{"id":4839,"date":"2021-02-15T12:04:12","date_gmt":"2021-02-15T01:34:12","guid":{"rendered":"https:\/\/adelaideprivatewealth.com.au\/5-financial-moves-to-make-in-your-50s-and-60s\/"},"modified":"2021-02-15T12:04:12","modified_gmt":"2021-02-15T01:34:12","slug":"5-financial-moves-to-make-in-your-50s-and-60s","status":"publish","type":"post","link":"https:\/\/adelaideprivatewealth.com.au\/5-financial-moves-to-make-in-your-50s-and-60s\/","title":{"rendered":"5 financial moves to make in your 50s and 60s"},"content":{"rendered":"<div>\n<p>Once you hit your 50s and 60s, retirement is no longer something happening far off into the future. In fact, it\u2019s at your doorstep.<\/p>\n<p>Now is the time to really figure out where you stand financially, reassess your long-term goals, and focus on planning your future.\u00a0<\/p>\n<p>Here are\u00a0five smart financial moves\u00a0that may make the next few decades the best years of your life.<\/p>\n<h3>1.\u00a0Decide on your retirement lifestyle<\/h3>\n<p>With a clear idea of the type of retirement lifestyle you\u2019re after, you can start implementing a plan to turn your retirement dreams into reality.<\/p>\n<p>\u00a0Some things to consider are:<\/p>\n<ul>\n<li>\n<p>How often you would like to travel \u2013 and the types of holidays you\u2019d like to take Your travel plans might have gone out the window for now, but that doesn\u2019t stop you planning for the future<\/p>\n<\/li>\n<li>\n<p>Whether a sea change or tree change is part of your plan?<\/p>\n<\/li>\n<li>\n<p>Downsizing \u2013 or upsizing. What are your accommodation plans in the future?<\/p>\n<\/li>\n<li>\n<p>Do you want to provide financial assistance to your family?<\/p>\n<\/li>\n<li>\n<p>In your later years, what options would you like to have in relation to help and support at home, or perhaps in a retirement village or aged care facility?<\/p>\n<\/li>\n<\/ul>\n<p>Sometimes talking to a\u00a0financial adviser\u00a0can help you clarify your wants and needs as, in order to make an assessment of your financial situation, they\u2019ll first need to understand your life goals and what your mainpriorities are. Often, they\u2019re most valuable in helping you conceive a plan for your future, before they build a plan for your investments.<\/p>\n<p>Once you\u2019ve thought through the above, you or your adviser can calculate an estimate of your expenses. That gives you something to work with when it comes to thinking about where your retirement income will come from and whether you\u2019ll have what you need. There are a widerange of sophisticated\u00a0retirement calculators\u00a0available to help you with this.<\/p>\n<h3><span><span>2. Increase your retirement savings<\/span><\/span><\/h3>\n<p>One way to ensure you can enjoy your desired retirement lifestyle is to add more into your super on a regular basis.<\/p>\n<p>You can do this using your before or after-tax income. If you make a\u00a0personal contribution, you may be eligible to claim a tax deduction too. This means you\u2019ll reduce your taxable income and potentially pay less tax, while adding to your super balance. It\u2019s a win-win!<\/p>\n<p>Be mindful of contribution caps though. They limit the amount of super contributions you\u2019re able to make each year if you want to avoid paying tax at your marginal tax rate rather than the concessional rate of 15%.<span style=\"font-size: 0.75em\">\u00a0<\/span><\/p>\n<h3><span>3. Pay off your debt<\/span><\/h3>\n<p>The lower your expenses in retirement, the longer your savings will last.<\/p>\n<p>So, if you have significant debt, you should also have a plan to proactively clear that debt, such as mortgage repayments or personal loans. This will strengthen your financial position when you retire.<\/p>\n<p>Speaking to a financial adviser can help determine the best way to reduce your debt as you move into retirement, while also making sure your saving towards retirement is on track.<\/p>\n<h3><span><span>4. Diversify your investment portfolio<\/span><\/span><\/h3>\n<p>At this stage in your life, you don\u2019t want your investments to be derailed by external market factors which are out of your control.<\/p>\n<p>Investing your money across multiple different asset classes\u2014shares, property, bonds, cash\u2014will help to lower your investment risk. This strategy\u2014diversification\u2014works because different investment types perform well at different times so if one area of your portfolio falls, another may be rising. Having a variety of investments helps balance out your overall risk.<\/p>\n<p>You may also want to consider speaking to a\u00a0financial adviser\u00a0as they can review your investments to assess where you currently stand and determine if your investment portfolio needs adjusting.<\/p>\n<h3><span><span>5. Set up an estate plan or a will<\/span><\/span><\/h3>\n<p>An estate plan is a collection of legal documents that outlines how you want your assets distributed when you die. Crucially, it also includes how you want your health and financial decisions handled (and by who) if you\u2019re unable to make them yourself.<\/p>\n<p>Most estate plans have a will which names an executor to manage the distribution of your assets as you intend. A solicitor (or the Public Trustee) can help you with this.<\/p>\n<p>In essence, having an estate plan in place can help you feel more confident about the future, knowing your loved ones will be taken care of, and that the legacy you leave behind is the one you want \u2013 we recommend you speak with a\u00a0financial adviser. Please contact us on Phone 02 4342 1888.<\/p>\n<p><span style=\"font-size: 10px\"><a href=\"https:\/\/www.mlc.com.au\/personal\/blog\/2020\/12\/5_financial_moves_to_make_in_your_50s_and_60s\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a0Source : MLC Insights December 2020\u00a0<\/a><\/span><\/p>\n<p><span style=\"font-size: 10px\">National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. MLC Limited uses the MLC brand under licence. MLC Limited is a part of the Nippon Life Insurance Group and not part of the NAB Group of Companies. The information contained in this article is intended to be of a general nature only. Any advice contained in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this website, NAB recommends that you consider whether it is appropriate for your circumstances.<\/span><\/p>\n<p><span style=\"font-size: 10px\">Important: Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents\/information contained within the linked site(s) accessible from this page.<\/span><\/p>\n<p>The post <a rel=\"nofollow\" href=\"http:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/latest-articles\/5-financial-moves-to-make-in-your-50s-and-60s\">5 financial moves to make in your 50s and 60s<\/a> appeared first on <a rel=\"nofollow\" href=\"http:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/\">MLC Contemporary<\/a>.<\/p>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\" rel=\"noopener noreferrer\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Once you hit your 50s and 60s, retirement is no longer something happening far off into the future. In fact,&#8230;<\/p>\n","protected":false},"author":4,"featured_media":4840,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 financial moves to make in your 50s and 60s - Adelaide Private Wealth<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/adelaideprivatewealth.com.au\/5-financial-moves-to-make-in-your-50s-and-60s\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"asim_stellar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/adelaideprivatewealth.com.au\/5-financial-moves-to-make-in-your-50s-and-60s\/\",\"url\":\"https:\/\/adelaideprivatewealth.com.au\/5-financial-moves-to-make-in-your-50s-and-60s\/\",\"name\":\"5 financial moves to make in your 50s and 60s - 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