Retirement Checklist: 10 Things To Do Now in Your 50s, According To Fidelity

Core Insights - Retirement is approaching faster than anticipated, making the 50s an ideal time for preparation [2] Financial Planning - Updating the budget is essential; individuals should identify unnecessary expenses and adjust their budget accordingly, especially for items that won't be part of retirement spending [3] - Healthcare costs are a significant concern for retirees, with Fidelity estimating that a 65-year-old retiring in 2025 will incur approximately $172,500 in medical expenses beyond Medicare coverage [4] - Utilizing a Health Savings Account (HSA) can be an effective way to save for future healthcare costs, with contribution limits set at $4,400 for individual coverage and $8,750 for family coverage in 2026, plus a $1,000 catch-up contribution for those over 55 [5] Emergency Preparedness - Maintaining adequate emergency savings is crucial; individuals should aim for three to six months' worth of essential expenses in a liquid emergency fund to avoid unplanned withdrawals from retirement savings [6] Insurance and Protection - Protecting accumulated wealth is vital; individuals should review their insurance coverage to ensure it meets current needs and can safeguard against unexpected expenses [7]