10 Dumb Money Mistakes People Make After Age 50

Hey there, folks! They say age brings wisdom, but it doesn’t always guarantee smart money moves. As we hit the big 5-0 and beyond, it’s crucial to steer clear of common financial oversights that can derail our hard-earned savings.

From risky investments to neglecting retirement planning, the post-50 phase comes with its own set of money traps.

Let’s dive into the top dumb money mistakes that many people make after reaching this milestone, and learn how to sidestep them for a secure financial future.

1. They don’t diversify their savings

If a large part of your savings is in the stock market — as it should be — you’re well aware that what goes up can also go down. You can’t control the market, but you can hedge against uncertainty by having other forms of wealth.

One of the best ways to protect your savings is diversification. Keep money in different types of investments, ideally ones that go up when others are going down. For example, stocks tend to do poorly when inflation and interest rates are rising and there’s political turmoil brewing.

But there’s one investment that thrives in this scenario: gold.

Be careful who you deal with, though. Lots of companies in the gold business are pretty shady and won’t hesitate to sell you gold and silver at vastly inflated prices.

Goldco, on the other hand, has an A+ rating from the Better Business Bureau, an AAA rating from Business Consumer Alliance, and 4.8 to 5 stars on Trustpilot, TrustLink, Google reviews and ConsumerAffairs. They offer just about everything, from precious-metal IRAs to gold coins and gold bars.

You’ll even receive up to $10,000 in free silver on qualified purchases. If you’ve ever thought about investing in gold, why not take a look?

2. They don’t get a second set of expert eyes

To properly manage your money, work with a professional — it’s totally worth it. If you’re not doing this, you could be missing out on some serious financial gains.

A Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a financial advisor. That’s twice as much!

If you’ve got at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisors in your area, all legally bound to work in your best interests.

Even if you don’t want help picking investments, an advisor can help lower your tax burden, create a comprehensive financial plan for you, maximize your Social Security, and serve as a second pair of eyes to make sure you’re on the right track. They can also be there in case one day you’re not.

Using SmartAsset only takes a few minutes, and in many cases you’ll be offered a free consultation. Why not check it out right now?

Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”

3. They let medical costs scramble their nest egg

Here’s hoping your retirement years are active, healthy and vibrant, and that you’re able to function as you always have, right up until the time you shuffle off this mortal coil.

But don’t bet on it. According to the U.S. Department of Health and Human Services, 7 in 10 people who turn 65 today will probably need some kind of long-term care.

“But won’t Medicare take care of all that?” Nope. Medicare doesn’t cover long-term custodial care — and paying for it out of pocket could take a huge chunk of your retirement savings. That, plus inflation, could mean near or total depletion of your nest egg.

Without long-term care insurance, your options aren’t great: running through savings, borrowing money, burdening your family with your care, and possibly losing independence because you can’t live on your own.

One place to find long-term care insurance is GoldenCare. (Unless you live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)

At least check it out and see if it’s a fit. Because a bit of planning today will lead to a more secure tomorrow.

4. They let debt drag them down

Worrying about debt is probably the worst way you can spend your time, and paying interest and late fees is the worst way you can spend your money.

If you’ve got a problem, the sooner you deal with it, the better.

National Debt Relief is one of the most respected providers of debt relief in the U.S.

They’ve helped more than 500,000 people, are A+ rated by the Better Business Bureau and also are top-rated by Top Consumer Reviews, Top Ten Reviews, ConsumersAdvocate.org and ConsumerAffairs.

You simply fill out a form on the company website, then a debt coach will call you to learn more about your situation. If they can help you, they’ll set you up with an affordable plan that works for you — and give you an estimate of when you can expect to be debt-free. There’s no upfront fee and no obligation to get started.

National Debt Relief can help you with almost any unsecured debt, like credit cards, personal loans, medical bills, repossessions … even some student loan debt. Ready to start a new, happier chapter of your life? Don’t wait another minute. Check them out right now.

5. They fail to leave their family $2 million richer

There’s nothing you wouldn’t do for your family, right? Well, if something happens to you, who’s going to pay the mortgage or college bills? This is why life insurance is so important.

Not everybody needs insurance. If your kids are grown and you have a nice, fat bank account, there’s really no need. But if your family would have a hard time getting along without you, life insurance is definitely something you should look into.

Just don’t pay too much for it by buying the wrong kind, or buying from a commissioned salesperson.

Shopping for life insurance used to be a long, complicated process. Now? Not so much. For example, Ethos is a company that lets you apply online in minutes without getting off the couch. There are no medical exams, no blood tests. You can get term life insurance ranging from $20,000 to $2 million. And it may cost as little as $7 a month: less than you might be spending now on coffee.

Simply answer a few online health questions and get a personalized quote in less than five minutes. This could be the most important thing you ever do for the people you love.

Ethos is rock-solid: They’ve protected more than 100,000 families and provided more than $46 billion in coverage. So why not check it out? Click here right now for a quick, free quote from Ethos.

6. They let home repairs drain their savings

Home repairs aren’t cheap. Whether it’s a leaky roof or a broken appliance, your home can quickly become a nightmare and cost you hundreds or even thousands of dollars to keep up.

But you don’t have to worry. Luckily, with a home warranty company called Select Home Warranty, you can safeguard yourself against giant repair bills. From home appliances to electrical, plumbing, heating and cooling systems, it can all be protected.

When something goes wrong due to normal wear and tear, you just call Select Home Warranty, day or night. The company has a wide network of reputable repair folks who will fix what’s wrong.

And if they can’t fix it? Select Home Warranty will replace it. All you pay is a service fee.

You don’t need a home inspection to qualify for a warranty, and there’s no limit to the number of claims you can file. Right now, Select Home Warranty is offering $150 off plans, two months for free and free roof leak coverage.

Hey, if you’re handy and like to repair stuff yourself, that’s obviously the cheapest route. But if that’s not you, a penny spent now could save you big bucks later.

If nothing else, at least see what it would cost. Get a free quote in 30 seconds.

7. They don’t use this secret source for discounts

Are you over 18? Then you’re eligible to save hundreds of dollars every year simply by joining AARP.

“What?” You say, “I thought AARP was for retired people.”

As it turns out, you don’t have to be 50 or older to join AARP. And members get discounts on hundreds of things, like:

• Up to $200 per person off flights
• Up to 30% off rental cars
• Up to 15% off restaurants
• Up to 20% off hotels

You’ll also save on eyeglasses, prescriptions, meal deliveries and lots more. And that’s not all. AARP offers a Fraud Watch Network, job listings, retirement planning tools, games, and tons of information, programs and resources.

Anyone trying to save money can’t afford not to join AARP, especially since the cost is as low as $12 per year with auto-renewal. You’ll likely recoup the cost in the first week. Click here and check it out.

8. They waste thousands on car repairs

The cost of car repairs is skyrocketing. One shop told Consumer Reports that a decade ago, their average repair was $1,600. These days, the average bill is $4,000.

Typically, a vehicle manufacturer warranty lasts three years. Yet the average car is around 12 years old. If you’re concerned about coming up with thousands of dollars for a repair bill, protect your investment with Endurance Warranty Services.

The company provides extended warranty plans of up to 36 months. Choose from at least six different plans, to get only the coverage you actually need, for cars up to 20 years old.

All their warranties include 24/7 roadside assistance plus rental car benefits while your vehicle is being repaired. For the first year, you’ll get the Elite Benefits program for free; this includes complete tire coverage, key fob replacement, a collision discount and a $1,000 payment if your car is determined to be a total loss.

Endurance has a network of thousands of ASE-certified repair shops. More important: Endurance pays the repair bill upfront. All you need to cover is the deductible.

ConsumerAffairs calls Endurance “a solid choice” for drivers of any age, and “particularly appealing” for those with older vehicles.

Take a minute and get a quote.

9. They don’t get free cash back when shopping

Shopping online is convenient, and there’s no end to what you can buy on the web. Tools for the workshop? Check. New clothes for vacation? Check. Presents for the kids? Check.

Wouldn’t it be nice if there was an easy way to save money on all those purchases? Well, there is. It’s called Rakuten.

Yes, we know. The name is a little weird-sounding. But you’ll forget all about that once you realize you can get cash back on virtually every purchase made through Rakuten’s site, app or browser extension.

It’s not complicated, either. You simply log in to your Rakuten account and search for the store you’d like to shop — Walmart, Target, Lowe’s or one of the thousands of others. Rakuten shows you available discounts, and then you click the link to shop at the retailer’s site and earn cash back.

New members are entitled to a $40 cash-back bonus too. Start earning cash back on Rakuten today and claim your free $40 bonus.

10. They lose $610 every year on car insurance

If you’re like most Americans, you’re probably paying too much for car insurance. But shopping around for a better deal is such a hassle.

Well, it used to be.

Now you can just check out Provide Insurance, the largest online marketplace for insurance in the U.S. Provide Insurance lets you compare quotes from more than 175 different carriers in minutes.

All you have to do is answer a few questions about yourself and your driving history. Then Provide will show you the best options for your needs and budget.

You could save up to $610 a year on car insurance by using Provide Insurance. That’s money you could use for other things, like investing, saving or paying off debt.

Don’t let your current insurer overcharge you. Try Provide Insurance today and see how much you can save on car insurance.