Your 40s are also the time to start thinking about getting long-term care insurance for your retirement years. In simple terms, it provides coverage for the cost of care for people with a medical condition that requires supervision, whether in a nursing home or elsewhere.
"If you don't do it in your 40s, definitely consider it in your 50s," LaSpisa said. "After that, it can get cost-prohibitive."
People in their 50s are in the home stretch of retirement planning. If they have not tended to all of the things they should have at a younger age, now is the time to do it.
And as far as retirement savings go and how to divvy up your assets, it's all about risk tolerance and time horizon. Advisors are loathe to say a 25-year-old should have more exposure to stocks than a person on the verge of retirement, because it really depends on to what extent a client can stomach the volatility of the market.
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