{"id":7266,"date":"2013-12-20T09:28:10","date_gmt":"2013-12-20T17:28:10","guid":{"rendered":"http:\/\/www.marketriders.com\/investing\/?p=7266"},"modified":"2016-12-21T07:28:15","modified_gmt":"2016-12-21T15:28:15","slug":"financial-planning-40s","status":"publish","type":"post","link":"https:\/\/www.marketriders.com\/investing\/financial-planning-40s\/","title":{"rendered":"Financial Planning In Your 40s"},"content":{"rendered":"

Arriving at your 40s can bring you sudden perspective on life. Your youth is definitively behind you, yet you still feel young.<\/p>\n

Your world is book-ended by clearly older folks, you parents’ generation, and growing children around you.\u00a0Financial planning<\/a>\u00a0is suddenly more real, more urgent, as the long-term responsibilities you face become obvious: You will get older and you will stop working.\u00a0Retirement<\/a>\u00a0beckons.<\/p>\n

It’s at about this age, the ramp upward toward true middle-age, that many people take financial planning seriously for the first time. They buy life insurance and seek to eliminate nettlesome debts.<\/p>\n

\"financial<\/a><\/p>\n

Here are some of the key moves to make as you head into your fourth decade:<\/p>\n

1. Transfer risks with better insurance<\/strong><\/p>\n

Chances are, you carry the right kinds of insurance, but do you carry enough? If you have small children at home and a non-working spouse, term life insurance should be a consideration.<\/p>\n

It’s still cheap in your 40s and reduces the risk of leaving your family to struggle in your absence. Review your homeowner and auto policies, and consider adding umbrella insurance.<\/p>\n

2. Minimize revolving debt<\/strong><\/p>\n

When you are younger and earning less, consumer debt is a useful tool at times. As you get older, however, credit cards tend to allow you to extend those bad habits and cut into your ability to\u00a0save more money<\/a>.<\/p>\n

Get your credit cards under control by canceling all but one, and don’t carry that one unless you are traveling or otherwise expect to need it.<\/p>\n

3. Maximize tax breaks<\/strong><\/p>\n

If you are like many Americans, you save enough in your workplace 401(k) plan to get the corporate match and maybe a little more.<\/p>\n

But you could be saving quite a bit in taxes by raising your savings level, especially if you are in a two-earner household. Now is the time to maximize these benefits and bank the\u00a0tax savings<\/a>\u00a0for your retirement.<\/p>\n

4. Invest for a long life<\/strong><\/p>\n

You will live longer than you expect, without a doubt. Most financial planners tell their clients to assume a maximum number quite a bit higher than 90.<\/p>\n

Outliving your money<\/a>\u00a0is a real problem, one you can solve by judiciously investing in a balanced retirement portfolio and by\u00a0rebalancing that portfolio<\/a>\u00a0along the way.<\/p>\n

5.\u00a0Think like a pension manager, not a trader<\/strong><\/p>\n

Active investors treat the markets like a timed athletic event, where the short term is all that matters. They measure their performance against pie-in-the-sky assumptions and trade furiously as a result.<\/p>\n

A pension manager, in contrast, understands the future costs he or she must cover and targets returns that match up to those liabilities. The result is a\u00a0calmer, more predictable investing style<\/a>\u00a0that more often meets its goals.<\/p>\n","protected":false},"excerpt":{"rendered":"

Arriving at your 40s can bring you sudden perspective on life. Your youth is definitively behind you, yet you still feel young. Your world is book-ended by clearly older folks, … Read more →<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":7267,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_wp_rev_ctl_limit":""},"categories":[8],"tags":[42,43,37],"yoast_head":"\nFinancial Planning In Your 40s | MarketRiders<\/title>\n<meta name=\"description\" content=\"It's at about your 40s that many people take financial planning seriously. 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