Here are the smart financial moves you need to make in your 40’s to keep your financial life on track. Download the 8 Steps to Organize & Optimize Your Financial Life: http://bit.ly/OrganizeAndOptimize. Scott Weiss is a Fee-Only Certified Financial Planner.

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Video Notes:
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You’ve got some important work to do in your 40’s to get your financial life in order. Here are the smart financial moves you need to make right now.

THE SANDWICH GENERATION

Once you hit your 40’s you may be “sandwiched” between taking care of your kids and your elderly parents or relatives. This stage of life is often referred to as the sandwich generation.

TIP: Maintain Planning Efforts Despite Additional Stresses

With increased financial pressures, you’ll want to try and maintain your retirement planning efforts in the face of these stresses. Here are the 5 smart moves to make

SMART MOVE #1

MAINTAIN YOUR EMERGENCY FUND

TIP: Make This a Top Priority!

Make your emergency fund a top priority. With all your responsibilities at this stage in your life the importance of your emergency fund increases. Read my blog post on emergency funds to help you figure out what you need and how to maintain it: https://mahopacmoney.com/2016/02/02/how-big-should-your-emergency-fund-be/

What’s an Emergency Fund?

An emergency fund is a stash of money set aside to cover the financial surprises life throws your way. These unexpected events can be stressful and costly. Some of the top emergencies people face include Job loss, medical and dental procedures, and insurance deductibles.

SMART MOVE #2

ADD TO RETIREMENT SAVINGS

TIP: Make Sure You Are Contributing Regularly

Make sure you are regularly contributing to your 401(k) or other retirement savings vehicle. Hopefully you’ve already been doing this, if not, get going. You want to be putting aside at least enough to get the company match but your ultimate goal really should be to max out your contributions.

SMART MOVE #3

CREATE A COLLEGE FUND

TIP: Don’t Dip Into Retirement Funds to Pay for College

You may have teens or pre-teens at home, and if you have not yet considered creating a college fund that can grow and compound over time, now is the right time. You should not dip into your retirement fund to pay for their college educations, no matter how onerous college loans may seem.

SMART MOVE #4

CHECK YOUR INSURANCE

TIP: Life Insurance & Consider LTC as You Get Closer to 50

Make sure you have proper coverage or if adjustments need to be made. Also, you may want to start considering long term care insurance particularly as you get closer to age 50

SMART MOVE #5

START ESTATE PLANNING

TIP: Update Your Will and Consider Trusts

The rule of thumb is that if you’re acquiring assets like real estate or cars, which is probably what you are doing in your 40’s, then it’s time to start thinking about your estate. You definitely want to have will and you may want to consider a trust.

For a more detailed explanation of what wills and trusts can do for you, watch these videos:

What is a Will: https://www.youtube.com/watch?v=XqaDQK8g6U4
How Trusts Work: https://www.youtube.com/watch?v=5ifFpehHjJQ

Sources:
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1. This material was prepared, in part, by MarketingPro, Inc.

Disclosure:
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Weiss Financial Group is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser, tax professional, or attorney before implementing any strategy or recommendation discussed herein. Insurance products and services are offered through individually licensed and appointed agents in all applicable jurisdictions. The advisers at Weiss Financial Group are not attorneys of a law firm but can provide guidance to the client’s other professionals.

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