GETTING AHEAD IN YOUR 50s

//GETTING AHEAD IN YOUR 50s

GETTING AHEAD IN YOUR 50s

Life in your 50s is great. You don’t have a huge mortgage, the kids have grown up and are not as dependant on you, your career has progressed… So what’s next financially?

When you are in your 50s you can see retirement on the horizon. Sure it might be 10-20 years off, but it is becoming more tangible. So if you haven’t already, you need to start some serious planning.

DECIDE ON YOUR LIFESTYLE

Up until now you may have been reactionary in your lifestyle, with mortgage payments and work pressures being the biggest worries. But you need to start 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? Always wanted to move to the beach or bush?

FIGURE OUT HOW MUCH YOU NEED

Once you have decided how and where you want to live, you will need to set up plans to achieve it.

There are a couple things you can look at to ensure you are on the right track:

  • Superannuation – Is your super invested appropriately? Do you need to contribute more now so that you have enough for the future?
  • Investments – If you have managed funds, shares or property, are they invested strategically to help accommodate your changing lifestyle?
  • InsuranceDo you have the right level of life and income insurance? Are you and your family covered if anything happens?
  • Daily finances – Are you spending money on things you don’t use? If the kids have moved out, are there ways you can scale back?

START CATCHING UP NOW

You might find that you are further behind than you thought for your ideal retirement lifestyle. This happens to a lot of people but it is never too late to make a change. You could be at the peak of your earning potential, so that means you have a chance to save more and make up for lost time.

GET HELP

Everyone’s financial needs and goals are different and it’s worthwhile seeking 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.

ARTICLE SOURCE:

IOOF | PREPARE FOR LIFE | ISSUE 18 | 2015

 www.aapgroup.com.au

The information provided in this page is general in nature and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information with regard to your objectives, financial situation and needs. You should seek independent advice from your financial adviser before making any decisions.

AUSTRALIAN MORTGAGE AND FINANCIAL ADVISERS (AMAFA)

CONTACT INFORMATION

Phone: 07 3378 2056

Fax: 07 3378 2069

Email: info@amafa.com.au

2017-10-09T18:28:25+00:00