Gen X is used to being the younger generation. Growing up in the shadow of the Boomers, Gen X-ers were, for decades, considered the cooler, more skeptical generation. So how can the generation that grew up with MTV and “Reality Bites” possibly plan for retirement?

After so many years of feeling like the young kids on the block, it’s understandable that Gen X-ers might be a little behind in retirement planning. And nothing sets off the pre-retirement jitters like a 50th birthday party. Are you saving enough? Are your savings invested correctly? How will you possibly have enough saved to stop working in 15 years?

Should You Re-balance Your Assets? 

Turning 50 is a great excuse to meet with your financial planner (or to finally start using a financial planner) to find out if it’s a good time to re-balance your portfolio. At 50 you have a pretty good idea of where you’re income is coming from and where it’s going. It’s a great time to look at your asset allocations for your retirement nest egg to determine whether you need to change your asset allocation. As you get closer to your retirement age, you may need to choose investments that are less risky, as there is less time to recover investment losses.

Are You Taking Advantages of the IRS "Catch Up" Expectations? 

You may already be enrolled in a 401(K) plan. The good news for those turning 50 is that the IRS says you’re now eligible for some special “catch-up” exceptions. Most workers are limited to contributing $18,000 per year in a 401(k), but if you are 50 or older in 2016, you can now contribute an additional $6,000 as an annual “catch-up contribution.” That means for 50+ contributors, your cap is now $24,000 a year. If you’re one of the lucky ones who are close to paying off colleges or a mortgage, this is a time to redirect the money budgeted for those expenses into a retirement plan.

There are also favorable exceptions for IRA contributors. While younger savers may be eligible to contribute up to $5,500 per year to an IRA, those 50 and older can contribute an extra $1,000 to those accounts.

The IRS has details on catch-up amounts for other plans including a 403(b).

Is it Time to Re-evaluate Long-Term Care Insurance? 

While more and more people are living active, healthy lives well into their 80s, many people 50+ will begin to experience health issues. Your 50th birthday is a great time to reconsider long-term health insurance. Long-term care insurance can help to prevent your retirement savings from being used to cover expenses from an unexpected long-term illness, instead of being used to finance the retirement lifestyle you have planned.

Is Your Life Insurance Up To Date? 

As you enter your fifth decade, this is a great time to think hard about what would happen to your loved ones if you passed unexpectedly. Would your spouse be able to make it without your income? Would your children be able to finish college? Will others be able to cover your parent’s assisted living expenses? Make sure you have enough life insurance to cover your growing responsibilities.

Turning 50 is a big deal. You've graduated from youngster to an established leader. Make sure your financial planning is up-to-date, and that you’ve covered all your bases.

And Happy Birthday Gen X!

The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications.