The 40s decade is a critical time for retirement savings, as it is likely when a person will reach their peak income and can make a dent in their long-term goals. Our guide to how your finances should look in your 40s:
Danny Kofke, a 41-year-old middle-school teacher outside of Atlanta, often looks at a picture of a family trip to Disney World from a few years ago — to him, it exemplifies what he’s working toward in his retirement: more trips and long-lasting happy memories.
“Having an eye on the bigger prize helps us say no to things daily,” he said. This includes having a car he can’t charge his iPhone in because it came out before the iPhone was introduced — a small price to pay for not having a car payment in 13 years. Now is also the time to begin using various types of accounts for retirement funds, said Patrick Amey, a financial adviser at advisory firm KHC Wealth Management Services in Overland Park, Kan. Max out employer-sponsored retirement accounts, such as a 401 or 403 plan, and use Roth Individual Retirement Accounts . The third option is a taxable investment account, that they can use in the early years of their retirement as their tax-deferred accounts continue to grow.
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