Most financial experts advise the young to start planning early, but it’s never too late for the middle-aged to make smart financial moves. Even if you only have about ten years left before retirement age, you can still make the most of your money, protect your assets and sail smoothly ahead.
They say fifty is the new forty. Whether you’re consulting a financial adviser about retirement or with attorneys from firms like assetprotectionatty.com regarding asset protection in Utah, fifty isn’t too late yet.
Think about protecting the assets you spent decades building and the cash flow that comes with your growing assets. Consider what could derail your retirement and take measures to prevent bigger mistakes from happening.
Long-term Care Insurance
Fifty is the best time to purchase a policy. LTC is expensive and the cost keeps going up, so people use insurance to help pay for it. The best time to buy LTC insurance is while you are still young, since it is based on age, and when you are healthy, since pre-existing conditions may affect coverage.
Stick with a policy that has a lifetime benefit so it will continue to pay no matter how long you require care. If cost were an issue, though, financial planners would recommend a 5 – 6 year benefit period instead.
Review Estate Planning Documents
If you’re one of those who had their retirement plans drawn several years back, then good for you. But when you are fifty and nearing its time of significance, it would be smart to review your estate planning documents.
To illustrate, your ex-spouse could still be in charge of your medical care or you two could still share assets and various properties. Consult with professionals for assistance on the transition of names, titles and privileges and the review of your estate planning documents.
Go over your will or trust, bank accounts, and retirement accounts, to confirm every detail is up to date. When you reach fifty, the smartest move is to protect all the miles you already covered and make sure the road ahead is without any bumps.