Life’s comfortable with the mortgage paid off, or close to it, the kids gone or on the way out and retirement to look forward to. If you’re employed and happy at 50, you’re lucky. Some have been retrenched or lost jobs and find it hard to find a new one. You have the wealth of experience, knowledge and expertise and could do the job with your hands tied, however employers want young guns straight out of uni as they’re cheaper and bring “fresh ideas”. Then there is the empty house, for some, kids leaving home can be a good thing – less grumpiness, more space, time and money. For others, it can be a difficult time. Those parents who have dedicated their life to making their children happy and ensuring their needs came first may struggle with the empty nest. This in its self could put stress on the relationship and cause an emotional time which can take a toll and produce long-term effects, personally and financially. Statistics show that if you’re going to have an illness or injury that stops you working, it’s probably going to happen now.
But, there are preventative measures, strategies and options that can help avoid or eliminate life’s speed humps. As this is potentially the height of your earning capacity, a key role of your adviser is to show you how much you can support your children financially after school, how you can transition to retirement effectively and helping to ensure you are debt free by then. Now is the time to re-visit that plan you did in your 30s……is it still current and are your estate planning orders in place. Do you want to down size now and invest some of the excess capital to create a wealth strategy? All great questions to ask your financial planner.
Here are 6 tips for your 50s:
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Source: Taken from an article written by Teresa Ooi from the magazine “The really simple guide to Money” by Big Splash media Pty Ltd
The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial planner.
Jane Looker, Thelma Jaekel and Sound Life & Superannuation Agencies Pty Ltd t/as Sound Life Financial Services are Authorised Representatives of Synchron AFS Licence No. 243313
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