The big four-oh is coming, and while in reality, it’s really nothing but another year, it can feel like quite a milestone, a transitional period where a lot of us feel like we need to get the long-term parts of our lives in order.
While there is no hard and fast guide as to what you need to change, and there should be nothing to stop you from enjoying life as you would at any other age, there are a few things you might want to start getting organised.
Review Your Retirement Accounts
If you’ve been smart with your financial planning, you should hopefully already have some retirement accounts in place, but if not, now is the time to really make sure that you’re contributing what you can.
Compounding interest only starts to work in your favour when you’ve been at it for a while. If you do have retirement savings, now is the time to start bumping your contributions by 1-2% a year.
Time For Your Health Checkup
While you should already be getting an annual physical from your doctor, now is when more emphasis needs to be put on preventive care. This can include cholesterol checks, blood pressure monitoring, diabetes screenings, and more.
Chronic health issues start to become more common, while it might also be a good idea to get an eye exam and hearing test to protect your senses, too.
Start Estate Planning
By 40, you may have a decent idea of the shape of your life, including not just your own plans but the people who depend on you. As such, it’s time to start looking at making a will.
It doesn’t have to be a gloomy affair; it’s just about making sure that your assets are used how you want, and that your wishes are honoured in the end.
Be sure to look at beneficiaries on insurance and retirement funds, too, as these override will instructions.
Cut The Financial Clutter
Having complex accounts as you get into your 40s can be more draining than you might think.
Take the time to carry out a full financial audit, closing old credit cards, subscriptions you’re not using, and consolidating accounts if they no longer fulfil distinct purposes.
A streamlined financial setup makes it a lot harder for things to slip through the cracks as you’re looking at your long-term money plans.
Start Envisioning Your Future
While you may still very well be in the full inertia or raising growing children and working throughout your 40s, it’s time to start looking at the bigger picture.
Think about where you want to be next decade, in terms of where you live and what kind of lifestyle you’re aiming for.
Start making the plans that will help you get to that point. It’s the time to start aligning your routine with your priorities.
Life at 40 might not feel much different from life at 39, 38, or even 35, but it’s now that the long-term plans for life should start coming into focus.