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A Financial Planning Checklist for Every Decade

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Every stage of life requires a different focus for your finances. Whether you’re just starting out in your 20s or nearing retirement, a good practice is to review your financial planning checklist every decade or so, making adjustments for the phase of life you are in. We’ve made it easy for you to get started with our financial checklists for your 20s, 30s, 40s, and 50s.
Chapter 1 Jump Point


Financial Checklist for Your 20s


Your 20s are typically when you’re finishing up school, starting a career, and becoming independent. From a financial perspective, your 20s are an integral time for building credit, creating a plan for savings, and establishing healthy financial habits that will last a lifetime.

Here are our top five items to accomplish in your 20s:

1. Open Accounts

If you don’t already have a checking and savings account, it’s time. Not only is a checking account necessary for paying bills and accessing your cash, it’s a sign to future creditors, employers, and landlords that you can responsibly manage money.

2. Start Saving

Establish good savings habits while you’re young. Set aside money to a savings account each paycheck – no matter how small. Experts recommend that you should have three to six months of expenses saved for the unexpected. Automating your savings contributions is an easy way to watch your savings grow effortlessly.

3. Plan for Retirement

Retirement may seem like a lifetime away. Retirees who started contributing in their 20s are able to retire earlier and with significantly more money. If your company offers a 401(k), get signed up right away. Contribute as much as you can, but at least to the minimum amount to receive an employer match, if offered.
Showing retirement plan to family

4. Budget

It’s important to build a firm understanding of your income and expenses by creating a budget. Add up your necessary obligations (rent, food, loan payments, savings) and subtract them from your income. The money left over will cover your extras (coffee, vacation, concert tickets). If there isn’t money left over, or if your number is negative, start cutting back.

5. Build Credit

It’s important to start building credit as soon as possible. Your first home is not that far away! Start with a low-limit credit card that you use and pay off each month. If you already have credit card debt, prioritize your debt by amount and rate and begin to pay it down. If you have student loan debt, commit yourself to timely repayment to maximize your credit score and payment history. 

Using these five essentials as a starting point for your financial planning checklist, you will be on the road to a bright financial future. If you need help getting started with a checking account or low-limit credit card, apply online or call us at (800) 649-0193. We’re here to help.


1st United Credit Union cannot give financial, tax or legal advice, please consult a tax advisor or investment advisor to assess your situation.


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Chapter 2 Jump Point


Financial Checklist for Your 30s


In your 30s, you’ve past the point of starting your financial future, but you still have so much ahead of you. You’re likely considering buying a home, starting a family, or advancing your career.

Here are our top five financial items to accomplish in your 30s:

1. Consider Investments

Your 401(k) should be growing steadily, however, don’t lose sight of its growth and progress. At this age, you might be able to afford to invest somewhat aggressively. Your 401(k) provider should be able to counsel you on aligning your retirement planning with your risk tolerance. If you’re maxing out your 401(k) and still want to contribute more, consider an IRA.

2. Buy a Home

A home can be a smart, long-term investment. But before you jump in to a large commitment, be sure that you can afford it now. Lending guidelines suggest that your monthly mortgage payment should be 25% or less of your income.

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3. Assess Insurance

If you’ve married or started a family, you should consider life insurance. Life insurance is an affordable way to provide for your spouse or children if you die. Generally, the younger you are, the more affordable the insurance premiums, so getting started young can save you money in the long run.

4. Get Started With Estate Planning

Write a will. If you have a spouse and/or children, it’s important to address family and financial issues that may arise after your death. Depending on your particular financial situation, you may be able to craft something basic using online resources or you may need more advanced advice and direction afforded by an estate planning attorney.

5. Budget

You should revisit your budget quarterly to assess and readjust, if necessary. If you’re finding that you’re spending more than you’re earning, it’s time to tighten up your budget. Continue to pay down your non-mortgage debt and put away money for your future.

As you build your family and cultivate your home, this is a time of your life when you’re spending money. That’s why it’s more important than ever to align your savings, your budget, and your spending to continue your smart financial habits.

If you need help with your financial planning checklist or would like a financial assessment on how we can help save you money, simply call us. We're here to help.

More for You:

1st United Credit Union cannot give financial, tax or legal advice, please consult a tax advisor or investment advisor to assess your situation.


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Chapter 3 Jump Point

  

Financial Checklist for Your 40s


Your 40s are a time to verify your plan for your future. You’ve likely started many of your financial objectives, and now’s the time to check in and make sure your plan is running smoothly.

Here are our top five items to accomplish in your 40s:

1. Pay Down Debt

At this age, you’ve got more responsibilities and more expenses to manage. It’s not uncommon to see 40-somethings with credit card and other debt. Start paying your debt down now. Come up with a monthly payment that you can afford. Then prioritize your debt, tackling the higher interest rates first.

2. Plan for Retirement

By this time, you should have a good gauge of your retirement plan and savings. Meet with a representative to review how your money is invested, set specific goals, and verify that you’re on track. If not, it’s not too late to change tactics to better align with your goals. And if your employer offers a retirement plan, such as a 401(k), be sure you are contributing and taking advantage of any matches that may be available.
Retirement plan written in a notebook

3. Review Life Insurance

Check to make sure your coverage amount and coverage type still suits your needs. If you've had kids, bought a house, or experienced other life changes, you might want to adjust your life insurance coverage.

4. Check Your Beneficiaries

To protect your family, you should check that your beneficiaries and heirs are named correctly in your will, life insurance, retirement,  and other financial accounts.

5. Assess Insurance

In addition to life insurance, you may want to consider other insurance options to see if they are a fit for you. Options include additional life policies, disability coverage, or long-term care insurance.

During this time, we often see members caring for children and parents, which can lead to neglecting their own financial health. It’s more important than ever to align your savings, your insurance, and your spending to continue your smart financial habits.

If you would like a financial assessment on how we can help save you money or guidance with your financial planning checklist, simply call us. We’re happy to help.

More for You:

1st United Credit Union cannot give financial, tax or legal advice, please consult a tax advisor or investment advisor to assess your situation. Investment and insurance products and services are offered through Osaic Institutions, Inc., Member FINRA/SIPC . Osaic Institutions does insurance business in California as Osaic Institutions Insurance Agency. CA Agency License #OH30186. Osaic Institutions and 1st United Credit Union are not affiliated. Products and services made available through Osaic Institutions are not insured by the NCUA or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any credit union or credit union affiliate. These products are subject to investment risk, including the possible loss of value.


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Chapter 4 Jump Point


Financial Checklist for Your 50s


In your 50s, you’re likely situated at your job and in your career. Your children are possibly out of the house and retirement isn’t a distant dream on the horizon. It’s an exciting (and sometimes scary) time.

Here are our top five items to accomplish in your 50s:

1. Eliminate Debt

With responsible money management, your goal should be to have no debt during this time. As you get closer to retirement, you should not only focus on paying down debt, but on avoiding accumulating more. Simply put – living within your means.

2. Build Savings

It’s more important than ever to have your emergency savings account fully funded. The unknown is still possible and you don’t want to dip into your retirement savings in case of an unexpected event.

3. Revisit, Review, Recast

Again, this is the time to revisit your retirement plan. If you’re behind, start playing catch up by taking advantage of higher contribution limits for your 401(k) and IRAs. If you’re on track, stick to it.

4. Lower Your Risk

If you have adequate retirement savings and have a date or age set for retirement, it may be time to lower your risk. Use online tools, or meet with an advisor to gauge the appropriate level of risk in retirement investments.
Retirement plan written in a notebook

5. Get Started With Estate Planning

Review your estate, will, and insurance. Refine to align with changes in your life and current laws, if needed. Confirm that executors, beneficiaries and guardians match your current life situation.

In your 50s, planning is still king. Retirement is a realistic part of your future and you need to be prepared. If you need help with your financial planning checklist, let us know. We’re happy to help.

More for You:
  • Ten Things to Do Before You Retire
  • Time for a Beneficiary Check Up
  • Do I Need a Will?
  • Getting Started with Estate Planning


    1st United Credit Union cannot give financial, tax or legal advice, please consult a tax advisor or investment advisor to assess your situation. Investment and insurance products and services are offered through Osaic Institutions, Inc., Member FINRA/SIPC . Osaic Institutions does insurance business in California as Osaic Institutions Insurance Agency. CA Agency License #OH30186. Osaic Institutions and 1st United Credit Union are not affiliated. Products and services made available through Osaic Institutions are not insured by the NCUA or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any credit union or credit union affiliate. These products are subject to investment risk, including the possible loss of value.
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