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Life Phases

02. Prime Income Earning Years


You’re in your 40s or 50s and are benefiting from a solid career, which may do more than simply pay the bills- hopefully, it won’t be necessary to spend every dime you make! Saving for retirement is always important, but it’s during these years that you can make serious progress toward reaching your financial goals. Maxing out your 401(K) plan is very important. Plus, other options exist that may make sense for you, such as starting a Roth IRA.

You fund Roth IRA accounts with after-tax income, which then grows and compounds over time. But because you fund these accounts with after-tax dollars, all of your future withdrawals are tax-free. Another benefit is that you may draw out funds at any time, tax-free and penalty-free. Roth IRAs are especially great for younger career builders who expect their tax bracket to be greater near their retirement age. So, early on, they won’t miss the initial tax deduction as much as people in higher income tax brackets.

Now that you’re making good money in your career, what would happen if you became disabled and were no longer able to work? The bills don’t simply stop coming. A great solution to this is to investigate Disability and Long-term Care Insurance. These programs can be designed to replace your income so your family won’t be financially disrupted in case you can’t work. Also, during these higher-earning years, life insurance may keep your family financially on track, even though you (and your income) may be gone.

Let us help you manage these important years of financial productivity, working toward the financial independence you seek.

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