Skip to content

Saving for Retirement In Your 40s: Accelerating Progress

Young couple picking out paint swatches while sitting on the floor of their new home.

Your highest earning potential meets your greatest opportunity to accelerate toward the retirement you deserve.

Your 40s often bring a unique blend of increased responsibilities and high earning potential. You might find yourself balancing the financial and emotional needs of growing children with those of aging parents. 

This decade is an ideal time to not just maintain, but to accelerate your financial plan, whether that means aggressively saving for retirement, strategically tackling high-interest debt or even considering a fulfilling career change. In the Retirement Readiness Guide, you’ll explore key strategies to optimize your financial plan and ensure you're firmly on track for a comfortable and secure future.

 

Have loved ones navigating finances in their 40s? 

SHARE THIS ROADMAP for the retirement road map

Guidance That Fits Your Life Today

1 of 5

You should save for both your child’s college education and your retirement — it’s not about perfection, it’s about progress. Your 40s are typically the last push for saving for college so make sure to maximize your contributions while balancing your own retirement savings. 

Consider encouraging your teen to help out with contributing to their education by getting a part-time job or a side hustle. You can also work with your financial advisor to refine your saving strategies.

You can catch up on retirement savings by increasing your savings rate, whether by reducing discretionary spending, exploring opportunities for additional income or even planning to work a few extra years.

Your advisor can help you create a personalized, accelerated plan to bridge any gaps and get you back on track. And once your turn 50, you can maximize your catch-up contributions to 401(k)s and IRAs, which allow those 50 and older to contribute extra amounts annually.

You can find your previous retirement accounts by contacting your previous HR departments or use tools like the National Registry of Unclaimed Retirement Benefits. Consolidating old 401(k)s into a single Rollover IRA can make it easier to manage your strategy and reduce fees.

Conversations That Speak to Where You're At

Kathy Ciszewski on the Your Money. Your Mission. Podcast

Your Retirement Timeline

Find an Advisor

Whatever your goals, our experienced advisors help you build the right path to success.