Saving isn’t easy. Knowing where and how to best focus your savings to reach your financial goals can be a daunting task. This is meant to be a helpful, general guide of savings milestones to consider at each life-stage.

Keep in mind everyone’s financial goals will be vastly different. Our Financial Wellness Coaches, Erika Taylor and Lesley Warn, are your go-to resources for all things money management and are available to help with personalized goal-setting. Get in touch with them.

In Your 20’s or Sooner:

• Establish and maintain good credit
• Aim to fully fund your emergency savings (enough to cover 3-6 months of living expenses)
• Secure your own health insurance (most employer-sponsored plans end dependent coverage at age 26)
• Open and begin to contribute to a retirement fund (an employer-sponsored 401K, IRA, or other tax-beneficial account)

In Your 30’s:

• Tackle student loan debt (consider the snowball vs avalanche methods; utilize tools like GSB’s Personal Finance)
• Save towards a down payment on a home
• Secure life insurance and establish a will
• Aim to contribute 10-15% of your income to a retirement fund (take advantage of any employer matching incentives)

In Your 40’s:

• Reduce or eliminate non-mortgage debt (learn how to use credit wisely)
• Start contributing to a college savings plan, such as a 529, for any dependents
• Aim to save twice your income
• Review and adjust your insurance coverage as needed

In Your 50’s:

• Maximize your retirement plan contributions
• Pay extra towards your mortgage (making it automatic can help)
• Look into long-term care insurance

In Your 60’s and Beyond:

• Fine-tune your retirement goals and adjust your savings plan as needed
• Revisit your will and any estate planning needs
• Consider meeting with a financial advisor