Financial Planning in your 40’s

High net worth financial advisorIf you are a consistent planner for the future, then you should have been in an excellent financial position when you touch your 40’s. Most of us, however, are not. It is clear that we have a lot of catching up to do. Remember, financial planning is one of the most important actions at this juncture in your life.

If you are 40 years old,  around 20 years of your earning life are behind you and an equal number of years are staring at you in your future. It is high time you save for retirement.

Saving money

Use retirement calculators to move through a few retirement scenarios. More often than not, you are overly reliant on Social Security and potentially a pension plan for closing your retirement income gap. However, it is a very vague prediction and your financial position may not match the standard scenario.

Once you have figured out the amount of money you must save every year, your consequent action should be to approach a financial planner in Chandler, Gilbert, Mesa, Phoenix, Tempe, Scottsdale or Maricopa County. A financial advisor will help you to navigate the minefields of financial planning which it is nearly impossible to do alone. A majority of us enjoy only two choices in case of retirement accounts: the IRA’s and the employee sponsored savings like 403(b) accounts and 401(k) accounts.

Financial planning strategies

If you were saving money already, you may be on autopilot and hold the course until you reach retirement age. The problem is maintaining your fidelity to your original retirement plan. In case you have  not planned at all for retirement, then now is the time to prepare yourself and chin up to spend the rest of your working age saving and planning. The action of planning, doing and checking works best when you create a strategy with your financial advisor.

  • Plan: You are in your 40s and you have an inkling of the life before you and can estimate the amount of money you may need post retirement. You also have a more clear view about your career. This is how you can make a better retirement plan.
  • Do it: Do not waste your time. If you know what you need, start doing it

Since you are catching up, it is very important that you examine your retirement plan every year.  See how they measure up against your initial assumptions. Keep in mind that you have to adjust your retirement plan to fit the lifestyle you want for retirement. If you are contemplating your decisions in retirement planning and need some guidance contact the financial advisors at Wealthnest Planners for a free financial physical. We are conveniently located in Chandler, AZ 85226. We can discuss your personal income and retirement goals and get you on a track or back on track for retirement.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Investing in securities is subject to risk including risk of loss of principal. No strategy assures success or guarantees against loss.