Financial Planning for Mid-Career Professionals – Program Recap

Published May 19, 2026

As we become stable in our career and retirement is ever-more present on the horizon, there are important financial considerations that we should focus on.

Thank you to Gerard Raho from Edward Jones Financial for highlighting some of the important financial considerations that separate mid-career professionals from other individuals who are either earlier in their career or starting or beyond retirement.

My Financial Needs – 5 Questions

Conversations about your financial situation, especially as your life transitions to a more stable environment (home, older kids, final job), become ever more pertinent, centering on 5 crucial questions:

Where am I Today?

This is the foundational question that will help guide your path moving forward. What assets do I have today – retirement accounts, savings, real estate, pensions, etc.? What are their specifics – risk status, allocations, time limits, interest rates? What is my budget (do I even have a budget) and is it likely to change soon (known upcoming expenditures)? Answering all of these questions will help you gain an accurate picture of where you stand financially and can help pinpoint areas of concern or growth to focus on.

Where Would I Like to Be?

What are your financial and personal goals, both short term and long term? As these goals needs, wants, or wishes? Having a clear understanding of what you want to spend or save your money for will help determine specific actions you should take to ensure your money is able to support those. Always prioritize your needs (food, shelter, transportation, employment) first and then focus on your wants (home, education, retirement) followed by your wishes (2nd home, boat, extended vacations).

Can I Get There?

This is simply determining if my current financial plans align with your financial goals. This will require having clear answers to the two previous questions; without clarity, there can be no certainty.

How do I Get There?

You should sit down with a financial planner and see where your shortfalls are in funding your financial goals. This will involve developing a financial plan that aligns with your goals, ensuring that your needs are covered first and then looking to wants and wishes. You may need to adjust your portfolio, move funds into different assets, or establish other financial vehicles.

How Can I Stay on Track?

Your financial plan is not static and should change over time, especially as your goals, financial situation, and personal life change. Repeating steps one through four should be done regularly, including discussing things with your financial planner – don’t go at it alone!

Considerations for Mid-Career Professionals

Retirement Accounts

One of the first steps you should focus on is maxing your employer-sponsored retirement plans (401(k), 403(b), IRAs, etc.). These contributions are pre-tax, grow tax-deterred, and can often be matched by an employer. You can be leaving free money out of your retirement!

Asset Allocation

Different goals require different types of assets with different parameters. Generally, asset allocation is the mix between bond market (more conservative) and stock market (more aggressive) investments, but is can also be applied more specifically to the parameters of the specific assets – risk tolerance, industry type, domestic vs. international companies, etc. If you have multiple retirement accounts from different employers, those are all going to be different in their structure and may not be serving your current needs so combining them into a proper portfolio might be best.

Health Care Needs

As we get older, we need to start planning for our health care needs as we enter and move beyond retirement; we are generally living longer and health care costs continue to rise. Health savings account, if available through your current health plan, can be excellent investments (pre-tax and no tax upon withdrawal) to fund for future health care expenses. You should also start considering the implications of long-term care and how you might address that need for you and your partner, if applicable.

Paying Off Debts

During this time, we may start gaining more disposable income and not know what to do with it. If you are looking to pay down your debt, it is generally advisable to pay down your high-interest debt first, such as credit cards. If your mortgage rate is low (2-4%), look to other debts first or invest that money for greater returns. Your financial plan should be able to guide you on paying down your debts.

Common Investment Problems

Some common investment problems that can undermine your financial stability and move you further away from your financial goals include:

• Improper asset allocation – being either too conservative or too aggressive for your goals. This includes asset diversification to help mitigate or lessen the impact of potential financial disasters.

• Taking money from the wrong account – If you need to remove money from your assets, first use your non-retirement accounts before moving on to traditional retirement accounts, and lastly Roth retirement accounts. This can help you avoid penalties and encourage the maximum growth for your money.

• Having short-term money in the stock market – On average, the stock market drops five percent three times a year and ten percent once per year; it also tends to drop thirty percent once every three years. Trying to cash in on quick gains to help for buying a house or other large purchase can tie your money to one of these predictable downturns, causing you to lose some of that money.

• Trying to time the market – The market is unpredictable and it oftentimes does not immediately or accurately reflect trends in the news or global markets. Additionally, the swings between a bear market (down roughly 25%) and bull market (up roughly 80%) are very difficult to time, even with years of financial planning experience. Time in the market is a much better strategy – even with market volatility, there has been no 20 year period where you would have lost money and you have a 93-94% chance of making money in any 10 year period in the stock market.

More Information

If you wish to discuss you current financial situation, you can schedule a no fee and no obligation consultation with Gerard by contacting him at gerard.raho@edwardjones.com or 973-543-2867.