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Financing at 50


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)


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