At the May
2017 conference of the Financial Planning Association on New Jersey, the
concept of a “standard of care” for financial planning clients was discussed.
In other words, similar to medical standards of care (e.g., having a
colonoscopy starting at age 50 and regular blood pressure and bone density
tests), certain age-based milestones tell people the key actions to take at
different ages.
The
following financial activities often take place at various decades of a
person’s life:
20s and 30s- Debt repayment and
household formation
40s and 50s- Peak earnings and wealth
accumulation
60s- Preparation for retirement and
retirement
70s and Above- Transitions and wealth
distribution
Especially during later life, there
are many age-related financial milestones. The table below lists those that
take place from age 50 through age 70 ½. Like medical milestones, which are
generally determined by research, financial milestones are grounded in facts,
typically tax laws and other legislation.
Want to improve your personal
finances? Search the words “Financial Milestones for Adults” online and find
articles that describe the age-related financial milestones that apply to you.
No comments:
Post a Comment