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...

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What should I do with my money in my 30's?

1: Get Rid of Bad Debt:

This step will be very relevant to anyone looking to get a mortgage, as bad debt makes it much harder (if not impossible) to acquire one. The highest rate of interest you will pay is on short term debt and credit cards which is a major drain on cash flow. Interest rates on short term loans including car loans can really eat away at your income and with some credit cards carrying a rate of 20% these unpaid bills can very quickly add up. The first step in any financial plan should be to work on clearing this debt and as your cashflow improves you will find it easier to save.

2: Build up An Emergency Fund:

This will often be known as a rainy-day fund and is exactly what it says on the tin. It’s a fund that you have in case of emergency because unfortunately emergencies happen and no matter how good you’re at budgeting you can’t plan for everything. This money should be kept in an easy access savings account. These accounts offer very...

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Are you in a good relationship with your money?

Perhaps this is an oddly phrased topic, however, it is important, particularly with all the idealism of a new year, that it is addressed.

Ask 100 people what their biggest worries are, health and money tend to top the list. We all traditionally join a gym, change diets and get moving when we get worried about health, yet we tend to do the opposite with our personal finances!  We ignore, procrastinate, fear and dream about money. Having a good salary does not necessarily mean you are in a state of “financial wellness” either. It is your relationship with money, not the income itself, which makes the differences that will improve your life.

Having a better relationship with your money is financial wellness. Wellness is a new term that is being applied to mental, health & dietary improvements. If you wish to add financial wellbeing to your checklist, here is some low hanging fruit for you to tackle:

  • When was the last time we sat down with someone or even...
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