Financial Planning for Every Life Stage

April 10, 2023

Christopher L. Sassone, CFP®, CLTC®, Financial Consultant/Investment Advisor

Retirement costs more than you think, and you can’t start planning for it early enough. More than half1 of Americans have less than $20,000 saved for retirement, and depending on Social Security income may not be a reliable strategy in the future.  

If saving for retirement seems intimidating and you aren’t sure where to start, a financial advisor can help you set goals for every life stage and adjust your financial plan over time.   

Here are some financial planning stages to consider throughout your lifetime:  

20+ Build a Foundation 

While you’re in your 20s, focus on establishing good credit, paying off debt and creating an emergency fund. If your employer offers a retirement plan, invest enough to receive matching contributions. If you have student debt from medical or dental school, a financial advisor can help strategize ways to tackle it. 

30+ Accumulation Stage

In your 30s and 40s, invest more heavily and consider taking more risk in your portfolio. You have decades to build toward retirement, and now is the time to increase momentum. Put a safety net in place to protect your family in case something happens to you. Talk to us about creating a comprehensive plan during this stage. As your situation becomes more complex, we can help identify ways to plan for education expenses, selling or purchasing a business and accumulating wealth more effectively.  

50+ Prepare for Retirement 

Most people retire in their early to mid 60s, and that number is getting more tangible from here. You should be thinking about how you want to spend your retirement and how much income you’ll need to support your goals. If you aren’t sure how to visualize that, we can help. Together, we’ll identify opportunities to improve your situation and focus on safeguarding your wealth and your family’s future.  

60+ Enjoy Retirement 

This is the moment you’ve been working toward. Will you travel, spend more time with family, dedicate yourself to a hobby or start a new career? If you’ve planned appropriately, you can enjoy this milestone comfortably and with confidence. We can work with you to adjust your financial strategy to maximize Social Security, mitigate tax liabilities and let retirement plans accumulate longer. 

70+ Planning Your Legacy

While you worked hard to accumulate money and save, we also must be mindful of tax liabilities that can erode wealth, particularly in transfer stages. A financial advisor is the best strategic partner to find ways to give to charities and loved ones, while minimizing taxes and maximizing benefits.  

Whether you’re just thinking about getting started on a financial plan, or you’re looking for a new advisor, contact us for a complimentary consultation. At Davie Kaplan, you’ll find a team you can trust with your family’s future.  



Categories: Financial Planning