Seriously think about retirement. "For much of your life, retirement feels like a far-off destination—it’s just a fuzzy idea of a life stage," says Kate Ashford, NerdWallet's investing specialist. "At 50 and beyond, retirement becomes more real. You have to think about whether you’re prepared for it and what you’ll do when you get there."The official age at which most people can receive their full Social Security benefits in the U.S. is 67. Now, that might feel like a long way away if you're 51. However, financial experts are begging people not to let retirement sneak up on them, even if you love your job and want to work past 67."Planning for retirement now doesn’t mean you’re rushing into it—it means that you are getting ahead of it," says Stacey Loginow, a financial advisor at Northwestern Mutual. "A clear vision allows you to plan with purpose, avoiding last-minute decisions made under pressure."
Finance Expert Tips for Retirement Planning When You're 50+
Retirement doesn't have to be about sitting on a beach or playing Bingo (but it totally can). The world is your oyster (if you plan ahead). "Decide where you want to live, how you’ll spend your time and which experiences matter most—this creates a motivating vision to work toward," Kaufman says.Ashford loves the idea of creating a bucket list, explaining, "This can help you ramp up excitement for that stage of your life and help you feel more purposeful once you get there."
2. Set a target date
Daunting? Maybe. Still, experts suggest setting an ERD (estimated retirement date)."It doesn’t have to be set in stone, but having a rough timeline helps refine your savings strategy," Loginow emphasizes. "The closer you get to your chosen date, the more focused your planning should become."
4. Experiment with a micro-retirement
Micro-retirements—or short breaks from employment—are trending among Millennials and Gen Z workers. However, people closer to real-deal retirement age can also partake and may find it beneficial. Williams compares it to "test-driving" your retirement lifestyle, sharing, "This free time lets you explore what it’s like to live without a schedule and gives you space to explore who you are beyond your job without the pressure of it being permanent. Consider capturing your thoughts on the experience through journaling or discussing with a partner, close friend or your financial advisor."Related: 7 Passive Income Ideas That Actually Work for Busy Women Over 50
6. Meet with a financial advisor
They'll give you more than their two cents."Even if it’s just a check-in, meeting with a financial professional can help you make sure you’re on the right track while you’re in the retirement home stretch, which also has the benefit of giving you some peace of mind," Ashford notes.Related: 48 Profitable Hobbies That Make Money if You Want Some Extra Cash
Your "today" action step might mean increasing the amount of money you put into savings— Kaufman wishes the 50+ crowd would stop putting off savings and saying, "I'll catch up later.""At this stage of life, time is no longer on your side in the same way it was in your 30s or 40s," Kaufman says. "Waiting even a few more years can make it much harder to build the retirement cushion you’ll need. The sooner you act, the more control and peace of mind you’ll have."
Because, while you can't predict everything, having a plan A, B and C counts for something, especially if things don't pan out precisely as you dreamt.
Related: Get Your Money Right With These 50 Money Saving Tips From the Experts
Sources:
JR Williams, a senior director with Ally Invest AdvisorsKate Ashford, NerdWallet's investing specialistHanna Kaufman, CFP, a certified financial planner at BettermentStacey Loginow, a financial advisor at Northwestern MutualPlanning & Progress Study 2025. Northwestern Mutual.Hence then, the article about finance experts are begging people over 50 to start doing this asap if they re not already was published today ( ) and is available on Parade ( Saudi Arabia ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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