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The Middle Ages -
Advice For Your
30s and 40s
You've hit what is often considered "middle age." All of the financial goals that you set as a young adult are becoming a higher priority. You are more settled in your life, career and world, and it's time to reassess your financial situation to ensure that things are coming together as you planned.
In your thirties and forties retirement may still seem to be a lifetime away, but the reality is, your mid-life years are when you should be paying close attention to your finances, and planning for your golden years.
Take A Closer Look
Review the development of your long-term retirement investments regularly and stay aware of your progress in meeting your goals. If necessary, adjust your contribution amounts and rebalance your assets so that
you maintain the diversity that is best for your goals.
Get Your Dream Job
Take a good look at your current career and decide if it is what you really want
to do for the rest of your life. Not only should your career provide the income you need, but it should also allow you to do something you really enjoy. It is never too late to go back to school to get the education required for a new career. If you have had dreams of starting your own business, now may be the time. You have accumulated experience in different jobs and work environments, so you are better equipped now to start and manage your own business. Be mindful that if you do decide to change jobs, you should not cash in your retirement funds from previous employers. This could be disastrous to your long-term financial goals. Instead, roll this money over into another tax-deferred plan with your new employer,
or into an individual retirement
account (IRA).
Cut Down On Credit
If you're like many mid-lifers who used credit cards frequently during early adulthood, you may have accumulated some debt. Now is the time to get rid of all of those credit cards and pay back any outstanding credit card debt. Start with those that have the smallest balance, and work your way up to the largest balance. If you must, keep one or two that you know you can pay off each month. Once you have paid off your credit cards, begin paying back any other debt you have. You will want to have a clean credit rating as you move toward retirement.
Welcome Home
One reason to clean up your credit during mid-life is to consider buying a home if you do not currently own one. If you've been renting,
