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Savings Tips for 40s, 50s and 60s

Savings Tips for 40s, 50s and 60s12/27/2017

Our last blog focused on savings in your 20’s and 30’s.

This week were giving you some tips on how to save in your 40’s, 50’s and 60’s. Your life can change a lot in these decades, but saving is just as important now as it was earlier in life, and it’s time to get serious about saving for retirement. Read on to see our simple tips to help you save and plan for your future.

In Your 40’s

  • Eliminate debt. If you have any debt, like credit card debt, medical bills, or college loans you should work to pay these off so that you can channel more energy into saving for retirement and other savings goals. Read more about eliminating and consolidating debt and ditching debt. 
  • Get the most out of your credit card by using it and paying it off every month, while taking advantage of cash back or points for vacations (if you weren’t doing this already).
  • Make sure you have enough insurance for a disaster. You should have enough medical, home, auto and life insurance that your family will be taken care of in an accident or death.

In Your 50’s

  • Map your retirement strategy by looking to see how much you will need in retirement and where you are now. You will be able to see any gaps in your savings and better stick to your retirement plan.
  • Save any extra money like holiday bonuses. The most successful savers at this age also saved any raises and banner commissions for their future. You'll feel more secure with a higher balance in your savings account. 
  • Make catch-up contributions on your 401(k). Once you are 50 or over you can add an extra-untaxed 6,000 dollars a year to your 401(k) to help for retirement.

In Your 60’s

  • Pay off your mortgage, if it is possible for you to do so. The people who retire with no debt stress less, so while you’re still working refinance your home or make an extra payment or two in the year to help pay down this debt.
  • Downsize your lifestyle by taking a look at what you really do and don’t need, such as a multi-bedroom house or second car if all your kids have moved out.
  • Make a budget and stick to it! Much like your 20’s you’ll want to make and stick to a budget so that you don’t outlive your money. Seeking the help of a financial planner now will greatly help you plan for the rest of your retirement.

No matter where you are on your savings journey, seeking the advice and counsel of a financial advisor can help you get, or stay, on the right track. Even if you just have a question about any of these tips we can help. Come see one of PCU’s great financial advisors today!

Brush up on your financial knowledge with our Financial Literacy Quiz. 

Related Blogs: Guide to Designated and Updating Your Beneficiaries 

How to Create the Best Savings Strategy for You

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