The Ultimate 50s Financial Checklist

No matter what your current financial situation is, building healthy financial habits now will help you achieve your financial goals.

Solidify Retirement Plan

Take advantage of employer matches for 401K plans and other retirement accounts. Look into opening up an IRA account to take advantage of tax benefits associated with retirement accounts. Begin to create a budget for how you will spend your savings in retirement in order to make the most of your retirement time.

Utilize Catch Up Contributions

By contributing higher-than-normal amounts to qualified retirement accounts, you will maximize retirement savings and tax-saving strategies.

Reassess Risk Profile

Is your risk profile properly aligned with your asset allocation strategy and financial situation? If yes, great! If not, talk with your financial advisor to figure out what amount is risk is right for your age, situation, dependents, etc.

Reduce Fixed Expenses

If you have fixed expenses like cosigned loans, car payments, or mortgages that you are still paying down, try to contribute a little extra every month to ensure they’re paid off before you hit retirement. Your advisor can help you create the ideal budget to pay off these types of fixed expenses.

Plan Trips While You’re Working

Not all your trips need to wait until retirement! If you have the disposable income to use prior to retirement, spend it on trips or other items you would otherwise wait until retirement for.

Take Care Of Your Health

Since 2002, the average amount spent on healthcare in retirement increased by 75%. The average cost of healthcare in retirement is now $100,375. Taking care of your health prior to retirement will reduce these costs post-retirement.