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Life Stagesby Debbie Vasen | More from this Blogger Different life stages call for different money goals. Where do you fit in? Getting Started If you are early in your career, it is a perfect time to build a strong financial foundation. Good money goals are: 1. Pay down all your debt. 2. Establish an emergency fund and tuck it away tight. 3. Start up a savings account for longer term goals and larger purchases so you can avoid adding to your debt. 4. Invest in your retirement funds. Shoot for a target of 15% of your income, as early in your life you tend to have less financial tugs. If this is too much of a stretch, try to at least contribute to the level of your company's match program. Starting Families If you are recently married or have young kids, you are just starting your family. Your goals at this time will shift a little: 1. Create a will. 2. Get life insurance. 3. Start saving now for your child's college education. 4. Keep on putting as much as you can into your retirement accounts. Established Families The kids are growing, your career is more settled and your family's money needs begin to change again. 1. Saving and starting to pay for your kids' education. 2. Start having conversations with your parents to ensure they are adequately covered in their retirement. 3. Your own retirement should be stepped up in priority. Empty Nester If your kids are gone, it will dramatically affect your home financial environment. 1. All your debt should be gone, if it is not... work on that first. 2. Meet with a financial planner and really hash out your retirement plan. 3. Revise your will and life insurance policies. Retired Woo hoo... you finally made it. 1. Determine how much money you need monthly and devise a withdrawal plan. 2. Delay Social Security benefits as long as possible, as the longer you wait the more benefit you receive. 3. Start shifting your retirement assets to a shorter term strategy with more security. Related Articles: *What You Need to Know about 529 Plans *Setting Up a Realistic Budget Learn more about Debbie Vasen  Debbie Vasen is a published web content editor and writer, as well as a freelance writer for various print publications. In addition to blogging at Families. Relevant money tags |
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