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While it is always smart to start investing as early as possible, there are still plenty of advantages to investing at any point leading up to retirement. Retirement income planning can be stressful, especially if you have turned 50 and don’t think that you’ve done enough. That fear can cause many to panic about investments, but investing your money after age 50 can be well worth it.

Get Past the Fear

Fear can prevent us from doing a lot of things. When we allow fear to take over, often we opt to do nothing. If you feel like you haven’t saved enough, speak to an expert about retirement income planning and talk about what you can do moving forward.

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Investing is something that can be scary to think of because there is an element of risk involved. However, just because there is a slight risk doesn’t mean that it isn’t a good strategy. A good financial consultant can help you balance the potential risks and rewards. Small fluctuations typically aren’t anything to worry about in the long term, and while you are still in your 50s, there is still time to push past the fear and look for opportunities for growth.

You Have Time but You Need Leverage

It may seem as if your 40’s went by in the blink of an eye and here you are in your 50’s with very few retirement saving options left on the table. When you run the numbers it may feel like only one of two options remain; work until you are in your 70’s or save so much each month that you will not have enough income left to live for today.

These scenarios are true but does it make sense to have so much financial pressure on yourself that you can’t enjoy the journey between now and retirement? And with that much pressure will you even get there? If your current and future plan requires you to invest in fee-based accounts then most likely one of the above scenarios will likely be your destiny. However, think of yourself as being in critical condition now. Just like if you were in a bad car accident and you find yourself in the ICU. You would no longer want to rely on your traditional family practice doctor. You are in your 50’s so there are no ‘do-overs’ anymore, there is time for that. You owe it to yourself to take time to seek out someone who is a specialist in the area of creating a financial plan that takes advantage of leverage.

You Still Have Time to Save

You may be at the point in your life where wondering if investing in the stock market is the right place for you. The never ending roller coaster of the ups and downs might make your stomach queasy just thinking about it. There is a good reason why you feel this way. Retirement is much closer than it used to be and having the ability to recover from a down cycle is shrinking as each year goes by. This is why you need a different strategy. A strategy that not only can shield you from the inevitable negative years but allows you to enjoy the growth in the good times. A strategy that looks to pay off all your remaining debts and keep you out of debt can potentially save you over $100,000 or more throughout the course of your life. If this isn’t part of your overall plan, how good of a plan is it?

What is the Right Type of Diversification

Diversification is sometimes a generic term that gets thrown around a lot but what does it really mean? In the traditional sense that refers to investing in many different types of assets to balance out the risk. While this is true there is another type of diversification to consider. How is your plan shielding you from unnecessary risk? Investing in the market can be risky, but is that risk even necessary? Do you have the ability to capture the growth in the good times and keep it, or does it all just go with the flow of the market? Is there a specific and detailed plan for debt? On average debt is the second biggest expense in our lifetimes and learning how to avoid the interest costs can save you tons of money in the years ahead. The largest expense is taxes. Have you ever heard a retiree say they wished their tax bill was higher because they just simply have too much money or income? Me neither. A properly diversified plan takes all these factors into account and makes sure they are all working in sync to maximize your dollars.

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Talk to a Professional about Retirement Income Planning

If you are worried about how you should be investing your money for retirement income planning, speaking with a financial professional is the best place to start. You can’t turn back time, but you can start moving forward in a productive way, and a financial consultant who specializes in retirement income strategies is able to look at what you’ve done, what you need to do, and how you can get there. A financial professional can guide you through the ups and downs of investing after age 50 and will help ensure that you are ready for retirement when the time comes.

Retirement income planning can be stressful, but it doesn’t have to be. Even if you are in your 50s, there is still plenty of time to get your portfolio ready, and a financial professional is the one who can help you get there. We’ve got some tried and true investment strategies focused on increasing your retirement income. Remember, it’s not how much you have, but how much you will get. Contact Safe Money Partners to discuss ways to improve your retirement plan today!

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Jeff Mohlman

By Jeff Mohlman

Jeffrey has developed a comprehensive network of financial planning and estate planning experts who work for their client’s short-term and long-term goals. Today, the approach he incorporates for his clients follows three basic tenets: 1) being debt-free, 2) maximizing after-tax retirement income, and 3) protecting their estate from unforeseen risks.