How to Avoid the Financial Mid-Life Crisis

By Chad Smith via

If you’re a mid-career professional, life is full of demands. You’ve worked incredibly hard to get here. You’re sandwiched between young kids and aging parents. Your job is challenging and life is busy. Be it a technology company, medical practice or your own small business, stress comes with the territory during this season of life.

This is fertile ground for growing a financial mid-life crisis. With all that’s going on, it’s hard to know if you are making the right financial choices, because you don’t have time to stop and focus on the financial considerations of the moment. Understanding this, we’ve compiled a list of the 8 most important wealth builders for all of you hard-working mid-career professionals.

As income increases to it’s highest point in life so far, higher spending tends to follow suit during these years. But according to a recent study by Morningstar, roughly half of people will retire earlier than expected causing savings to be much lower than anticipated. Deciding how much to save brings new challenges as bigger questions come in to focus.

Things like when you really may retire, changing careers, buying a bigger home for kids, or just remodeling your current home. When entertaining life-changing transitions, taking inventory is the first step. Where have you saved to this point? How will a major life change impact the long-term picture? Weighing alternative lifestyles are ripe with complexity that only becomes clear when comparing customized planning scenarios.

What Are Your Tax Options?

Everyone loves finding more tax savings. But great tax planning is about hitting singles and doubles vs. home runs.

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