Over 50? 12 Financial Milestones You Should Have Hit By Now

Preparing for your financial future can be intimidating, especially if you didn't learn certain money moves as a young adult. But it's never too late to start building healthy habits.  

When goals like buying a house or retiring are decades away, developing disciplined saving and investing habits can be hard. Trying to boost your bank account for retirement is just one of several money moves to make as you're approaching 50.

Here are 12 other things to accomplish by the time you turn 50 so you won't have to worry as much about your financial future.

For most people, retiring at age 65 with a pension from a company you've worked for 20-plus years is not a reality. According to a recent survey, most people fear that Social Security will not be around to help with financial support after they retire. 

This makes saving and investing for retirement and building wealth all the more important. Your goal should be to save enough to cover your living expenses for each year you might live after retiring.

A good baseline for saving enough for retirement is to allocate 15% of your pre-tax income to your retirement account. If you have a long way to go to meet that 15%, set up a schedule to add 1% or 2% to your contributions per year until you reach that number.

Also, look into the limits for a matching contribution from your employer. A company usually adds a maximum amount to an employee's 401(k) account. 

Find out your company's policies and see whether you can increase your contributions to get the maximum match.

You don't want to pass up on free money to build up your savings, and your employer is likely offering you some that you may not be taking advantage of. 

For many people, paying for the roof over their heads is one of the largest expenses in the budget. When you're living on a fixed income, you don't want to have to worry about making a large mortgage payment. 

So, if you already have a good plan for saving for retirement, paying off your mortgage as soon as possible is another smart goal before 50.

Most mortgage companies allow you to choose where you want extra money to be applied when you make a payment. 

If you choose to pay more directly to the principal, your overall balance will go down faster than making the monthly payment, which can include interest and taxes.

Refinancing at a lower interest rate or for a shorter term can be a good way to pay off your mortgage earlier. 

A new loan at a lower rate can save a lot of money in interest and get your balance down faster, provided you don't take out any equity in cash and continue to make the same payments as before. 

Refinancing a 30-year mortgage into a 15-year loan will likely make your payment much higher, but you'll be paying for a lot less time. Plus, refinancing can be a great way to lower your financial stress. 

Slight adjustments to your monthly budget could result in more money that you can put into retirement savings or apply to the principal of your mortgage. 

Going without some luxuries, like takeout and entertainment, or using a financial management app like Truebill for a while can result in extra cash that can be used to pay your mortgage or invest in your retirement savings.

If you're not sure you can afford to have a lighter paycheck as a result of greater retirement savings or putting more money toward the principal on your mortgage, consider picking up a side hustle as an additional way to make extra money. 

Whether you opt to deliver groceries, walk dogs, or help others complete home projects on the weekends, having a part-time job that brings in steady money can make it easier to save some extra money. This is an especially good strategy if you're now at or nearing 50.

If you have a spouse or dependents who rely on you for financial support, you definitely want to have a life insurance policy. 

The purpose of life insurance is to replace the income you provided and cover expenses you would have paid for in life. It also can help pay for your own final expenses.

Once you have a ballpark of what you're looking for in a life insurance policy, shop around to find the best life insurance coverage for your needs.

Having an excellent credit score makes many things in life much easier. You get better interest rates on loans and premiums for car insurance, which can result in lower payments and huge savings.

You'll also have some more power to negotiate because lenders will be eager to compete for your business. And if you decide to move into a rental, having excellent credit may make the application fast and easy.

You'll also be more likely to be approved for credit cards with higher limits and premium benefits, which can give you more flexibility and buying power. 

One of the great things about saving for retirement with a 401(k) or traditional IRA account is that you lower your taxable income for the years you make deposits into those accounts.

The balance grows over time, and you won't owe taxes on the amount you contribute directly to the account or its earnings until you retire and begin to withdraw funds.

The downside is that a portion of your savings will go to the government in taxes while you're on a fixed income. This is why you should start planning now for how to handle your tax liability going into retirement.

You've worked hard all your life, and in retirement, you should be able to live however you want — that's the dream anyway. 

Give yourself some time to consider where you want to retire, how much money you'll have to live during retirement, and the cost of relocation and living in both your city and any other place you might like to live.

Considering your different options will give you a good idea of whether an area is really as attractive as you may think and help you avoid making a mistake when picking a place to retire.

By the time you're in your 40s and 50s, you may have an older teen who needs to pay for college. If you've already established an education fund, you're ahead of the game when the time comes.

But it's hard to plan for just how much you might have to assist your student with tuition and living expenses when the time to matriculate actually comes.

Try thinking ahead to all the ways you might be able to help pay for your child's college or trade education expenses. Are private or federal parent loans an option you'd be open to exploring?

When in doubt, talk to a financial advisor. These professionals can look at your financial picture today, tomorrow, and years ahead.

Whether you are wondering how much you need to sock away for retirement, working toward paying down your mortgage or planning your taxes, working with a financial advisor can help you get on track and ensure you're investing money in the right places to reach your future financial goals.

Although the future is never written in stone, making plans for how you will live once you're done with your working years is always smart. 

There are many things to consider, such as how much money you will need to live on, whether you'll need to support other people, where you want to live, and what will happen to your wealth after you die.

If you have some concrete plans and stick to them, you'll be in good shape to protect your wealth and start hitting your financial goals by the time you turn 50.