Some important ways to become wealthy in your 50s

A decade ago your bonus helped you buy a house. Now use it to shore up your future. Hearts & Wallets found that the most successful "burst savers" socked away any income above the norm, like bonuses, raises, and banner commissions.

The year you turn 50, you can start making catch-up contributions to your retirement plans-in 2015, an additional $6,000 in your 401(k) in 2015, and another $1,000 in your IRA.

Don't let your energy flag now. To stay motivated to save, envision yourself in 20 or 30 years. Researchers Daniel Bartels of Columbia University and Oleg Urminsky of the University of Chicago found that people who feel connected to their future self are more willing to wait for a reward. You can create an aged picture of yourself at Merrill Edge's FaceRetirement.com.

When college costs hit, that juicy 401(k) looks tempting. Resist. J.P. Morgan Asset Management crunched the price: Save a steady 8% from age 25 (with a salary of $30,000 that rises 2% a year), and you could have $1.3 million at 65. Take a $10,000 loan at 33 for a home, a $10,000 loan at 50 for college, and make a $10,000 early withdrawal at 62, and that drops to $930,000.

Budgeting for them to finish in four years? Most students take five or six. At many schools the credit level for full-time enrollment is less than you need to graduate in four years. To avoid footing the bill for another year or two of tuition, check that your child is carrying the max course load, or suggest summer community college classes.

Saying no to your kid is hard, which may explain why parent PLUS loan balances have doubled over the past 10 years. But taking out lots of those loans, which recently carried a 6.4% rate, can be risky. A good rule of thumb: Don't borrow more than you can repay within 10 years or by retirement, whichever is first.

Some 60% of investors have no idea how much their advisers are paid or think the advice is free, Cerulli Associates found. Figuring out the tab can be tough, especially if you own annuities or face layers of fees (1% for the adviser, say, plus extras for the actual investments). Have your pro spell out every penny so you can judge if the help is worth the price

Source: Time