Finance Through the Decades
20s
“Don’t leave money on the table! As soon as you can participate in a retirement program through work, sign up!” - Jennifer L. Drennan, Field & Main Bank
“Start developing good financial habits as soon as possible. It is important to seek financial advice at an early age.”- Kate Nelson, Republic Bank & Trust Co.
“We find that many individuals or families feel they are too young or don’t yet have enough saved to warrant financial planning, but that couldn’t be further from the truth.” - Christopher E. Anderson, Unified Trust
30s
“Work on reaching and maintaining a qualifying credit score before making a purchase that will require you to borrow money. A higher credit score can save you money when you qualify for a lower interest rate.” – Lisa T. Smith, Cumberland Valley National Bank
Make sure you’re passing on good financial habits to your children and those you mentor.
Build a safety net. If you have a mortgage, spouse or children, take the time to prepare your legal documents and make a life insurance plan.
40s
“Everyone and every situation is different.” - Rebekah Welch, South Central Bank
That’s why meeting with a financial advisor to come up with a plan that best fits YOUR needs is key.
Set a “savings budget” that determines how much you put into tax-advantaged accounts versus easy access regular savings each year.
“Whatever your income, it is essential to take control of your finances. It is one of the most important things a person can do.” - Rockie Mason, Cumberland Valley National Bank
50s
Make retirement savings a priority, and keep your retirement in mind when making major financial decisions!
“In your 50s, it is critical that you are using a professional for your retirement planning and tax strategies.” - Kristina Ping, Powerful Legacy Insurance and Financial Services
“It’s very simple: ask for help, start the discussion and create a plan.” - Je Sheppard, Family Wealth Group
Make a plan to pay off your house, and determine what improvements you will invest in going forward.
60s
“In addition to setting up your will, now’s the time to talk to your financial institution about setting up beneficiaries and/ or trust accounts.” - Danielle Luigar, Commonwealth Credit Union
“No matter what stage of life you’re in, or what age you’re at, it’s never too early or too late to start working toward a better and brighter financial future.” - David Smyth and Alex Roig, Family Financial Partners
Don’t take social security too early. You can start receiving bene ts at 62, but for each year you wait (until age 70), your monthly benefit will increase!
70+
Adjust your estate planning to reflect your current priorities and values.
Simplify your assets and accounts, such as gifting or selling under-used properties.
Consider the purpose of your current investments: if you’re saving for future generations, taking on a little more portfolio risk may make sense.
Keep working with your nancial advisors and make adjustments when needed... but take this time to truly enjoy the rewards of all your hard work!
