase the chances that you can retire on your terms with the financial security that you need. If you have planned well prior to 50, you might discover that you are in good shape already.
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- Meeting with a financial advisor is a great step to complete in your 50’s. The main reason is so that you have sufficient time to implement any of their strategies to maximize your retirement fund.
- When you turn 50, you are likely eligible to increase the amount you can contribute to your retirement fund. This “catch-up” contribution amount can make a significant difference in how much you can save.
- Health related expenses can become a major part of your retirement spending. Building a health savings account while you are working to use in retirement is a great way to save extra for medical costs.
- When you are in your 50’s is a great time to start thinking about retiring as much as your debt as you can, especially if it is credit card debt or other personal loans. Talk to your advisor if paying off your home should be a priority too.
- Before you reach retirement, build a budget of what you think your expenses will be so that you see how much income you will need. Follow this up with a conversation with your advisor to determine if you will have enough saved.
- A final step to take in your 50s is to review all of your insurance needs. As you life and disability insurance needs are reduced, you might need to consider long term care insurance prior to retirement.
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