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During your 20’s…
- Start a savings program.
- Identify long-term goals.
- Train for a career.
- Determine insurance needs.
- Protect assets with insurance.
- Consider opening an IRA.
During your 30’s…
- Invest for capital growth.
- Explore retirement goals.
If you have children:
- Provide for expanding housing needs.
- Build education funds.
During your 40’s…
- Diversify investment.
- Begin to develop an estate plan.
- Begin to seriously think about retirement planning.
- Review and revise will as necessary.
- Explore a living will, along with a power of attorney(in event of capacity).
- Reevaluate insurance needs – Homeowner, Life, Critical Illness, Disability Income, Umbrella Liability
- Consider deferred compensation plans with employer.
- If you have children: continue to build education funds; teach children good money habits.
During your 50’s…
- Think about providing for long-term care.
- Decide where to live in the first stage of retirement.
- Plan caring for aging parents.
During your 60’s…
- Reevaluate budget to meet retirement needs.
- Think about ways to reduce taxable estate.
- Shift a portion of assets toward income producing investments.
- Investigate part-time employment or volunteer work for retirement.
- Ensure long-term needs are met.
- Make sure health insurance is in place to supplement Medicare.
- Review will and trust.
- Convert group term life insurance.
- Start considering plans for continuation of family business, if applicable.
During your 70’s…
- Update living will, power-of-attorney.
- If you have children: investigate gift and insurance plans for children and grandchildren; explore charitable giving plans; plan for shifting business interest, if applicable.