8 Dumb Money Mistakes People Make After Age 50

Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend.

Krakenimages.com / Shutterstock.com

Hey there, folks! They say age brings wisdom, but it doesn’t always guarantee smart money moves. As we hit the big 5-0 and beyond, it’s crucial to steer clear of common financial oversights that can derail our hard-earned savings.

From risky investments to neglecting retirement planning, the post-50 phase comes with its own set of money traps.

Let’s dive into the top dumb money mistakes that many people make after reaching this milestone, and learn how to sidestep them for a secure financial future.

1. They don’t get a second set of expert eyes

To properly manage your money, work with a professional — it’s totally worth it. If you’re not doing this, you could be missing out on some serious financial gains.

A Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a financial advisor. That’s twice as much!

If you’ve got at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisors in your area, all legally bound to work in your best interests.

Even if you don’t want help picking investments, an advisor can help lower your tax burden, create a comprehensive financial plan for you, maximize your Social Security, and serve as a second pair of eyes to make sure you’re on the right track. They can also be there in case one day you’re not.

Using SmartAsset only takes a few minutes, and in many cases you’ll be offered a free consultation. Why not check it out right now?

Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”

2. They let debt drag them down

Worrying about debt is probably the worst way you can spend your time, and paying interest and late fees is the worst way you can spend your money.

If you’ve got a problem, the sooner you deal with it, the better.

National Debt Relief is one of the most respected providers of debt relief in the U.S.

They’ve helped more than 500,000 people, are A+ rated by the Better Business Bureau and also are top-rated by Top Consumer Reviews, Top Ten Reviews, ConsumersAdvocate.org and ConsumerAffairs.

You simply fill out a form on the company website, then a debt coach will call you to learn more about your situation. If they can help you, they’ll set you up with an affordable plan that works for you — and give you an estimate of when you can expect to be debt-free. There’s no upfront fee and no obligation to get started.

National Debt Relief can help you with almost any unsecured debt, like credit cards, personal loans, medical bills, repossessions … even some student loan debt. Ready to start a new, happier chapter of your life? Don’t wait another minute. Check them out right now.

3. They don’t explore tax-deferred investments

The clock is ticking. The government has said rates will start declining this year, and the interest on savings accounts and CDs is already starting to come down.

Now’s the time to lock in a high rate on your savings before it’s too late.

With a Gainbridge® SteadyPace™ annuity, you can lock in a guaranteed 5.50% APY — that’s four times higher than the national average CD rate!*

Not only does Gainbridge® SteadyPace™ provide higher returns, it allows for your savings to grow tax-deferred, making your money work harder for you.

Gainbridge® also offers the flexibility of free withdrawals of up to 10% in aggregate, beginning in the first contract year, with no hidden fees.**

Get started today and beat the banks at their own game! Click here for information about SteadyPace™ and lock in your 5.50% APY today.***

Johnson / Money Talks News

4. They let home repairs drain their savings

Home repairs aren’t cheap. Whether it’s a leaky roof or a broken appliance, your home can quickly become a nightmare and cost you hundreds or even thousands of dollars to keep up.

But you don’t have to worry. Luckily, with a home warranty company called Select Home Warranty, you can safeguard yourself against giant repair bills. From home appliances to electrical, plumbing, heating and cooling systems, it can all be protected.

When something goes wrong due to normal wear and tear, you just call Select Home Warranty, day or night. The company has a wide network of reputable repair folks who will fix what’s wrong.

And if they can’t fix it? Select Home Warranty will replace it. All you pay is a service fee.

You don’t need a home inspection to qualify for a warranty, and there’s no limit to the number of claims you can file. Right now, Select Home Warranty is offering $150 off plans, two months for free and free roof leak coverage.

Hey, if you’re handy and like to repair stuff yourself, that’s obviously the cheapest route. But if that’s not you, a penny spent now could save you big bucks later.

If nothing else, at least see what it would cost. Get a free quote in 30 seconds.

5. They don’t use this secret source for discounts

Are you over 18? Then you’re eligible to save hundreds of dollars every year simply by joining AARP.

“What?” You say, “I thought AARP was for retired people.”

As it turns out, you don’t have to be 50 or older to join AARP. And members get discounts on hundreds of things, like:

  • Up to $200 per person off flights
  • Up to 30% off rental cars
  • Up to 15% off restaurants
  • Up to 20% off hotels

You’ll also save on eyeglasses, prescriptions, meal deliveries and lots more. And that’s not all. AARP offers a Fraud Watch Network, job listings, retirement planning tools, games, and tons of information, programs and resources.

Anyone trying to save money can’t afford not to join AARP, especially since the cost is as low as $12 per year with auto-renewal. You’ll likely recoup the cost in the first week. Click here and check it out.

6. They waste thousands on car repairs

The cost of car repairs is skyrocketing. One shop told Consumer Reports that a decade ago, their average repair was $1,600. These days, the average bill is $4,000.

If you’re concerned about coming up with thousands of dollars for a repair bill, protect your investment with a CarShield auto warranty.

CarShield provides extended warranty plans of up to 24 months, and allows you to choose from at least six different plans, so you’ll only pay for the coverage you need. They cover cars up to 20 years old and offer flexible month-to-month plans so you’re not locked in for years.

CarShield has a network of thousands of ASE-certified repair shops, and they pay the repair bill. All you cover is the deductible. All their warranties include 24/7 roadside assistance and rental car benefits while your vehicle is being repaired.

ConsumerAffairs calls CarShield “a solid choice” for drivers of any age, and “particularly appealing” for those with older vehicles.

Take a minute right now and get a quote.

7. They lose $610 every year on car insurance

If you’re like most Americans, you’re probably paying too much for car insurance. But shopping around for a better deal is such a hassle.

Well, it used to be.

Now you can just check out Provide Insurance, the largest online marketplace for insurance in the U.S. Provide Insurance lets you compare quotes from more than 175 different carriers in minutes.

All you have to do is answer a few questions about yourself and your driving history. Then Provide will show you the best options for your needs and budget.

You could save up to $610 a year on car insurance by using Provide Insurance. That’s money you could use for other things, like investing, saving or paying off debt.

Don’t let your current insurer overcharge you. Try Provide Insurance today and see how much you can save on car insurance.

8. They don’t get free cash back when shopping

Shopping online is convenient, and there’s no end to what you can buy on the web. Tools for the workshop? Check. New clothes for vacation? Check. Presents for the kids? Check.

Wouldn’t it be nice if there was an easy way to save money on all those purchases? Well, there is. It’s called Rakuten.

Yes, we know. The name is a little weird-sounding. But you’ll forget all about that once you realize you can get cash back on virtually every purchase made through Rakuten’s site, app or browser extension.

It’s not complicated, either. You simply log in to your Rakuten account and search for the store you’d like to shop — Walmart, Target, Lowe’s or one of the thousands of others. Rakuten shows you available discounts, and then you click the link to shop at the retailer’s site and earn cash back.

New members are entitled to a $40 cash-back bonus too. Start earning cash back on Rakuten today and claim your free $40 bonus.

Get smarter with your money!

Want the best money-news and tips to help you make more and spend less? Then sign up for the free Money Talks Newsletter to receive daily updates of personal finance news and advice, delivered straight to your inbox. Sign up for our free newsletter today.