It’s never too late to make room for your financial priorities. By the time you’ve reached your 40s, you will be heading towards your peak earning years. However, if you’re just now starting to save for retirement, you’ll have less time to take advantage of compounded interest. Fortunately, with proper investment management, you may be able to make up for lost time, even if you started investing late. AOG Wealth Management explains more below.
- Don’t Be Afraid of Stock Market Exposure: While it’s generally true that you should take on less risk the closer you are to retirement age, don’t be overly conservative. Avoiding stocks completely can stunt your investment growth. When considering asset allocation, think about your retirement income needs, your personal tolerance for risk and your flexibility. Ask yourself whether you’re willing to work past retirement age or if you can get by with less money in retirement.
- Analyze Your Portfolio: You need to consider your current and future savings, investment returns, spending and the rate of inflation when analyzing your portfolio. While a retirement savings calculator can give you a basic idea of where you stand, a wealth and asset management expert can provide a much more detailed and accurate analysis. Our professionals will analyze your portfolio and develop an investment plan to help you meet your financial goals when you retire.
- Consider a 401(k) Rollover: By this point in your career, you’ve likely switched employers a few times or even changed careers. This means that you might have multiple retirement accounts from previous employers. A 401(k) rollover into an individual retirement account has many benefits. It provides protection from an avoidable tax bill, control over fees and more investment choices.
Our asset management services can help you reach your financial goals. AOG Wealth Management uses an endowment-style model that focuses on a variety of asset classes. Our tax-efficient strategies are designed according to an individual client’s personal objectives and circumstances. Call us at 1-877-600-3573 to learn more about investing in your 40s. You can also ask for a complimentary consultation.
The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.