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Financial Moves for Fifty Year Olds


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March 10, 2024

This year, the last of the Baby Boomers turn sixty, making all fifty year olds now the largest amount of Gen Xers of their demographic. It will be another six years before the first Millennials reach fifty. So for the time being, Gen Xers own "Fifty-Something."

Being a fifty-something can be a challenging time financially. From a career standpoint, individuals have likely reached as high up the ladder as they are going to make it. Job changes can be risky as it may be a little late to start over, and large increases to annual salary are limited.

Unlike previous generations, lots of Gen Xers waited until later in life to have kids. Many of the current fifty-somethings still have kids in high school and college that they are having to pay for. And with people living longer, they might also be caring for their aging parents.

So, with all of these factors at play, here are some easy financial moves for the fifty year old to focus on.

1. Find Out How Much You Could Sell Your Home For

Whether you need to move, want to move, or are just curious to know what you can currently get for your home - there are multiple ways to see the value of your home (without a real estate agent). While the valuation is an estimate, the quickest way is to enter your address at https://www.zillow.com/.

If you want a more concrete assessment and even a competitive cash offer (with no agent) you can try https://www.offerpad.com/. It is completely free to check your offer, plus they'll show you other potential selling options you may not have thought of.

2. Get A Financial Advisor (This Is Not Just For Wealthy People)

There is no better time to plan for your financial future than now, and you should not do it alone. A professional money manager could do wonders for your financial and retirement future. There are plenty of affordable advisors but try to stick with a CFP® (Certified Financial Planner) professional. They have been trained and tested to help you create a plan designed to navigate investment options, maximize your Social Security, help with tax planning, and protect your assets. Some might say they help you Breathe Easier® about your finances.

Ask for a free consultation so you can get to know the advisor and see if they are a right fit for you.

3. Check Your Life Insurance

No one wants to think about their death. But if something happens to you, who will make the mortgage or rent payments? How would your family live with the loss of your income? Life insurance is one of the smartest moves you can make to help protect your family's financial future. Many fifty year olds bought some kind of term life insurance when their child was born, but as those policies approach the end of their terms, it's important to re-evaluate what the life insurance needs are for this next stage of life. The reality is: the longer you wait to get life insurance, the more expensive it becomes, because prices go up as you age. This is one of the topics you can discuss when you meet with that financial planner.

4. Check Your Progress, Max Out Retirement Savings

Unfortunately, you no longer have the luxury of time. Make sure your retirement savings are on track. While every situation is different, a good rule of thumb for fifty year olds would be to have four to six times annual salary saved. You might need to up the contributions. Make sure that you are taking advantage of the catch-up provision for many retirement accounts and contributing the maximum.

5. Pay Down Debt

Ideally you want to go into your retirement years with no debt. If you are only making the minimum payments on your debt, look into increasing the monthly amount you are paying. Accelerating the payoff of your debt can not only save you on interest paid, but being debt free is a huge emotional weight removed from your life.

If you would like to receive more information on making smart money moves for your future, be sure to contact us today!

References to asset protection or other guarantees are associated with fixed insurance products. No such language refers in any way to investment advice, investment advisory products, securities, or recommendations provided.


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About the author

Van Pappas Headshot

Van Pappas

Vice President, Private CFO®

Van Pappas, CFP® - Van is a native of Atlanta. He holds his undergraduate degree in Finance with an emphasis in Real Estate. As a planner for 15 years, he earned his CFP designation from Kaplan University. He is currently the Chairman and founder of the Chamblee Chamber of Commerce and sits on the Downtown Development Authority for the City of Chamblee. In 2012, he noticed the value of helping the X-Y Generations and decided to merge his practice with oXYGen Financial.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice. Investor Disclosures: https://bit.ly/KF-Disclosures

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Background and qualification information is available at FINRA's BrokerCheck website.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice. https://Bit.ly/KF-Disclosures

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