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Five Quick Questions for the Quinquagenarian

By May 28, 2021June 10th, 2021No Comments
management team and the secretary are meeting

(Or those in their 50s)

Your 50’s – it’s a great time to take stock of your financial journey. You have been in the workforce for most your of life and the end is closer than the beginning and your kids are nearing to financial independence. You still have time on your side should you need to tweak some things before retirement.

But are you ready for the coming years? To help you, we have put together a few questions for those in their 50s to ask themselves as they roll on towards retirement.

Do you really know what your retirement will be like?

From the day we start working we dream about the day we no longer have to – hours by the pool, long lunches or leisurely rounds of golf. Although some of this may be true, the reality is that after 40 odd years of working it is hard to do ‘nothing.’ The anchor of going to work no longer exists to build your day and week around.  

Strangely enough, this is something that newly retired clients grapple with. Without some structure, the days get away from you and your weeks seem empty.   

Take the time now to understand what your retirement looks like and start making plans towards that. This may include joining social clubs, learning a new skill or even something as simple as planning holidays. 

Do you have a Budget

Good budgeting is the foundation of any sound financial plan. Getting into the habit of budgeting early will also make it easier to maintain when your income becomes defined in retirement. 

Understanding your spending now will give you a good understanding as to the superannuation you need in order to maintain your lifestyle in retirement. Luckily, if you find you are a bit ‘light on’ in superannuation, you still have time to implement strategies to boost your nest egg. 

Are you over-insured?

Remember those insurance policies you put in place when the kids were young, you were newly married and had a monster mortgage? They have been a financial safety net for many years for you and your family. 

However, the kids are getting older, maybe even financially independent, and you have paid down much of your mortgage. It is time to review your insurance portfolio to make sure you are not paying for insurances you no longer need. 

Got a Will?

We have written before about the importance of having a will – making sure your wealth goes where you want it to when you pass.  

When looking at your will, it is also important to review your Powers of Attorney and Medical Guardianship. This will give you some control as to decisions made for you when you no longer have the capacity to make them yourself. 

Have you thought about Aged Care?

A touch early to bring up the aged care conversation? Yes, but this is not for you but for your parents. If you haven’t already, you need to consider what living arrangements look like for your parents (or in-laws). Having these conversations now can save a lot of headache and stress as the decision to move to care facilities can happen quickly. 

Should your plan be for your parents to live with you, you will also need to assess the effects on your budget and your lifestyle as you too grow older. 

Your 50s are really the last chance to enact any real change in your retirement planning.  Should you need any assistance in your retirement planning or any other aspect of your finances, schedule a no-obligation Discovery Meeting with us today. 

The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. Louella Jorge is an Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429. This editorial does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information, you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser before you act

Discovery Wealth Advisers

Author Discovery Wealth Advisers

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