Welcome to Age 50: Top Money Tips

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As the last of the boomers begin to hit a milestone birthday in January, we offer 50 tips for turning 50. Watch for our series each day this week, covering money, relationships, health, work and caregiving.

Here are 10 money tips for anyone turning 50 in 2014 (and those who are already in 50s):

1. Find out how you stack up against others your age. This will help you see if you’re on track, behind your peers or â€" lucky you! â€" ahead of the pack.

Check out the article: “Next Avenue Money Scorecard: How Do You Rate?” Also, go to Flexcore.com to find your personal finance Flexscore (details are in “4 New Online Money Management Tools Worth a Try.”)

2. Take advantage of the “catch-up” rules that let you save more for retirement and reduce taxes once you hit 50. Under these rules, you’re allowed to invest $1,000 more in a traditional or Roth IRA than younger folks â€" up to $6,500 for 2013 and 2014. Similarly, people 50 and older can put an additional $5,500 in their 401(k) or similar employer-sponsored retirement plans in 2013 and 2014, for a maximum annual contribution of $23,000.

See “And Now, a Cheery View of Women and Retirement.”

(MORE: The Best Way to Grow Your Retirement Portfolio after 45)

3. Reconsider your need for life insurance. As Next Avenue blogger Kerry Hannon wrote in “Do Women Over 50 Need Life Insurance?” (the advice is applicable to men, too), once you’re in your 50s, you may no longer require the coverage to protect your family that you once did.

For instance, you may have accumulated enough assets and income streams to make the insurance unnecessary. Or your children may now be self-sufficient adults who no longer need the money that death benefits would provide.

4. Exploit your age to score savings on homeowner’s and auto insurance. You could lower your premiums because of your loyalty to your insurer or your job tenure.

See “Car Insurance and Homeowner’s Discounts” for specifics.

(MORE: Cut the Cost of Going Back to College)

5. Get real about the potential costs of health care and long-term care in retirement. You can now probably envision when and how you hope to retire, so it’s a good time to begin planning for these expenses.

Americans 50 and older underestimate the annual costs of long-term care by more than three times the actual expense, according to a recent Nationwide survey. By 2030, the year the youngest boomers will retire, the cost of a nursing home will reach $265,000 a year, according to Nationwide.

For planning advice, see “Women: Get Real About Retirement Health Costs.” (Here again, the tips are useful for men, too.)

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