Financial Planning In Your 50s

Financial planning in your 50s may be the most important decade. In your 50s you have significant competing financial priorities like helping kids with college, maybe a big home decision or wedding to help pay for, and that is on top of making a final push for retirement. How do you plan appropriately for all of these items? We're helping you with the biggest financial decisions you'll face in this episode of the Wise Money Show.

Season 7 Episode 43

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Kevin Korhorn, CFP® offers securities through Silver Oak Securities, Inc., Member FINRA/SIPC.  Kevin offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. KFG Wealth Management, LLC dba Korhorn Financial Group and Silver Oak Securities, Inc. are not affiliated. Mike Bernard, CFP® and Joshua Gregory, CFP® offer advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.

Intro: (0:00) 
Segment 1: (0:11) 
Break 1: (9:33) 
Segment 2: (10:53) 
Break 2: (20:09) 
Segment 3: (20:53) 
Break 3: (30:15) 
Segment 4 (32:10) 
Outro: (45:09)

[JOESUBA]

I am 52 and I am way behind the 8 ball! I now see how bad black folks have it when it comes to retirement! I was never taught or was told about stocks or saving for long term! but with youtube and the internet I am getting so much better! I have a Roth IRA I am working on getting my 7, 000 before the 12 months! I put both my kids though college and they are both grown and I am not having anymore kids! the one thing I do have power over is my health! and I don't look like a middle age man! MY HEALTH IS MY WEALTH! I see so many my age all messed up! they have money but are always at the doctors or a out of shape and 100 MEDS! well! I love this and I am learning! thank you

[laurachamberlain]

If you own a home, and you go into a nursing home, the nursing home will take your assets including your home even if you have insurance. My mom is in a nursing home and wow, I had no idea. They take everything she owns. Unless the house was put in the children's name 10 years prior.

[garyxyz]

Why would you go to a financial planner at 50 if you have not even started? I started saving in my mid 20s and looking to retire sooner than later. Now in my 50s, I am hoping to retire by 60 but health insurance will be the big factor with the current economy. Thank you for these videos.

As for being able to contribute more at 50 only helps those who make more money. What about those who don't make big money? Now with stock market down, I need to be more poor as I save for more money for later that I may not get to enjoy. And tell me that I will still need to work till 67.

[Susanne-zuku]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months, my portfolio was reading $274, 800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family...

[Jersey]

People, please have a living will and DNR in place, as a nurse i see 90 yr old pts hooked up to ventilators rotting away in a hospital bed, suffering like animals because they had nothing in writing to stop this torture.

[fkskijm]

The system intentionally makes people’s life so complicated. Even To think about it, has already taken away a big chunk of pleasure of one’s life.😂

[MadOldMan-ckwq]

You certified financial planners are great and will be awesome double dipping connecting families to Number 7 in a complete administration plan to protect the other 6 steps. You’ll distinguish yourselves among your peers connecting families to a permission validation Trust Information interdiction inheritance and legacy wealth transfer plan.

[harism]

US Stock market (S&P500) scares me. US making a lot of disastrous mistakes by the day. It’s becoming very scary depending on the 4% rule for S&P500.

[jasonkatada]

What about kids college? Big later in life expenses.

[stopwars]

All great advice for those who have been able to have an income to save. Many have had not much money extra at all due to their job or kids or divorce or single parenting with kids, no money left after bills to save living by the seat of their pants.This maybe why people choose suicide, or drugs or alcohol. The cant get above the line. Also what about inheritance let say you got an inheritace from a friend or parents who passed how would you handle that if you had no money but now you do suddlenly is the situation repiarable and how? obviously depends how much was left and what age you are. Lets say 50 and up. Other wise it pretty grim if you have not much money in general and lator on or education when you were in your teens from parents as how to save if they didnt teach you.

[laurachamberlain]

I just got a sp 500 and was wondering if that is all I need. I have no retirement, no investments. Is this going to be enough when I retire if I throw a bunch of money in it each month?

[johnnyboyvan]

Stupid initial advice!! I haven't heard anything from these guys that isn't basic knowledge.

[kathymiller]

I'm disabled living with my parents but I pay for my own insurance. Can I transfer money from my Ira to my Roth account and then pay less in taxes?