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Practical Planning Tip: Financial Planning in your 50s

May 08, 2024

Today we’re going to discuss “What financial advice I would give to someone in their 50s?”


1) Consolidate your investment accounts as much as possible: One of the biggest challenges for folks approaching retirement is having a mess of a financial situation. Here's a news flash: Having 401ks at old employers, multiple investment accounts at various financial institutions, and several checking accounts is not a plan and it is not proper diversification. All it is a mess and it should be cleaned up. It will only become more difficult to do it as you get older. It’s impossible to properly plan, track, and manage your assets in this situation. 2) Your investments should be structured to reflect your rapidly approaching retirement. You are no longer able to take devastating market losses and you should position your portfolio accordingly. If your entire portfolio is an equity index or mutual fund or you only own stocks, it’s time to get more serious with your portfolio 3) and this is something I previously mentioned in another video, but your 50s and 60s are typically peoples max earning years. Make sure you are socking away a lot of money for retirement and 4) Consider long-term care planning. This may mean self-funding, buying insurance, or Medicaid planning. It's good to start exploring options at this point to adequately prepare for your future.

You can WATCH the full video here.