According to PayScale, full-time workers with bachelor's degrees typically reach their peak earnings between the ages of 40 and 50. But financial experts warn that earning more doesn't give you license to spend more.

"As retirement draws nearer, you need a clear vision of your desired lifestyle and the funds required to achieve it," says Marcy Keckler, vice president of financial advice strategy at Ameriprise Financial.

Develop a concrete retirement plan

If you haven't started planning for retirement, now's the time. Determine your desired retirement age, preferred living location, anticipated expenses, and required savings. Consulting a financial advisor can help you chart a suitable course and adjust your monthly savings.

"Your 40s are an ideal time to assess whether you're on track to retire as planned," says financial expert Walsh.

Prioritize maximum savings

Regardless of your retirement goals, financial expert Shomari Hearn advises prioritizing retirement savings, even above saving for your children's college education.

"No one else is saving for your retirement. Meanwhile, your children have various options for financing their education," he explains.

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Prepare for the unexpected

Your 40s are also a crucial time to strengthen your financial safety net. Illness, job loss, or economic downturns can derail your savings if you lack adequate reserves.

Keckler recommends maintaining an emergency fund covering 3-6 months of living expenses and securing health and life insurance as needed. "A smart saving strategy can easily crumble without a risk management plan," she says.

Invest in your physical health

Maintaining good health not only allows you to enjoy a longer life but also reduces future medical expenses. Julie Rains, a personal finance expert and running coach, emphasizes that good health is one of the most profitable long-term investments.

Your 40s are a good time to maintain a healthy diet, exercise regularly, and undergo routine checkups, not only to prevent illness but also to save on future treatment costs.

Enjoy life responsibly

Saving is paramount, but it doesn't mean sacrificing all experiences. Traveling, especially with family, is considered a valuable investment at this age.

"People in their 40s often want to enjoy life before settling down and create memories with their children," says Ryan Inman, a financial planner. He suggests that experiential goals like travel can motivate saving and strengthen family bonds.

Nhat Minh (According to Gobankingrates)