Saving for retirement in your 40s can be tough, especially with house payments, car payments, and children. But this is also the time of life where you have some discretionary income, as your career hits its stride.
The most effective way to save is by taking money right out of your paycheck twice a month and into a 401(k). Experts say you should get used to living on less. This is the time to max out your 401(k), paying attention to asset allocation and risk tolerance. Tax planning also matters, especially for future withdrawals on a 401(k) or IRA.