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Think it’s too late to start investing wisely in your 50s? Wrong. It is never too late to start a secure wealth plan or to start diversifying your portfolio.
by Sam Bautista, 03 January 2018
Talk to your wealth advisor today and find out how you can start investing in your 50s.
If life begins at 40, then 50 is a great decade to finally hit one’s stride and enjoy everything life has to offer. This is also a great decade to look at diversifying your investments or, if you haven’t started already, looking into what you can invest in, and how to keep and make your well-earned savings grow!
For starters, it’s not a bad idea to run some numbers through retirement calculators to get an idea of how much you need if you want to retire comfortably at 65. Better yet, consult a professional wealth or investment planner. With the help of an investment planner, you’ll get a better idea of where you currently stand and how much you need to save to meet your goals after retirement.
Hold on to Bonuses
Your quarterly, semi-annual, or 13th month bonus used to be allotted for new items for the family or home. With a new financial plan in place, look at any income beyond your usual paycheck as money you can shore away in a fund for future investments.
Identify Additional Income Sources
Now is also the time to look into other streams of income. Do you have extra rooms at home or other properties that you can rent out? Becoming a landlord is a great way to supplement your current paycheck. Also consider any other interests or hobbies you may want to start cultivating now, which you can later turn into an income generating activity.
Sign up for a New Policy
You really should be insured at this point, but, if not, seek out a reputable insurance firm and discuss the options open to you with regards to life insurance. Several life insurance policies double as investment plans these days so it really is a good idea to look into placing your funds where you can earn money, while you secure yourself and your loved ones.
Stocks and Bonds
Have a discussion with your financial advisor and look into what markets you would like to invest in. A good advisor can steer you towards low-risk ventures if that is more your speed. Otherwise, why not aim for high-yielding stocks and watch your money grow? The risk is greater, but so is the potential for higher gains. It is all up to you.
Become a Silent Partner
Perhaps you have friends who are putting up a new business venture but still lack capital, and it just so happens you have some extra cash. If you believe in the product or service they are offering, why not jump in as a capitalist partner? Keep in mind though that it may take a while before the venture actually starts earning money. Also, make sure you have everything down in writing with your new partners. Business can swing both ways and should the pendulum swing towards an unfavorable direction, you need to make sure your investment is properly covered.