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The Best Investing And Retirement Advice For Your 50s

The Best Investing and Retirement Advice for Your 50s

In this segment from Motley Fool Answers, Alison Southwick and Robert Brokamp break down a proper investing and retirement strategy by decade. Now in your 50s, your career is leveling out. You have a lot of life experience to guide you, and retirement is looming over the horizon. The Foolish advice for this decade is clear: Take full advantage of the higher limits on your tax-advantaged retirement accounts; don’t waste the extra cash you have now that the kids are paying their own way; and really start doing some advance calculations about what you’re going to need in retirement. The team also warns of a money mistake people make in their 50s that is becoming increasingly common.

A full transcript follows the video.

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This podcast was recorded on April 18, 2017.

Alison Southwick: Your 50s are an exciting time. You’re reaching cruising altitude in your career. The kids, who also work in your office, perplex you, but that’s fine if they think you’re the old, wise one in the office because you’ve learned the coolest thing you can do in life is not care what other people think about you. I’m looking forward to my 50s, I think, for that reason. So what should be your priorities in your 50s?

Robert Brokamp: Well, it’s the time to do some great retirement saving.

Southwick: I said it was an exciting time.

Brokamp: So take advantage of the higher retirement account contribution limits. For example, this year if you are not 50 and older, you can only contribute $18,000 to a 401(k) or…

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