Checklist For Life - Things To Do Before You Turn 50

Turning 50 can be daunting. As they approach half of a century on this planet, many people begin to feel that the best parts of their lives are behind them. This does not have to be the case. Many people enjoy entering their fifties. With children growing into adulthood and moving out, couples often enjoy more freedom than they have had in years. It is a great time to experience the world with the added wisdom and maturity your years afford.

You can enter your second half-century confident in your finances by following these tips.

Assess Your Savings And Goals

It is always important to understand your goals and if you are on track to achieve them. For instance, if you want to retire early, you must be certain you have been saving enough money. If you have fallen behind in achieving your goals, devise a plan that will help bring you back up to speed. Consult with a financial planner to help you understand where you are and what you need to do to meet your goals. 

Make A Will

If you have not already prepared a will, this is the ideal time to do so. At this age you have an understanding of your assets and the people you would like to name as beneficiaries. If you created a will when you were younger, this is a good time to reevaluate and update the document. Your circumstances may have changed drastically from your thirties and forties. There may be new children and even new spouses in the picture. Make sure your will reflects your desires for your estate.

Rebalance Your Portfolio

When younger, most investors focus on building wealth. As you approach retirement, it is wise to shift the focus to protecting your wealth. You can’t afford to be too risky in your investments. If you lose money, you do not have as much time to recover as you did in your thirties. Focus on low risk investments that will provide a more steady return.

Reassess Your Life Insurance

If you purchased term life insurance when you were younger, there is a good chance you are nearing the end of your coverage. This is a good time to assess your current life insurance needs. If you are still in good health and feel you are insurable, you may want to renew your life insurance coverage or convert to a permanent policy. Many people make life insurance a key part of their estate planning.