Reaching the 40s age range means different life changes. For some, the last of their children have headed off to college. Or, a mortgage is at the midway point of being paid off. And for others, they realize there’s not enough saved for retirement. While this latter scenario is fairly common, retirement planning specialists say there is still time to build a nest egg for the golden years. Here are a few pieces of general advice to get started.

Retirement Planning Tips for People in Their 40s

Pay Down Debt

Establish a laser focus on paying down debt. Specifically, go after credit card balances the hardest. Pay more than the minimum and make a goal of paying the entire amount by a certain date. By becoming debt free, people in their 40s can devote more of their income towards saving for retirement.

Resist Tapping Retirement Accounts

By the fortieth decade on earth, many have worked for more than half their lives. Within this group are those who took advantage of employer-sponsored 401(k)s and other retirement plans. It may be tempting to tap into these savings to pay for a child’s college tuition or an expensive vacation. Resist the temptation and allow the funds to continue growing. Early withdrawals also come with costly tax penalties.

Live Within Your Means

A newer car, a home upgrade. Impulses are everywhere when it comes to making large financial purchases. The downside to giving in is a person in their 40s takes on more debt. More bills to pay means less towards retirement planning. Stick with that paid-off vehicle and use what you would have paid for car payments towards building a nest egg.

Set Priorities

With so many financial obligations swirling around, it’s understandable to lose track of financial priorities. By the time you reach your 40s, retirement planning should be your top one. That means putting your well-being before a child’s college tuition. Students have access to financial aid and scholarships. Many work to help pay for their higher ed expenses. Don’t feel guilty about putting you and your retirement years first.

If you’re in your 40s and are still anxious about retirement savings, help is available. A professional and experienced retirement planning specialist can create a customized roadmap to get you on track. The office of Nicole Gumm Groseclose Insurance Solutions in Clifton Forge, VA, continues to help clients from all walks of life with personalized financial planning. What makes Nicole’s approach different is that she genuinely listens to her clients, collaborates and creates realistic plans and goals for them. From having the proper life insurance to deciding on annuities, count on her expertise to be ready for retirement. To get started, call (540) 968-1569 to schedule a complimentary consultation. Visit the website for information on the agency’s full suite of services.