Financial Checklist for Over 50's l Ricarmo Financial Group
Why Ricarmo?
Find out more

Financial Checklist For The Over 50’s

Financial Checklist For The Over 50’s

If you’re over 50 here is a financial checklist to ensure you are on a good trajectory as you get closer to retirement.

Once you reach the halfway point in life, you may feel like you’ve hit a new stage. This new stage can be both exciting and confusing as you are getting close to your retirement years. Aside from thinking about the free time you’ll have once you retire, it’s also a great time to make sure your financial plan is where it needs to be. At this point in life, financial planning is a priority. Follow our handy financial checklist below to make sure you are on track.

How much money do you need?

The biggest puzzle you’ll need to solve as you near retirement is how much you need to have saved away. You can figure this out by asking yourself a few questions that include: What age do you want to retire at? How much money do you need in order to support the kind of lifestyle you want to live? Are you planning on making any major purchases once you retire? And the amount of retirement capital you have at your disposal to fund your non-working years.

Will you retire over time?

You need to decide if you’re going to retire at once, or if you’re going to do so gradually. Some people decide that even if they can afford to retire at a certain age, that they’d rather keep working part time for a variety of reasons. Others need to keep working past the average retirement age for financial reasons. Either way, it’s important to decide if you want to pick a date and stop working after it, or if you plan on working for awhile longer.

Is your current home your retirement home?

The home you live in now may not meet your needs when you retire. It might be too big or too expensive, which means you need to decide if you’re going to downsize your home or not. One important thing to consider though is the tax consequences and investment situations, which means that you should get qualified financial advice before making a decision about your home.

Will you assist your children?

Are you planning on helping your children become established in life? Due to the economy, more families are finding that their children are staying home longer and depending on their parents for financial support. If this is part of your plan, than it also needs to play a part in retirement planning. The money that you plan on helping out your children with will not be at your disposal. A good financial planner can help you balance between saving for retirement and spending money on things you want/need.

What’s your legacy?

Finally, it’s important to decide what kind of legacy you want to leave (if any). Once you’re in your 50s, you are going to start thinking about passing things onto the next generation. In addition to passing on your assets, you should consider who is going to make health and financial decisions for you in the event that you can no longer do so yourself. Speaking will a financial planner can help ensure that your affairs are in order. This includes your will and how to make sure your assets get passed to the beneficiaries that you intend them to get passed to.

There’s a lot to think about during your 50s, but with this financial checklist, you have a great idea on the areas of retirement and financial planning that you should be starting with.

Ricarmo Financial Group are here to help. Contact us today.