Best money moves in your...
Teens: Now is the time to establish good habits that will last a lifetime. Have fun, but start now to put away that 10%.
20s: Pay off your student loans and begin to invest. Your risk tolerance is likely as high now as it will ever be, so think long term. Begin to establish good credit by getting a small loan or low-limit credit card and pay it off faithfully.
30s: Step up your retirement contributions. Pay off your non-mortgage debt. Protect what you’re building with adequate insurance. And keep learning – just because you’re finished with college doesn’t mean there aren’t courses and designations that up your future income significantly.
40s: Start estate planning. Nobody likes to think about it, but when you hit your 40s, you are likely to be accumulating assets such as homes and cars, and you need to consider what will become of them. If you’ve got dependents, get some life insurance. Think about elder care for your parents. Reassess your risk – as retirement draws closer, you’ll want to reconsider investment decisions you made in the preceding decades.
50s: Max out your registered retirement savings contributions. Pay off your mortgage. Don’t make decisions that will jeopardize your future to help out your grown-up children.
60s: With life expectancies better than ever, remember that your retirement could last decades, so plan for it. Continue to make significant contributions to your retirement plan. Begin to cut living costs – scale down or consider moving to a cheaper community. Finalize your estate plan.
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