5 Financial Moves to Make at Fifty
At age 50, you will have to begin to think about protecting your assets and future income, along with continuing to grow your assets. It is also a great time to find out what could take you off you retirement planning path, and measures to prevent and protect. Here are some financial moves to make at fifty:
Investigate long-term care insurance (LTC): Get LTC insurance, because the premiums are based on age and health – two factors that make the fifties one of the best times to purchase a policy. The cost of this care keeps going up, and statistics say a good portion of us will need long-term care at some point.
Consider converting term policies to permanent life insurance policies: After your kids are on their own and your debts are paid off, your need for life insurance to replace income may no longer exist. Now, you may realize you need life insurance to provide liquidity, equalize an inheritance or preserve your estate. Since premiums are based on age and your policy may be able to be converted to whole life, your fifties is a great time to make a conversion while you’re still in good health.
To read more financial moves, visit Forbes.