It’s no secret that financial priorities will shift throughout your lifetime. As you change careers, build a family, and take on new hobbies, your financial plan will need to adapt to support. But the one constant is the need to continuously set new financial goals.
Whether you’re stepping off the stage at college graduation or you’ve spent three decades behind the same desk, here are some essential financial goals for every life stage.
The early working years are when most people get their first taste of money management. This is prime time for people to set goals that help them become more financially literate and learn the ropes of how to deal with money as an adult.
Those in the early career stage might consider goals like:
During your 30s and 40s, you may grow your career as well as your personal life. That means your financial goals now might need to consider the other people in your life who rely on you financially, whether that’s a spouse, children, or aging parents.
Consider the following financial goals during this time:
During your 50s and 60s, you’re likely to be earning more money and setting your sights on what comes after you leave full-time employment. This is a perfect time to ensure your retirement savings goals are on track.
Your goals for this stage of life may include:
The retirement years are full of opportunity, but many people live on a fixed income that limits what they’re able to do. However, if you’ve been planning all along, you likely know exactly how much money you’ll have each month and where it will come from. Now is the time to execute the plan and set yourself up for financial success during the remaining years of your life.
Retirement financial goals may include:
You’re never too young or too old to have financial goals. As you age and responsibilities shift, so too will the goals. That’s why it’s critical to re-assess your financial situation and goals at each new stage of life. And never be afraid to pull in a financial professional to help if you’re not sure where to go next.