Financial goals for your 50s

Your financial goals for your 50s should be sharply focused on retirement planning so that you can live the lifestyle you deserve in your golden years.

Senior couple using laptop and smiling while resting on couch

1. Focus on retirement


If you think retirement is a long way off, think about what you were doing 10 years ago. Feels like yesterday, right?

Your 50s is the time to really bring retirement into focus and start planning for the lifestyle you want to be able to enjoy. Meeting with a financial advisor can help you figure out how much money you will need, what adjustments you can make and what is possible… it might be much more than you expected.

2. Clear your debts... including your mortgage


If you want to enjoy a financially stress-free retirement, it’s important to get on top of your debt management and even think about clearing your mortgage.

While that might seem unachievable, the current interest rates make now the perfect time to add a bit extra to your repayments and whittle your repayments down. It also protects (and prepares) you should interest rates spike.

Clearing your mortgage also allows you more freedom to think about where you would like to live in retirement. Will you stay in your current home or make a sea change? Would you like to move closer to your children?

If you’re looking to move for your retirement, it is important to consider the costs.

Often a retirement home costs more than you could achieve in the sale of your current home, particularly if you are selling a home in a country town to move closer to the coast. It can be easier to purchase your potential retirement home in your 50s and structure it as an investment property initially, using the next ten years (and rental income from a tenant) to clear your debt.

This allows for a much easier transition to retirement, lifting the burden of selling your current home to purchase your retirement home.

Senior couple meeting financial adviser for investment

3. Estate planning


Estate planning is much more than having a will – it’s about planning for what happens to your assets and affairs after you die, as well as who takes charge of your affairs in the event you lose capacity.

And while these are two prospects no one wants to face, it’s a situation where prior planning makes all the difference to loved ones, so they don’t have to deal with confusion when they’re already grieving.

When you’re planning your will, it really helps to talk to a team of professionals, so you can work through scenarios, understand the tax implications for beneficiaries and structure your options, with sensitivity and expertise.

Mom and dad making roof figure with hands over heads

5. Protect yourself


According to the statistics, as many as 95% of Australians are either not insured at all, or are substantially underinsured – paying premiums for personal insurance that won’t really protect them when they need it.

That’s why it’s important to assess what YOU need and what your family needs.

The right kind of personal insurance protects you and protects your finances when the unexpected happens. It will ensure that you can pay your bills and that you can keep the roof over your head and your savings intact.

This is wealth protection – so you don’t erode your assets just trying to keep on top of expenses.

How can Step Up Financial help?


As fully qualified, experienced financial planners, we’re able to help you understand and manage your cash flow more effectively. We also provide financial services, including advice on:

And we encourage your pathway based on your own individual circumstances and values.

Are you ready to Step Up and take control of YOUR financial future?


Using the Step Up Financial Process, we help you launch the plan that will grow your wealth, protect your wealth and keep you in control.

Step up and take control of your financial future by contacting our local team of experienced financial planners today.

Need more information? Get in touch with Step Up Financial


    • 107 Moulder Street,
      Orange, NSW 2800

      PO Box 2499
      Orange, NSW 2800

    • (02) 6362 5445