If you’re in your 50s or 60s and still haven’t sat down with a financial planner to talk about your road to retirement, you need to do so promptly! At this stage in your life, you should probably start reallocating some of your investments away from riskier items like stocks and into more cautious investments like bonds. You also need to start thinking of your own retirement first when considering whether to help out your kids. You should also be aware that “Grey” divorces are on the rise, and if not handled smartly, can devastate both of your finances.
- Your financial future depends on your ability to plan realistically for your later years
- Never be afraid to re-evaluate your portfolio and invest in new or different but stable ventures
- Set up personal boundaries with friends and family to ensure you keep yourself in a healthy place financially
“If your kids are out of the house and that house is maybe even paid off (or close to), you should start diverting some of those extra savings toward your superannuation.”