Your Financial Bucket List for Your 40s
You may have seen our bucket list for those under 30, but now it’s time to focus on the next stage. Here are SpringGen’s top financial milestones to consider as you approach the big 4-0.
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Protect Yourself
Life often comes with increasing responsibilities, and you may have family members who rely on you. It’s important to think about how they might cope if you were no longer around.
Consider life insurance or protection against critical illness or long-term sickness. These measures can ensure your loved ones are supported, no matter what happens.
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Start Investing
If you haven’t already, now might be the time to think about investing in your long-term goals.
- Once you’ve built an emergency fund and accounted for short-term plans, consider your future.
- For goals five years or more away, investing could be a smart option.
- Balance is key: if you have debts (like a mortgage), aim to strike the right balance between paying them down and growing your investments.
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Organise Your Old Workplace Pensions
By age 40, many of us will have worked for multiple companies, leaving behind pensions at each.
- Take the time to track down these pensions and ensure they’re not forgotten.
- If possible, consolidate them into a single contract (or as few as possible). Your future self will thank you for simplifying the admin!
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Save for the Next Generation
If you have children or plan to support future generations, now is a great time to start setting money aside for them.
- Investing for the long term can help mitigate the effects of inflation.
- Look into tax-advantaged accounts designed specifically for saving for children.
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Talk About Money
Develop a habit of discussing money openly—with your partner, your kids, or even your friends.
- Many money challenges stem from feelings and attitudes toward finances, not just the numbers themselves.
- Work toward shared financial goals with your significant other and foster honest, judgment-free conversations.
- When it comes to children, remember that attitudes toward money are often shaped by age 7. Be mindful of how you talk about and handle money at home.
How Are You Doing?
What do you think of this checklist? Are there areas you’ve already tackled, or are there goals you would like to prioritise moving forward?
Let us know – we’d love to hear your thoughts!
V2 January 2025
The information provided is the opinion of SpringGen and should not be regarded as advice.
SpringGen Advice Ltd, 928966, is an appointed representative of Acumen Financial Planning Ltd, which is authorised and regulated by the FCA, FRN 218745.
