Your 40s are a time to verify your plan for your future. You’ve likely started many of your financial objectives, and now’s the time to check in and make sure your plan is running smoothly.
Here are our top five items to accomplish in your 40s:
1. Pay down debt
At this age, you’ve got more responsibilities and more expenses to manage. It’s not uncommon to see 40-somethings with credit card and other debt. Start paying it down now. Come up with a monthly payment that you can afford. Then prioritize your debt, tackling the higher interest rates first.
By this time, you should have a good gauge of your retirement plan and savings. Meet with a representative to review how your money is invested, set specific goals and verify that you’re on track. If not, it’s not too late to change tactics to better align with your goals. And if your employer offers a retirement plan, such as a 401(k), be sure you are contributing and taking advantage of any matches that may be available.
3. Review life insurance
Check to make sure your coverage amount and coverage type still suits your needs.
Check your beneficiaries and heirs named in your will, life insurance and retirement and other financial accounts to be sure they are up to date.
In addition to life insurance, you may want to consider other insurance options to see if they might be a fit for you. Options include additional life policies, disability coverage, or long-term care insurance.
During this time, we often see members caring for children and parents, which can lead to neglecting their own financial health. It’s more important than ever to align your savings, your insurance and your spending to continue your smart financial habits.
If you need help or would like a financial assessment on how we can help save you money, simply call us. We’re happy to help.
1st United Credit Union cannot give financial, tax or legal advice, please consult a tax advisor or investment advisor to assess your situation.