Gen X still has time to make useful changes. You may be able to save more, work longer, change housing, adjust Social Security, or set limits on family help.
Put the whole money picture on one page
You may have old 401(k)s, IRAs, stock plans, pensions, and bank accounts. List each account, its owner, balance, taxes, fees, investments, and the person who gets it after you die. Put debts and real estate on the same page.
You do not have to move every account now. First, understand what the whole household owns and owes.
Make the most of your higher-income years
The years after 50 can be strong saving years. Your pay may be higher and some costs for children may fall. Set a monthly savings goal instead of saving only what is left.
People age 50 and older may be allowed to put extra money into some retirement plans. The limits change. Check the current limit with the IRS and your plan.
Set a limit on family help
You may help aging parents or adult children. Guess what that help may cost and decide what you can afford. Be clear about what is a gift, a loan, or a shared bill.
Do not build a plan that assumes all family help will stop on retirement day.
Decide what the house is for
Your home can be a place to live, money for a future move, something to leave to family, or part of a care plan. Decide which jobs you expect it to do.
Its value is only part of the story. Add taxes, insurance, repairs, access needs, and the cost of moving.
Turn retirement accounts into a paycheck plan
While you work, the main question is where to save. In retirement, the question is which account pays each bill. Make a year-by-year list of income and withdrawals.
Watch the years between your last paycheck and the start of Medicare, Social Security, pensions, and required withdrawals. You need a clear way to pay for those years.
Finish the paperwork
Check who gets each account after you die. Review your will or trust, powers of attorney, insurance, and account access. Keep a current list where a spouse or trusted person can find it.
A plan is not ready if no one can use it when you are sick or unable to handle the bills.
Primary sources
Rules and limits change. Use these official sources to verify details for the year in which you act.
See what your current numbers imply.
Start with a transparent estimate, then use this guide to decide which assumption deserves a deeper look.
Use the retirement calculator →