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Planning in your 40s

Time to prepare for the second half.

With 20 years of work behind you and another 20 (at least) ahead of you, now is the time to prepare for the second half of your career and for retirement afterwards. If you’re fortunate to have a disposable income, try not to dispose of it all. You may want to consider an retirement plan to boost your retirement savings. Remember, you’re far more likely to need that discretionary income in your later years.

To help you secure both your own and your family’s financial futures, here are six targeted initiatives to consider during your 40s if not sooner:

  • Create a master plan: Figure out when you want to retire, how much you want to earn each year and create a realistic map to reach your goals.
  • Sock it away: Once you know how much you’ll need, stay disciplined and save consistently.
  • Don’t skimp: You may have more expenses than ever; still, it’s important to keep in mind that every dollar you save now can potentially earn you as much as $10 in retirement income.
  • Keep a close eye out: Scrutinize your retirement plan every couple of years. Make sure your retirement savings are living up to your expectations.
  • Embrace change: Be open and flexible to changing your retirement age and amount you save as the economy and your portfolio’s performance shift in response to events.
  • Protect your loved ones: Make sure the beneficiaries on all your accounts are up to date. If you don’t already have one, create a will. And determine if your life, disability* and homeowner’s insurance provides enough coverage for your family’s needs.

40s guidance from the professionals at New York Life

Irma Perez, Agent, New York Life Silicon Valley General Office: “Education funding becomes incredibly relevant: think of paying for college as a team effort; the kids can apply for a scholarship or borrow from you to help pay tuition. Either way, you’ll need to ensure your own financial stability before you can help your kids.”

Rakesh Bansal, New York Life Agent, Princeton General Office: “Consider a permanent policy with the power of guarantees** over time. It’s going to cost you the first couple of years; but once you understand the value of permanent insurance—of a death benefit that doesn’t expire (as long as you pay your premium) and cash value build up—you can see how this can be of great benefit to you.”

Joel Steele, New York Life Agent, South Jersey General Office: “Review what you have; you always want to make sure your insurance is current and relevant. You need to be certain you’re covering a realistic amount. It has to cover a total loss of income in addition to any debt, student loans, credit cards, mortgage, etc that you have. You want to make sure your family is not going to barely scrape by and will be able to cover all their expenses.”

* Products available through one or more carriers not affiliated with New York Life Insurance Company, dependent on carrier authorization and product availability in your state or locality.

** All guarantees are based upon the claims-paying ability of the issuing company.