Timothy J. Sierra, Attorney at Law Trusted Florida Bankruptcy Attorney Since 1987
Call Today For A Free Initial Consultation
813-463-2256

Financing at 50

50-couple.jpg

In our 50s we start to think about retirement and having all this disposable money to do what we want with. This all might be feasible if you still are thinking in the money saving mindset. At this time in our lives we don't want to be hit with a financial circumstance that puts us back at money saving square one, do we? No! It is important to stay educated, even at this age on how to maintain financial security.

Here are some skills everyone at 50 should be aware of:

1. Maximize your savings. 50 is a prime age to add to your retirement account. Up until now the IRS limits the amount one can put in their retirement account yearly, but once you are 50 you are allowed to save more and make additional contributions to your account. For 401(k)s the additional amount is $6,000 and for traditional IRAs it is $1,000 per year.

2. Reduce payments you owe. For mortgage payments, consider downsizing as you reach the time you want to retire. State income taxes can reduce your income significantly; think about moving in your retirement to a place with lower state taxes.

3. If you are thinking of moving or having really considered it, look up cost of living in your current home state or one you are thinking of retiring to. Compare city to city to see what your everyday living expenses would be: food, gas, housing, health care, etc.

4. Do not sabotage your retirement plan because of paying for your kid's college fund. Plan out how much you can afford to pay toward your child's college without hurting your retirement account. If that isn't feasible look into grants and loans for your child to help pay for college themselves.

Your 50s is an important milestone in your financial life. Costly mistakes can be avoided if one plans to make good monetary decisions that will set them up for retirement and their 60s.

If you struggle with financial obligations at any time in your life not just your 50s, contact an attorney who is experience with debt management immediately. They will be able to guide you on the right track to financial stability.

Work Cited:

5 Financial Skills Every 50-Year-Old Should Master (Forbes)

http://www.forbes.com/sites/nancyanderson/2014/11/28/5-financial-skills-every-50-year-old-should-master/4/

No Comments

Leave a comment
Comment Information
  • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
  • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
  • "I had to file a Chapter 7 bankruptcy. I didn't know anyone who could refer someone so I took a chance and just looked on the Internet. I don't remember exactly why I chose Mr. Sierra, but I am glad I did..."
  • He was honest, straightforward, and hard-working. In my case I ended up with some extenuating circumstances and he handled the matter professionally even though I'm sure the work probably exceeded what he originally felt it would be....
  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
  • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
More Testimonials
Email Us Today

Schedule A Free Initial Consultation To talk to an experienced Tampa bankruptcy attorney, call 877-492-7449 or fill out the form. All calls are returned within 24 hours.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

We Have Offices in Tampa, Riverview and Brandon For Your Convenience.

Tampa Office
118 South Rome Avenue
Tampa, FL 33606

Toll Free: 877-492-7449
Toll Free: 877-492-7449
Phone: 813-463-2256
Phone: 813-463-2256
Fax: 813-258-4746
Tampa Law Office Map

Riverview Office
6314 U.S. Highway 301 South
Riverview, FL 33578

Toll Free: 877-492-7449
Toll Free: 877-492-7449
Phone: 813-463-2256
Phone: 813-463-2256
Fax: 813-258-4746
Map & Directions

Brandon Office
305 North Parsons Avenue
Brandon, FL 33510

Toll Free: 877-492-7449
Toll Free: 877-492-7449
Phone: 813-463-2256
Phone: 813-463-2256
Fax: 813-258-4746
Map & Directions