Your Finances In Your 50s
Turning 50 is a milestone for many reasons, including your finances.
After half a century on the planet, you’re at the business end when it comes to your retirement and financial plans.
Reaching 50 can trigger lots of different emotions, but it’s the time to properly take stock of your money, career and health. When do you want working to become a choice? Have you got the funds to afford that bucket list of holiday trips?
It’s an exciting time to really think about what you want to do next.
Yet it’s also a time of change. Your children are more financially independent, although helping them get a foot on the property ladder could well be next on the list. It’s an important stage in helping them carve out a life for themselves and adds to that sense of achievement that you’ve done the best you can for them.
At the same time, you’re likely to need to provide more support to elderly parents, emotionally and possibly, financially. In your 50s you’re one of the sandwich generation and it can be challenging.
There’s still time to improve your own future financial security. “It’s an age when expenses start to dwindle, so it’s a great opportunity to catch up on saving,” advises Sam Fitzgibbon of Pinnacle Wealth Management. “But time is no longer on your side, especially when you consider your retirement savings will most likely need to last 30 years or more.”
There’s a lot to consider, and a lot of decisions you need to get right to achieve the future you want for you and your family. That’s why getting expert advice can be invaluable.
“Less work and more play sounds a great idea when we reach our 50s, but there’s the worry about whether and when you can afford to take your foot off the pedal,” says Sam. “Our financial planning tools help clients understand what retiring at different ages will look like. If the dream is to make a large, life-enhancing purchase, like a second home, we can include that in the plan and show how it might work.”
When it comes to the kids, an adviser can help you understand the options and provide the solutions for their needs, whilst laying out how your aspirations for them affect your long-term game plan.
“Clients of Pinnacle also have access to the Care Sourcer, an independent care concierge advisory service in all aspects of support for those in later life,” adds Sam. “With this support combined with our expert advice, we can ease what is very often a challenging time and help find the right solutions for elderly family.”
The services provided by Care Sourcer are separate and distinct to those offered by St. James’s Place.
Making the right moves in your 50s can dictate the success or failure of your retirement plan. Don’t leave it to chance.