Retired in America

Your Guide to a Confident Retirement

  • Home
  • Personal finance
  • Retirement Life
  • Saving & Spending

12 Crucial Financial Tweaks You Need to Make Once You Enter Your 50s

December 8, 2020 · Personal finance

Meet with a fee-only financial planner

Time is of the essence and in this particular case, this is the best time to meet a professional and make sure you haven’t left something important out of your retirement strategy. Even if you are quite skilled in managing your own investments, there’s no harm in having talks with a fee-only financial planner two heads, on this occasion, really can be better than one.

The reason a fee-only financial planner is better because they charge an hourly fee with no commissions or products to push onto you. They can evaluate your finances and review your numbers and plans in a fair and objective manner.

RELATED: 13 Lies Professionals Are Always Telling Clients

Use retirement calculators

By your 50s, you should have a pretty good idea of how your income will look like in your golden years. To that extent, you could use online retirement calculators to estimate the monthly or annual income expected from your savings and other financial sources.

Online calculators might not be the most accurate calculation tools out there, with results varying from one calculator to another, but they can still help you set your financial targets and objectives and reveal potential gaps between your expected income and potential expenses in retirement.

One quite efficient calculator is ESPlannerBASIC, developed by Laurence Kotlikoff, the president of Economic Security Planning Inc. and economics professor at Boston University. Other free calculators include:

  • The AARP Retirement Calculator
  • The Flexible Retirement Planner from Random Walk Ventures
  • Vanguard Group’s Retirement Nest Egg Calculator

See also 13 Key Money-Management Tips Every Retiree Should Know.

Pages: 1 2 3 4 5 6 7

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • A senior man sits at a wooden table reviewing a Social Security Administration statement with a pen and notebook. Why So Few Retirees Qualify for Social Security’s Biggest Possible Monthly Check
  • A woman reviews a retirement planning calendar and binder at a sunlit wooden table near a window. Key Retirement Milestone Ages Most People Miss
  • Mature couple sitting at a wooden kitchen table reviewing a calendar and open notebook with a cup of coffee. The Average Social Security Check by Age
  • 8 Medicare Billing Errors Worth Appealing 8 Medicare Billing Errors Worth Appealing
  • An older couple reviews Medicare paperwork at their kitchen table in warm morning light. 9 Medicare Rules Around Second Opinions
  • An older woman looks over healthcare paperwork at her kitchen table under warm light, looking concerned. 7 Signs Your Medicare Advantage Plan Restricts Specialist Access
  • An older woman practices balance therapy with a physical therapist in a bright, sunlit rehabilitation room. 8 Medicare Rules for Skilled Nursing Facility Stays
  • An older couple sitting at a wooden kitchen table reviewing Medicare booklets together in warm morning light. 9 Signs You Should Compare Medicare Plans This Fall
  • An older couple in their home kitchen reviewing Medicare documents next to a CPAP medical device on the table. 7 Medicare Coverage Rules for Durable Medical Equipment
  • An older man at a wooden kitchen table reviews a long pharmacy receipt next to a prescription bottle in warm morning light. 8 Signs Your Medicare Plan's Drug Formulary Has Changed

Newsletter

Get retirement planning tips, savings strategies, and lifestyle insights delivered to your inbox.

Related Articles

An active retired couple laughing together on a wooden lakeside porch in New Hampshire during a warm autumn morning.

The 10 States Where Retirees Receive the Highest Median Social Security Benefit Checks

Discover the 10 states where retirees receive the highest median Social Security checks and understand…

Read More →

11 Out of the Box Methods to Save for Retirement

Put Your Emergency Fund To Work For Your Nest Egg By now you’ve probably learned…

Read More →

9 Retirement Statistics That Will Help You Prepare Your Nest Egg!

1. Outliving savings is a strong possibility Have you thought about the possibility of outliving…

Read More →
10 Things Teachers Should Know About Their Pension Before Retiring

10 Things Teachers Should Know About Their Pension Before Retiring

Learn the 10 essential teacher pension facts before retiring, including payout options, survivor benefits, tax…

Read More →

7 Best Funds To Invest In For Retirement

By investing in something for your retirement years, you basically make sure you’ll have anything…

Read More →
A brass house key sits next to a residential lease agreement on a wooden table, illuminated by morning sunlight.

How to Decide Whether to Rent or Own in Retirement

Discover the financial, practical, and lifestyle trade-offs of the rent vs. own decision in retirement…

Read More →

6 Differing Retirement Goals You Need to Balance Out ASAP

1. Return on investment and inflation Is it wise to simply convert your assets to…

Read More →

10 Most Common Questions About Drafting a Will

What is a will? A will is a legal document that dictates who will manage…

Read More →

7 Tips for Healthier Financial Decisions

1. Making a budget When most people think about budgeting they usually think they’re going…

Read More →
Retired in America

Your Guide to a Confident Retirement

Inedit Agency S.R.L.
Bucharest, Romania

contact@retiredinamerica.com

Trust & Legal

About Us

Editorial Policy

Advertiser Disclosure

Frequently Asked Questions

Contact Us

Disclaimer

Terms and Conditions

Privacy Policy

Subscribe

Unsubscribe

Categories

  • Personal finance
  • Retirement Life
  • Saving & Spending

© 2026 Retired in America. All rights reserved.