Money Management

Saving by the decade – Stay on track

DATE | 07/24/23
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This article is the third in a series that will cover savings strategies you can follow in each decade of your life.

Building that nest egg for your daily needs can be a challenge. And for many, the idea of saving for retirement is often a ‘tomorrow’ idea—until it becomes ‘soon.’ But the longer you wait to save, the more it can cost you. We share some general guidelines to make saving a bit easier by the decade.

Your 40s: Stay on track

Continue to pay down debt. If there have been any changes in your life, be sure to review your life insurance policies and check the beneficiaries on all of your policies and accounts.

If you haven’t done it yet, it’s a good idea to get your estate plan in order to make things easier on your family.

You may be able to add a flexible spending account (FSA) or health savings account (HSA) from your employer to your savings mix to help you pay for qualified medical expenses.

Make an inventory of your possessions to be well-prepared in the case of a serious insurance claim. You can take video or photos, or download our free Personal Property Home Inventory eBook.

However you save for retirement, be sure you know the underlying costs involved. Program costs vary between providers and impact your savings over time. Keep your money in your account working for you rather than being consumed by product or advisor costs. Learn more about fees in your retirement account.

Explore our financial coaching options at to learn more about fees, start some initial estate planning, make sure your savings plan aligns with your goals, and more.

If you have a 403(b) account with WEA Member Benefits, we offer you an interactive wealth management tool called eMoney at no additional cost. This tool also helps our financial planning staff provide you with the best strategic advice available. Visit eMoney to fill out an interest form.

<<Read Part 2 of our series on saving in your 30s.

>>Read Part 4 of our series on saving in your 50s.

Sources: Citizens First Bank, Forbes, Vanguard.
Your actual situation may be different depending on future rates. No guarantees are expressed or implied. If you choose to invest in the 403(b) or IRA programs, fees will apply. Consider all expenses before investing. Mutual fund management and redemption fees may apply.