It’s never too late to plan for the future, and if you are in your 40s then probably you have achieved a lot but you still have time to plan your retirement.
Here are some points that would work well for you at this age:
You still have some time, if your job/business is bothering you gif with added responsibility it is adding pressure then, review your finances and think about what you want to survey for the rest of your life.
Think about retirement, if you have not given it a thought yet, now is the time. It’s not that far anymore. Plan it well so that you can enjoy it later then.
Be prepared for sudden medical expenses, and don’t ignore your health assuming you will never fall sick. Because with age the chances of experiencing medical issues rise as well, hence plan for it well.
Invest as per your goal/needs, do not blindly follow your best-friend investment strategy, as his needs would differ from yours. Invest in assets as per your goals and risk appetite.
Understand and choose your fund –
1. Short-term goals (1 month – 12 months)
2. Medium-term goals (12 months – 5 years)
3. Long-term goals (above 5 years)
At the age of 40s, you should be settled into your long-term career, instead of just working at your job. You should also preferably have the sufficient financial security to take care of your family goals and also indulge your loved ones and yourself.
Although you must start your savings and investment journey as soon as possible, it’s more important to at least start investing. With the best asset allocation strategies, you can surely be able to enjoy better capital appreciation of your investments.