Howard Pressman Featured in CNBC article, "Five ways for 50-somethings to get serious about planning for retirement"
May 11, 2018, CNBC - The big 5-0 is one of those birthdays that can make people take serious stock of the half-century behind them.
Passing that milestone also can bring on the realization that retirement— or whatever you choose to call that phase of life when full-time work is largely behind you — is no longer a distant concept. And if you haven't focused on that looming reality, it can be anxiety provoking.
Various research suggests many 50-somethings are ill-prepared for their golden years.
In 2016, the median retirement account balance — half are below, half are above — for people ages 55 to 64 stood at $66,643, according to Vanguard. The average for that age group was $178,963. For ages 45 to 54, the median was $43,467 and the average was $116,699.
Remember, whatever amount you've saved will need to be combined with other sources of income in later life — i.e., Social Security — and stretch across the remainder of your life.
The good news is that your 50s are an ideal time to turn the notch up on your savings.
"This is the point when you could be hitting your peak earnings years and your expenses may be declining if you're empty nesters," said Howard Pressman, a certified financial planner and partner at Egan, Berger & Weiner in Vienna, Virginia. "If there's a gap between what you've saved and what you need, you've probably got another 10 or 15 years to fill it."
The idea, basically, is to determine what you want the next chapter of your life to look like, and then take the time to plot out how to get there.
"Be as detailed as you can be about what you want the next phase to look like," Pressman said. "People who have a really good idea about what they're going to have more success than those who don't."
Here are five aspects of your financial life that take on new meaning in your 50s and can help you prepare for later years.