Age 50 into Retirement: How Should You Manage Your Money? | The Informed Investor 21

Episode 21: What are the essential money moves for people over 50?

By this point, many are beginning to prepare for retirement.

Some may have built up significant wealth and gotten used to spending it after hitting their peak earning years.

Others may be focused on preserving their wealth but feel unsure about whether they'll have enough for the decades ahead.

"Lifestyle creep"—getting accustomed to spending on second homes, boats, vacations, entertainment, and more—may be a source of concern as you get closer to retirement.

Planning for the future also means thinking about an estate plan, wills, trusts, and health care.

Estimating how much money you'll spend in retirement, after you stop working and earning a paycheck, is an important task. If you've purchased a second home, maintenance costs can be significant.

If aging parents are in the picture, now may be the time to address their financial circumstances and health-care needs.

Once people hit retirement, how they spend their time becomes a puzzling question for many.

Continuing to work but at a slower pace may be an option that ensures a comfortable transition. Carefully preparing for this stage of your career can be beneficial.

Tax planning also rises in importance as you go from the accumulation to the decumulation phase with your savings.

Thinking about your legacy—gifting to children or focusing on philanthropy—is another topic to consider carefully.

In Episode 21 of the "The Informed Investor" podcast, Dimensional's Mark Gochnour, Head of Global Client Services, welcomes Tim Slattery, PhD, Chief Investment Officer of Heritage Investment Group, and Mike Mers, Founder of Aspen Capital Management, to talk wealth, health, and financial planning for people 50 and up.

Next week, tune in for a special episode of "The Informed Investor" podcast as Dimensional's Mark Gochnour and Jake DeKinder, Head of Client Communications, discuss the many reasons why investors can be thankful during the holiday season.

LINKS FROM TODAY'S EPISODE:

"The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90

Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts

Tim Slattery https://heritageinvestment.com/our-professionals/timothy-g-slattery/

Mike Mers https://www.aspencapitalmgmt.com/mike-mers

Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/

Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-dekinder-cfa-4105b98/

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