In your 40s you've got some important work to do to get your financial life in order. It is a phase where you might be sandwiched between taking care of your kids and your elderly parents or relatives. A certain generation gap increases financial pressures. In this article, we are going to talk about some smart financial moves that If executed perfection can make your life stress-free. Emergency Funds Maintenance Make your emergency fund a top priority with all your responsibilities at this stage in your life the importance of your emergency fund. A proper check here would let you set aside to cover the financial surprises life throws your way these unexpected events can be stressful and costly some of the top emergencies people face include job loss medical and dental procedures. Add more in Retirement Savings As mentioned by planners, try to make sure you're contributing regularly to your 401k or other retirement savings vehicles hopefully you've already been doing this if not get going you want to be putting aside at least enough to get the company match but your ultimate goal should really be to max out your contributions. College Fund Don't dip into the retirement funds, to pay for college you may have teams or preteens at home, and if you've not yet considered creating a college fund that can grow and compound over time now. Real Estate Planning Update your will and consider trusts the rule of thumb is that if you're acquiring assets like real estate or cars which is probably what you're doing in your 40s. If so, then it's a time to start thinking about your estate you definitely want to have a will and you may want to consider a trust for more explanation on what wills and trusts can do. Want a consultation? Get in touch with top financial advisors in Chicago, Erik Cascio here.
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