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Life Planning in Your 50’s

So you’ve reached the golden years, and the smell of retirement is in the air. You have to realize that retirement is not all vacation and fun. You must be well-prepared for this period of long hours and the possibility of death.

Although all of these things should be planned out as early as possible, not everyone has started or at least secured these things early. If you did, make sure you review them again all the time and especially when you reach the 50’s.

Secure your Pension

If you are like most retirees out there, you will mostly depend on your pension once you retire. Without your monthly salary, you will only rely on your pension to cover for your basic living expenses, debts, or any other activities you plan to engage into. If your goal is a retirement life filled with enjoyment, luxuries, and vacations, you need to make sure your pension fund is more than enough to sustain your basic needs and other extracurricular activities.

Check Your Insurance

Even if you think you have enough savings and pension funds to have a good retirement life, you might still need to consider life insurance. You might be surprised with the escalating costs of healthcare and it would be great if any medical or funeral expenses would be covered instead of having your family shoulder them. In addition, if you have young kids who are still going to school, or a spouse who would likely struggle with loss of your income, your insurance can protect them.

Diversify your Portfolio

If you have some extra funds besides your savings to spare, it would be wise to use them in various investment portals. It would be smart to place the majority in a low-risk to middle-risk investment wherein you could keep them in safety. Of course, the earnings here won’t be that much. If you have a little more extra, put them in a high-risk investment wherein the returns are very profitable. This should be the money that you can afford to lose, but could serve as bonus to afford some luxuries such as an out-of-the-country vacation.

Emergency Fund

A rainy day fund is important in whatever stage of life you are at, but it’s of more importance when you’re older. If something were to happen to you, if you lost your job, or worse, got into an accident and became disabled, you’ll have a means to tide you over at least for the time being.

Passing Down Your Inheritance

Getting older means getting closer to death, and as much as uncomfortable it is to think about it for many people, reality should be faced and important preparations should be made, one of them is planning the distribution of your inheritance. Make sure that your will is updated and all of your insurances, savings, and other accounts have correctly named beneficiaries. Also consider assigning contingent beneficiaries in case your primary beneficiaries won’t be able to receive the benefits.

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