Financial Planning Milestones for Different Ages (Rutgers NJAES) - Deepstash

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[4/4] Personal Finance is a very crucial concept that is often ignored. This is an attempt to spread awareness related to personal finance.

Financial Planning Milestones for Different Ages (Rutgers NJAES)

njaes.rutgers.edu

Personal Finance: Financial Planning

Most common financial milestones for adults:

  • The 20s and 30s - Debt repayment and household formation,
  • The 40s and 50s - Peak earnings and wealth accumulation,
  • The 60s - Preparation for retirement and retirement,
  • The 70s and above - Transitions and wealth distri...

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Financial Planning: 30s

  • Take charge of your finances,
  • Completing your education,
  • Repay your student loan completely,
  • Create emergency funds of 3-6 months,
  • Save a total of one annual salary in your retirement funds,
  • Start life insurances & policies to protect dependents,

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Financial Planning: 40s

  • Save a total of three times your annual salary in your retirement funds, or at least 15% of gross income,
  • Establish college funds for children (if applicable),
  • Increase your investing expertise & diversify your investment portfolio assets,
  • Improve your job skills and ...

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Financial Planning: 50s

Age 50

  • Save a total of six times your annual salary in your retirement funds,
  • Catchup with your previous retirement plan contributions,
  • Learn about the specifics of Social security, Medicare, and Employer retirement benefits.

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Financial Planning: 60s

  • Save a total of eight times your annual salary in your retirement funds,
  • Pay off all your mortgage, loans & debts before retiring,
  • Use catch-up retirement strategies like downsizing, moving, working longer, selling assets, if required.
  • Learn new skills to transition t...

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