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While financial milestones may not be as memorable as other life moments, they're key indicators of how well you're doing with your money and planning for the future. At 50, life is less about starting from scratch and more about confirming that your savings, debt, and income plans are aligned with the retirement you want.
If you're already in your 50s, getting there soon, or have already left them in the rearview mirror, now is the time to start planning for retirement. Below are some of the most important financial milestones to reach before age 60 to help ensure you're financially ready for the years ahead.
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Create a clear timeline for when you'll retire
It's tough to plan if you don't know what you want. In other words, you should have a clear plan for when and how you want to retire.
When thinking about a plan, it doesn't need to be overly complex (especially at first). Just think about the age you want to retire and how you see yourself spending your life after that. For instance, do you want to stay in your current home and do lots of traveling? These kinds of questions can help you plan.
Accelerate your retirement savings while you still can
It may be tough to get serious with your savings if you don't have any. So, if that's you, it's essential to start putting aside some money. The choices you make now will have a direct impact on how much flexibility and security you have in retirement.
If you're starting from little or nothing, the most important step is to begin immediately. Even modest, consistent contributions can make a difference, especially if you take advantage of tax-advantaged accounts like a 401(k) or IRA. You can then expand to other accounts and look for ways in your daily life to cut back on spending to put more aside for savings.
Know where you stand financially
This is good financial advice at any age, but it's particularly important when you hit your 50s. It can be easier to access your current financial situation with the help of an advisor.
Whether you have a financial advisor or you're going it alone, one place to start is with your net worth. Figure out how much you have and subtract any debts. This gives you a good starting place to figure out your current situation and how you're going to prepare for retirement.
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Lock in an emergency fund with six to 12 months of expenses
Unexpected financial emergencies can happen at any age. Setting up a dedicated emergency fund is a way to protect yourself and a first step toward saving.
It may be easier for you to create a system to make consistent contributions. You could set up automatic recurring transfers or simply set aside a specific amount of money each week or pay period.
Reduce or eliminate high-interest debt
Keep in mind that not all debt is the same. If you locked in a fixed-rate mortgage when rates were lower, you may come out ahead by investing money instead of paying off the mortgage early.
However, high-interest debt can be a major problem for retirement income. Try to find ways to cut back expenses to pay off high-interest debt, such as what you owe on your credit cards.
Understand your Social Security benefits and claiming options
It can be tricky to keep up with Social Security changes. Now may be a great time to review how much you can expect to receive in retirement.
If you don't already have an online account with Social Security, you can easily set one up. Along with reading about what to expect, you can use the account to get estimates of how much your monthly benefit would be at whatever age you plan to claim it.
Plan ahead for taxes in retirement
In addition to understanding your Social Security benefits, it's important to know how taxes will impact your retirement money. For instance, think about the tax implications for a 401(k), a traditional IRA, and a brokerage account.
While you're planning, consider how required minimum distributions may fit into your financial plan. You don't want surprises when it comes to taxes and your retirement funds.
Prepare for rising health care and long-term care costs
You may want to reconsider long-term care. The government has estimated that nearly 70% of 65-year-olds will need some kind of long-term care in their lives. If you don't already know, even a few months in a long-term care facility can significantly hurt your nest egg.
While you're in your 50s, think about long-term care insurance. It may not make financial sense if you wait until your 60s, given the higher premiums.
Update estate plans, beneficiaries, and legal documents
This may be an uncomfortable topic for you, but it's important to plan ahead. You want to have something in place if you become disabled or you cannot communicate.
You may want to consider a couple of titles to give to important people in your life. Go ahead and select a financial power of attorney and a health care power of attorney. These can give you peace of mind and make things easier on those you love.
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Bottom line
Your 50s are an important time of life for planning your retirement and enjoying those golden years.
At this stage, priorities should include building serious retirement savings, maintaining a strong emergency fund, having a clear retirement timeline, and understanding how taxes will affect your income. Hitting these benchmarks isn't just about staying organized — it's about setting yourself up for retirement with confidence and flexibility.
It can be helpful to know where you stand compared to others in your situation, and one rule of thumb is to save six to eight times your current annual salary by age 50.
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