Medical, Legal and Financial Tips to Follow in your Fifties

MEDICAL, LEGAL AND FINANCIAL TIPS TO FOLLOW IN YOUR FIFTIES 11/29/10

As we age, there are certain age related "milestones" that we hit without giving it much thought. However, if you want to age and be healthy, wealthy and wise, you must take certain steps to ensure that will happen. Below is a checklist of items to take care of as you age, and WHILE YOU ARE IN YOUR 50's:

Medically, during your 50's, and continuing during our active lives:

Besides continuing the tests described in another article on medical care before age 50, we should have:

Fecal occult blood tests for colon cancer annually. Starting around age 60, or at 50 with any family history, you'll want to add additional testing, such as a colonoscopy, a flexible sigmoidoscopy, or a barium enema to the yearly FOB test. Colon cancer is a killer. But it is very treatable if it's caught early

Flu shots annually. Getting the flu at 50 or later can be dangerous, and costly if you miss work

Pap tests/pelvic exams and prostate exams

Bone density tests, for women to avoid osteoporosis

And starting at 50, you should be evaluated for depression

Legally, during your 50's and beyond:

Along with reviewing beneficiary designations, check your legal documents. Are your beneficiaries still the way you want? How about the agents under your DPAs, DPA/HCS? People change. Maybe now you'll replace your parents with your adult children. Or maybe not!

Also, as I said earlier, under your will, you can provide management and care for your kids until they're 18. But now that they're getting older, you may want to consider keeping assets managed for them until they're more mature-maybe 21, 25 or older. For this, you'll need to consider a trust.

Financially, before age 50:

Your 50's is a good time to look at buying LTC insurance, while it's affordable. Price goes up if you wait

Check your savings and investment plans. Retirement is just 10 or 15 years away. Are you going to have enough to live? Don't wait until it's too late

Take advantage of catch-up provisions in IRAs and retirement plans to put away more for retirement

Make a plan to eliminate debt by retirement.

Your kids may be coming off your health insurance. Talk to them about getting coverage

Please consult our other articles on successful aging before age 50 and in your 60's and 70's!

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