Ages & Stages - In Your 50s

In your 50s, you’re getting closer to the next stage of your life. Even if you have a solid retirement plan in place, it makes sense now to start looking for ways to reduce debt, plan an income strategy, and avoid potentially costly mistakes.
Just Getting Started
Just Getting Started
In your 50s, your income may be at its peak, although you still have hefty expenses. Once you’re 50 consider taking advantage of “catch-up” rules that allow you to contribute more money to IRAs and certain retirement plans. Also, trim your loan and credit card payments as much as possible, to keep your debt load low in retirement. And rough out the amount you expect to spend each year in retirement.
 
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Staying on Track
Staying on Track
Now’s the time to fine-tune your retirement strategy. Look for ways to lower expenses, such as paying off your mortgage faster. Then you’ll free up money in retirement so you can enjoy yourself more.
 
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Nearing Your Next Act
Nearing Your Next Act
As your retirement gets closer, look for ways to keep expenses down after you stop working full-time. This is also the time to develop a retirement-income plan. Also, take advantage of the IRS’s catch-up contribution rules.
 
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Five Retirement-Savings Mistakes to Avoid
Five Retirement-Savings Mistakes to Avoid
Even if you’ve been saving for retirement, you can get sidetracked: Maybe you’re playing it too safe with retirement investments or borrowing from your 401(k). Here’s what you need to know now to help you save what you need.