Checklist: Financial Planning in Your 50s - Carroll Financial
April 22, 2021

Checklist: Financial Planning in Your 50s

We’re often asked by clients and potential clients, “What should I be thinking about now?” or “What are some things I can be doing now to help set me up well for the future?”

We put together checklists for your 20s, 30s, 40s, 50s and 60s to help you navigate each stage of life, identify and plan for your goals, and put a solid plan in place so you feel confident about your finances.

Checklist: Financial Planning In Your 50s

  • Make sure your retirement savings goal still makes sense.
  • Start thinking about how you will generate retirement income from your assets – and start planning for what you need.
  • If you’re behind on your retirement savings goals, you can catch up with extra payments to your retirement plan or IRA.
  • Review your estate plan to make sure it’s up to date.
  • Review your investment mix to make sure it still makes sense for your risk tolerance and goals.
  • Look at your life insurance policies and make sure you have a way to pay for long-term care.

Questions to think about:

  • What role does my current job have on my desire to retire?
  • What needs to happen if I want (or need) to retire earlier than I planned?
  • How do I want to spend my retirement?
  • Do I have interests and “callings” outside of my current work?
  • As I grow older am I likely to be replaced in my job?
  • How do I want to help my adult children?
  • How is my health relative to continuing in my current work?
  • Does my current work fulfill a sense of purpose?
  • Is my emergency fund adequate for the stage of life I’m in now?
  • What do I need to think about if my parents start to need help?

How we can help:

If you would like help thinking through any of the above topics, please reach out to an advisor. We’re here to help as you navigate each stage of life.

Other Checklists:

Estate Planning, Financial Literacy, Investing & Saving, Life Insurance, Retirement Planning
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