Financial Tips For 50 Year Old's

For most people by the time, they have reached 50 years of ages they have experienced most of their major expenses such as a mortgage, a wedding and having children. We’re not saying that all major expenses are now non-existent as you may still have children’s college expenses, a new car etc. Everyone is different and has different goals and responsibilities at different stages of life.

In this blog we’ve picked tips that we believe will be most relevant to people in their 50’s but if you don’t see what you’re looking for here be sure to look at our previous blogs. We’ve covered different milestones for different age categories throughout our previous blogs.

 

  1. Review Your Pension

The retirement age in Ireland to receive the state pension is currently set at 66 which if your currently 50 means you’ve about 16 years before you can claim it. If you do not have a private pension, it’s never too late to start to try and provide yourself with some additional funds as you head into retirement. As of writing this blog the state pension rate is €12,912 per year for some people this may be enough, but others may want to top this up with their own private fund.

 

  1. Plan

It’s a rule for life in general that having a plan makes things a lot easier and it’s the exact same when it comes to finances. Setting all your assets and debts out on the table can allow you to plan your future, set goals and enjoy yourself a bit more. If you set milestones to reach within a certain time period, you will feel very successful.

 

  1. Keep a Portion of Savings Invested

Playing it safe is a natural inclination at this stage in life. You want to protect your hard-earned savings. But if your savings don’t at least keep up with inflation, you’ll lose spending power.

The closer you get to retirement the more you should look at reducing the risks of your investments as you don’t want to potentially lose money too close to retirement as you won’t have a long time to recuperate the losses.

 

  1. Life Cover Assessment

It might be time to reduce your life cover, as we said in our previous blog as you get older the amount, you’re paying for life cover maybe much higher than you actually need to. By conducting a review of your current situation and your protections you can potentially begin to reduce these protection costs.

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