Written by Glen James

Host of the Retire Right & money money money (formerly my millennial money) podcasts & author of The Quick-Start Guide to Investing.

We’ve just finished an episode series about money in each decade of your life, and today I want to touch on the top tips Martin and I shared about money in your 50s! If your 40s were about establishing your financial base, your 50s are all about fine-tuning the plan to ensure a smooth glide into retirement. Here’s a quick summary of our top tips for this decade:

1. Stop making extra mortgage repayments

With retirement approaching, it’s time to reconsider whether throwing every spare dollar at your home loan is the best use of your money. If you’re already ahead on your repayments, you may be better off redirecting those extra funds into superannuation where the tax benefits can give your retirement savings a significant boost. It’s not about neglecting your mortgage, but about making your money work smarter, not just harder. If you're in our Facebook group, you may have seen some chatter about this point. It's a big psychological commitment and you really need to be clear of your strategy and ensure your emergency fund is full before you consider such a strategy. I'd even go as far as to say, pay for some personal advice on this one!

2. Top up your concessional contributions

Your 50s are prime time to supercharge your super (pun intended). If you’re earning good money and have some financial headroom, consider using your concessional contributions cap (currently $30,000 per year) to reduce tax and build retirement savings. If you’ve had lower contributions in previous years, you may even be eligible to catch up unused caps from the last five years.

3. Make sure your investments match your preferences

Take a closer look at your investment mix. Has it been set and forgotten? Is it too conservative for your timeline or too aggressive for your comfort? Remember, even if you’re planning to retire in your early 60s, your super might remain invested for another 20-30 years. It’s important your asset allocation reflects your actual risk tolerance and your investment timeframe.

4. Review your insurance as your needs (and costs) change

Insurance premiums often rise with age, that is your Death cover, TPD (Total & Permanent Disability), Trauma and Income Protection. You may have these paid for by your super fund or out of your own bank account. If you’re still carrying a lot of debt or have financial dependants, that insurance may still be essential but it’s worth checking what you’re paying and what level of cover you’re getting. Sometimes the cost stays the same, but the level of cover quietly decreases. Annual check-ins are good hygiene, and professional advice can help clarify what’s worth keeping.

5. Start building a retirement vision

It’s never too early to map out the lifestyle you want in retirement. When do you want to stop working? What will your days look like? Will you travel, downsize, or help out with grandkids? If you have a partner, do you both want to retire at the same time? Start those conversations now and then test whether your financial plan supports that vision. Retirement is a big transition, and clarity now can prevent stress later.

Your next steps from here

Pick one of the five points above and make it a focus. Whether it’s checking your super investments, scheduling an insurance review, or having a ‘retirement dream’ chat with your partner, every small step counts.

📺 watch 328 money in your 50s on YouTube
🎧 listen to the episode on Spotify or Apple Podcasts
📺 check out the ‘money by age’ miniseries on YouTube