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Financial Fit Tips: A Timeline for Success

40s – Accumulation Phase

You've hit your stride professionally, and now is the time to make those earnings work for you. By developing healthy financial habits now, you are making a smart investment in your financial future.

FIT TIP: You may not be thinking of insurance as an important part of your financial strategy at this age, but you may benefit from disability insurance to protect your investments and savings should you become unable to work.

50s – Consolidation Phase

If you have been managing your finances yourself up to this point, you may benefit from seeking professional advice. Start thinking seriously about what kind of retirement lifestyle you want, and set goals to get there.

As retirement nears, be proactive and fine-tune your finances. Make catch-up contributions, if needed, and consolidate your wealth. If you have been managing your finances yourself to this point, you may benefit from seeking professional advice. Become educated on the specifics of Social Security, Medicare, your employer retirement benefits, and insurance assets. Develop a long-term budget and establish a lifestyle that you can maintain after retirement.

FIT TIP: The critical time just prior to retirement is when you may benefit the most from enlisting the help of a wealth manager. You still have the leverage of an active earner, and your next steps will determine whether you maintain that leverage as you advance in age.

60s – Early Retirement

You may spend nearly as much time in retirement as you did in the workforce, so your finances must go the distance. Enjoy those retirement savings, but remember to review your income and expense projections on a regular basis to ensure that your plan continues to work for you. You should also start thinking about your legacy and how it will be managed.  You may decide to involve your spouse/children in the wealth management process, introducing them to your advisor and preparing for the "hand-off" so that when the time comes, your survivors have a financial steward they know and trust.

FIT TIP: If you haven't already, now is the time to purchase long-term care insurance to guard against depletion of your resources when you're most vulnerable.

70s – The Golden Years

You've been living off of your money for a while at this point, and you may see that you have much longer to live and want to generate more income. You're understandably risk averse, but that approach can lead to stagnation. Safeguarding your hard-earned financial independence will help to alleviate the discomfort of potentially losing your physical independence.

FIT TIP: Talk to your advisor about finding the right balance of risk and risk tolerance. Your money should keep working long after you've retired.



 
 
 Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS.  Kestra IS and Kestra AS are not affiliated with Chester Financial Group, LLC.  Kestra IS and Kestra AS do not provide legal or tax advice and are not Certified Public Accounting firms.  

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