CLEVELAND – Planning for your financial future is a lifelong process. Once you reach your fifties, it's time to seriously start to consider your retirement finances.
Financial Planner Kevin Myeroff offered the following steps you can take to help prepare yourself.
- Accumulation years – This is the time when you can really save and accumulate your money. Some people save more in their fifties than they do in their twenties, thirties and forties.
- Start thinking about retirement – Remember you will only have the money you have set aside to live on. The majority of people don't think about retirement until they are 63.
- Create estate plan – It's a good time to update your will. Many times wills are made to make sure your kids are taken care of if something happens. Now it's time to include information on how your weather is distributed.
- Work on paying off debts – The only debt you should have in your fifties is your mortgage.
- Fine tune your 401(k) – Refine your 401 (k) and make sure they are appropriately allocated for your accumulation years
- Educate yourself on Long Term Care – Your late fifties is a good time to start funding your long term care
- Re-evaluate insurance – Ask yourself: How much do you need? Are you paying for things you don't need?