At this stage, you’re likely full stride into your
career and your income probably reflects that. The challenge to saving for
retirement at this stage comes from large competing expenses such as a
mortgage, raising children or perhaps financing a business.
A classic conflict involves saving for retirement
versus saving for your children’s college education. As a general rule, we will
tell you that retirement should be your top priority. Your child can usually
find financial aid and help fund their own education. You’ll be on your own for
retirement.
Some expenses shouldn’t be avoided, however.
Financial catastrophes could seriously derail your retirement plans, so be sure
to have adequate life insurance (for your spouse’s retirement), some disability
insurance to replace lost income and adequate health insurance. A cash
emergency fund also can help avoid selling retirement investments should you
need the dollars.
Your investment portfolio probably shouldn’t change
much from when you were in the Getting Started stage. You still have
considerable time before retirement, even if you plan to retire early.
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