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Personal Finance Checklist At Age 50

Personal Finance Checklist At Age 50

When it comes to building wealth though, your 50s are the prime of your life - a period when you have a chance to emerge from debt, enjoy your peak earning years and start to see your investments make a serious contribution to your net worth. This projection can also help you start to think seriously about the pros and cons of retiring early or working longer to achieve the maximum annual benefit. Reassess your retirement goals In addition to Social Security, look at your other retirement savings and see how much income they project to provide. Use catch-up retirement saving opportunities Looking at your projected Social Security benefits and your savings accounts relative to your goals may tell you that you have some catching up to do. Fortunately, the government gives you some catch-up opportunities in the form off additional tax-deferred retirement contributions to 401(k) or individual retirement account (IRA) plans that you can make once you turn 50. At that age, you are probably still more than a decade away from retirement, and still have an investment time horizon of some 30 or so years stretched out ahead of you. Update your will If you first made a will when you started your family, you might find things are radically different by the time you turn 50. Don’t let that make you feel old - just look at the discounts available, and think of it as an advantage you’ve earned. Eligibility is often set at age 50, and with free checking getting harder to find these days, signing up for one of these accounts can be another advantage of getting older. This is prime time.
14 Ways Retirees Are Making Money

14 Ways Retirees are Making Money

Walking dogs is a great way to stay fit, and many working individuals and families simply don’t have time to give their pets the exercise they need. While it takes a lot of work to make a full-time living selling crafts, many retirees, stay-at-home moms and 9-to-5 workers turn their hobby into part-time income by selling crafts online. If you’re good in math, reading or other basic skills, tutoring could be a lucrative option. Another option is to sign up with a local non-profit that pays tutors for their services. Starting a blog is a great way to share your passion with the world, while making some extra money. If you’d like to work sometimes and not others, consider signing up for temporary work. Temp jobs can let you experience lots of different types of work during retirement. If you love growing fruit and vegetables, consider selling your extra produce at farmer’s markets. Each time you split your plants, you can sell the extras to aspiring gardeners. Retirees could upgrade old pieces of furniture and sell them online or locally, or offer their services for custom furniture upgrades.
How Retiring Overseas Can Make You Healthier

How Retiring Overseas Can Make You Healthier This article comes to us courtesy of, the world’s leading authority on how to live, work, invest, travel, and retire better overseas. Throw in the “more affordable” part above, and living comfortably weather-wise as well as inexpensively and you can imagine how that might make you extremely happy. How would the place you live help make you healthier? Here’s what we’ve found: First, thanks to the temperate climate of the places we’d recommend as the world’s best overseas retirement destinations, you’ll simply find that you walk more. It’s actually NOT walking a lot that clogs up the works and wears humans out, and when you live in a place where the weather is always conducive to walking, there really aren’t any excuses. So walking makes you healthier, and in the overseas destinations we’d recommend, you’ll be able to walk a lot. Remember, because of the perfect year-round weather in most of the places that make for enjoyable overseas retirement destinations, the growing or fishing seasons are also year-round, so there is always something fresh on offer. So you’ll walk a lot, and you’ll eat fresh, inexpensive food. Your cost of living will likely be a fraction of what it might be if you retired somewhere in the northern latitudes... You’ll eat a healthier diet, you’ll have far less stress, and should you ever need mainstream medical attention, rest assured, in the places we’d recommend, you’ll have access to top-quality care—also at a fraction of the costs you’re likely paying now. It’s taken us nearly 16 years to really zero in on what makes for a good retirement...and the one thing that stands out is this: Your health is your key to the good life.
What Will My Retirement Accounts Be Worth?

What Will My Retirement Accounts Be Worth?

Author: Maurie Backman / Source: The Motley Fool One of the scariest aspects of saving for retirement is not knowing how much your savings will ultimately grow to. After all, there are…

Got A Pre-Existing Condition? Why You Should Worry

Got a Pre-Existing Condition? Why You Should Worry

Author: Nancy Metcalf / Source: Health After 50 People with pre-existing medical conditions, such as heart disease or diabetes, will be taken care of under the replacement plan for Obamacare, President Trump…