From ramping up savings, considering long term care insurance and reducing debt, here are 5 Smart Financial Moves You need to make when you hit your 50’s. Download the 8 Steps to Organize & Optimize Your Financial Life: bit.ly/OrganizeAndOptimize. Scott Weiss is a Fee-Only Certified Financial Planner. Subscribe to my channel: bit.ly/scottweisscfp ******************************************** Learn more about working with Scott at Weiss Financial Group Here: www.weiss-financial.com ******************************************** Subscribe to my blog: www.mahopacmoney.com ******************************************** Get Social -------------------------------- LinkedIn: www.linkedin.com/in/scottgweiss Facebook: www.facebook.com/WeissFinancialGroup Twitter: twitter.com/_scottgweiss ******************************************** Video Notes: ---------------------- So you are in your 50’s? Here are the smart financial moves you should be making right now: RETIREMENT RED ZONE At this point in your financial life You’re in what I would call the Retirement Red Zone. You getting close, but you're not quite there yet and you still have some important work to do. SMART MOVE #1 PICK A DATE TIP: Start Thinking About an Approximate Retirement Date Think about an approximate retirement date. Will you work 5 more years? 10 years? 20? You need to have a rough idea of when you may stop working so you can plan accordingly. The longer you work the less you’ll need in retirement savings and vice versa. SMART MOVE #2 RAMP UP SAVINGS TIP: Take Advantage of Catch-Up Contributions Ramp up your savings if you can and take advantage of catch-up contributions. A Catch-Up Contribution is a type of retirement savings contribution that allows people over 50 to make additional contributions to their 401(k) and/or individual retirement accounts. SMART MOVE #3 REDUCE DEBT TIP: Retiring With Major Debt Isn’t Good Aim to reduce your debt as much as possible by the time you retire. Retiring with major debts won’t be good for your your retirement and can be extremely stressful SMART MOVE #4 CONSIDER LONG TERM CARE INSURANCE LTC = Long Term Care Insurance Long Term Care Insurance is coverage that provides nursing-home care, home-health care, personal or adult day care for individuals above the age of 65 or with a chronic or disabling condition that needs constant supervision. LTC is a smart move for most but can be too costly for many to purchase. If you have the means to purchase it, now is the time to do it. If you buy a policy in your 40’s you risk paying too much over the life of the policy. On the flip side if you wait until 60’s or later the premiums skyrocket and you may not even get the coverage. So, your 50’s is the sweet spot to make that purchase. SMART MOVE #5 UPDATE YOUR WILL Nearly ½ of All Americans Over 50 Don’t Have a Will! According to AARP nearly half of all americans over age 50 don’t have a basic will, so make sure you have one. Sources: --------------- 1. This material was prepared, in part, by MarketingPro, Inc. Disclosure: ------------------- Weiss Financial Group is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser, tax professional, or attorney before implementing any strategy or recommendation discussed herein. Insurance products and services are offered through individually licensed and appointed agents in all applicable jurisdictions. The advisers at Weiss Financial Group are not attorneys of a law firm but can provide guidance to the client’s other professionals. Leave me a comment to ask any question or contact me through my website if you'd like to see if I can help you.

Be the first to comment