Five Things Successful 40 yo’s Should be Asking Right Now:
Your 40s got expensive in a hurry 💸
Your career’s growing, kids are getting older (more events & things), the house needs something (always), you outgrew the car(s)?
Even your compensation has you in the weeds; Large bonuses, equity comp, and benefits that deserve their own instruction manual, taxes…
Let’s look at the five things successful 40-year-olds should be asking right now:
1. Is my family actually protected if something happens to me?
Review life insurance, disability coverage, estate documents, and beneficiaries. Calculate what your family would need to maintain their lifestyle, raise the kids, and fund future goals. Understand how much coverage depends on your continued employment.
2. What would it take to retire at 55?
Put a date and a dollar amount on it. Estimate spending, health insurance costs, taxes, and the accounts you could access. Then work backward to the monthly savings required. An early retirement goal can become a reality when you actually know what it demands.
3. Could we handle an unexpected career transition?
AI, restructuring, burnout, or a changing industry could interrupt your income. Do you have accessible (liquid) reserves to give you time to retrain or find the right role? Brokerage assets can provide that flexibility. HELOCs and securities-backed credit require careful evaluation because borrowing adds costs, collateral risk, and availability concerns.
4. Am I investing the right amount in the right places?
Your savings rate, account types, and investment mix should work together. Coordinate retirement accounts, Roth accounts, taxable investments, and company stock around when you expect to use the money.
5. Do we want to & How will we fund our children’s education?
Decide what you intend to cover. Four years anywhere? A set annual amount? Tuition only? Give that commitment a budget and a savings schedule alongside your retirement goals.
For our readers that are currently working with Know My Plan (KMP), this is old hat for most of you, for those that we’re not working with yet, we hope this helps.
Quick about: KMP, we are financial planners for high-achieving families. Our clients tend to be families making more than $250k annually who have saved and invested their first $1m. They are family-oriented people who desire a meaningful ongoing relationship.
We build financial plans that are truly customized to your family’s most important goals and what you want to accomplish.
If this resonates with you and you could use the help of a financial planner, we’d love to hear your story.
–Nic
