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How to Start Saving Money in Your 50s

by AOG Wealth Management

It’s never too late to start saving and investing for your retirement, even if you’re already in your 50s. Don’t let your past indecisions continue to haunt you or dissuade you from taking the right financial planning steps before you reach retirement age. AOG Wealth Management discusses steps you can take to save for retirement as you grow older.

How to Start Saving Money in Your 50s

Set a Target Number

Start by establishing a realistic idea of how much money you’ll need to cover your expenses once you retire. While it might seem overwhelming and even near-impossible to do, setting a target number helps you save more efficiently. We recommend using your current salary as a benchmark so that you can better determine how much you should save. Conventional wisdom advises aiming to replace 70-90% of your pre-retirement annual income through Social Security, portfolio income, and your savings.

Get a Financial Advisor

Hiring a financial advisor can help you create a better and more accurate financial plan that’s specifically designed for you. As your trusted financial adviser, we can help you establish a realistic target savings number, and help you along the way to get there. You can count on us to help you make the right decisions to reach your retirement goals.

Lock In Your Gains

Taxes are a vital component of your portfolio management, which is why it’s important that you don’t get trapped by your gains. Doing so can lead to a riskier portfolio and make management in general more difficult. Lock in your gains by identifying positions with large gains, and scale them back to prevent unnecessary risks in your portfolio.

AOG Wealth Management offers professional wealth management services. Give us a call at (866) 993-0203 for more information on our services. We offer financial planning services throughout Washington, DC.

This material is educational in nature and should not be deemed as a solicitation of any specific product or service. All investments involve risk and a potential loss of principal. Kalos Capital nor Kalos Management offer tax and legal advice. Please consult with a tax advisor or attorney for advice regarding the impact on your portfolio.

The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.

Category: Wealth Management