Friday, February 8, 2013

Your Financial Life After 50. Are You Planning Right?

As you get closer to retirement age, you start to wonder if you are taking the right steps to prepare for your financial future. When it comes to preparing for your golden years, there is no such thing as too late. There are steps that everyone can take after the age of 50 to make sure that they are ready for the life changes to come.


Have The Proper Insurance

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In most cases, couples have long-term financial plans that involve the two of them contributing funds to reach certain goals. If something were to happen to one of the spouses, then the other could be left in financial ruin. It is critical to have all of your plans insured to protect against any kind of potential disaster. Term life insurance can help protect a home while the mortgage is still being paid and it can also be used to make sure that a surviving spouse is still able to survive if the other is to pass away before financial goals can be reached. Life insurance will also help offset the costs of your final arrangements and help relieve your next of kin of any of the debt that you leave behind. Image via Flickr by moolanomy


Think Long And Short-Term

clip_image002Good financial planning includes short-term and long-term goals that need to be achieved in order to maintain the lifestyle that you want. When people reach the age of 50, they start to think in terms of long-term needs as opposed to any short-term requirements. But immediate goals such as paying off your mortgage or buying a new car are just as important as providing for your retirement income. Be sure that you attend to all of your financial goals as you get ready to celebrate the next stage in your life. Image via Flickr by NRMA New Cars


Get An Expert Involved

Gary Szymanski, a civil engineer with the Norfolk District, talks to business professionals at Old Dominion University’s second annual Engineering Unplugged Conference at the Ted Constant Convocation Center in Norfolk. The conference is designed to give continuing education credit to business professionals and informs them about new innovations, processes and lessons learned in sustainable construction and design. (U.S. Army Photo/Patrick Bloodgood)
Pride can sometimes get in the way of good planning. As we get older, we often feel that we have everything under control. For example, when we get a little tight on money, we know that we can use Arizona payday loans to take care of things until our paychecks arrive. But it never hurts to have a financial planner review your arrangements and make sure that you are doing everything you can to prepare for your future. An experienced professional can help point out areas that could use improvement and make sure you are on the right track. Image via Flickr by norfolkdistrict


Look To The Future


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The biggest mistake that people make when they start discussing their financial goals after the age of 50 is to dwell on the past. Any decisions that were made years ago are done and over. If you want to make solid plans for your financial future, then let the past stay behind you and stay focused on the future.
You have plans for after retirement that will need to be funded in some way. As you draw closer to your anticipated retirement, it is essential that you review your financial plans and make sure that you are taking the steps you need to live the life you have always dreamed of. Image via Flickr by Nature Pictures by ForestWander

About the Author
Shaun Chatman is a well published author on many authority sites. He lives in Dunedin, FL, and spends his free time playing with his kids or advising friends on his pet subjects: tech, gadgets, travel and finance.


Resources:
http://www.realty-1-strategic-advisors.com/life-stages-of-financial-planning.html
http://moneyexcel.com/2991/new-year-resolutions-for-a-better-financial-life-2013
http://usatoday30.usatoday.com/money/jobcenter/jobhunt/salary/2002-11-14-financial-future1_x.htm

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