In your 40s and 50s, the decisions you make today will shape the retirement you live tomorrow. We work with you to assess your full picture — savings, investments, pension, debt, and more — and build a clear, honest strategy for what comes next.
Think through whether you have the financial resources to meet your daily retirement needs, cover travel, support family, and handle the unexpected. If you are not sure, that is exactly what we are here to help with.
In general, we ask every client in this stage of life to work through these six areas. How you answer each one shapes the strategy we build together.
What does your retirement paycheck need to look like? Is your mortgage going to be paid off? Are you in your retirement home? Will you be spending on travel and helping the kids? We talk through the real scenarios so we can determine whether you are on track — and what adjustments, if any, need to happen now.
Talk to Us About ThisWhat does your retirement paycheck need to look like? Is your mortgage going to be paid off? Are you in your retirement home? Will you be spending on travel and helping the kids? We talk through the real scenarios so we can determine whether you are on track — and what adjustments, if any, need to happen now.
A common mistake pre-retirees make is assuming they will keep working until their target date. Layoffs, family emergencies, and health issues can force an earlier exit than planned. We help you build a plan that accounts for this contingency — so an unexpected early retirement does not become a financial crisis.
There is no one-size-fits-all approach to retirement investing. As you near retirement, common mistakes include being too speculative or shifting too heavily into liquid markets. We assess exactly how much risk your portfolio should carry given your current situation and where you need to be by the time you retire.
Carrying debt into retirement is one of the most common threats to a comfortable post-work life. By paying down debt now, you create the financial flexibility you will need later. We work with you to prioritize what to pay, in what order, and how to do it without sacrificing retirement contributions.
If you are 50 or older, the IRS allows you to contribute more to your employer-sponsored plans and IRAs than younger workers. Depending on your financial outlook, this can be a powerful way to make up for missed contributions and maximize your retirement savings in the years you have left to grow them.
It is crucial that everyone has a trust, will, estate plan, and related documents prepared and safely stored. Thinking ahead to what your family will need to settle your estate alleviates the emotional and financial burden your loved ones will face. We coordinate this alongside your estate planning attorney to make sure nothing is missed.
Turning 40 or 50 is a perfect time to start maximizing your benefits and building the cash reserves that will carry you through retirement. There is still time to course-correct, catch up, and set yourself up for a genuinely comfortable exit from the workforce.
We work with you to create a retirement budget, learn how to settle major expenses and debts, adjust your spending and investment strategy, and advise you on how to reduce taxes when you retire.
Take the First StepThese are the questions that come up most often in conversations with clients in their 40s and 50s. If yours is not here, we are happy to answer it.
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Get in touch today to schedule a complimentary consultation. We will work through your numbers honestly and show you exactly where you stand — and what to do next.
L Clayton Services Inc and LPL Financial do not provide legal advice or services. Please consult your legal advisor regarding your specific situation.