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MoneyWeek- mistakes to avoid when you get to 50

Journalist: Marc Shoffman, Freelance

ended 27. September 2024

Morning!

I am writing a piece for MoneyWeek this morning on the mistakes to avoid making when you get to 50?

I am keen on tips surrounding what you should be considering when it comes to retiring, saving, investing, housing, care needs, insurance etc

Many thanks

Marc

3 responses from the Newspage community

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Ross Lacey
Director & Independent Financial Adviser at Fairview Financial Management
Two of the biggest misconeceptions, as opposed to mistakes, in our experience working with clients in their 50s are: assuming they will be happy and comortable working until their mid-late 60s; and assuming that their health and appetite to do the things they have put off doing will remain as it is now when they eventually retire. Our role as financial planners is to help people work out what's really important to them and put them in a position where they can do those things as soon as possible before it's too late, because none of us know how long we've got. In our experience, for many people in their 50s it doesn't really click that every unit of life in their 50s and 60s is very precious and it could be that magic window where if they don't do some of that stuff now they perhaps never will.
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Graham Wells
Founder and Financial Coach at GroWiser Financial Coaching
I find that a lot of self-reflection takes place when speaking with individuals and couples in their 50s. We begin to realise that time is finite, energy levels begin to wane and priorities in life change. One 'mistake' that Generation Z are beginning to realise is that, "retirement" doesn't need to be an all-out race to the finish line. People are beginning to question the widsom of working all the hours now in an unfilling job, in the hope of getting their time back mid-60s. It's the ideal time to lay the foundations for more balance. For some, this can be accepting a reduction in pay for working less hours, or starting a business. If you can work for longer doing something you love, then it reduces the pressure to accumulate money and increases the opportunity to accumulate memories. Your 50s is the decade to build gratitude and to minimise future regrets.
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Riz Malik
Independent Financial Adviser at R3 Wealth
Stop thinking retirement is a long way away and take ownership of what it will look like for you today The warning signs are already there. It’s harder to get up in the mornings, your joints hurt and you need naps. Make sure the provisions you have in place allow you to do want to do when you want to do it. Careful planning now could mean you need to work less in your golden years.