The article title promises five specific money moves for people approaching 40, but the content provided contains only an image and incomplete text. Based on the headline's focus, here's what matters for readers in this age range.
Your 40s represent a critical decade for financial course correction. If you haven't already, this is the time to max out retirement contributions. Most 401(k) plans and IRAs allow catch-up contributions starting at age 50, but waiting that long costs you years of compound growth. If you earn $75,000 annually, contributing an extra $7,500 to a 401(k) versus waiting ten years costs roughly $50,000 in lost growth at a 7% return.
Review your health insurance coverage now. Premiums rise sharply after 40, making this the last window to lock in rates through employer plans or the ACA marketplace. A 40-year-old paying $250 monthly faces rates near $400 by age 50.
Life insurance becomes non-negotiable by 40. Term life policies cost far less now than in your 50s. A $500,000 20-year term policy runs roughly $30 monthly at 40 versus $60 at 50.
Check your credit score and dispute any errors immediately. Your score affects insurance rates, mortgage terms, and refinancing options. Aim for 750 or higher.
Finally, test your emergency fund. You should hold three to six months of expenses in a high-yield savings account. Current rates on accounts like Marcus, Ally, or CIT Bank hover around 4.0% to 4.5% APY. This money sits separate from retirement accounts and protects you from credit card debt when unexpected expenses hit.
The 40-year-old who acts now avoids the scramble that hits most people at 50.