In your 40’s

In the 40’s, one would most probably have reached the peak of their career and be earning substantially more than you were in your 20′s (or even your 30′s). However, many are still busy spending money on the things they want right now, such as vacations, bigger cars, or new houses, and delaying their retirement savings.

Not reviewing your investment portfolio

Yes, it is a good thing that you have an active investment portfolio, but as you go through different stages in life, your risk tolerance changes. You may have been willing to take more risks when you were in your 30′s as you still had the ability and time to earn an income. However, as you are nearing retirement, you may want to review your portfolio to allocate more of your assets in more conservative investments. However, moving your investments to a safer avenue too early could also cause you to run short on your nest egg. You need to ensure that your savings can support you well through retirement. Balance is the key!

Ignoring will

Obviously it is hard to imagine being in your death bed when you are still young and active. However, writing a will should be on your must-do list when you are in your 40′s, if not earlier. A will protects your family and your assets if something happens to you. It also ensures that you have an attorney that will make financial and legal decisions on your behalf if you become incapacitated.