In Your Fifties? Still Haven't Saved for Retirement? Five Reasons You Need a Financial Adviser

Finance & Money Blog

If you are in your fifties and are worried about having enough money for your retirement, it may be time to meet with a financial adviser. Even if you have never sat down to talk about your finances, you should think about contacting one of these professionals. Wonder why their help is so invaluable at this point? Take a look at these five reasons:

1. You can't afford mistakes

When someone starts saving in their twenties or thirties, they have a lot of time to weather investment mistakes. They can watch their stocks or property investments rise and fall in value, and they can weather their mistakes in many cases.

In contrast, if you are 15 years or less from retirement, you can't really afford to weather any investment mistakes. Instead, you need a financial adviser to guide you quickly into the most financially advantageous investments so you are prepared for retirement.

2. You need an assessment of your retirement finances

If you have been working, you likely have money built up in a superfund, and you need to figure out how much money you will have coming in after retirement. In some cases, if you don't have enough projected money coming in, you may be able to remedy that by working more during your fifties. A financial adviser can help you understand where you are and how to react.

3. You are at the height of your earning potential

Most people are at the top of their career in their fifties. No, they may not see the quick growth and advancement they experienced in their thirties, but they are, in most cases, earning more than they will during any other decade.

Even if you have never talked to an adviser before, now is the right time to start, You are at the height of your success, and an independent financial adviser can help you figure out the best direction to go.

4. You have a lot of responsibilities

You are at the pinnacle of your career, but you also have your kids' uni tuition and retirement savings both competing for your financial attention. Most people in their fifties have a lot to juggle financially, and an adviser can help you decide which items to prioritise.  

5. You are in the perfect spot to decide financial issues related to aging

Your fifties are also the perfect time to make some hard decisions about finances as you age. Now, while your faculties are fully intact but you are also old enough to grasp the weight of such decisions, you can make some financial decisions about aging. A financial adviser may be able to help you set up a power of attorney, a living will and other legalities related to aging and finances.

For more information, contact a business such as Maddern Financial Advisers.


22 April 2015

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