Case Study on Edward and Dorothy who are married and in their late 50’s. They have 3 grown children and 2 grand children. Annual Household Income: $160,000 Mortgage Debt: $25,000 Monthly Household Expenses: $3,000.
If you are at Ed and Dotty’s age you are close to retirement. Your late 50’s are your final working years. At this stage of your life things should be settling down.
Now would be a good time to start looking more closely at your investments and debt. You may consider talking with a financial advisor. An advisor can give you some clarity. An advisor can analyze your debt to income ratios and determine when you may be able to retire comfortably.
Now would be a great time to increase your retirement account investing. Now may be a good time to consider changing your investment strategy to a more conservative model. You may consider investments with lower risk.
At this age you should avoid taking on additional debt. Avoid a new home purchase at this late in the game so that you are not carrying large mortgage debt.
Talk with your financial advisor about the benefits of other products and services available to people in their late 50’s. Should you consider estate planning? Should you set up a trust? Should you look into a long-term care policy? These are all questions that a financial advisor can help you explore.