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5 Financial Goals for Every Decade

5 Financial Goals for Every Decade

Setting financial goals for various stages of your life can help you achieve multiple financial milestones. Your financial goals change throughout your life, and your focus needs to adjust. The benefit of meeting your financial goals for every decade is realizing a more financially healthy life and a comfortable retirement. Take control of your financial future today by planning to achieve these financial goals for every decade.

Financial Goals for Your 20s 

Your 20s bring the start of your career and regular paychecks. Developing good financial habits now is vital to financial success.

  1. Build your credit – Building and maintaining good credit is a significant part of achieving financial well-being. Your credit is considered for everything from renting an apartment and buying a car to purchasing your first home. Good credit should be one of your financial goals for every decade.
  2. Begin repaying student loans – Many of us leave college deep in debt. When you begin working right out of college, your priority should be to pay off student debt.
  3. Strive to become financially independent – It’s time to move out of your parents’ house and build a future.
  4. Retirement planning should begin now – Establishing a retirement fund should be a top priority in your 20s. Enroll in your company 401(k) or consider investing in a Traditional or Roth IRA from Choice One Community Credit Union.
  5. Save for an emergency – We never know when an unexpected expense will take us by surprise. Prepare now for any emergency.

Financial Goals for Your 30s 

When you enter your 30s, you may be slowly moving up the ladder at work or starting a family. Your financial focus may also be changing.

  1. Keep focusing on retirement savings – Experts recommend aiming for a retirement savings goal of 10% to 15% of your pre-tax income. Be sure you are taking advantage of matching retirement contributions.
  2. Reduce your debt – If you got a little lax with credit cards and loans in the past, it’s time to pay down your debt.
  3. Create an estate plan – This is important, especially if you have a growing family.
  4. Increase your savings and also your emergency fund. You will have kids heading off to college at some point. Grow your money with a savings account at Choice One Community Credit Union.
  5. Diversify your investments – As you begin to accrue assets, it’s smart to diversify.

Financial Goals for Your 40s 

This may be your busiest decade and the one with your highest earning potential. You are probably juggling family and career and are busy with many responsibilities. It’s a vital decade, personally and financially.

  1. Be sure you are on the right track for retirement – By the time you hit 40 years old, you should have 3X your income saved for retirement. If you are lagging in savings, it’s time to up the ante so you can comfortably retire.
  2. Get a side hustle if your income is not meeting your needs. If you need a loan to help cover tuition and other educational costs for your children or to make ends meet, consider a Choice One Community Credit Union loan. We offer members competitively low rates and convenient terms.
  3. Strive to be debt free – Focus on paying down your mortgage and other debt.
  4. Reevaluate your investment portfolio. 
  5. Get your paperwork in order – Be sure you have an updated Will, Power of Attorney, and adequate insurance.

Financial Goals for Your 50s

Retirement is right around the corner, and it’s time to evaluate your preparedness.

  1. Step on the gas when it comes to retirement savings – Max out your contributions and take advantage of catch-up contributions.
  2. Evaluate your financial needs in retirement – What different income streams do you have? Are you where you need to be? It may be time to meet with a financial planner to discuss the details.
  3. Pay off your mortgage.
  4. Invest for the long term. 
  5. Evaluate your estate plan. 

Financial Goals for Your 60s 

For most adults, the 60s means retirement is near. For most of us, it turns the page on a new chapter of life.

  1. Adjust your portfolio. Be sure your investments can meet your retirement needs.
  2. Eliminate debt. 
  3. Test drive your retirement budget – Try to live below your means.
  4. Factor in your healthcare costs – At 65, you will be eligible for Medicare. If you are retiring early or want to keep some supplemental insurance, this is the time to look into your healthcare options.
  5. Consider optimizing your social security benefits – Although you can retire and start receiving Social Security benefits at age 62, you won’t be entitled to 100% of your Social Security benefits unless you wait until you are age 67.

In Your 70s and Up

After a lifetime of budgeting and saving, your “golden years” should be just that – golden! Continue to invest wisely and live within your means for many more years of financial well-being. Choice One Community Credit Union is here to provide you and your family with the financial products and services you need throughout your lifetime.

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