Turning 50 is one of those milestones that makes you stop and actually think. Not in a doom-and-gloom way, but in a “right, I really should have sorted that out by now” kind of way. The good news is that most of the big life admin tasks people put off for years aren’t actually that hard. They just need a bit of time, a clear head, and the willingness to get started.
Here are ten things worth crossing off your list before you hit the big five-oh.
1. Write Your Online Will
This one sits at the top of the list for good reason. Far too many Australians don’t have a legal will, and the consequences for your loved ones can be genuinely awful. Without one, your estate could end up in probate court and the people you’d want to look after might not receive a thing.
The great news is that creating a binding will doesn’t require an appointment with a solicitor anymore. Online will-makers, like Willed, or other reputable platforms, let you create a legal will in a matter of minutes from your own home. It’s one of the most important documents you’ll ever create, so don’t put it off any longer.
2. Consolidate Your Superannuation
If you’ve had a few jobs over the years, there’s a solid chance you’ve got multiple super accounts quietly draining away on fees. Consolidating them into a single account is a straightforward process, and it could make a meaningful difference to your retirement balance. Log into the Australian Tax Office’s online services to see what’s out there under your name, then roll everything into your preferred fund.
3. Review Your Insurance Policies
Life changes fast, and your insurance policies need to keep up. Income protection insurance, in particular, is something a lot of people in their 40s either don’t have or haven’t revisited in years. Check your coverage levels, review your life insurance benefits, and make sure your beneficiary information is current. If your marital status has changed or you’ve had children, those updates matter enormously.
4. Establish Powers of Attorney
A will takes care of things once you’re no longer around, but a power of attorney steps in when you’re still alive yet unable to speak for yourself.
With these documents sorted, a trusted person can step in and handle things without any legal roadblocks if something unexpected happens to you. It feels heavy to organise, but it’s a real act of care for your family.
5. Prepare an Advance Health Directive
An advance health directive, sometimes called a living will, lets you record your wishes about medical treatment before a situation arises where you can’t speak for yourself. It can cover things like resuscitation preferences, life support decisions, and pain management. Different Australian states have different requirements for these, so make sure yours complies with local laws. Your GP can help guide you through what’s relevant to your circumstances.
6. Revisit Your Mortgage and Home Loans
Many people set up a home loan, sign the papers, and never look at it again for a decade. By the time you’re approaching 50, you should be actively working towards paying your mortgage off, not just coasting on the original terms. Compare your current rate against what’s available in the market, consider switching to a better deal if the numbers make sense, and think about whether making extra repayments could get you mortgage-free sooner.
7. Get a Full Health Check
Your 50s are when a lot of health conditions start to show up, often quietly. A comprehensive check with your GP can flag things like high cholesterol, blood pressure concerns, or blood sugar issues before they become serious problems. Book a full workup, including any age-appropriate screening tests your doctor recommends. It’s one of the best investments you can make in your own future.
8. Organise Your Digital Assets
Most people don’t think about digital assets until it’s too late. Cryptocurrency holdings, online bank accounts, subscription services, email accounts, and cloud storage can all become complicated to deal with after someone passes. Create a secure record of your digital assets, including log-in information, and store it somewhere trusted so that people can access it if needed. Use good encryption software and two-factor authentication to keep things secure in the meantime.
9. Review Your Estate Plans and Beneficiaries
Estate planning is an ongoing process, not a set-and-forget task. Check that your super fund’s nominated beneficiaries are up to date, that any transfer-on-death accounts are correctly designated, and that your overall estate plan still reflects your current wishes and life situation. A financial adviser or solicitor can give you proper legal advice on whether more formal estate plans make sense for you.
10. Set Clear Retirement Goals
Retirement might feel like it’s still a long way off, but the decisions you make in your late 40s and early 50s have an outsized impact on how comfortable those years actually are. Work out what kind of retirement you want, how much it will cost, and whether your current retirement accounts and super savings are on track to get you there.
Getting Started Is the Hard Part
None of these tasks needs to happen all at once. Pick one, get it done, and build from there. Your will is probably the best place to start since it’s quick, straightforward, and something you’ll feel genuinely relieved to have sorted. Once you’ve ticked that off, the rest of the list will feel a lot less daunting. Your future self will be grateful you didn’t wait until 60.
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