Where Should Your Money Be at Age 50 and 60?

By Brent Shaw, Modern Woodmen, Fraternal Financial | m.brent.shaw@mwarep.org

It’s a common question that gets asked a lot by everyone. Whether they are starting out saving or headed to retirement, people want to know what they should be doing with their money. An even better question is, what should your dollars be doing for you?

The answer changes as you get older, and the obligations or financial burdens you faced in your youth are a thing of the past. That’s not to say you don’t have new claims on your finances now, you most certainly will. Here are five things you need to consider about your money as you enter the season of retirement.

  1. Done with Debt
    As you move toward retirement in your 50s, considering the elephant in the room is a must. Leaving the workforce at 66 with a mound of debt still looming can put a drain on your retirement account or social security benefit. According to Experian, a credit reporting company, the average credit card debt for those ages 55 to 74 is $6,043.

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