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When you are in your 50s and 60s...
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Your goals likely include:

  • Being debt-free, with the exception of a mortgage balance
  • Having an adequate Emergency Fund
  • Ensuring you are on track for Retirement
  • Upgrading your home
  • Paying for children’s education

If you are not yet debt-free, you may be new to  PlanningforaFuture.com or have had serious setbacks. It is time to commit to living debt-free. Credit cards should be paid off in full each month or enforce discipline by only spending cash. Develop a plan to pay down debt. Make sure that your disability insurance coverage is keeping pace with your income. If you have a family, ensure that you and your partner have sufficient life insurance. With your home nearly paid off and children leaving home, your life insurance needs may be less. Funding your children’s education should not be at the expense of your retirement security. You can’t borrow to retire, but your children can take loans to go to college. Continue to pursue opportunities to advance your career. Consider using half (or more) of every raise to increase savings for retirement, emergencies or other goals.

Assuming that you have enjoyed career advancement and haven’t upgraded to a McMansion, your housing costs should now be well below 25% of gross income. This extra cash flow can supplement retirement and other savings, or pay for education expenses. If the money permits, it’s okay to have some more fun, too!

Am I on track with retirement savings?

Can I afford more home?

 

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