In your 40’s, you should be pretty stable in your career and salary. Every time you receive a raise, the amount you contribute to your retirement account should also increase. If your employee offers matching donations to your 401k, you should be matching this number.
At this point in your career, you are making more money than you have the past two decades. Since you don’t know what your tax rate will be once you retire, you can avoid them by switching to Roth and paying the taxes now. You can even start a retirement account outside of your employers
Don’t wait until it’s too late to make sure you and your family are properly covered by insurance. This includes health insurance, home insurance, auto insurance, and life insurance. Also, take a look at what your employer’s disability insurance is. Most companies only offer to 60% of your income, so consider alternative forms of insurance.
As you enter the middle of your career path, now is a great time to have a professional take a look at your finances to make sure you’re on track. If you need to start a retirement fund or just have questions in general, contact an investment professional. They can help you take a proactive approach to your personal financial situation and gain a better understanding of the financial concepts behind insurance, investing, retirement, estate planning, and wealth preservation.
For information on saving for retirement in your 30's click HERE.