Here are some Smart Tips for managing your money in your 50s
Make sure you're on track for retirement. You'll need to start estimating how much money you'll need when you stop working. If you have fallen behind on your 401K the IRS allows workers at 50 to start making annual catch-up contributions. Pay off your debt. Start with non-deductible debt like loans. Then if you can, start tackling your mortgage. The more debt you get rid of in your 50s. The more time you have to save money for retirement. Get disability insurance. According to the Social Security Administration nearly one-third of workers in the workforce become disabled before retiring.Look into long term care insurance. This is the ideal time to purchase it. Consider that a healthy 55-year-old male would pay $3,500 a year for a policy that offers $200 in care a day. Wait until you are 65 and the premium jumps to $9,400 a year.
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