Retirement Planning Tips for Midcareer Accumulators

On the 47th episode of the Retirement Explained show, I’m talking about tips and tricks that I want you to keep in mind if you’re a midcareer accumulator. Typically people fall into one of two phases in life; they’re accumulating or distributing their wealth and typically you’re in one or the other depending on if you’re retired or not.

If you’re mid career and still accumulating your wealth, you’ve done a good job to get where you are, but there’s still work to do!

Pay attention to your human capital

You’re in your career, and on your way, so while you’re likely not going to need to go back to school to start over or to improve your income, we should still keep an eye on ways to improve your income…your income is still what’s going to make up the majority of your wealth.

Continuing education programs or trainings or certifications could help to increase your income which will in turn increase your wealth.

Find the balance between retirement planning and other goals (like college savings)

Most of the time, if you’re in the midcareer stage of life, you might have other responsibilities (like children) and I think it’s important to make sure to keep your retirement planning at the front of mind and to not stray from the goals you’ve been working toward during the early stages of your working years.

We need to find the balance between things like saving money for college for a loved one and planning for your retirement and if worse comes to worse, I’d encourage you to err toward the side of your retirement.

Protect what you’ve got

Most of the time, if you’re in the midcareer stage of life, you might have other responsibilities (like children) and I think it’s important to make sure to keep your retirement planning at the front of mind and to not stray from the goals you’ve been working toward during the early stages of your working years.

We need to find the balance between things like saving money for college for a loved one and planning for your retirement and if worse comes to worse, I’d encourage you to err toward the side of your retirement.

Don’t let your lifestyle get in the way of your savings

As you progress through life your income will likely rise and your lifestyle will likely rise along with it. I’d encourage you to not let your lifestyle get a hold of your income and you end up spending all of your income as soon as you get it.

I think you should live your life and enjoy the finer things you’ve been working hard to be able to afford, but I’d also take another look at my bills if every dollar is going out as soon as it comes in also.

Don’t let your lifestyle get in the way of your savings

As you progress through life your income will likely rise and your lifestyle will likely rise along with it. I’d encourage you to not let your lifestyle get a hold of your income and you end up spending all of your income as soon as you get it.

I think you should live your life and enjoy the finer things you’ve been working hard to be able to afford, but I’d also take another look at my bills if every dollar is going out as soon as it comes in also.