Retirement planning in your 50s

Next step in our series. We’ve reached the 50s. At this point in life, a lot of you will be empty nesters. Kids are off to college or through college and starting their lives. Though this is sad, it probably frees up some money and some time.

This brings you a little closer to your retirement, and the decade when most people decide to start retirement is right around the corner.

Here are some tips on how to plan for retirement in your 50s.

Cut Spending

Now that you don’t have any kids in the house, there should be fewer expenses. You will probably have to spend much less on groceries. If they are working, they might be off your health insurance and car insurance. Review your spending and find places you can trim.

Create a budget

Get educated

Focus on your career

Even though it is sad that your children are moving on to bigger, better things, it frees up some time. With this new found time, put some of it into your career.

This will hopefully help you increase your earnings, and give you more money to save for your retirement.

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