People in their 40s are often balancing multiple financial goals, but they placed second on the list of age groups that saved the most in 2023.
In your 40s, you're likely hitting your peak earning years and beginning to seriously evaluate your strategy for saving, whether it's for retirement or your children's future.. While that's lower than the $8,911 people in this age group aimed to save last year, it still puts them second on the list of age groups who managed to save the most in 2023. Only people in their 30s managed to stash away more, with an average of $9,807.
"It could be kids activities, it could be child care, or it could be college, all those areas take a lot of people's cash flow."Given that child care can be a big expense in your 40s, Cheng recommends opening a dependent-care flexible spending account.child-care expenses likeor $2,500 each if you and your spouse file separately.
Another option is the graduated repayment plan, which starts with low monthly payments that increase every two years to guarantee you pay your balance off within 10 years.After being in the workforce for decades, people in their 40s might not consider professional development relevant to them.
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