Financial Planning: 50s - Deepstash
Financial Planning: 50s

Financial Planning: 50s

Age 50

  • Save a total of six times your annual salary in your retirement funds,
  • Catchup with your previous retirement plan contributions,
  • Learn about the specifics of Social security, Medicare, and Employer retirement benefits.

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[4/4] Personal Finance is a very crucial concept that is often ignored. This is an attempt to spread awareness related to personal finance.

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Financial Planning: 30s
  • Take charge of your finances,
  • Completing your education,
  • Repay your student loan completely,
  • Create emergency funds of 3-6 months,
  • Save a total of one annual salary in your retirement funds,
  • Start life insurances & policies to protect dependents,
  • Follow best practices to establish a good credit history & credit score.

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Financial Planning: 40s
  • Save a total of three times your annual salary in your retirement funds, or at least 15% of gross income,
  • Establish college funds for children (if applicable),
  • Increase your investing expertise & diversify your investment portfolio assets,
  • Improve your job skills and knowledge to remain employable ad earn promotions.

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Personal Finance: Financial Planning

Most common financial milestones for adults:

  • The 20s and 30s - Debt repayment and household formation,
  • The 40s and 50s - Peak earnings and wealth accumulation,
  • The 60s - Preparation for retirement and retirement,
  • The 70s and above - Transitions and wealth distribution. 

Want to improve your finances and plan for long-term betterment? read the next idea.

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Financial Planning: 60s
  • Save a total of eight times your annual salary in your retirement funds,
  • Pay off all your mortgage, loans & debts before retiring,
  • Use catch-up retirement strategies like downsizing, moving, working longer, selling assets, if required.
  • Learn new skills to transition to retirement or "second act" job or a volunteer role.

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RELATED IDEAS

  1. Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
  2. Check Your Interest Rate: Pay off loans, open saving accounts and negotiate credit debts based on interest rates.
  3. Track Your Net Worth: The difference between your assets and debt — it tells you your financial standing. 

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Growing older without a spouse or adult children means you'll need to build support who can help with your finances, make medical decisions and prevent you from becoming isolated as you grow older (extended family, trusted friends, and paid professionals):

  • Find people who will manage your financial and medical affairs, people to stop by, run errands, or drive you to appointments.
  • Find out what they're willing to do, and make known your wishes.
  • Revisit these plans often.
  • If you don't have a friend or family member to carry out your wishes, consider working with a professional fiduciary, such as an accountant, lawyer, or trust company officer.

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  • Create a full inventory of expenses in front of you: Categorize them into fixed and variable; urgent and non-urgent; necessities and luxury; avoidable and unavoidable.
  • You can create a hierarchy of needs and decide which one’s to address first. It’s all about prioritizing. 
  • Accept that you have limited resources and unlimited wants. But you have to manage your resources. The sooner you accept this fact, the better you can control your impulses towards avoidable expenditures.

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