Navigating Work And Retirement In Your Fifties

Navigating Work And Retirement In Your Fifties
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The landscape of the American workplace has drastically changed in the last 50 years. Where once upon a time, the onus for retirement was on the employer, the dramatic shift away from pensions to 401(k) savings in the 80’s put the responsibility on the employee. And the workforce is no longer what it was even a decade ago as the old guard begins to retire and turn the reins over to the newer generations, companies are more likely to engage in practices that attract millenials and their younger counterparts. Furthermore, new generations are faced with a need to save for their retirement differently and to navigate their career path differently than Generation X or the Baby Boomers. With a rapidly evolving work and savings environment, it can difficult and even scary to know how you are going to protect your legacy as you enter your fifties.

Career Shifts

Once most people enter their fifties, they usually aren’t looking for a new direction in their career, although it’s never too late to find something new. However, with a drastic shift to ecommerce, a diminishing focus on manufacturing and a push to cut back on emissions and non sustainable products, some people are finding themselves looking at making a career shift in their fifties, either by choice or by force. GM is laying off 15% of it’s salaried employees, meaning some people are looking at a job change when they should be thinking about retirement. How would a job shift affect you right now? Are you prepared? As the world spins, diversifies and changes with all these new pushes for change, an older generation is having to tweak their resume and put on the interview clothes at an inconvenient time.

Sudden Illness

You 50’s come with a myriad of physical and mental changes, some good and some bad, but for the most part life goes on. More and more people are finding their own personal renaissance period happens in their fifties. And yet, that age is also the time period that you are more likely to begin to develop serious health problems or to be struck with sudden illnesses or injuries. You are more likely to break bones, get depressed or even get cancer. When it comes to your career, how well can you save if you can’t work? A lot of people could do with a solution that can earn growth on their wealth without too much maintenance, especially if they get suddenly sick.

Retirement Questions

One thing many people start thinking about once they age into their fifties is retirement. After all, no one wants to spend their entire life working, even if they love what they do. Many people try to supercharge their retirement accounts in their fifties as they prepare to leave the force within a decade, but what are people to do that are forced to suddenly make a change with their career or if they can’t work like they used to be able to do? Or if the worst should happen and the market were to take a dive, effectively wiping out much of your retirement savings right before you need it.

None of these are optimal situations and they are the type of situations we would like to help you avoid. Factum Financial is comprised of team members that have passion for saving you and your family from a broken financial system and the knowledge of how it’s done. Together, we can build a cash-flow system that lets you save money truly tax-free and offers real compounding. You’ll be able to grow your cash and use it the way you want, not the way the banks tell you to. Contact a wealth strategist now to find out more information.

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Zachary Gray is the Content Writer and Editor for HJR Global and associated companies. Zachary lives and works in the Phoenix Valley and writes on a variety of topics.