Financial Tips for Fortysomethings
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In our previous two pieces, we explored specific actions individuals in their twenties and thirties can implement to build a solid financial foundation.

Now that you are in your forties, however, the stakes are much higher.

Retirement no longer feels so distant, and every back-to-school shopping trip with your children is a reminder that college tuition is one year closer. This decade is crucial for long-term financial planning, though many families exit their forties no better off financially than they entered it, due to the fact that this decade is busy and expensive!

Regardless of how financially savvy you were in your younger years, adhering to this advice will prepare you for success.

Tie up Loose Ends from Previous Decades

Life does not follow a predefined script, and your unique situation may have left you in a position where you are now in your forties, but find yourself slightly behind the curve of what professional financial advisers would consider appropriate.

If so, here is a brief summary from previous articles of action items worth immediate attention.

First, you must pay off non-mortgage debt. Budgets are tight, and your forties are no time to devote precious cash flow to high credit card balances or even student loans.

Risk management is crucial and needs to be squared away at this…………… continues on

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Tips for coping in a low interest rate environment
News from New York Daily News:

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Federal Reserve Chairman Ben Bernanke sounded cautionary notes about the economy. The Fed will keep interest rates near zero through 2014.

Frustrated by the paltry returns you’re getting from your savings account?

Get used to it!

Last week, the Federal Reserve said it will keep interest rates low through 2014.

As it is, rates on deposits are at rock bottom. The average yield on a savings account is 0.1% and checking accounts are paying a measly 0.06%, according to

“Savers are in a pickle,” said Scott Brewster, a certified financial planner and president of Brewster Financial Planning in Park Slope, Brooklyn.

Getting slammed the most are retirees who are heavily dependent on interest income to pay their bills.

So what should you do in this low rate environment? We asked the experts.

Look at online savings accounts. “If you’re saving for a short-term goal and need to keep your money in cash, your best bet is to use an FDIC-insured savings account,” Brewster said. “Try to find an online savings account that offers close to 1%, with no hidden fees.”

“Even if you are saving for something a few years out, I would keep the fun…………… continues on New York Daily News

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