Get free help preparing your taxes from AARP Foundation Tax-Aide. Find a location




Contests and

AARP’s Superstar
2015 Contest

Sing for a chance to win $5,000! Enter AARP’s Superstar 2015 Contest!
See official rules.

Free Fun!

AARP Games - Play Now!

PROGRAMS & resources

Best Employers for Workers Over 50

Check out the winners list and latest news about this AARP recognition program.

Employer Resource Center

Attract and retain top talent in a changing workforce.

Your Own Business

Information for business owners, entrepreneurs and the self-employed.


Learn From the Experts

Sign up now for an upcoming webinar or find materials from a past session. 

Most Popular


The Back-to-Work Boomer Financial Recovery Guide

Did your nest egg take a beating when you were out of work?

3. Don't splurge — and keep saving.

When those first paychecks start flowing, you'll be tempted to loosen the reins and splurge. Resist: It's time to separate wants from needs. Automatic monthly services — magazine subscriptions, pay-TV services, cellphone bills, Netflix — all add up.

Boomers should also reevaluate their insurance needs. You may have taken out life insurance when your children were young so they'd be taken care of if something happened. If you can, consider cutting a $500,000 policy down to $150,000 or $200,000. Just make sure it's enough to cover your remaining liabilities.

This cost-cutting goes hand in hand with saving as much as you can. Your 50s, after all, are supposed to be a time of peak earnings, a last run to build your nest egg. If you're back at work, sign up for any 401(k) or retirement plan your new employer offers and maximize your contribution.

4. Review your investment strategy.

If your net worth has taken a nosedive, you might be tempted to take on more risk. Be careful. Think about transferring some of your assets into annuities and companies that promise growth and cash payout over time.

If you pay someone to manage your portfolio, look for savings, if possible. Mark Cortazzo, a planner with MACRO Consulting Group in Parsippany, N.J., and founder of Flat Fee Portfolios, says reducing investment advisory fees and paying a flat fee can help you retire earlier than people who are billed a percentage each quarter on their portfolios. People with accounts under $1 million can find high-quality asset management for half a percent or less, he says.

Most important: Don't be afraid to keep investing. Over the long term, says Sue Romaine, vice president of wealth management at Morgan Stanley Smith Barney in Sherman Oaks, Calif., the stock market is "the only place where you can make up the ground you've lost. You can't save your way out of this if you're in your mid-50s."

Next page: Consolidate your debt and ... get creative? »

Topic Alerts

You can get weekly email alerts on the topics below. Just click “Follow.”

Manage Alerts


Please wait...

progress bar, please wait

Tell Us WhatYou Think

Please leave your comment below.

Jobs You Might Like

Discounts & Benefits

From companies that meet the high standards of service and quality set by AARP.

UPS Store membership discount aarp benefits

Members save 15% on eligible products/services, 5% on UPS shipping at The UPS Store®.

membership adt

Small business owners save 20% on new installation of any new ADT security system.

Man using cell phone outdoors

Members save on monthly service & usage fees and get free activation with Consumer Cellular.

Member Benefits

Renew today! Members receive exclusive member benefits & affect social change.

Advance your skills. Transform your career.

Explore your learning possibilities.