Your 50s can be a tricky time financially. On the one hand, you’re probably earning more money now than you did earlier in your career, which gives you more flexibility, in general. On the other hand, if you have children, there’s a good chance you’re facing college tuition bills, or the possibility of paying for a wedding or two in the near future.
And then there’s retirement to think about. While it may still be a solid decade away, it’s also closer to reality than ever before. The good news, however, is that a few strategic money moves in your 50s could set the stage for the financially secure retirement you’re already dreaming about. Here are four key items to tackle sooner rather than later.
1. Start developing a retirement plan
Even if you’re nowhere near ready to retire, now’s the right time to start crafting a plan. You don’t need to lock in a specific retirement age, but you should aim to narrow down a two-year to five-year time frame for when you’d like to retire.
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