How to make money if you are 50 years old, About the author

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Our opinions are our own. Once you reach the bigblowing out birthday candles can feel less like a celebration and more like fanning the flames on a pyre of financial obligations.

4 Retirement Savings Hacks for People in Their 50s

This is the decade when the costs of kids, aging parents, cars and homes converge, and questions about retirement begin looming large. For example, according to T.

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Rowe Price, by age 50 an individual should have six times their salary saved. But an even better check-in for midlife investors is to run a few different saving and investing scenarios through a good retirement calculator. The exercise will provide more accurate results than when you were younger and projected retirement expenses were a bit fuzzier.

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Make up for lost time The older, wiser and hopefully wealthier you these are your peak earning years, after all can overcome past savings shortcomings via catch-up contributions to tax-favored retirement accounts.

This portfolio padding can significantly improve your retirement prospects. Stay with stocks Investors of all ages experience blood-pressure spikes when the market gyrates, as it has done a few times lately. Drill down on diversification Within the stocks and bonds portions of your portfolio, your money should be further diversified across asset classes.

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For equities that means having exposure to large, small and mid-size companies, established and emerging international markets, and real estate. For DIY investors, diversification can be how to make money if you are 50 years old with individual stocks, index mutual funds or exchange-traded funds.

How to save for retirement when you’re in your 50s

The major brokerages have fund screeners to help parse the options based on fund type, performance, expense ratio and other factors. If managing a portfolio on your own sounds like a headache … 4. Consider taking an asset allocation shortcut Purchasing a target-date mutual fund or using a robo-advisor makes the job of creating and managing an appropriately balanced portfolio a cinch.

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Robo-advisors, or computerized investment managers, create and manage a portfolio based on your goals and risk tolerance.

With both options, keep an eye on fees, which can have a corrosive effect on portfolio returns.

A typical management fee at a robo-advisor starts at 0. Hybrid fund expenses average 0.

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Use a Roth The diversification exercise continues when it comes to the tax rules around your investments. Younger investors sometimes favor Roth IRAs which offer tax-free withdrawals over traditional IRAs where withdrawals are taxed but contributions may be tax-deductible.

Five Money Moves To Make When You Turn 50

But the Roth is still a valuable retirement investment tool for midlife savers. Investing in a Roth IRA provides older savers flexibility down the road to withdraw from pools of money with different tax treatments. The Roth is also gentler, taxwise, when it comes to passing money to your heirs. If your employer offers a Roth k option, there are no income limits on eligibility.

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Consider splitting your contributions between Roth and traditional accounts to retain a portion of the current-year tax break. About the author.

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