Financial Guidance
for Every Stage of Life
Early adulthood is all about finding your footing—financially and otherwise. It’s the time to take control of your money, start budgeting with purpose, build an emergency fund for the unexpected and begin saving and investing for the bigger goals ahead.
Make a Simple Budget That WorksA great place to begin is with the 50/30/20 rule: Spend 50% of your income on needs, 30% on wants and put 20% toward savings. Budgeting apps like You Need a Budget or Rocket Money can help track where your money’s going—so you stay in control and hopefully avoid costly surprises.
Start Building Credit the Right WayYour credit score opens doors, so it pays to build it wisely. A secured credit card is a solid first step. Keep your balances low—under 30% of your limit—and never miss a payment. It’s less about spending and more about consistency.
Create an Emergency Fund So Life Doesn’t Catch You Off GuardAn emergency fund is your financial safety net. Aim to set aside 3–6 months’ worth of expenses in a high-yield savings account where it can grow quietly thanks to compound interest.
Invest Early, Even if It’s Just a LittleGetting started with investing doesn’t require a fortune. Micro-investing apps let you put in small amounts and if your job offers a 401(k) with a match, that’s free money you don’t want to leave on the table. The sooner you start, the better.
Use Tools That Work for YouThe right tools can make a big difference. Look for a dependable checking account to receive your direct deposits like paychecks, a high-yield savings accounts, secured credit cards or even credit-builder loans. And don’t skip the free resources—many banks offer online guides and financial education to help you learn as you go.
Learn the Basics That Matter MostFinancial literacy starts with the essentials: How tax brackets work, how to file taxes for the first time and how to tell the difference between manageable debt like student loans and high-interest debt that’s best avoided.
This phase often brings major life changes—starting or growing a family and buying a home, just to name a couple. Financial decisions get more complex and priorities begin to shift from short-term goals to long-term security. It’s a time to plan with intention, protect what matters and lay the groundwork for the future.
Preparing for ParenthoodRaising a family comes with joy—and new responsibilities. Start by budgeting for annual upfront medical costs, which can range from $10,000-$15,000 or more, and ongoing expenses like childcare. Update health insurance to cover dependents and consider life insurance options.
Buying a HomeHomeownership is a major milestone, but one that requires planning. Start by saving for a down payment—typically 20% for a conventional loan or as low as 3.5% for an FHA loan. Shop around for mortgage rates and make sure you understand the difference between fixed and variable interest terms before committing.
Saving for CollegeIf children are part of the picture, college savings should be, too. A 529 plan offers tax advantages and room for your investment to grow. Use online tools to estimate future education costs so you can create a realistic savings plan.
Staying on Track for RetirementMidlife is the time to get serious about retirement. Contribute consistently to employer-sponsored 401(k) plans and aim to max them out if your budget allows. Diversify your portfolio to balance growth with risk and check in often to make sure your strategy matches your timeline.
Helpful Tools and ResourcesExplore mortgage pre-approval services to get a head start on home buying. Set up or review 529 plans to stay on track with education savings. Financial planning consultations can also help you align your family’s budget with evolving goals.
Growing Your Financial Know-HowThis is the right moment to get familiar with estate planning basics like creating a will or setting up a trust. And don't forget to review those life insurance options.
As retirement comes into view, this stage is all about fine-tuning your finances and setting the stage for long-term stability.
It’s a time to accelerate savings, reduce debt and start thinking more seriously about healthcare, investment strategies and how to make your money last. With careful planning, this chapter can be one of both clarity and confidence.
Leveling Up Retirement SavingsWith retirement on the horizon, it’s smart to take advantage of catch-up contributions for 401(k)s and IRAs if you were late to start saving. By age 60, a solid retirement target is having 6 to 8 times your annual salary saved. Since these are often peak income-earning years, use them to build momentum.
Cutting Down on DebtReducing debt now can make retirement feel less stressful later. Focus on high-interest balances like credit cards and aim to pay off your mortgage before you retire if possible. Fewer monthly bills means more freedom down the line.
Planning Ahead for HealthcareHealth expenses tend to rise with age, so it’s wise to prepare early. Look into long-term care insurance and understand how Medicare works—including enrollment timelines and supplemental coverage options—to avoid surprises later.
Adjusting Your Investment StrategyAs your timeline shortens, it’s time to shift from high-risk growth to more stable, income-generating investments like bonds, dividend-paying stocks or guaranteed instruments like CDs. Make sure your portfolio stays diversified to protect against inevitable market swings.
Useful Tools to ExploreNow’s the time to tap into personalized retirement planning tools, consider any Roth IRA conversions and review long-term care insurance plans that fit your needs.
Sharpening Financial KnowledgeGet familiar with how Required Minimum Distributions (RMDs) work and build a strategy for future withdrawals during retirement. It’s also crucial to factor in inflation—especially when planning around a fixed income during retirement.
Retirement isn’t the end of the journey—it’s a new phase with its own priorities and possibilities. These years are about living comfortably on a fixed income, protecting what’s been built and making plans that reflect values and legacy. With smart strategies and the right tools, it’s possible to stay financially secure while focusing on what matters most.
Managing a Fixed IncomeWhen income becomes more predictable—from sources like Social Security, pensions, 401(k)s and IRAs—it’s important to budget with care. A simple rule of thumb, like the 4% withdrawal rule, can help ensure savings last. Consider how required minimum distributions affect your plan and make small adjustments that can stretch retirement dollars further. Rebalancing your portfolio annually can also help align spending with evolving needs.
Estate and Legacy PlanningThis is the time to put wishes in writing and revisit them regularly. Keep wills, trusts and beneficiary designations up to date, and don’t hesitate to talk with family about legacy goals. Clarifying intentions early helps avoid misunderstandings later. If charitable giving is part of the picture, consider donor-advised funds or qualified charitable distributions to maximize tax efficiency.
Staying on Top of HealthcareHealthcare planning continues to evolve in this stage. Explore Medicare Advantage plans for broader coverage and make room in the budget for out-of-pocket costs like dental, vision and hearing care.
Helpful Tools and ServicesSenior-friendly banking services offer added protection like enhanced fraud monitoring. Reverse mortgages may be an option for those looking to tap into home equity. And digital tools can help simplify account and investment management.
Staying Informed and SecureFinancial literacy still matters. Learn how to recognize common scams targeting seniors, secure digital accounts with strong authentication and monitor credit regularly. Planning charitable giving in ways that align with personal values not only supports causes you care about, it can also reduce taxable income in retirement.
Use this list to see which financial actions matter most at each life stage—and when to focus on them.
Action
Early Adulthood (18-30)
Midlife (30-50)
Later Career (50-65)
Golden Years (65+)
Budgeting & Expense Tracking
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Building Credit
Emergency Fund Creation
Saving for Retirement
Homeownership Planning
College Savings for Children
Debt Reduction
Healtchare & Insurance Planning
Estate & Legacy Planning
Investment Strategy Adjustments
