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Working on it … Your 30s and through your 40s

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Katy Certified Financial Planner - Plan for Retirement - Saving at Ages 30 through 40

At this stage, you’re likely full stride into your career and your income probably reflects that. The challenge to saving for retirement at this stage comes from large competing expenses such as a mortgage, raising children or perhaps financing a business.  

A classic conflict involves saving for retirement versus saving for your children’s college education. As a general rule, we will tell you that retirement should be your top priority. Your child can usually find financial aid and help fund their own education. You’ll be on your own for retirement.  

Some expenses shouldn’t be avoided, however. Financial catastrophes could seriously derail your retirement plans, so be sure to have adequate life insurance (for your spouse’s retirement), some disability insurance to replace lost income and adequate health insurance. A cash emergency fund also can help avoid selling retirement investments should you need the dollars.

Your investment portfolio probably shouldn’t change much from when you were in the Getting Started stage. You still have considerable time before retirement, even if you plan to retire early. 

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