Once you’ve reached your 50s, it’s time to start looking closely at your estate plan. There are many good financial moves to make at this stage of your life. Turning 50 is a great time to address many of these financial needs and concerns because most people are once again empty-nesters and are in the position to begin saving and paying off debt.
Once you reach 50, it’s likely that you’ll see retirement approaching quickly. That’s why it’s necessary to make a few solid financial decisions at this age. For example, paying off your debt in your 50s will serve you well in retirement, when you may be living on limited funds.
Another good tip is to avoid taking on new debts. It may even make sense to move to a new state (Florida is one of them) with lower taxes. You should sit down with your attorney and look into how your estate would be affected by making some changes such as downsizing your home or moving certain assets into a trust. The goal is always to reduce your estate’s overall value to eliminate the risk of estate taxes and to protect any inheritances you want to leave to your children.
Finally, consider investing throughout the next two decades or longer. If you’re 50 now, those extra years of investing can make a huge difference to your retirement and your estate. How you invest may also make a difference. Your financial planning now will impact your estate and should be carefully considered alongside your estate plan moving forward.