Congratulations, you’ve reached and surpassed the half century mark! Today, let’s take a look at your personal finance checklist at 50 and some tips for future financial success.
- Stop being a borrower and focus on becoming a saver!
- Thinking of retiring some day? You might want to start by contacting the Social Security Administration to see where you stand in terms of your anticipated retirement benefits.
- Contribute to your retirement accounts, such as your 401(k) and/or IRA, as much as possible.
- Begin meeting with a trusted financial advisor on a regular basis to make sure your money is in the right place and performing to your expectations.
- Review your will and make any necessary changes while you are still in good health.
- Take advantage of senior discounts. You’ve earned them, so don’t be embarrassed to accept them.
- Consider downsizing. Ask yourself if you still need that large house with the big mortgage payments.
- Get healthy. Focus on eating right and increasing your exercise routine. With healthcare costs continuing to skyrocket, getting sick can be very expensive.
If you focus on your personal finance checklist at 50, during your peak earning years, you’ll have much less to worry about as you approach and pass those next age-related milestones. For more information on how your real estate holdings can impact your financial standing, please contact The Olear Team today!