Life in your 50s can be great. You have made a dent in that huge mortgage, the kids have probably grown up and are not dependent on you, your career may be at its peak, so what is next financially?
With recent losses in retirement funds and a drop in home values, many people in their 50s are concerned about the future. There are the threats of high debt levels, sudden illness, disability or layoffs, not to mention the phenomenon of “boomerang kids” returning to the nest. Experts agree if there’s ever a time to start saving for your retirement it’s now.
So if you haven’t already, you need to start your planning.
Up until now you may have been reactive in your lifestyle, with mortgage payments and work pressures being the biggest worries. Have you started thinking about how and where you want to live for the next 30 or more years? Do you want to stay where you are? Downsize? Do you have a life-long desire to move to the beach or bush, or travel the world?
Your financial adviser can help set you on the right path as you face these questions, by recommending a strategy that will meet your needs and fulfill your plans for your desired retirement.
A financial adviser can provide guidance in the following areas:
- Tax-effective superannuation strategies
- Investment advice, including shares, tailored for your needs
- The financial implications of changing jobs, redundancy and early retirement
- The most effective way to invest an inheritance
- Centrelink and retirement planning strategies
- Making sure you have adequate insurance to protect your family
- Daily finances (Are you spending on things you don’t even use, are there ways you could scale back?)
- Wills and estate planning.
You might find that you are not as close to your ideal retirement lifestyle as you would like. Don’t panic! This happens to a lot of people but it is never too late to make a change. You still have a chance to save more and make up for lost time.
Everyone’s financial needs and goals are different and it’s worthwhile to seek professional financial advice before you make important financial decisions. Your financial adviser can provide you with strategies to help make your ideal retirement lifestyle a reality.
Start making your ‘wish list’, then get in touch with your financial adviser.