Financial Planning in Your 50s

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:


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.

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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


Learn more about Casey Smith, Brad Lyons, CFP, and Missie Beach, CFP®, CDFA®.


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Learn more about A Wiser Retirement podcast and access previous episodes.

By Published On: November 28, 2022

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