Suggestions for Financial Goals at Various Life Stages
Last month, we looked at a few key financial areas someone in their 20s might focus on. In this article, we offer some suggestions for the 30s and 40s.
- If you have children, begin investing for their education.
- Continue to keep credit under control and avoid paying finance charges and annual fees.
- Write a will or review the one you have.
- Review your insurance coverages in light of changes in your family situation, increasing assets, or professional activities.
- As your income grows, look for investments and savings plans that shelter some of it from taxes.
- Use a retirement planning software program or see a financial planner to figure out exactly how much you’ll need to have saved to maintain your lifestyle in retirement.
- Review your investment allocation to be sure you are still well diversified.