Finance Experts Are Begging People Over 50 To Start Doing This ASAP if They're Not Already ...Saudi Arabia

As you hit your 50s and beyond, you may find yourself bombarded with reminders about your physical health. For example, you may be eligible for additional tests for chronic conditions. However, it's also valuable to keep tabs on your financial well-being—and even adjust your mindset and approach after turning 50."Having a clear understanding of your financial health becomes crucial as you’re likely moving from a wealth-building phase into a wealth-preserving and spending phase," explains JR Williams, a senior director with Ally Invest Advisors. "This stage of life often brings significant changes."It sounds scary, but there's still time to take proactive steps to invest in your future. Financial experts are urging you to take this step ASAP if you're over 50 and haven't already done so.Related: The 5 Best Places To Retire: Support Your Health, Relationships and Make Your Money Last

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."

These "last-minute" decisions often come when you're already stressed out because of unexpected upheavals. "Health issues, layoffs or family responsibilities may force you to retire earlier than you had planned," shares Hanna Kaufman, CFP, a certified financial planner at Betterment. Job losses and health problems sound scary. However, experts say that some people are (understandably) more afraid to even utter the R word."For many people, retirement means confronting questions they’ve put off for years—How much money will I actually need? Will I have enough to maintain my lifestyle?" Kaufman shares. "These uncertainties can be overwhelming, and it’s common to feel anxious about shifting from earning a paycheck to drawing down savings."Yet, Williams suggests a mindset shift, explaining, "Envisioning retirement is...about prepping for possibilities, not just planning for an exit date."Related: The One Easy Money-Saving Tip Financial Pros Swear By

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."

Related: 13 Smart Ways Women Over 50 Are Building Wealth, According to Financial Planners

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."

More than half (51%) of respondents to a Northwestern Mutual 2025 report responded that they think it's somewhat or very likely that they'll outlive their savings. Entering retirement knowing how much you need can help you avoid this fate."Even a rough idea of what you think you’ll be spending in retirement can help you determine how much money you’ll need to live comfortably," Ashford shares.Williams advises factoring in costs for housing, travel, healthcare and hobbies. He adds that it's vital to add a cushion for emergencies.

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

It's best to treat your plan as a living document rather than something set in stone—because most things in life aren't guaranteed (other than the taxes you'll continue to pay in retirement)"Revisit your plan every year or two to account for life changes, market shifts and evolving goals," Kaufman says.

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

The biggest mistake to avoid? Thinking that things will all work out or that you have tons of time to figure things out."Avoid the 'I’ll deal with it later' mindset," stresses Loginow. "Once you’re in your 50s, every year becomes more significant. Delaying action can lead to missed opportunitiesin savings, paying down debt or investment strategies. Now is the time to move from 'someday' to 'today.'"

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."

Or, perhaps you finally have the tough conversations about your retirement vision with your partner. Ashford says the biggest mistake she sees people make after their 50th birthday is avoiding these important but sticky conversations."The more you can have these discussions over time, the more prepared you’ll be if something unexpected happens," she explains.

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.

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Related: Get Your Money Right With These 50 Money Saving Tips From the Experts

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