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Are you thinking about your financial future? Whether you’re just starting your career or looking forward to retirement, taking steps to secure your financial life is always important. But how do you know what steps to take and when?
Everyone’s money journey looks different, and the financial moves that make sense in your 20s won’t be the same ones you’ll need in your 40s or 60s. This article walks you through common life stages, from early adulthood through retirement, and shows you how to build a strong financial foundation—no matter where you are.
Welcome to adulthood! This stage is all about building habits that will carry you through life. Whether you’re starting your first job, moving into your own place, or paying off student loans, your 20s can feel financially chaotic. But that chaos? It's actually full of opportunity. With so many new doors opening, it can get overwhelming, especially when some of the common financial worries that typically plague those in their 20s like:
- How long will it take me to pay off my student loans?
- Can I even afford rent and save at the same time?
- What does “401(k)” mean and why does everyone act like I should already know?
This stage of life is full of firsts, and with that comes a lot of potential financial mistakes. But here's the thing: the habits you build now can set you up for a lifetime of success—or a lifetime of ramen noodles and bounced Venmo payments. No pressure, right?
Where to Start:
Build a budget: Yes, the “B” word. It’s not glamorous, but it’s essential. Budgeting helps you figure out where your money is going so you can tell it where to go. Think of it like financial GPS—it might yell at you sometimes, but it gets you where you need to go.
Start an emergency fund: Aim for 3–6 months’ worth of essential expenses. That might sound like a lot, but even stashing away $25–50 a paycheck gets you started. Your future self will thank you when your car breaks down or your landlord raises the rent.
Tackle that student loan debt (without panic): Student loan debt is real and rising. The average borrower now owes over $42,000—a new all-time high. It’s a weight, but it doesn’t have to be a life sentence. Get to know your loan terms, see if you qualify for income-based repayment, and build it into your budget.
Start saving for retirement: We know retirement feels like it’s 200 years away, but your 20s are the best time to start. Thanks to compound interest (a magical force where your money earns money on its money), small amounts saved now can grow into big money later. If your job offers a 401(k) or 403(b), especially with a match, do not skip that. That’s free money. If you’re self-employed or don’t have a plan through work, look into opening a Roth or traditional IRA.
Key Actions for Your 20s:
- Master your budget — This one skill will follow you your entire life.
- Build an emergency fund — You’ll never regret being ready for the unexpected.
- Start saving for retirement — Even if it’s $20 a month, start now.
- Explore your benefits — Take advantage of employer matches, HSAs, and any perks your job offers.
Thirty and thriving!
At this age, you’re likely thinking about the next big life steps—maybe buying a home, starting a family, or diving into investing. Life has shifted into high gear, and your finances are going to play a major role in how you navigate this part of the journey.
You're juggling a lot—career moves, personal goals, bills, and potentially tiny humans. And while it’s tempting to just go with the flow, this is the decade to get intentional with your money. Ask Yourself:
- What do I need to know before buying a home?
- How do I start investing in a way that doesn’t feel like gambling?
- How much will growing my family actually cost?
Start by revisiting the basics. Emergency fund? Check. Basic budget? Check. Retirement savings? Hopefully, yes. If not—freeze! Go back to your 20s checklist before continuing.
Once your foundation is set, it’s time to focus on goal-based savings and learning basic investing strategies. These goals might include a down payment on a house, saving for a child, or taking that bucket list vacation in five years.
There are generally three types of savings goals:
- Short-term (emergency fund)
- Medium-term (goal-based savings)
- Long-term (retirement)
In your 30s, focus more heavily on those medium-term goals. Putting a larger portion of each paycheck into targeted savings will let you enjoy life’s milestones without financial panic.
This is also a great time to start investing. Investing means giving your money a chance to grow through stocks, bonds, mutual funds, or other assets. It's not just for the wealthy—it's for anyone who wants their money to work smarter. Use a risk questionnaire to learn your comfort level, and then take the leap.
Key Actions for Your 30s:
- Secure your foundation: Budget, emergency fund, and regular retirement contributions—these are your base.
- Set goal-based savings targets: Home, family, travel, business—start saving for the big stuff.
- Learn to invest: Take time to understand risk, return, and the options available to you. Index funds and diversified portfolios are great places to start.
You’ve been through it all by this age: emergencies, house payments, career changes, and more.
By this point, you’ve probably weathered a few financial storms—unexpected expenses, job changes, maybe even supporting your adult kids or aging parents. You're also (brace yourself) getting closer to retirement.
On average, people hit their earning peak during these decades. So now’s the time to maximize your savings, tighten your investment strategy, and start imagining what your retirement looks like—not just financially, but practically. Are you traveling the world? Starting a side hustle? Moving closer to your grandkids?
If you’re not sure how prepared you are, retirement calculators can help you estimate what you'll need.
Once you turn 50, you're eligible for catch-up contributions—an extra $7,500 per year in your 401(k) or 403(b). That’s a major opportunity to accelerate your retirement savings. And while you're focused on long-term planning, don’t neglect your short-term and goal-based savings. This is about balance, not tunnel vision.
You might also be navigating a tricky space with your adult children or your aging parents. It’s okay to help, but make sure you’re not compromising your own financial health in the process. Boundaries aren't just emotional—they're budgetary, too.
Key Actions for Your 40s-50s:
- Prioritize retirement savings: Max out contributions if possible, and take advantage of catch-up rules after 50.
- Use tools: Track your progress with calculators and planning software.
- Define your retirement vision: It’s easier to plan when you know what you’re planning for.
- Consider family dependencies: Balance your own goals with your role as a caregiver or financial helper—strategically and compassionately.
Welcome to 
the ’60s!
You're either already retired or seriously considering it. This is when all your financial prep gets put to the test. It’s goodbye paycheck, hello freedom. But before you punch your last timecard, it’s normal to wonder:
- Have I saved enough to retire comfortably?
- Am I mentally ready to stop working?
- What if I outlive my savings?
The average retirement age is around 65, but there’s no "perfect" time. Some people retire early. Others never fully stop working. It’s personal.
Social Security can be collected as early as age 62, but your benefit amount increases each year you wait—up to age 70. For those born in or after 1960, waiting until full retirement age (67) gives you 100% of your benefit. Waiting until 70? You’ll get 24–32% more per month.
Let’s talk withdrawals. The 4% rule is a popular guideline—meaning if you withdraw 4% of your retirement savings annually, your money could last 30+ years. But that depends on how much you’ve saved, market conditions, and how much you’re spending.
Don’t fall into “spending paralysis.” You’ve saved for this moment—now it’s time to live it. But still be smart. Use a retirement budget tool to make sure your money lasts.
Key Actions for Your 60s-70s:
- Review your retirement plan: Know your numbers before you leave your job behind.
- Stick to a withdrawal strategy: The 4% rule is a great starting point—adjust as needed.
- Time your Social Security wisely: Don’t just take it because you can. Make an informed choice.
- Stay financially engaged: Retirement doesn’t mean checking out from your finances.
Whether you’re in your 20s or your 70s, your financial life deserves attention and care. While everyone’s journey looks different—and full retirement might not be your goal—hitting certain financial milestones is key no matter what. Take one step today that your future self will be grateful for. That’s all it takes to move in the right direction.