Money Mistakes To Avoid At 50+

Here are the top-10 mistakes to avoid after the age of 50 if you want to set yourself up for a comfortable retirement, say Anthea Gardner, author of Make Your Money Work for You, and Simon Brown, co-host of The Fat Wallet Show podcast.

- Charis Torrance

For many of us, our 50s are our highest-earning decade. And if you’re planning to retire in your 60s, the joy of not having to work any more is so close you can taste it. But that also means it’s no time to start making mistakes with your money. ‘Some of these mistakes aren’t exclusively reserved for those who’ve hit the big five-oh. If you haven’t put these things in place yet, now’s the time,’ says Anthea Gardner, founder and managing partner of Cartesian Capital, a South African asset management business, and author ofMake Your Money Work for You. Simon Brown, founder of Just One Lap and co-host of The Fat Wallet Show personal finance podcast, agrees. ‘If you’ve been neglecting your money until now, there isn’t time to waste.’

10 MISTAKES YOU DON’TWANT TOMAKE

1 STOPPING SAVING

‘Even if you’ve been saving throughout your 30s and 40s, don’t stop now,’ Simon says. In fact, he recommends you double down on saving rather than thinking that as you’re older you don’t need to save or that it’s too late to make a difference. ‘This applies to stocks as well. Don’t stop just because retiring is closer; you still need stocks.’

2 NOT MEETING WITH A FINANCIAL ADVISOR