5th Inning (Ages 41 – 45)

Well, now you are in your early 40′s. Your financial ballgame is in its 5th inning, and you are settled into your career. Hopefully your income is continuing to increase, but it remains a challenge to keep socking money away, doesn’t it? Especially taking care of those “Little Leaguers” of yours. Expensive, aren’t they! But, worth every dime!

Whatever your situation, are your personal finances staying on track and within the baselines? What players do you need to have on the field during this inning?

Here’s some common issues you may be facing in the 5th inning:

  • Supporting the growing expenses of your family (with those Little Leaguers)
  • Thinking of moving to a larger house? Need that extra bedroom now?
  • Selecting the right mortgage for your situation. Time to refinance?
  • Participating in your employer’s retirement program
  • Selecting the proper insurance program and coverage amounts for your changing needs
  • Funding an IRA
  • Creating or continuing winning savings and investing habits

Attend the Financial BallGame™ workshop “Middle Innings” to learn about these issues and lots, lots more, including:

  • College education savings for those Little Leaguers. What should you do? There’s those 529 plans, and then there’s the Educational Savings Accounts, and then the prepaid tuition plans. We will help you unravel this tangled mess so you can start socking some money away for their education.
  • What type of insurance protection do you need for this stage in your life? House, auto, life, disability? You’re still relatively young, and this may be a great time to set up some permanent life insurance to insure your future. Don’t take any chances on your health deteriorating and you becoming uninsurable. You may have term insurance through your employer, but what happens if you quit? Your insurance policy will leave you when you leave your job unless you convert it.
  • Are you renting your home? Check out the benefits of renter’s insurance. What if your house is burglarized? What if someone slips and falls in your house? You can’t afford to be without some protection.
  • Looking for a mortgage? Thinking about a refinance? You face a bewildering array of decisions; thousands of choices. Let Financial BallGame™ give you some valuable coaching about fixed rate loans, 15 or 30 year terms, adjustable mortgage benefits and pitfalls and what factors to consider when financing your new home. After all, your home may be the biggest purchase of your life.
  • Check out an umbrella policy. Take a look at your deductibles on your homeowners insurance and consider adding an umbrella policy for more protection from those curve balls life throws you. It’s like a HUGE catcher’s mitt for you!
  • Have you changed jobs? If so, you may have some money in your old 401(k) plan that you can roll over. What are the rules? Is it hard to move? How should I choose what to roll the money into?
  • Diversify your retirement plan into different asset allocation classes. Huh? What does that financial lingo mean? Well, most Americans make serious mistakes in the choices they make when selecting investments for their 401(k), 403(b) or similar retirement program. Do you keep too much in 1 fund? Too much in your company stock? Too conservative? To aggressive? Or do you move your money around based on what the returns were for the PRIOR period? Ouch…be very careful. Mistakes here can hurt you for a long, long time!

So, ready or not, you’re up to bat. Take a deep breath. Grab the bat firmly in your hands, and get ready to swing! Take a deep breath…keep your eye on the ball, and SWING!!!

As your Financial Coach, we will help your batting skills as we cover these questions and more in our “Middle Innings” Workshop. Check out our “Workshop” Tab on the main menu for a peek at this exciting and informative session!

It’s Your Money. Play to Win the Game.™