As you enter each new phase of your life, milestones such as marriage, buying a home and having kids will impact you financially and inevitably affect how much money you can put toward retirement. While these new expenses can be daunting, the good news is these are also typically your peak earning years.
I recently came across an article that had some ideas for staying on top of important financial matters in your 30s and 40s that can help balance your spending with saving, avoid common pitfalls and prepare for your future. Here are eight tips you should consider when approaching or entering the second half of your life and career to ensure you stay on track with your retirement plan.
Invest in Yourself - Learn new skills and focus on long-term career goals
Supercharge Investments - Take advantage of time in the market and prioritize retirement savings
Network- Keep in touch with friends, colleagues and other professionals
Pay off Debt - Act now to make sure you won’t be bringing debt with you into retirement
Focus on Healthcare- Learn about insurance plans, deductibles and HSAs, and above all, stay healthy
Invest in Your Kids- Teach them the value of a dollar
Talk to Your Parents- Find out where they stand financially for retirement, healthcare expenses, etc.
Create a Will- Be prepared so your family is too
Another important thing to remember is to share each of your new milestones with me, so together we can reevaluate your investments and map out an updated path to keeping you on track.
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