Five Star award winner Timothy Obendorf, CFP®

Is it Too Late? Things to do to in Your 50s to Prepare for Retirement

With retirement just around the corner, you may be wondering what can be done to get ready if you are already in your 50s. Did you save enough? Will you be able to afford to retire? Should you have done more before? What can you do now? As you will see, it is never too late to start preparing. Keep in mind that some of the things you should do in your 50s to prepare for retirement will be a little different than what you did earlier in life.

Know Your Current Situation

Assess what you have and what you will need. Add up all your savings, investments, pensions, and other accounts. Next, you will have to figure out the monthly expenses you expect once retired. This will give a good idea of when you will be ready for retirement. Then you will have a good goal date to look forward to.

Look into Medical and Dental Procedures Now

Get all medical and dental procedures done while you are still working. Before you retire, you will want to have any big expenses out of the way that you can. Usually medical and dental insurance coverage changes after retirement. It will probably be better to get these done while they are still covered by an employer. Also make sure your optical procedures and equipment are up to date. If you're going to need new glasses or anything else, you're better off being ready before retirement.

Pay Off Debt

Getting rid of as much debt as possible is important before you retire. This includes car and house payments. It is difficult to make a house payment on a fixed income. Having no debt and no mortgage payments sets you up for success in retirement. So, work hard and pay off any credit cards and get that mortgage paid off early.

Sit Down with a Social Security Representative

Talk to a Social Security Representative in person. This is one issue you probably do not want to navigate on your own. It can be complicated to figure out when it is best to start drawing social security checks. Amounts are different based on when you start and if you are working, as well as a number of other factors. However, the people at the social security office know the ins and outs of the whole program and will be happy to help you figure out what is best for you.

End of Life Planning

This may sound morbid, but it's actually just being considerate to your loved ones. Before you retire, get your will and other legal documents made or updated. It is usually a bigger expense than expected, but it is a great way to give you peace of mind that everything is settled just the way you want it. You can relax and enjoy the golden years without any worries. Also, a really loving thing to do is to pay for your own funeral and cemetery plots. That way your kids or spouse are not stuck with the bills, which can be several thousand dollars or more, while they are grieving. If you plan and pay for your funeral, your loved ones do not have to stress during such a difficult time. The reason this is something to do before retirement is because of the cost associated with it.

It is Never to Late to Think About Retirement

It is not too late to start planning for your retirement in your 50s. The details of what is left to do look a little different, but basically, the best stress-free retirement is when everything is planned and paid for in advance so that money never has to be an issue. You can look forward to your retirement with relaxed confidence knowing that you are prepared.

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This award was issued on 10/1/24 by Five Star Professional (FSP) for the time period 1/9/24 through 8/9/24. Fee paid for use of marketing materials. Self-completed questionnaire was used for rating. This rating is not related to the quality of the investment advice and based solely on the disclosed criteria. 6273 Chicago-area wealth managers were considered for the award; 400 (6% of candidates) were named 2024 Five Star Wealth Managers. The following prior year statistics use this format: YEAR: # Considered, # Winners, % of candidates, Issued Date, Research Period. 2023: 5,549, 405, 7%, 10/1/23, 1/9/23 - 7/31/23; 2022: 4912, 384, 8%, 10/1/22, 1/24/22 - 7/29/22; 2021: 5635, 386, 7%, 10/1/21, 12/28/20 - 8/6/21; 2020: 4636, 356, 8%, 10/1/20, 1/6/20 - 8/7/20; 2019: 5430, 429, 8%, 10/1/19, 1/7/19 - 8/9/19; 2018: 5449, 435, 8%, 10/1/18, 1/12/18 - 8/17/18; 2017: 3781, 438, 12%, 10/1/17, 12/16/16 - 8/3/17; 2016: 3411, 726, 22%, 9/1/16, 2/26/16 - 8/19/16; 2015: 5833, 716, 12%, 10/1/15, 2/4/15 - 8/3/15; 2014: 8161, 744, 9%, 10/1/14, 2/4/13 - 8/3/13; 2013: 3998, 772, 19%, 10/1/13, 2/4/12 - 8/3/12; 2012: 2970, 780, 26%, 10/1/12, 2/4/11 - 8/3/11.

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Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers. The award is based on 10 objective criteria. Eligibility criteria - required: 1. Credentialed as a registered investment adviser (RIA) or a registered investment adviser representative; 2. Actively licensed as a RIA or as a principal of a registered investment adviser firm for a minimum of 5 years; 3. Favorable regulatory and complaint history review (As defined by FSP, the wealth manager has not; A. Been subject to a regulatory action that resulted in a license being suspended or revoked, or payment of a fine; B. Had more than a total of three settled or pending complaints filed against them and/or a total of five settled, pending, dismissed or denied complaints with any regulatory authority or FSP's consumer complaint process. Unfavorable feedback may have been discovered through a check of complaints registered with a regulatory authority or complaints registered through FSP's consumer complaint process; feedback may not be representative of any one client's experience; C. Individually contributed to a financial settlement of a customer complaint; D. Filed for personal bankruptcy within the past 11 years; E. Been terminated from a financial services firm within the past 11 years; F. Been convicted of a felony); 4. Fulfilled their firm review based on internal standards; 5. Accepting new clients. Evaluation criteria - considered: 6. One-year client retention rate; 7. Five-year client retention rate; 8. Non-institutional discretionary and/or non-discretionary client assets administered; 9. Number of client households served; 10. Education and professional designations. FSP does not evaluate quality of services provided to clients. The award is not indicative of the wealth manager's future performance. Wealth managers may or may not use discretion in their practice and therefore may not manage their clients' assets. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by FSP or this publication. Working with a Five Star Wealth Manager or any wealth manager is no guarantee as to future investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment by FSP in the future. Visit www.fivestarprofessional.com.