You’ve reached half a century of life on planet earth, congratulations. They say life begins at 50, and there’s actually a lot of truth behind that. This is typically an age where you start looking ahead to certain things and might be experiencing other changes in your life. So, it seems like a great opportunity to look ahead at a few key financial concerns staring you in the face.
They’re called ‘concerns,’ but that’s only because you should be concerned about them in the sense that you need to be aware of them. There’s nothing to seriously worry about, and here they are:
Ideally, you have planned for your retirement since you started working many years ago. The earlier you start saving, the more money you will have stashed away and ready to use. However, as you reach the age of 50, everything starts to feel real. Your retirement is a lot sooner than you think, so it’s time to kick retirement planning up a level. Here, you’re not so much thinking about saving money as you are how you’ll get money throughout your golden years. You need to plan your cash flow in retirement, set financial goals, and so on.
On average, most people become parents in their late twenties and early thirties. So, when you’re 50, this is the time where your kids might start leaving the nest. It could start with one child, then two, and before you know it you’re on your own in a big house. Thus, you have the significant financial decision of what to do with this house? For many people, downsizing is seen as a smart financial choice. You move into a smaller and more affordable place, pocketing lots of money from selling your home.
Or, you could consider moving to a smaller place but keeping the home and passing it to your kids. You can rent it out while you wait for them to be old enough to need it. The choice is yours, but you should think about the concept of downsizing when your kids leave home for good.
Your last will and testament is a legal document that’s read out when you pass away. It stipulates where the contents of your estate will go, and who gets what. This is a significant financial concern as it basically details where all of your money and investments end up. If you don’t have a proper will, it can be hard for your cash and assets to go where you intended them to go. So, think about drawing up a will as soon as you can – hopefully, it won’t be needed for many decades, but it’s a key financial thing to put in place.
Just like that, you’ve covered the three biggest financial concerns for over 50s. It’s such an interesting period in your life, specifically financially. There’s a lot of planning and looking ahead, but also some looking back as well. The crucial thing is to have a retirement plan in place, figure out what to do with your property, and get your will in order.
(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)