#1 – Have a close look at your money management skills
It is quite possible that you have gone from being a flush young person to a starving parent, and are heading back towards having a good disposable income again.
Having a good income can mean that people get lazy about tracking their spending, especially when the pressure is off.
Get three months of bank statements and credit card statements, and work out where your hard earned money is being spent.
If you don’t want to do this yourself, get a financial planner or an accountant to do it for you.
This will give you the information to make some informed decisions about whether you are happy with where your spending money is being used. If you are not happy, change it!
#2 – Review your personal insurances
Your insurance needs at 50 are very different to what they would have been when you had young children.
Check the TYPE of insurance that you have and the AMOUNTS that you have and get a review of these by a professional adviser.
#3 – Review your estate planning
Check that you have wills and that they are relevant to your circumstances.
Make Enduring Powers of Attorney.
These are documents that appoint someone to act on your behalf if you are unable to (sickness/accident/out of the country).
Even some joint assets, such as realty, need 2 signatures to act on their sale.
Make sure that your parents have updated their wills and also have Enduring Powers of Attorney in place – the burden of them not having these documents could well fall onto you.
If you are divorced or separated at this stage of your life, you need to be very aware of the terms of the Property Relationships Act and take steps to protect your assets.
The law changes with regards to relationship property have been quite far reaching and you need to be informed.
#4 – Check if your retirement savings are on track
At 50, you have 15 years until you qualify for National Superannuation at the current national age of retirement.
In terms of your retirement investments, if markets remain strong, you have the potential to double your assets twice in 15 years if your funds are well invested.
At age 50, you need to be starting to get serious about retirement savings.
To be honest, you are getting close to the point at which you will struggle to get over the line if you leave your final push too late.
The Sorted website shows the power of starting early, and there are some calculators there that you can use.
Where you save is equally important as how much you save, so do not be afraid to invest in some professional advice.
#5 – Plan and dream!! And take care of yourself…….
Your life is not over yet.
You are hitting your prime years in terms of your earning capacity, and if your family are growing older, you will be able to reclaim some independence and some more spare time!
Make exciting plans for your future!
Draw up a list of things that you would like to achieve if your life.
If things have not turned out as you would have hoped at this point, find a qualified life coach and invest into a plan to change your circumstances.
Don’t be afraid to change careers if you are not feeling fulfilled.
If you have less need to support your family at this point, it is a great time to make a change.
Reinvent yourself to be a more fulfilled you!
Go to your doctor and have a medical.
Check that your cholesterol , blood sugars and blood pressure as are they should be.
Consider your exercise levels and ask yourself if you are doing enough to keep yourself healthy for the second half century of your life.
Make sure that it is a powerful and fulfilled era in the life of you!!!