Life Goals: Financial Essentials For Your 50s

Here are several financial steps you may want to consider taking right now:


1. Evaluate and update retirement plans.

Decide where and how you want to live after your retirement and explore your financial needs to meet these goals.

2. Diversify your investments.

Evaluate your retirement savings and expand your investment options, if needed, to balance future growth with current income.

3. Think about long term health care.

Plan your savings and insurance to help protect yourself or your spouse should either of you require health care for an extended period.

4. Review business agreements and transfer plans.

If you have a business, you need to plan for a fair and predictable transfer of your business should you die or wish to move on.

5. Re-evaluate insurance needs.

Review coverage for disability and life coverage in light of possible retirement plans and grown children; consider umbrella liability coverage.

6. Review estate plan.

Work with an advisor to develop or review a plan for your property and assets, including your Will, trusts, liquidity of assets and gifting.

7. Review and revise Will and Living Will.

Changes in your family or other circumstances make it important to regularly review your plans for your property and your medical care.

8. Analyze employer benefits.

Make sure that you're using your benefits to your advantage, including retirement plans, insurance, health coverage and even group discounts.

9. Consider annuities.

Annuities are insurance products that can guarantee* you a fixed income after you retire. They can be a supplement to other savings plans.

 

*Guarantees are backed by the claims paying ability of the insurance company.