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 lose $600+ on car insurance
How would you feel if you found out you’re throwing away $600 annually just to pad some insurance company’s bottom line?
It’s very possible. But there’s only one way to know for sure.
Take a minute and use This new insurance shopping tool from FinanceBuzz. It can tell if you’re overpaying for your car insurance with just a few clicks.
Savings will vary by driving history and how many discounts you’re eligible for, but don’t be surprised if you can find the same coverage for hundreds less. And if not? You’ll get peace of mind by knowing you’re already getting the best possible deal.
To find out if you’re losing up to $600 or more a year, just click this link, answer a few questions, enter your zip, email, and phone, and within 2 minutes you’ll see if you qualify for a lower rate.
2. They ignore their home’s value
If you’re 62 or older, you might be sitting on a goldmine without even realizing it. Like discovering an emerging investment opportunity, a reverse mortgage could be your power move to supercharge your retirement strategy.
The remarkable truth about this financial tactic: Your home isn’t just a place to live – it’s a powerful asset waiting to be unleashed. And just like smart investors who look for unique opportunities, savvy retirees are discovering how to make their homes work for them.
Think about it: No more monthly mortgage payments. Instead, you’re converting your home equity into cash that you can use to:
- Invest in your dream retirement lifestyle
- Create an emergency fund for unexpected expenses
- Make home improvements that boost your property value
- Build a legacy for your family
Now, it’s your turn to discover how a reverse mortgage could be your next smart money move.
3. They don’t maximize their retirement
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, maximize your Social Security, help with estate planning and making 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.
Nothing to lose and lots to potentially gain. Take a minute and 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.”
4. They let car repairs drain their savings
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.
Typically, a vehicle manufacturer warranty lasts three years. Yet the average car is around 12 years old. If you’re concerned about coming up with thousands of dollars for a repair bill, protect your investment with Endurance Warranty Services.
The company provides extended warranty plans of up to 36 months. Choose from at least six different plans, to get only the coverage you actually need, for cars up to 20 years old.
All their warranties include 24/7 roadside assistance plus rental car benefits while your vehicle is being repaired. For the first year, you’ll get the Elite Benefits program for free; this includes complete tire coverage, key fob replacement, a collision discount and a $1,000 payment if your car is determined to be a total loss.
Endurance has a network of thousands of ASE-certified repair shops. More important: Endurance pays the repair bill upfront. All you need to cover is the deductible.
ConsumerAffairs calls Endurance “a solid choice” for drivers of any age, and “particularly appealing” for those with older vehicles.
Take a minute and get a quote.
5. They leave their family financially vulnerable
Want to know the secret to sleeping better at night? (Hint: It’s not another meditation app).
If you’re between the ages of 20 and 59, and not living in New York, it’s time to consider a term life insurance policy that doesn’t make your wallet cry.
With Ethos, you can get up to $3 million in coverage for less than your monthly streaming subscriptions.*
Why Ethos? Because nobody likes paperwork or doctor’s appointments.
• Skip the medical exam (in most cases) and apply from your couch**
• Get approved faster than your pizza delivery (90% get instant approval)
• Choose coverage that fits your budget like your favorite jeans
• Free will and estate planning tools valued at $898 included*
Get your personalized quote faster than you can say “financial responsibility.” Phone-friendly, website-friendly, and commitment-phobe-friendly with a 30-day money-back guarantee.
Because protecting your family shouldn’t be harder than assembling IKEA furniture.
Get Term Life Now → Easy Online Application Available.
Perks: *Estate Planning Tools are available with the purchase of an eligible policy; not available in SD or WA. Pricing: *Term length, health, age, coverage amount, No medical exams. **Answer a few health questions
6. They stress about appliance failures
Home repairs aren’t cheap. Whether it’s a leaky roof or a broken appliance, your castle can quickly crumble and cost you hundreds, or even thousands.
Unless, that is, a home warranty company has your back. Example? First American will protect you from giant bills by covering everything from home appliances to electrical, plumbing, heating and cooling systems — even pools and spa equipment.
They also allow you to customize your plan, so you only pay for what you need.
When something goes wrong, just call First American, day or night. The company has a network of prescreened technicians and typically dispatches an independent contractor within 48 hours.
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.
Get your free quote in 30 seconds.
7. They pay sticker price when savvy seniors save
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 $15 per year with auto-renewal. You’ll likely recoup the cost in the first week. Click here and check it out.
8. They leave money on the table – up to $1,000 per month
Lots of companies let you earn money by filling out surveys, completing tasks, signing up for stuff, or playing games.
But FreeCash is in a league of its own.
Freecash boasts the fastest payouts (we’re talking instant!), with minimum withdrawals as low as $5. Plus, you can cash out with PayPal, crypto, gift cards – the choice is yours. FreeCash users have already earned more than $150,000,000!
So try FreeCash. It’s the fast, fun way to earn real cash. Don’t waste another minute – Freecash is waiting!
10. They risk their paycheck with unresolved tax obligations
Past-due tax is overwhelming.
It weighs on your mind and causes massive anxiety. You end up emotionally and physically drained. Even worse when the IRS starts sending letters threatening wage garnishment and huge fines.
Alleviate Tax is designed specifically to help you get out of tax debt faster and could reduce some of the debt you owe.
While most tax companies just put you on a payment plan and file your taxes for you,
Alleviate Tax talks to the IRS directly. They can help you pay off your tax debt faster while potentially reducing what you owe.
Important: Not everyone will qualify. To take advantage of this special program, you must owe more than $10,000 in past due taxes.
Answer a few questions to get started.
Bonus: Will you have enough for your dream retirement?
This 2-minute quiz will tell you!
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