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Your email address will not be published.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

  • Older woman in a green coat holding a package and looking at her smartphone beside snow-covered mailboxes outdoors. 12 Scams Targeting Retirees During the Holidays
  • A senior man in glasses opens mail marked "Important Tax Return Document Enclosed" inside a home entryway. 9 Tax Forms Retirees Should Expect in the Mail
  • A man reading a document in a woodworking shop next to a workbench and a wall calendar. 7 Signs Your Tax Bracket Will Change Next Year
  • A mature man in a fleece vest holds a gutter guard and work gloves while standing outside a suburban home in autumn. 7 Insurance Policies Worth Reviewing Every Fall
  • A senior woman reviews tax strategy papers and a checklist at a sunlit greenhouse table filled with plants. 10 Tax Credits Retirees Often Forget to Claim
  • A woman sits at a wooden library desk next to a digital tablet displaying an excellent credit report summary. 9 Reasons Retirees Are Checking Their Credit Reports This Month
  • Senior woman working on a laptop resting on a lap desk while seated comfortably in an armchair with an ottoman. 11 Side Gigs Perfect for Retirees With Mobility Limitations
  • A woman sits at a wooden table reviewing financial documents and account statements beside a window and bookshelf. 9 Things to Do With Inherited Retirement Accounts
  • Senior couple in a sunlit living room with large windows, one looking outside and one browsing a wooden bookshelf. 8 Reasons Retirees Are Choosing Co-Ops Over Condos
  • A smiling senior vendor weighing produce on a hanging scale for a customer at a sunny outdoor farmers market. 7 Part-Time Jobs at Farmers Markets and Local Fairs for Seniors

Newsletter

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

Related Articles

An older man and woman seated at a wooden table reviewing printed documents together in a sunlit living room.

9 Signs You Should Talk to an Elder Law Attorney

Learn the 9 vital signs you should consult an elder law attorney to protect your…

Read More →

25 Changes to Your 401(K) Plan That Can Save Your Retirement

Reconcile Your Investment Objectives and Risk Tolerance Once again, it all goes back to your…

Read More →
A retired man at his kitchen table reviewing a Social Security denial letter in soft morning light.

The Social Security Appeal Process Explained Step by Step

Learn how to navigate the Social Security appeals process step by step, including deadlines, required…

Read More →

Top 10 Retirement Planning Apps You Need To Download Today

How can you plan your retirement in the comfort of your home? Luckily enough, nowadays…

Read More →
An older man confidently using a laptop in a sunlit home office, symbolizing digital security.

7 Common Passwords To Avoid

Learn why common passwords leave retirees vulnerable to fraud and discover practical cybersecurity strategies to…

Read More →

7 Essential Tips for Seniors in These Uncertain Times for Economy

1. Use your 2020 RMD waiver Required minimum distributions are good for the nation but…

Read More →
A retired couple at their kitchen table looking concerned while reviewing a property tax assessment form and financial papers.

8 States Where Property Taxes Are Hurting Retirees the Most

Discover the 8 states where soaring property taxes drain retirement savings, and learn actionable strategies…

Read More →
An older couple plans their retirement at a sunny wooden table with maps.

10 Ways Retirees Supplement Their Pension Income

Discover ten actionable, practical strategies to supplement your pension income, from optimizing Social Security benefits…

Read More →
An ink and watercolor illustration of a rising block graph representing lifetime earnings building a path toward retirement.

Why the Social Security Formula Rewards Longer Careers

Discover how the 35-year Social Security calculation formula rewards working longer by replacing zero-earning years…

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.