7 Retirement Goals to Address in Your Fifties

Retirement

7 Retirement Goals to Address in Your Fifties

Posted by Infinite Wealth Advisors, LLC
1 month ago | September 20, 2020

Once you enter your fifties, it’s time to get (even more) serious about retirement planning. In your last decade or so of your career, start tackling these seven goals to get yourself on better footing.

Pay down debt. You might be earning more money than ever before in your career, but try to resist the temptation to continually adjust your spending upward. Make a plan to pay down debts so that you can retire with true freedom.

Consider your choice of housing. Once you’ve addressed credit cards and other types of debt, consider your housing choice. At a time when the kids (if you have them) are growing up and leaving home, ask yourself if downsizing would help you save money or even live mortgage-free. A smaller, simpler home is easier to maintain in retirement, too.

Define your savings goal. Up until now, you might have simply diverted a percentage of income to retirement savings each year. Now it’s time to decide how much money you want to accumulate before retirement, and make a plan to get there.

Enroll in catch-up contributions. If you’re already contributing the maximum amount to your retirement fund each year, consider making catch-up contributions now that you’re 50. You can contribute an additional $6,500 to your 401(k) now.

Track your Social Security benefits. Sign up for an account on socialsecurity.gov From there, you can track your earnings history and receive estimates on future Social Security benefits to help you plan.

Make a plan for long-term care. Many of us will need long-term care at some point in retirement, and the cost can be prohibitively high. But since premiums for long-term care insurance can be much lower if you purchase a policy in your fifties, now might be the time to consider that move.

Meet regularly with your financial advisor. To receive advice geared to your specific situation, call us to schedule an appointment. We can help you review your budget and savings strategy, manage your portfolio, and answer questions about retirement. By preparing early and reviewing your strategy regularly, you can identify valuable opportunities and set yourself up for a worry-free retirement.

 

 

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