Lifestage Savings Goals
So many of your financial goals are going to vary depending on where you’re trying to get in life. And while there are plenty of personal finance influencers to get ideas from, you know you! Your goals at 35 might be totally different than mine were and that’s okay. But, if you’re looking for somewhere to start based on where you are in life, consider these.
In your early 20s, take care of the basics: my income covers my basic needs; I know how compound interest works and how it will help me save for retirement. I know if I’m happy living with roommates for now, but want to own a home in the future.
In your 30s and into your mid-40s, it’s good to be saving at least 15% for retirement and automatically increasing your contribution annually. If you have kids, figure out how much you want to help with their education and other expenses as they grow and what they’ll be responsible for.
Through mid-40s and mid-50s, make sure that you’re on track to reach your retirement goal and know if you need to hire an advisor to make sure. Get all of your papers in order “just in case” and if your parents are still living, be sure you know their wishes for end of life scenarios.
As you get into your mid-50s, start thinking about whether you’ll retire in stages or all at once. Do you have a plan to pay off your mortgage or know if you’ll live in your current home in retirement? What’s your plan for when you begin drawing Social Security benefits?
Again, if you’re looking for ideas, these are some good guardrails to strive for as you chase your other goals. Not sure where to start? Email me!
As you think about retirement savings, Multipli has a great rate on IRA savings accounts. While our IRAs aren’t tied to any investment accounts, you’re guaranteed a great rate, but also have flexibility to do things like open Certificates of Deposit to further boost your savings.
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