Money musts before 40 and 50 - CBS46 News

Money musts before 40 and 50

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Let's focus on what needs to be done during our 30's, in time for turning 40. This is the 10 year period when you really need to get your money situation in order to start prepping for retirement. recommends…

Automating your retirement savings, by having money taken out of every paycheck and put it into your retirement account.

Learn income taxes like the back of your hand. Knowing what deductions and credits apply to you can save you hundreds, maybe thousands, each year.

Take advantage of the benefits offered by your company. Get hooked up with retirement, tuition reimbursement, employee assistance programs, even wellness and financial planning.

Write a will if you have children. Your documents should be written by an attorney who specializes in estate planning. Be sure to include directives and a power of attorney.

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Now, time to talk about what you need to do during your 40's. This is when you need to buckle down and definitely knock out as much debt as you can. AARP recommends…

Taking a look at your life insurance. The American Council of Life Insurers says coverage should be seven to ten times your salary. That number will vary, based on your financial situation.

Make a move on long term care insurance now. Otherwise, if you wait too long, premiums may be considerably higher. 40 percent of Americans currently receiving long term care benefits are between 18 and 64.

Don not cut them off cold turkey, but you need to let your kids know you need to take care of you…and they need to take care of themselves. All that money you have been helping them with can now be socked away into your retirement fund.

Get out from under your debts. The last thing you want to do is be stuck in a rut and the money you should be relaxing with, is going toward that debt.

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