These are 4 things you need to stop doing in your 50s and 60s in order to have a happier retirement — but can you do it?
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Retirement isn’t just about saving and investing so that your nest egg will last: it’s also a lifestyle.
It’s a time to travel the world, take up a new hobby and host dinner parties, should you be so inclined. But that also means any habits, expectations and routines that helped you build a career and start a family may not translate to your current situation as a retiree.
If you’re in your 50s and 60s and approaching the homestretch of your career, here are a few things you need to stop doing to ensure a happier and more financially stable retirement.
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Stop avoiding difficult conversations
When it comes to taboo subject matters, death and money are arguably among the most difficult topics to discuss. And, according to research, people are more willing to talk about the former versus the latter.
This reluctance to talk about money and death among recent (or soon-to-be) retirees is probably why a lot of people fail to plan their estate appropriately.
According to a Caring.com Wills and Estate Planning survey, 34% of Americans don’t have a will at all, which is a 6% decline from 2023.
Starting this conversation early, potentially in your 40s or 50s, and looking into life insurance options could help prepare your loved ones for carrying on your legacy in the way that you intended. You can purchase both whole and term life insurance through SBLI and they can tailor your policy to suit your personal requirements and financial goals.
With SBLI, you not only get insured, but also have access to features such as LegacyShield, which can ease your mind during end-of-life planning by offering a streamlined place for all your financial accounts, documents and final wishes.
SBLI can help you protect your family's financial future with the support of professional advice, a simple online claims process and no medical exams required for term insurance.
Stop taking financial risks
Risky spending and investing habits can sometimes work in your favor when you’re younger.
However, as you approach retirement, your focus should shift to preserving your health, wealth and overall stability.
When you invest in an inflation-hedging asset like gold through Goldco, you can build up your retirement fund and protect yourself amidst economic downturns.
American Hartford Gold is an industry leader in precious metals offering the purchase of physical gold as well as Gold IRAs. A Gold IRA offers the same tax advantages as a traditional IRA alongside the inflation resistant properties of gold so you can diversify your portfolio and stabilize your finances at the same time.
You should also avoid taking on more debt in your 50s and 60s and pay off your current debts quickly. And by opting for a debt consolidation loan through Credible—an online marketplace of vetted lenders— this is possible.
When you fill in a bit of information about yourself, Credible will match you with the best personal loan options near you so you can pay off your debts faster and at a better rate before you retire.
Read more: These 5 magic money moves will boost you up America's net worth ladder in 2024 — and you can complete each step within minutes. Here's how
Stop wasting time
You’ve probably made some sacrifices in your life. Perhaps you’ve even spent a few years holding down a job you hated because it was the only way to put food on the table.
Rather than wasting time on time-consuming side gigs you don’t care about, consider opting to invest in a lucrative asset like commercial real estate that will offer solid returns without the legwork.
With First National Realty Partners—a private equity firm— accredited investors can invest in necessity-based real estate easily. FNRP will find the deals for you and manage each investment through its entire lifecycle so all you need to do is sit back and enjoy quarterly distributions.
Stop resisting change
Change is never easy, but retirement can be a sweeping shift to your lifestyle.
According to a survey cited in Forbes, 83% of pre-retirees said they expect to “live their best life” in retirement.
Retirement isn’t the end, in fact, it’s a chance for a new beginning, and it deserves some solid planning with the help of a financial professional. With Zoe Financial, you can connect with professionally vetted financial advisors in as little as three minutes and find the right match for you.
Zoe Financial is a modern wealth platform offering you access to curated fiduciaries, financial advisors and financial planners
When you answer a few questions about yourself, their algorithm will match you with professionally vetted advisors with no obligation to hire so you can have a pro help you get your retirement plans on track.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
