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- Start deferring money into a qualified retirement plan (401(k), 403(b)) each pay period, even if just $25/pay check.
This is important in your 40s so that retirement funds can grow, and grow tax deferred, while you are in your earning years.
- Make at least one extra mortgage payment per year (more if possible) to pay your mortgage off quicker and reduce the interest payments.
Doing this in your 40s will mean earlier financial security in retirement.
- Review your insurance coverage. Review the amount of insurance you need to protect your family and/or your business (life insurance, key-person insurance, underinsurance).
Insurance needs change dramatically in your 40s as you may have now accumulated assets and started a family. Many people find themselves underinsured at this point - just when you need it most.
- Start saving for college, such as with a 529 College Savings plan.
It is never too early to start saving for college. Start funding a college savings plan in your 40s so that the account can grow tax deferred for as long as possible before your children are college age.
- Review your parents’ financial and long term health care plan with them so that unexpected expenses do not land on you.
If you tackle this in your 40s, you can avoid a financial disaster when your parents need care and financial help at the same time your children are going to college.
