Financial Planning in Your 50s
On this episode of A Wiser Retirement Podcast, Casey Smith and Brad Lyons, CFP® discuss financial planning in your 50s, and why you shouldn’t get spooked in volatile markets.
Listen on Apple Podcasts or watch on YouTube:
SUMMARY:
Don’t Get Spooked in Volatile Markets
In your 50s, it can be easier to get spooked by volatile markets. This is because retirement is on the horizon, so tends to feel more real. The key here is to not let the volatile markets scare you. Stay the course you are on and don’t get spooked.
Even when the stock market is down, you are still making dividends. These dividends should get reinvested in the market now while it’s low, that way when it goes back up your portfolio will go up with it. You don’t want to pull your money out and miss out on the beginning of the market movement in an upward direction. The beginning is when you have the possibility to make the most money. Stay invested for the long term and don’t get scared in volatile markets.
Get Your Kids Off The Payroll
Something to think about when planning in your 50s is that it may be time to get your kids off the payroll. A lot people in their 50s have kids who are now young adults, and its now time for you to shift your focus off of them and onto yourself. Most people still haven’t saved enough for retirement at this stage in their life, and need to start saving as much as they can to catch up.
Max Out your 401k
When you get to your 50s, it’s time to start maxing out your 401k savings plan. You can now put an extra $6500 into your 401k account. Saving is more important now than ever. Start maxing out your 401k and saving every extra dollar you can.
Don’t Accumulate New Debt
We talk about this a lot. Your 50s is not the time to take on new debt. If you take on new debt now, you may still be paying it off when you transfer into retirement. There are unexpected expenses that you could have during retirement, so you don’t want to be worried about debt during this time.
You also need to make sure you are properly insured. Your financial condition has probably changed by the time you reach your 50s, and it can be a good time to make sure you’re covered. You should double check your house insurance, life insurance, umbrella insurance, and health insurance.
Download our white paper on “Your Path to a Lifetime of Financial Success”
TIMESTAMPS:
0:00 Intro
2:00 Don’t Get Spooked in Volatile Markets
11:15 Get Your Kids Off The Payroll
12:30 Max Out 401k
14:35 Don’t Accumulate New Debt
LINKS:
Learn more about Casey Smith, Brad Lyons, CFP, and Missie Beach, CFP®, CDFA®.
CONNECT:
Twitter, Instagram, Facebook, LinkedIn, and YouTube.
Learn more about A Wiser Retirement podcast and access previous episodes.
Recent posts
Share This Story, Choose Your Platform!
Wiser Wealth Management, Inc (“Wiser Wealth”) is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC). As a registered investment adviser, Wiser Wealth and its employees are subject to various rules, filings, and requirements. You can visit the SEC’s website here to obtain further information on our firm or investment adviser’s registration.
Wiser Wealth’s website provides general information regarding our business along with access to additional investment related information, various financial calculators, and external / third party links. Material presented on this website is believed to be from reliable sources and is meant for informational purposes only. Wiser Wealth does not endorse or accept responsibility for the content of any third-party website and is not affiliated with any third-party website or social media page. Wiser Wealth does not expressly or implicitly adopt or endorse any of the expressions, opinions or content posted by third party websites or on social media pages. While Wiser Wealth uses reasonable efforts to obtain information from sources it believes to be reliable, we make no representation that the information or opinions contained in our publications are accurate, reliable, or complete.
To the extent that you utilize any financial calculators or links in our website, you acknowledge and understand that the information provided to you should not be construed as personal investment advice from Wiser Wealth or any of its investment professionals. Advice provided by Wiser Wealth is given only within the context of our contractual agreement with the client. Wiser Wealth does not offer legal, accounting or tax advice. Consult your own attorney, accountant, and other professionals for these services.