Financial Advisor Darcy Bergen Explains What To Do In Your Forties To Prepare For Retirement

Darcy Bergen

February 1, 2021

Darcy Bergen Explains How To Set Yourself Up For Success

When you’re in your forties, retirement is approaching quickly. This is the time to start planning so that you’re ready to enjoy yourself in retirement, rather than worry about your finances. Financial advisor Darcy Bergen is sharing his top tips for people in their forties who are working to prepare for retirement. 

Darcy Bergen says that one of the key factors to consider is whether you’ll want to work in your retirement. If you plan on bringing in some income after you retire from your full-time job, your financial situation may be drastically different than if you plan to live off of your retirement. 

You’ll also want to consider the type of lifestyle you’d like to have in retirement, according to Darcy Bergen. There’s a big difference in the income you’ll need if you decide to stay in your own home vs. purchasing a vacation home and living there full or part-time. You’ll also want to consider your hobbies, travel, and other activities that you’ll need to factor into your retirement financial plan. 

After you have an idea of the type of income you’ll need to support your ideal retirement, it’s time to start working to make that a reality. Darcy Bergen says that one of the first steps you’ll want to take to increase the likelihood of having substantial retirement income is meeting with a financial advisor. They’ll be able to go over your current portfolio with you and help you decide what you need to change in order to align your investments with your retirement goals. 

If you haven’t started saving for retirement yet, Darcy Bergen recommends getting in to see a financial advisor as soon as possible. They’ll be able to talk with you about starting a traditional or Roth IRA, as well as how to maximize your 401(k) benefits. 

In addition to working with a financial professional, Darcy Bergen recommends paying off as much debt as possible so that you’ll be able to utilize your retirement income for expenses. Darcy Bergen also recommends thinking about how large purchases at this point will affect your retirement. Many people in their forties are becoming financially sound for the first time, and it can seem like a good idea to purchase a larger home or a luxury car. Darcy Bergen recommends you consider if you’ll be making payments into your retirement and whether you’re comfortable with how that decision will affect your retirement income.