Managing your wealth
Building wealth is a goal for most Americans and doing so can be quite a process. Throughout different stages in your life your wealth accumulation abilities will vary. Some stages in your life like your late 20’s and early 30’s for example, can be a time of debt accumulation while you are taking out loans and paying them back. In contrast, your 50’s can be a crucial time in your financial life with debt beginning to subside and your earnings at an all time high. As you approach age 50 it is wise to review your finances to ensure you are maximizing your financial profiles. Found below is a list to consider;
Start saving more than you borrow
In your early years, your saving are likely not very impressive as you may be using your income to pay down student loans, mortgage, and car loans. By age 50 your overall debt ratio should now be lower if not dissolved this will allow for more of your monthly budget to be poured into savings.
Calculate social security
Your 50’s are a great time to begin calculating your social security benefits so that you can create a realistic budget projection for your future needs. This can also help you plan for an early retirement or delayed retirement.
Update your will
If you’ve had a will in place you will find that by your 50’s many assets have changed or increased. This is a good time to review your will and make any necessary updates.
People tend to only aim for more modest investments as they get older however your 50’s still leave plenty of times for your investments to pan out for 30 more years or so.
Plan for your long-term care
Age 50 is the ideal time to start planning for your future long-term care and begin researching the topic. Plan for what kind of care you may need and what the cost of your future care may look like. If you plan to put a long-term care insurnace policy in place now is the time to do so.
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