At the ripe age of 50, you are at the peak of your earnings and ten to fifteen years away from retirement. Almost all the major expenses probably are behind you or about to wind up. This is the time, when you should give a serious thought on your retirement plans. Do some number crunching and start making contributions vigorously, as if there is no another day.
Venturing into this age group means a final opportunity to plan out retirement. This decade is quite important in a person’s life. Once you go into 60, you will not have enough time for planning.
Most mortgages will be nearing their end point or fall into affordable range. The workplace studies show that 50s is the highest point of career earning-wise.
Basically, people in 50s are divided into two major groups
- The first group comprises of those people, who are evaluating their retirement plan to find out whether it is still working or not. You need to calculate everything and take a decision if aggressive contribution is needed.
- They who put off from the retirement plans due to any reason fall into second group. As you have ventured into 50s, so there is a high chance that your liabilities are shortened. You should start a speedy recovery now.
If you fall into second group, you should be ready for some financial sacrifices to achieve set parameter for happy retirement.
By the age of 50 years, it’s expected that you have a fair idea on the comfortable retirement. At this age, several other commitments, apart from mortgage repayments, are most likely to have got fulfilled.
Consolidate small plans
You must have worked for several employer during all these years and most likely to have some smaller plans. Now you should consolidate all the plans, as you will get a clear picture on the savings.
It’s easier these days to transfer one retirement account into another, so if you have IRA or 401 (k) plans, request the concerned authorities to merge them together.
Equity release is an alternate retirement plan
If you are lagging behind in retirement savings and by no means can you play catch up with it, you can release equity to plan your retirement. Equity release scheme these days is an ideal option for them, who have been left behind in savings approach.
This plan has several prospects in your retirement years. The biggest advantages offered to you are right to retain ownership of your house and no requirement of monthly interest repayment.
You can trust equity release for a happy retirement. New rules and regulations in place are efficient enough to safeguard your interests.