Even though most people go into their fifties without enough money in their retirement accounts, the good news is that this period of life is often the one in which people have their peak income, making it a great time to build up their investments. After 50, you can put an extra $9,000 a year — for a total of $25,000 — into your 401(K). This is also the time when you should be paying down your credit card debt and put more into your Health Savings Account.
- After 60, it’s a good time to re-assess your portfolio. Balance it to ensure you have your money as needed, and don’t take risks!
- Check your debt! Credit card debt, mortgages, and student debt can spoil the happiness of your golden years.
- Reconsider insurance options-Medicare, and other providers may be a significant savings for you.
“Once you’re in your 50s and the end of full-time work is no longer a distant concept, it’s a good time to get serious about planning for the next chapter of life.”