Too often, people spend more than they earn and end up reaching for credit cards to make up the difference. It's easy for things to get out of hand, says Meg Green , a certified financial planner in Miami. That's when you have to think about the future, about kids' college, about the house, about the business. At this age, if you wait 10 or 15 years before considering how much money you'll need for retirement, you run the risk of not saving enough. Avoid being buried in house debt Finally, this is the age when most people are calf-deep in paying off their mortgage.
Experts say it becomes a bit easier to make payments and set money aside for retirement.
Because it takes more savings now to support a big house and an active lifestyle later, consumers have to be extra careful not to overextend themselves when it comes to housing. That may mean keeping the mortgage manageable so some money can keep flowing toward retirement accounts. U.S. Highway 1, North Palm Beach, Fl. Bankrate Inc. all rights reserved. This site is best viewed with Internet Explorer or Netscape Navigator .