In My 40's

This is a time in your life when your income tends to be on the rise—along with your expenses. This is also a time when the financial decisions you make have the greatest impact on the financial lifestyle you will enjoy during retirement.
 

Your 40s are a time for staying on track. Here’s how:

• Don't change a thing—Resist the urge to cut back on savings to meet rising expenses or to accommodate other goals.
• Up your contributions—Increase your contribution to your employer’s retirement plan every year and every time you get a raise.
• Grow your existing IRA—If possible, maximize your contributions.
• Open a new IRA —Make the maximum allowed contributions every year.
• Plan for your children's education—Establish a tax-advantaged Education Savings Account or 529 savings plan to help pay future college expenses.
• When you borrow, do it wisely—Avoid high-interest credit and pay off credit card debt monthly.
• Protect yourself and your assets—Work with an insurance professional to establish the appropriate levels of life, homeowner's and other insurance coverage.

At every life stage, a Wealth Management client advisor can help you stay on course.