Your life's pre-golden years are indeed the best. You've had your share of ups and downs, highs and lows, and plenty of memories and stories to share. With all of the wisdom and money you've accumulated, midlife is the ideal time to really start enjoying your life.

However, your middle years are fraught with financial difficulties. You may be paying a lot of money for your children's college tuition, marriage, and other expenses. At the same time, you may be running out of time to save enough for your retirement.

Even though you are likely in your prime earning years, retiring without a source of income is a greater risk. According to a 2019 Northwestern Mutual report, 22% of adults in the United States have less than $5,000 saved for retirement, while 15% have no retirement savings at all.

In a recent survey, 51 percent of urban Indians said they have not made financial retirement plans, while 49 percent have plans in place. Almost 59 percent of income is allocated to current expenses in urban Indian households, while saving and investing take a backseat1.

A survey also revealed that 48 percent of urban Indians were unaware of the amount required to support their lifestyle after retirement, while 52 percent knew how much was required1.

Why tips for financial planning in your 50s matter:

  • To manage the basic financial needs of the family in case of untimely demise of the earning member
  • Financial assistance for health related expenses
  • Monetary needs for child’s education and marriage
  • Saving for retirement expenses
  • Purchase of properties and expenditure on luxuries and travel

Major Reasons why many people above 50 do not consider financial planning:

  • Financial goals are not determined early
  • Improper diversification of savings and high expenses compared to income
  • Traditional methods of savings like chit-funds and loans from money lenders
  • Aggressive investment in the stock market with unreasonable dependence on stock brokers and market tips
  • Lack of awareness about the investment needs based on risk-taking profile

Tips for financial planning for people above 50:

  • All future financial goals should be clearly listed in order of priority
  • Insurance products should be separated from investments
  • Different avenues of investment should be analysed based on the risk appetite and future inflation
  • Best return-generating investment balanced with lowest possible risk should be selected
  • Consistent investments over a period of time should be considered

Life Insurance - Optimal investment for the adults above 50

Untimely demise of the breadwinner can lead to financial and mental distress. The best way to protect the family is by getting enrolled for a term life insurance which can help in times of financial distress. This can be done by taking term insurance or by investing in a savings plan. Future Generali provides term insurance at very subsidised and flexible premium payment schedules as per your needs.

Health Insurance

Today, lives are burdened by unhealthy lifestyles, rising pollution levels, too much time spent on screens, and pressure to achieve higher standards of living by sitting long hours in the office. These factors have adverse impacts on people’s healths and consequently, their pockets.

Health insurance protects the insurer from high expenditures for hospitalisation, pre-hospitalisation, post-hospitalisation charges, as well as ambulance expenses. Health insurance policies are quite flexible, and policyholders can lower their premiums after a certain period of time, and even vary the length of their policy.

Insurance plans such as Future Generali heart and health insurance plan covers 59 critical illness and surgical procedures including heart and cancer related diseases and related expenses, also its cancer protect plan gives 25% of the sum assured immediately if cancer is diagnosed at a minor stage and waives off premiums for three years.

Savings Plans - Guaranteed Plans

These are multi-benefit plans providing life risk coverage with savings-oriented plans and guaranteed returns in the form of lump-sum payouts or fixed periodic payouts. This plan gives maximum advantage for one’s retirement goals. Future Generali assured wealth plan provides savings plans for the age group up to 60 years, with flexible premium payout options, guaranteed additions, death benefit and lower rate of premium for women.

Unit Linked Insurance Plans

Financial goals like children’s future and expenditure on luxuries can be best served by unit linked plans. Apart from life risk coverage, it also offers investments in fixed income securities and equities. The Big dreams plan of Future Generali provides a number of benefits.


There are multiple financial products to invest in. The best financial product or portfolio should be customised based on the age, risk appetite, financial goal and amount of investment. An optimum balance should be maintained to maximise the return and minimise the risk. Insurance, the best liquid investment, when clubbed with return generating sources of minimum risk, makes an optimum financial plan.