Financial goals for your 40s

Your 40s can seem to fly by in a whirl of home renovations, your children’s graduation ceremonies and other milestone celebrations for family and friends.

You’re generally well-established in your career and your home and are busy paying off the mortgage and getting your kids through their education.

Your financial goals for your 40s should be to focus on reducing your mortgage, accelerating your savings and securing your future.

Couple signing a contract

1. Reduce your mortgage


While it can seem like clearing your mortgage is a long way off, these years are crucial for reducing your mortgage to make it more feasible in later years.

Whether you bought 5, 10 or 20 years ago, whittling your repayments down is essential if you want to clear it before retirement.

Taking advantage of incredibly low interest rates by increasing your repayments can save you thousands in the long run and shave years off your loan. By paying more now you are also protecting (and preparing) yourself should interest rates spike.

Couple enjoying the beautiful sunset at the beach

2. Start thinking about retirement


Retirement planning? Already?

With the average retirement age in Australia between 62 and 65 years (and getting older every year), thinking about your retirement in your 40s can seem a bit premature.

But the truth is, it is never too early to start thinking about (and planning for) retirement.

It is important to start asking yourself important questions about the sort of lifestyle you intend to lead in retirement.

Will you become a ‘grey nomad’ and spend life on the road? Will you make a sea change and move to a coastal town? Will you need aged care services?

These questions will provide you with valuable information about how much money you will need to enjoy your retirement… and what adjustments you need to make to your financial strategy now.

3. Accelerate your savings


These are also the years where you want to turn up the dial on your savings.

Whether it’s increasing your superannuation contribution, purchasing an investment property, or building a direct share portfolio, accelerating your savings and growing your wealth is integral in your 40s.

Not only can these savings help protect you from those unexpected life events, but they can also be the difference between a ‘modest’ retirement and a retirement that is a lot more comfortable.

Happy family inside a home sitting on the floor

4. Protect yourself


According to the statistics, as many as 95% of Australians are either not insured at all, or are substantially underinsured – paying premiums for personal insurance that won’t really protect them when they need it.

That’s why it’s important to assess what YOU need and what your family needs.

The right kind of personal insurance protects you and protects your finances when the unexpected happens.

It will ensure that you can pay your bills, and that you can keep the roof over your head and your savings intact.

This is wealth protection – so you don’t erode your assets just trying to keep on top of expenses.

How can Step Up Financial help?


As fully qualified, experienced financial planners, we’re able to help you understand and manage your cash flow more effectively. We also provide financial services, including advice on:

And we encourage your pathway based on your own individual circumstances and values.

Are you ready to Step Up and take control of YOUR financial future?


Using the Step Up Financial Process, we help you launch the plan that will grow your wealth, protect your wealth and keep you in control.

Step up and take control of your financial future by contacting our local team of experienced financial planners today.

Need more information? Get in touch with Step Up Financial


    • 107 Moulder Street,
      Orange, NSW 2800

      PO Box 2499
      Orange, NSW 2800

    • (02) 6362 5445