{"id":2975,"date":"2022-04-30T12:07:00","date_gmt":"2022-04-30T04:07:00","guid":{"rendered":"https:\/\/www.syfe.com\/magazine\/?p=2975"},"modified":"2024-04-02T13:50:08","modified_gmt":"2024-04-02T05:50:08","slug":"the-best-financial-moves-for-your-40s","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/magazine\/the-best-financial-moves-for-your-40s\/","title":{"rendered":"The Best Financial Moves For Your 40s"},"content":{"rendered":"\n
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Your 40s are your golden decade. With a stable career and kids who are old enough not to wake up 15 times in the middle of the night, there\u2019s much to look forward to.<\/p>\n\n\n\n

Making the right financial choices now will set you up for success in your 40s and beyond. Here\u2019s what you should be doing with your money.<\/p>\n\n\n\n

#1: Focus on your retirement <\/strong><\/h2>\n\n\n\n

According to Syfe’s retirement readiness survey, 61% of Singaporeans are not adequately prepared for retirement<\/a> and 71% don\u2019t believe they can retire comfortably.\u00a0<\/p>\n\n\n\n

Your 40s are a critical time for growing your retirement nest egg. Your income is likely to be peaking, and you still have a good 20 years or so for your funds to compound<\/a>. <\/p>\n\n\n\n

For instance, a 40-year old earning the median salary of $5,900 <\/a>a month will have a total investment of $626,434 by the time he turns 65, assuming he invests $800 a month and earns a 7% annual return on average. <\/p>\n\n\n\n

$800 may seem steep, but that\u2019s similar to the average monthly payment for a car in Singapore. If he is able to invest 20% of his income ($1,180 a month) however, he could retire a millionaire with $923,989<\/strong> in the bank. <\/p>\n\n\n\n

Prioritising your retirement in your 40s can mean the difference between retiring comfortably and relying on your children for financial support. Work out how much you\u2019ll need to retire and start saving and investing with that goal in mind. <\/p>\n\n\n\n

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