In your 50s, you’re likely situated at your job and in your career. Your children are out of the house and retirement isn’t a distant dream on the horizon. It’s an exciting (and sometimes scary) time.
Here are our top five items to accomplish in your 50s:
1. Eliminate debt
With responsible money management, during this time, your goal should be no debt. As you get closer to retirement, you should not only focus on paying down debt, but on avoiding accumulating more. Simply put – living within your means.
It’s more important than ever to have your emergency savings account fully funded. The unknown is still possible and you don’t want to dip into your retirement savings in the event of an unexpected event.
3. Revisit, review, recast
Again, this is the time to revisit your retirement plan. If you’re behind, start playing catch up by taking advantage of higher contribution limits for your 401(k) and IRAs. If you’re on track, stick to it.
4. Lower your risk
If you have adequate retirement savings and have a date or age set for retirement, it may be time to lower your risk. Use online tools, or meet with an advisor to gauge the appropriate level of risk in retirement investments.
5. Estate planning
Review your estate, will, and insurance. Refine to align with changes in your life and current laws, if needed. Confirm that executors, beneficiaries and guardians match your current life situation.
In your 50s, planning is still king. Retirement is a realistic part of your future and you need to be prepared.
If you need help or would like a financial assessment on how we can help save you money, simply call us. We’re happy to help.
1st United Credit Union cannot give financial, tax or legal advice. Please consult a tax or investment advisor to assess your situation.