Which Life Stage Are You Preparing for Financially?

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depending what stage you are in life, being able to financially plan for the next life stage is important and can help you prepare for the future.financial milestone

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Key Takeaways

  • Make a plan to become financially independent - Look for ways to earn income and limit reliance on others.
  • Learn how to budget - Track income and expenses to live within your means.
  • Create an emergency fund - Save 3-6 months' worth of living expenses as a safety net.
  • Develop a roadmap for retirement - Research retirement plans like 401ks or IRAs and start contributing early.
  • Consider life insurance protection - Term life insurance can provide affordable coverage for your loved ones.

For each of us, there are many life stages to consider. Whether it be preparing for a new baby or a loved one's death, it's important to know how to help ensure you remain financially secure. While there are many things to consider in each of these stages, properly preparing yourself can reduce stress. The road of life has many twists and turns, but knowing where you're headed could help you stay on track for tomorrow. These financial considerations could help you get started on your journey, no matter where it takes you or how you get there.

Heading to College

  • Make a Plan to Become Financially Independent
  • Learn How to Budget
  • Create an Emergency Fund
  • Develop a Road Map for Retirement
  • Consider Life Insurance Protection: Term, Whole and Universal

Entering the Workforce

Getting Married

  • Begin Saving for Your First Home
  • Set Up a Budget Together
  • Build an Emergency Fund Together
  • Add Your Spouse to Your Road Map for Retirement
  • Analyze Your Investment Options: Mutual Funds
  • Explore Accidental Death Insurance Protection
  • Consider Life Insurance Protection: Term, Whole and Universal

Buying Your First Home

  • Adjust Your Budget
  • Increase Your Emergency Fund
  • Reevaluate Your Road Map for Retirement
  • Analyze Your Investment Options: Mutual Funds
  • Look Over Critical Illness Insurance Protection
  • Consider Life Insurance Protection: Term, Whole and Universal

Starting a Family

  • Research Parental Leave Options
  • Save for Your Baby's Future: 529 College Savings Plan
  • Adjust Your Budget
  • Increase Your Emergency Fund
  • Reevaluate Your Road Map for Retirement
  • Analyze Your Investment Options: Mutual Funds
  • Think About Long-Term Care Insurance Protection
  • Consider Life Insurance Protection: Term, Whole and Universal

Changing Careers

  • Review Rollover Strategies for Company Plans
  • Reevaluate Your Road Map for Retirement: Make Catch-Up Contributions
  • Check Out Disability Income Insurance Protection
  • Evaluate Medicare Supplement Insurance Protection
  • Consider Life Insurance Protection: Term, Whole and Universal

Entering Retirement

  • Determine Your Social Security Benefits
  • Adjust Your Budget
  • Fine-tune Your Road Map for Retirement
  • Investigate Your Annuity Options: Fixed, Variable, Immediate
  • Think About Long-term Care Insurance Protection
  • Evaluate Medicare Supplement Insurance Protection
  • Consider Life Insurance Protection: Term, Whole and Universal

Leaving a Legacy

  • Establish a Plan for Wealth Transfer
  • Choose a Beneficiary for Select Annuity Payouts
  • Choose a Beneficiary for Your Life Insurance Death Benefit
  • Choose a Beneficiary for Your Accidental Death Insurance Benefit

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Information provided is general and educational in nature, and all products or services discussed may not be provided by Western & Southern Financial Group or its member companies (“the Company”). The information is not intended to be, and should not be construed as, legal or tax advice. The Company does not provide legal or tax advice. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. Federal and state laws and regulations are complex and are subject to change. The Company makes no warranties with regard to the information or results obtained by its use. The Company disclaims any liability arising out of your use of, or reliance on, the information. Consult an attorney or tax advisor regarding your specific legal or tax situation.