How to manage money in your fifties

How to manage money in your fifties

You’re in the home stretch. The finish line is in sight. You’re just a few years away from retirement. If you’ve managed your finances properly throughout your life, that is.

If you have always looked after your finances, these last few years should be no problem for you. You’ll merely continue as you always have and begin the process of calculating when your last working day will be. If you’ve neglected to look after your finances properly, these last few years could be tough.

But they don’t have to be. There are plenty of measures you can still implement to ensure you’re able to save and invest. Here are some of them.

Correct investment strategy for your lifestage

If you haven’t already sought the assistance of a finance professional, now is the time to do so. They can make sure your asset management plan is correctly balanced for this stage of your life. This means you’ll have the correct mix of assets to ensure optimum growth and minimise loss.

Master a skill which will ensure you’re employable

Many people, as they approach their retirement, become concerned that they’re no longer employable. They worry that they do not have the skills of their younger colleagues. It‘s important that you remain essential to the workforce by mastering a skill which no one else has. This will ensure you’re kept on at your current job and could even see you being promoted to more senior positions.

Forget about your bonuses

It’s important now that you invest as much money as you possibly can. Now is the time when you need to put away all additional money you might earn, like commissions, bonuses or increases. You’ll never miss this money because you never really had it. So, save it before you have an opportunity to get used to it.

Look after your health

Medical costs are one of the biggest expenses faced by retirees. Look after your health now to ensure you don’t face high medical costs later in life. Adopting healthy sleeping, eating and fitness habits now can dramatically improve your wellbeing as you age. You’ll want to live a healthy, vibrant life well into your sixties and seventies, and this is how you can make that a reality.

Envision your future self

It can be very difficult to save money and prioritise your future self when retirement seems so far off. Be envisioning your future self now, it can become a reality which you’ll identify with more closely and want to work toward.

Now is the time to think about how you want to live the last few decades of your life. Your future, and retirement, will be here before you know it.

Authored by: Pete Anderson

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