The approach of a milestone birthday is a reminder that, as life changes, so do your needs and circumstances. With the “Big Five-O,” the question is settled: You’re no longer a kid. And that’s a great thing; maturity is much better than it’s cracked up to be. So, instead of dreading it, update your financial life by hitting the following targets and embrace the coming decades as you prepare for retirement.

1. Debt: Tamed

Maybe it’s maturity, or maybe it’s the prospect of dragging debts through your so-called golden years, but you have paid off your debts or have them under control.

You add new debt only when you can easily handle it. You pay credit card balances before interest is applied.

2. Spending: Under control

With children possibly gone from the home and maybe even out of school, you may have more money on hand now. It’s tempting to spend it. After all, your friends may be living it up, and you’ve worked hard to get here.

Have fun, but don’t shortchange your retirement goals. If you are well-employed, your 50s are a gift — probably the best earning years of your life. Double down on savings, as retirement may last a long, long time.

Also, start thinking about how you’ll change your spending after retirement.

3. Retirement goals: Defined

Set a concrete goal for your retirement savings. Just do it. The kids will find a way to pay for college if it matters to them. They have years to get on their feet financially. You do not. Set a retirement income goal now so that, if you are short financially, there’s time to improve things.

There are a couple of approaches. One is to set your goal for the amount of money that many investment professionals suggest you should save by retirement: 10 to 12 times the amount of your last full year of income.

Say, for example, that you expect to make $80,000 the last year that you work. Under this guideline, you would need to set aside $800,000 to $960,000 for retirement.

Another approach is to see how far your current retirement savings will take you. Online calculators can help you compute this — just don’t bank on a calculator’s answer.

4. Retirement contributions: Inching up steadily

Now that you have a goal, keep increasing the percentage of each paycheck that you save for retirement. Make the increases so small they’re hardly noticeable.

If you’re currently diverting 12 percent to a retirement account like a 401(k) or IRA, bump it up to 13 percent. Six months later, give your retirement savings another tiny raise and keep it going until you are at your goal. Ditto if you’re saving 6 percent: Inch it up to 7 percent, and then onward.

Whatever your goal, automate the deductions from your paycheck, so you never see the money.

5. 401(k): Lowest fees possible

Fees paid to manage retirement savings may appear low. “What’s 3.5 percent but a drop in the bucket?” you think. Well, you think wrong!

Many savers unknowingly pay far too much in mutual fund fees, losing tens or hundreds of thousands of dollars they could have used in retirement.

An example from the U.S. Department of Labor shows how fees affect two balances of $25,000 apiece, given no additional contributions. One balance is subject to 1 percentage point more in fees than the other — but the resulting difference in the two balances after 35 years is $64,000: