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Financial Planning at All Stages of Life

Financial Planning at All Stages of Life

March 16, 2023

It’s never too early to start planning for retirement, and seeking the advice of a financial advisor can help you develop strategies to achieve your financial goals both now and in the future. A comprehensive plan can help you accumulate wealth, minimize tax liabilities and make sound financial decisions throughout your life.

Think of your life in stages, and you will realize that the financial decisions you made at 20 will not be the same as the ones you make at 50 or 70. Your financial plan should be adaptable and evolving, just like you and your family.

Here are some financial planning stages to consider at any age:

Laying a Foundation 20+

In this stage of the game, it’s all about establishing a good credit history, eliminating debt and creating a safety net. Investing in a retirement account (especially if your employer is willing to match your contributions) is also ideal, but not the first step in getting your finances in order. Focus on paying off any high-interest rate debt and keeping it paid off as the first step, followed by establishing an emergency fund. Then you can begin focusing more heavily on your long-term financial goals.

Accumulation Stage 30+

In this phase, you should focus on investing more heavily and potentially taking more risk in your portfolio since you have a long-time horizon before retirement. You may also want to put a safety net in place to protect your family should something happen to you. Consider talking to us about creating a comprehensive plan during this stage. As your finances become more complex, we can help identify the right asset allocation, plan for college expenses and other family needs and identify ways to potentially accumulate wealth more effectively.

Preparing For Retirement 50+

By now you should be exploring what retirement goals you have for your family so you can start planning how much income you need to support your lifestyle during retirement. We can help you understand what retirement looks like based on your current financial situation, strategize ways to help fill any gaps and add in additional safeguards to protect your wealth and your family.

Enjoying Retirement 60+

You’ve reached a big milestone and can even reinvent yourself — whether that means travel, enjoying time spent with family and on hobbies or even exploring new careers. This is a critical time to make sound financial decisions when it comes to withdrawing income and benefits. With the right guidance and careful planning, you can potentially maximize your social security and let retirement plans accumulate longer to help provide the most income during retirement.

Estate Planning 70+

Taxes can erode a lot of the money you accumulated during the retirement and wealth transfer stages. We can help strategize ways to maximize your gifts to charities and loved ones with tax-focused solutions to help them benefit more significantly from your gifts.

No matter what your financial stage is, our team of financial advisors is here to help you enjoy the benefits of your hard work with a holistic approach to wealth management. Whether you’re just getting started or have already entered retirement, we can offer customized solutions to help you pursue your financial goals.