WORK HARD, PLAY HARDER–most of us bear these words in mind during our younger years. A large portion of our income are spent on luxurious stuff such bags, clothes, and shoes. What we usually miss is the fact the we are all getting older. We need to keep ourselves ready for the latter portions of our lives wherein our needs are more critical while our time, energy, and money are more limited. As such, here are some money steps to take before your 70th birthday.

1. Start Saving. This one may come as a bit of a cliche. However, it has always been proven that saving at least 10% of your income would help you in emergencies or important events. To put it in perspective, think of this scenario–if you were to start saving 10% of your 100,000 USD annual income by age 30, you would have kept at least 400,000 USD by the time you were 70. This amount would be enough to cover you medical needs, to secure your kins, or to be spent on a nice vacation abroad.

2. Invest. If mere saving does not work, investing your money on a business or real property may also be good. Buying a house or a small commercial building may be appropriate for starters. To give you a head’s up, you should first conduct a feasibility study before buying any property, starting a business, or making any important decision. Each locale has different economic and developmental dynamics. Take a look at your city or your municipality’s Comprehensive Land Use Plan (CLUP) and Comprehensive Development Plan (CDP). These documents would provide you with hints on good investments.

3. Apply for Insurance Plans. Insurance plans may start as a bummer for most people. They take a considerable part of your income and keep you from enjoying it But, these insurance plans serve as umbrellas during rainy days. A Health Plan could keep you and your loved ones safe had there been a health emergency. A Memorial Plan, as much as we want to avoid to talk about it, may help you keep your family from burden when and if “the time” comes.

4. Secure Your Loved Ones. By “securing,” we mean putting everything on paper. Oral wills and testaments “may” be accepted by courts but they are very frail and feeble. As much as possible, make everything legal by putting them on paper, signing them, and having them notarized (or signed by an attorney, whatever applies). Make sure that all of your properties and assets are accounted for See to it that the manner or modus in which they would be managed or distributed are clearly stated in your documents.

5. Clear Your Credit Record and Liabilities. Most people overlook this but your debts and credits would always be deductible to your assets. Take care of the matter before you retire (60-65 years old). They may ferociously harm your financial stability. Seek the assistance of a credit company or a financial expert. They may help you in tracking your liabilities and provide you with ways in which you should tackle them.
Your 70s are when you actually have the luxury of time to play hard after you have worked hard. They should be less stressful and worrisome. Avoid any problem soon by dealing with them now Make smart financial decisions. Be keen with how you use your money.