Financial Planning In Your 40s

Financial planning in your 40s doesn't have to be about scrambling to make up lost time

. It doesn't matter whether you've been planning for a few decades or if you're just starting to become fiscally responsible - there are a number of options available to you for smart financial success.

If you are in your 40s, you are more experienced and willing to tackle responsibility. You have had some time to build your career, and are hopefully done with the student loan debts that may have carried over from before. Your family is growing, and you may be concerned with how to address their needs as they, too, grow and branch out on their financial own.

Here are some common financial planning concerns for people in their 40s and how to address them:

Take care of family expenses - In your 40s, you may find yourself dealing with ever-increasing family expenses. Whether you are trying to figure out how to help pay for college or care for an aging parent, you may find your dollar stretched to its breaking point.

This would be a good time to sit down with a financial planner to find ways to provide for your family. A financial planner will be able to examine your finances as they are and help figure out ways to find the money to pay for important expenses without tapping into your existing equity or principle.

Get closer to retirement - Hopefully you have had a 401(k) that you have steadily been contributing to since your 20s. If so, that's great. If not, it still is not too late to open an IRA. But even with a 401(k) plan or an IRA, additional investments can only help to ensure you have a safe, secure retirement.

If you have not begun investing, now would be a good time to start if you have the money to do so. If you do not, talk to a financial planner who can help you pay down your debts and save money to invest for your future. You should identify what investments make the most sense for your particular needs and situation. Remember, starting in your late 40s is still better than starting ten years from now.

Estate planning - While it is never too late to begin saving for retirement, it is also never too early to begin estate planning. Estate planning can help ensure that your family knows what your wishes are. At the very least, you will want to write out a will. You may also want to consider appointing a health care proxy as well as a power-of-attorney.

While lifestyles and incomes certainly vary for individuals in their 40s, financial planning is always a good idea. It doesn't matter whether you have disposable income to put somewhere safe or you have to struggle to get $100 into savings each month; the decisions you make now will become your security for the future.

by: Wesley Watkis

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