Financial Tips to Think About on Your 50th Birthday

If you’ve reached the half-century mark, you may be on the verge of retiring. With that horizon in sight, do everything you can today to brighten the future. You might feel relief or pride that you’ve made it this far. In some ways, though, it can be a little overwhelming to think about what’s ahead of you.

Here are some financial tips to think about on your 50th birthday. 

1. Start a Retirement Fund 

If you haven’t started saving for retirement, now is the time! It can be daunting to think about where to start when there are so many options out there—but here’s one way: join your employer’s 401(k) plan if they offer one (or look into other retirement plans), then start contributing as much as possible each month. You won’t miss the money, which will add up over time!

2. Get Organized So That Everything is in One Place 

Once you have all your financial information in one place—bank accounts, credit cards, investments, etc.—you’ll be able to keep track of everything more easily and avoid unnecessary fees or mistakes. Several apps can help you with this task; make sure that whatever system you choose is easy enough for you to use regularly!


3. Pay Off Your Debts Before You Retire

Starting with your mortgage. Your mortgage debt is likely to be one of your largest debts and has a low-interest rate—so if you pay off other debts first, you may end up paying more than necessary if interest rates rise again after the retirement age hits. 

4. Downsize! 

Consider downsizing from a house into an apartment or condo once you hit 50 (or before if necessary). This will help cut down on maintenance costs and utilities for items like heating/cooling systems; plus, it’ll allow for investment opportunities elsewhere (like travel!). 

5. Get Insurance 

Of course, you want to make sure your family is taken care of if you pass away too soon, but when your children finish college, you pay off your mortgage, and you get closer to retirement, you might find that you don’t need as much insurance in the future. Ask your advisor for assistance in determining whether your current life insurance coverage is still suitable for your needs today. Check if you have a pension that pays benefits to a surviving spouse. You may also need different or additional coverage to insure your spouse’s retirement is on track.


Your 50s aren’t the time to coast, but they certainly do represent the opportunity to take a moment to stop, reflect on how well you’re reaching your financial goals, and, if necessary, make some changes. If you make these changes at 50, you’ll have ample time to reach your next key milestones in your 60s and beyond.