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Life in your 50s may be a busy time, with work and family responsibilities. Retirement may seem like a long way off, but it’s important to start thinking about it now. This way, you can be prepared when the time comes. Even though it’s important to save up for retirement, good planning also means allowing yourself to dream about things like travel, volunteering, a second career, or anything else you’ve always wanted to do.
Envisioning exercises are important to prepare for your best life, whether with a financial planner, therapist, life coach, or faith-based counselor. We’ve seen clients who return to work part-time because they need something to do; there is a lot of free time and boredom can be a big problem.
One of the most important things you can do for a successful retirement is to develop good financial habits now. This includes saving as much money as possible, investing it wisely, and paying off any debts you may have. By doing this, you will eliminate the possibility of making poor decisions that could jeopardize your retirement.
What is your retirement plan looking like? Do you have a written plan? If not, now is the time to start thinking about it. Having a strategy and a written plan will help you immensely. You’ll feel better knowing you have a plan, and you can use it to track your progress.
To get more information about how Social Security works, create an account at ssa.gov, and use one of the calculators to find out the amount of your monthly check when you retire. This way, you will be able to see a list of your earnings for every year you have worked and paid Social Security taxes. Doing this will give you a better idea of how much money you will have when you retire.
Using one of the many apps available — such as Simplifi by Quicken, You Need a Budget (YNAB), or Mint from Intuit — start tracking your essential expenses and discretionary spending. Expenses such as housing, transportation and health care are required to meet your minimum needs; most others are discretionary. You need to understand your expenses to develop an investment and spending plan. This should be an annual exercise that starts well before retirement. What is your expected income from various sources in the future, such as pensions, Social Security, or part-time work? Then, figure out any potential gap — the difference between how much you need each month to live and how much you’ll be receiving from these sources.
Do you think your retirement savings are sufficient? There is no definite answer as each situation varies, but as a general guide, 50-year-olds should have saved four to six times their annual salary, and 55-year-olds should have saved five to eight times their annual salary. For example, a 50-year-old couple with a combined gross income of $200. These figures can act as a beginning guide. To get the most accurate data, it is best to consult with a professional planner. Are you looking to increase your retirement savings? If so, you may be able to take advantage of the catch-up provision for many retirement accounts. For example, if you are 50 or older in 2021, you may be able to contribute an additional $1,000 to an IRA above the standard $6,000 limit, or an additional $6,500 to a 401.
Pay Down Debt Aggressively, Protect Your Emergency Fund.
You may need to reduce your discretionary spending and pay down your credit card bills to free up money to save for retirement. In retirement, you want to have as little debt as possible, so you may also need to focus on refinancing or paying off your mortgage, as well as any remaining student debt.
Think Insurance, Review All Documents.
We recommend that you review your life insurance coverage and disability insurance to make sure that both are adequate for the final stage of your working life. You should also have a plan in place for long-term care, whether you buy insurance or have the assets to pay for it yourself. In addition, it is a good idea to take a look at your will or estate plan, financial and medical powers of attorney, and other important documents to see if anything has changed. At the same time, you should think about whether you are keeping these items safe, and who would be able to get to them.
Time To Set Boundaries With Kids, Consider Your Parents.
It may be time for some important discussions if you have both children and parents to think of. If your kids are in college or are recent graduates transitioning to a career, establish your expectations about their financial responsibilities. Set financial boundaries to avoid impairing your own financial stability. Evaluate your Parent’s needs and help establish funds for long term care.
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We have a simple 3 step process that helps walk you through the process, Step 1 is to Request a free no-pressure quote, you'll receive current rates of growth and get more information on the companies we believe can help you. Step 2 is to consult with a professional on your specific case, this can be done in person, by phone and/or Zoom video chat, usually takes 20-30 minutes to establish your needs and strategize your future goals. Step 3 is to receive the policy, this is where your agent will sit with you and explain your policy, expected growth and notify your beneficiaries of what to do if needed. This process is simple
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