People in their 50s often make the mistake of thinking their financial situation is set in stone, but there are still opportunities to make changes for a better future. Three certified financial planners share smart decisions to make with your money in your 50s.
The No. 1 mistake people in their 50s make with their money, according to a CFP—and how to fix itPeople in their 50s are often juggling a number of financial responsibilities , from paying for kids' tuition to caring for elderly parents — on top of saving for their looming retirement.
"In your 50s, you still have sufficient, if not ample, time to make the changes you want to make for the life you either want now or the life you want in your future and for your 60s and 70s," she says. "Every January, increase your 401 contribution by 1%, if you're not already maxing it out," she says.
"Don't obsess over the past in the present planning for the future," says Cheng."Now that you know these strategies, see if you can put any one of them into force, into action."Use your 50s to begin adding money to a non-retirement investment account with a spouse or individually, says Joe Conroy, certified financial planner and author of"Decades & Decisions: Financial Planning At Any Age.
Money Financial Responsibilities Retirement Savings Financial Mistakes Certified Financial Planner Future Planning
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
People smuggler admits using sewer pipes to take people from Mexico to U.S.Patrick Smith is a London-based editor and reporter for NBC News Digital.
Read more »
Authorities order people to remain in homes after multiple people are shot in suburban Philadelphia townshipAuthorities order people to remain in homes after multiple people are shot in suburban Philadelphia township
Read more »
People Share Stories of Meeting Famous People Without Realizing ItPeople on TikTok share their experiences of unknowingly meeting famous people, highlighting the normalcy of celebrities despite their fame and fortune.
Read more »
For People's Pickles, it's about the people, not the picklesPeople's Pickles is a community-driven job training program that helps marginalized individuals, like people coming out of homelessness, prison or rehab.
Read more »
WATCH: 'Hamas people shooting their own people in their heads': Israeli politicianKnesset member Ohad Tal, a member of the Security and Foreign Affairs Committee, said in a sit-down interview in his Jerusalem office that not only are the numbers of killed coming from the Palestinians not to be trusted, but that Hamas terrorists are 'also contributing to their own numbers' of dead.
Read more »