5 financial priorities in your 50s (and how to tackle them)
If you’re in your 50s you’ve probably worked hard for decades, raised a family, and built up some savings and pensions along the way. You might even have a rough idea of what’s where: a couple of pensions from old jobs, an ISA or two, maybe some cash in the bank. That’s a great start.
But here’s the thing: your 50s are a turning point. The decisions you make now can have a huge impact on the lifestyle you enjoy later. This is the decade to move from “I think I’m doing okay” to “I know I’m on track – and I’m making the most of every opportunity”.
Most people I speak to feel a bit unsure about where to start. That’s completely normal. The good news? A few focused steps now can make a big difference. Here are five financial priorities that matter in your 50s – and how to approach them without feeling overwhelmed
Go deeper than the headlines – know what you really own
A lot of people in their 50s can tell me approximately what they’ve got: “Two pensions, a couple of ISAs, some cash.” That’s a good start. But when I ask, “How is it invested?” the answer is often a shrug.
Do you know if you’re invested mostly in shares, bonds, or sitting in cash without realising it? And does that mix actually suit your goals? These details matter more than you think.
Stop relying on defaults
Here’s something I see all the time: people still sitting in their pension’s default fund with a retirement age of 65 or 67. Those defaults were designed for the “average” person – and you’re not average.
Maybe you want to retire earlier. Maybe you’re happy to work part-time for longer. Either way, now’s the time to make active choices about where you’re invested and what you want your money to achieve.
Agree on what really matters
This one’s less about spreadsheets and more about conversations. What’s most important to you? Retiring at 60? Helping your kids with a house deposit? Travelling more? Supporting ageing parents?
I’ve seen couples assume they’re on the same page, only to discover very different expectations later. One client told me, “I thought we’d agreed on retiring at 60 – turns out my partner was planning for 65!”
Rethink what feels “safe”
A lot of people in their 50s feel safest keeping money in cash or paying off the mortgage as fast as possible. But that may not be the smartest move.
Cash feels secure, but inflation quietly eats away at its value. Over 10 or 15 years, that can make a big difference. Similarly, paying down your mortgage might give peace of mind, but could that money work harder for you elsewhere?
Make tax efficiency your secret weapon
Tax planning isn’t just for the wealthy – it’s for anyone who wants to make the most of what they’ve earned. Are you using your pension allowances fully? Making the most of ISAs? Thinking about capital gains?
Small tweaks now can add up to thousands more in your pocket later. And the sooner you start, the more options you have.
So, what’s for you to do, and where can we help you?
Some steps are simple and empowering to do yourself. Others are easier – and safer – with a professional by your side. At Netwealth, we combine smart technology with expert advice to make this process clear, efficient and, we hope, stress-free.
You could spend hours piecing this together on your own – or let us do the heavy lifting. Our tools give you a clear picture in minutes, and our advisers help you make smart decisions without the jargon.
Ready to take the next step?
If you’ve been thinking, “I should really get on top of this”, now is the perfect time. Book a free conversation with us today – no obligation, just clarity.
Because your future deserves more than “I think I’m doing okay” – it deserves confidence, clarity, and control.
Please note, the value of your investments can go down as well as up. Netwealth offers advice restricted solely to our services.
