Your Finances In Your 40s

It’s Not Too Late To Get Your Plans In Order – But Don’t Leave It Any Longer


If your working life was a round of golf, your 40s is when you reach the turn. You’re halfway between starting work and the traditional retirement age. It’s a pivotal point in the financial lifecycle, and the moves you make in your 40s can have a profound impact on your wealth in retirement.

But it’s also a very busy stage in life, which means financial planning can easily be forgotten. You’re likely to be juggling career advancement, family responsibilities and other competing priorities. It’s a time of peak earnings, so your finances may be in better shape than earlier in life. You may have reduced personal debts but borrowed big on a mortgage.



There’s a lot going on, but by taking a proactive approach to financial planning you can set yourself and your family up for long-term financial security.


One crucial step is to review your retirement planning. Retirement may be 25-30 years away, so you’ve still got time to hit your long-term goals. But if you’ve neglected saving, you’re going to have to push harder to achieve the retirement lifestyle you’re after.

“Risk management is also important,” advises Sharon Calderini of Pinnacle Wealth Management. “It’s a smart idea to make sure you’ve got an adequate emergency fund, as there’s a good chance your 40s could throw up a financial ‘surprise’. It could be an unexpected medical bill or losing your job. You need to ensure you’ve got at least six months’ worth of expenses covered.”

You also want to ensure your assets and family are protected in the event of a tragedy. “That means reviewing your life cover needs or considering disability insurance to provide the peace of mind that your loved ones will be looked after if things don’t go to plan,” adds Sharon.

Financial planning is a life-long process and these are just some of the factors to spend time sorting out in your 40s. The best way to do that is to work with a professional adviser, who can help you create and maintain a comprehensive financial plan that supports your priorities and helps you achieve your goals.



With a good back nine, there’s still time to get your golf round back on track!

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