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At each stage of life, you’re likely to have different financial needs. Therefore, saving and investing strategies that are right at one point in life, may not suit another time. You can learn to capitalize on strategies appropriate for each phase of your life and this in turn can help you build a more secure financial future.
When just starting out, it’s the right time to begin building a savings cushion for protection, in case of an emergency. It is also not too soon to begin investing for the future.
If money is tied up in a traditional savings account, paying a low rate of interest, try shifting a portion of it into a higher yielding investment. There are many options to choose from, including money market accounts, certificates of deposit (CDs), stocks, bonds, mutual funds and exchange-traded funds (ETFs).
Aim to accumulate three to six months of after-tax income for an emergency fund in an FDIC-insured savings account. Once that “security blanket” is in place, it might be a good time to take some measured risks and begin investing. Dollar cost averaging—i.e., putting aside a fixed amount monthly in a chosen investment vehicle, such as a fund targeted for growth—is a sensible approach. Be aware however, that investment returns and principal values of various funds will fluctuate due to market conditions. When shares are redeemed, they may be worth more or less than their original cost.
Another option for long-term growth is a real estate investment trust (REIT). Such trusts invest in buildings, land, and mortgages, and they may be viewed as mutual funds of real estate. They trade just as stocks do and pay dividends. Remember to exercise caution when choosing a real estate investment trust.
Financially speaking, a dual income married couple is more than the sum of its parts. With only each other to consider, there may be an advantage over singles and parents. One spouse can bring in a steady paycheck while the other studies for a college degree or launches a new business. Or, if both partners hold jobs, they can try to live on one paycheck and save or invest the other paycheck.
Although there may be more investment opportunities, there may also be more complex choices and risk. Keep in mind that high-risk investments can crash. In order to reduce risk, diversifying the portfolio is key, that is, avoid relying too heavily on any one investment. Note that diversification does not assure a profit or protect against loss in a declining market.
Here are a few general financial suggestions for married couples without children:
Financial planning for parenthood is a bit like preparing for a long siege. As parents, the budget may need to stretch to accommodate orthodontic bills, piano lessons, and summer camp. Raising a child is an expensive proposition. In addition to high childcare costs, there are also the ever-rising college expenses.
When traveling the road from diapers to diplomas, the first financial target is to establish an emergency cash reserve. The next long-term goal is to build capital. Consider investing in steadily performing growth funds and, for diversification, growth-oriented real estate. Bear in mind that money or investments held in a child’s name may impact financial aid for college, more so, than if the investments are listed under the parents’ names.
When children are grown and fly the nest, it can be a great lifting of financial pressure and responsibility. The immediate temptation may be to splurge on the comforts of life that weren’t available while raising the family. However, newly independent adults sometimes need financial assistance, so keep that in mind. It’s also a good time to allocate as much as possible to savings and investment plans earmarked for retirement. Calculate how much the tuition bills and other child rearing expenses have cost, then aim to save and invest that same amount for at least the next several years.
During prime earning years, it’s also wise to assess whether there are any opportunities to reduce taxes. Examine additional deduction opportunities with a tax professional. There may be other deductions available to replace children who can no longer be claimed. Each stage of life presents different investment opportunities and challenges. Discipline and perseverance play a key role in maintaining a sound financial strategy. Be sure to consult a qualified financial professional about your unique circumstances. A good financial advisor can help you create a plan and consistency to help you meet your long-term goals and objectives.
Many investors in their late 30s, 40s, and early 50s find themselves squeezed between competing responsibilities: saving for retirement, supporting children, and helping aging parents. This “sandwich generation” faces a unique set of financial and emotional challenges. Without a plan, the pressure can lead to reactive decisions that undermine long‑term security. With a structured approach and guidance, however, it is possible to strike a more sustainable balance.
The heart of the challenge is that all three goals—college, eldercare, and retirement—can be expensive, unpredictable, and emotionally charged. Parents naturally want to help children avoid excessive student debt, while the desire to care for aging parents can prompt generous financial or time commitments. At the same time, the clock is always ticking on retirement, and years of lost saving are difficult to replace. The risk is that retirement contributions get squeezed out as more urgent needs grab attention, leaving the future seeming stressful and underfunded.
The first step is to clarify priorities. A common principle is that retirement remains a foundational goal. Unlike education, which can be financed through loans, grants, or work‑study, and unlike some aspects of eldercare that may be supported through insurance, government programs, or shared family arrangements, there is no loan for retirement. If retirement savings fall short, the burden often shifts back onto adult children, continuing the cycle. Framing retirement as a non‑negotiable pillar can help future-retirees see that protecting their own future is not selfish; it is a form of long‑term family care.
The second step is to map out the timelines and magnitude of each obligation. Education costs can often be estimated with reasonable accuracy once children are in high school, factoring in school options, financial aid possibilities, and savings vehicles like 529 plans. Eldercare is more uncertain but can still be approached systematically by reviewing parents’ assets, income sources, insurance coverage, the housing situation, and likely care preferences. Retirement, meanwhile, can be modeled using age‑based savings benchmarks, projected Social Security benefits under different claiming strategies, and desired lifestyle and needs assumptions.
Once timelines and rough costs are on the table, a financial advisor’s role is to coordinate trade‑offs. For example, a family might decide to fully fund the retirement plan to obtain employer matches and maintain a target savings rate before allocating additional dollars towards college savings. They might commit to a certain level of support for parents, such as supplementing care costs or providing temporary housing, while also exploring long‑term care insurance, community resources, or government programs to reduce strain. The plan should be realistic about what the family can afford, rather than relying solely on best‑case scenarios.
Budgeting and cash‑flow management become especially important for the sandwich generation. Advisors can help clients identify areas where expenses can be trimmed or restructured—such as refinancing high‑interest debt, adjusting discretionary spending, or right‑sizing housing—to free up funds for savings and caregiving. Automated contributions to retirement and education accounts are valuable because they turn good intentions into consistent action, minimizing the impact of short‑term distractions or market news.
Communication is another vital element of a successful plan. Discussions with children about college choices and financing should be honest, emphasizing the trade‑offs between school selection, borrowing, and family resources. Similarly, conversations with parents about their finances, legal documents, and care preferences can be difficult but are essential for effective planning. Advisors can be neutral facilitators in these conversations, helping families discuss sensitive topics with less friction and more clarity.
Risk management also plays a major role. The sandwich generation should pay close attention to insurance coverage, including life, disability, health, and, where appropriate, long‑term care insurance. Adequate coverage can protect both current income and future savings, reducing the likelihood that an unexpected event derails multiple goals at once. Estate planning tools—wills, powers of attorney, healthcare directives, and beneficiary designations—help ensure that, if something happens, loved ones are protected and key decisions are made according to their wishes.
Finally, it is important to recognize that the sandwich years will not last forever. The most intense period of overlapping responsibilities usually spans a decade or two, after which certain burdens (such as tuition or active eldercare) may diminish. A well‑designed plan anticipates these phases and includes a strategy for increasing retirement contributions once major obligations are resolved. Knowing there is a roadmap can ease anxiety and help clients stay focused during demanding seasons of life. The challenges for those in the sandwich generation, usually ages 35 to 55, underscores why a coordinated, advisor‑led plan matters. By prioritizing retirement, planning realistically for education and eldercare, managing risk, and fostering clear family communication, you can support those you love today without sacrificing your own financial independence and dreams for tomorrow.
Many retirees today are redefining the “golden years.” Forget about endless days of leisure. Retirees seek adventure, travel, and new business pursuits. While these changes may redefine retirement, will retirees be able to finance their plans? Today, many people age 50 and older have not begun to save for retirement or have yet to accumulate sufficient funds.
For people in this age group facing an underfunded retirement, it’s not too late to take charge. There are actions to take today to get on the right track. Here are some ideas:
What’s it going to take? First, estimate how much money will be needed in retirement. Once that’s done, start working towards meeting that goal. A good rule of thumb is to consider needing about 60%–80% of the current annual income in retirement. A financial professional can help assess the right amount needed for the future.
Maximize your contributions. When employers offer a retirement plan, contribute as much as the law will allow. Many employers also offer a company match, so be sure to contribute enough to claim this “free” money, which can add up over time.
Create a spending plan. In other words, make a budget. Many people think a budget is restrictive, but look at it this way, saving now may help afford dream adventures later. To start, it is important to pay down debt and avoid accruing new debt. Next, examine spending habits and replace some of the discretionary spending with saving. Saving even $20 more per week is a big step in the right direction.
Take initiative. Besides contributing to employer’s plans, opening a Roth IRA can save even more for the future. Contributions are made after taxes, but earnings and distributions are income-tax free, provided the account is at least five years old and the account holder has reached age 59½.
Hang out your shingle. Many people hope to start their own business in retirement. Why wait? By starting entrepreneurial efforts now, the business has potential of being in full swing by the time retirement comes around. And any profits between now and then can be added to savings!
Consider downsizing. Homes generally increase in value over time, and with children at or near adulthood, is that big house still needed? Selling now and moving to a smaller, more affordable location may help capture additional savings from the sale.
Reconsider your retirement age. For those who want to cushion their retirement savings, consider staying on the job longer. Some people actually leave retirement to reenter the workforce because they feel more fulfilled when they are working. Others seek part-time work, consulting, or entrepreneurial endeavors. Such options may help postpone spending down savings.
Regardless of which options you choose, you can benefit from time and compounding interest. Every year that your savings remain untouched allows more time for growth. It is never too late to start preparing for your future! So, take the time now and consult a financial professional to help you get on track saving for your retirement.
Will you make a New Year’s resolution this year? One of the smartest ones could be to get your finances in order. But keeping that promise may be another matter.
A lot of people make money resolutions. According to study after study, the most popular resolution every year is to lose weight, followed by getting organized and saving more money. It’s good to see that a financial-related resolution is in the top three.
Here is a framework for making that New Year’s resolution stick.
No matter the results of past investing history, there is always something that can create a better financial picture for the future. The key is to make a plan.
Some people don’t bother making New Year’s resolutions because it seems futile. While most people make resolutions every year, less than 8% actually keep them.
This doesn’t have to be the case! There is every reason to make this year successful and accomplish those goals. Here are some tips to help.
Getting family and friends involved can help with follow through. Sharing resolutions with family and friends means there is someone to check in with for accountability.
For those who want to set a budget and save a specific amount each month, see if a friend wants to do the same. Set a date at the end of each month to check in with one another and share successes and ideas to stay on track.
The centerpiece of a financial resolution is to create a budget for the entire year. This isn’t as daunting as it sounds. Decide with your partner and family members what the big expenses are for the year. Does it include a new car? A vacation? Fixing the roof or replacing the air conditioner? By planning ahead and setting aside money in advance, these expenses don’t hit the pocketbook as hard as they would if there were no plan. A family budget is a great learning opportunity for kids, as well.
Don’t allow mistakes made in the last 12 months to affect goals for the coming year. Go ahead and mentally wipe the slate clean for a new start.
Some people like to use previous stumbling blocks as goals for the new year. For instance, if there’s credit card debt, create a plan and timeline to work down the debt. To reduce stress at the office, schedule time and activities away from the office. For those extra pounds, meet with a personal trainer or create a fitness plan that can be added to the schedule.
Don’t forget to write down the goals and place them somewhere they can be seen each day. Seeing reminders helps keep them fresh and top of mind.
Finally, talk to your financial advisor to make sure your financial resolutions are consistent with your long-term financial plan. Your financial advisor can be a great advocate for financial accountability.
For many people, a new year is a time for personal reflection, a time to consider commitments and goals for the coming year. This year, why not resolve to make your finances a priority? With proper planning and appropriate guidance, you can begin to build financial stability and prepare for the uncertainties of tomorrow.
Consider the following steps:
Get Organized. Gather all important financial documents – life insurance policies, homeowner’s insurance, wills, trusts, and other pertinent financial records – and organize them so that they are easily accessible.
Schedule a Legal Consultation. Arrange a time to meet with an estate attorney to review or write a will and establish any necessary trusts. Prior to meeting, discuss with your spouse or other loved ones how to handle property dispositions and guardian appointments.
Keep Debt in Check. Pay off high interest debt first, especially if the interest is not tax deductible. It’s best to avoid the minimum payment trap. By making only the minimum monthly payment, the interest that accumulates over time can make even “bargain” purchases much more costly in the long run.
Review Insurance Coverage. Review life insurance policies to ensure that beneficiary designations are still appropriate and that all arrangements are up-to-date. Also, consider repaying loans against any insurance policies. This can help with reestablishing an emergency fund for the future.
Apply for Scholarships. If children plan to attend college next year and require financial aid, remember that financial aid forms are due early in the year. The earlier applications are submitted, the better the chances may be for obtaining aid.
Prepare a Tax Strategy. Begin to gather tax information and arrange a time to meet with the family accountant, if necessary. It is important to file income taxes on time and to be aware of any tax changes that may affect the tax return.
Write It All Down. After meeting with the financial, insurance, and tax professionals, write down a few realistic goals that are achievable. Make the commitment nowto plan finances accordingly. This is a good first step to building a solid financial future.
The new year offers us a fresh beginning. This year, resolve to make your finances a priority. With proper planning and appropriate guidance, you can begin to work toward financial independence and prepare for life’s uncertainties.
If you ask yourself what retirement will look like, the answer may be a comfortable home near a golf course. Or perhaps it’s free time to spend with grandchildren, or maybe it’s a cross-country journey or trip around the world? The dreams you have today about the future can be yours tomorrow--if you understand what is required to fulfill them, set a course to meet the challenge, and seek solid professional assistance along the way.
With a retirement date several years in the future, it’s a good time to begin preparation. A look at factors affecting the future of all retirees can help potential retirees focus on the importance of preparing for the future. Consider the following:
Once goals have been identified, assign a monetary value to them, and then review progress towards the goals. The following checklist is a good starting point.
A financial professional can help work through items on the checklist, as well as assist in the following areas:
A financial professional can personalize a plan that works for your unique situation and set you on a path towards your future retirement dreams, whether it’s a home on the golf course, time with grandkids, or that trip around the world.
The New Year is a time for fresh starts and setting goals, but when it comes to financial planning, the resolutions often seem predictable: save more, spend less, and budget better. While these are undeniably important, there’s an opportunity to think outside the box. Below are ten unique financial resolutions that might surprise you — and inspire you to approach your financial goals with creativity and purpose.
Take a close look at your spending habits from the past year and ask yourself: “Does this align with my values?” Identify areas where you’re spending money on things that don’t truly matter to you and redirect those funds toward what brings joy and fulfillment. This is less about cutting back and more about intentionality.
Find a way to use your financial resources to make a direct impact in your community. This could mean contributing to a local non-profit, funding a micro-loan for a small business owner, or even starting a neighborhood improvement project. Consider it a way to grow your wealth in goodwill and connections.
Just like cleaning out your wardrobe, take a “cleaning house” approach to your financial accounts. Close old bank accounts, consolidate retirement plans from past jobs, and eliminate unused credit cards.
Simplifying your financial life can reduce stress and help you stay organized.
Financial planning doesn’t always have to be serious. Set aside a specific amount of money for unplanned, joyful experiences. Whether it’s a last-minute weekend getaway or tickets to a surprise concert, this fund ensures you can say “yes” to life’s unexpected delights without guilt.
Explore bartering as a way to save money and build relationships. Offer your skills in exchange for something you need. For example, if you’re a graphic designer, trade your expertise for yoga classes. This resolution is a fun way to stretch your budget and create meaningful exchanges.
Each month, write down three things you’re grateful for about your financial situation. This could include things like being debt-free, having a supportive partner who contributes financially, or even just having access to clean water. Cultivating gratitude can shift your mindset and help you appreciate progress over perfection.
Instead of resolving to cut back in a general sense, choose one month out of the year to engage in a no-spend challenge.
During this month, only spend on essentials and use the opportunity to get creative with what you already have. The savings from this challenge can be redirected toward a specific financial goal.
Rather than focusing solely on financial outcomes, make it a goal to learn a skill that enhances your financial literacy. This could be mastering the art of negotiating, learning the basics of investing in cryptocurrency, or even understanding how to read financial statements. Knowledge is a powerful financial asset.
Set aside one day to think about the legacy you want to leave behind. This isn’t just about estate planning; it’s about how your financial decisions today can positively impact future generations or causes you care about. Document your wishes and take steps to align your actions with your legacy goals.
Invite friends or family to a financial planning brunch or game night. Share tips, set goals together, or even create accountability groups. Turning financial planning into a community effort can make it less daunting and more enjoyable.
These resolutions push you to go beyond the basics and think creatively about how you approach money. They focus on values, community, and personal growth rather than rigid rules. By incorporating even one or two of these unique ideas into your New Year’s resolutions, you’ll not only build a healthier financial future but also foster a deeper connection to what truly matters.
U.S. Stocks continue gains, the longest streak since 2021! Even so, consumer fears persist. See how the “Mag Seven” are performing as we close 2025. Additionally, a look at emerging stock index differences with adding South Korea. Finally, a historical look at Fed rate cuts.
Many companies earmarked year-end bonuses earlier in the year, while the markets were on an upward trend. As such, you may find yourself fortunate to receive a year-end bonus for the year.
Shelve for a moment your visions of exotic trips and instead evaluate how to make the most of this extra money.
A year-end bonus remains taxable income and it’s a good decision to use it responsibly. That doesn’t mean a little can’t be enjoyed but keep priorities in mind. Consider these ideas:
Tackle debt first. Using a bonus to accelerate debt repayment is smart, especially when putting extra funds towards any debt that carries the highest interest rate: the higher the rate, the more money balances cost over time.
For those who aren’t sure, call the credit card companies to find out which card has the highest rate. Not sure about student loan rates? Log in to the account at studentloans.gov, where the details can be reviewed.
Set up an emergency fund. It’s a good idea to establish an emergency one, and these extra funds are an easy way to get it started. Create it in a liquid account (meaning the money is easily and quickly accessible and where it’s easy to add to it). An emergency fund is protection from stumbles that might bust the monthly budget, such as sudden job loss.
A good goal for an emergency fund is three to six months of expenses, for those earning a regular, dependable paycheck. For those whose income or job situation is less stable or less predictable, consider six to twelve months of expenses.
Also consider setting aside money for other expenses that are difficult to plan in a budget. For example, set up a separate account to cover car or home repairs, a health savings account (for unpredictable medical bills) or just set aside money in your savings account for medical care. Some pet owners maintain pet emergency funds to cover veterinary bills.
Max-out the 401(k) or individual retirement account. Using a bonus to maximize annual 401(k) contributions may not seem like a lot of fun now, but this saves for the future, reduces taxable income this year and takes full advantage of job’s benefits. Another option is to talk with a financial professional about funding an IRA or Roth IRA.
Invest in yourself. What about investing in increasing your own productivity, happiness or knowledge? There are a variety of classes at local colleges and community centers. Consider continuing a formal education or simply adding to current skills.
Splurge wisely. An increase in funds often enables people to build security and stability but it might also bring a little happiness when spent wisely. Consider a small splurge on an experience with family or close friends.
For those who aren’t sure what to do with a year-end bonus, dividing it into different buckets is a smart way to handle the increase in funds. Putting 50% towards debt, 30% towards savings and then using the remaining 20% for a splurge will touch on all the categories. But ultimately, the best use of a bonus depends on your individual needs and goals. Be mindful on what matters the most to you and then make a plan.
As the year-end holidays approach, there are many plans to be made with family and friends. Along with the holiday cheer, there are financial plans to consider as well. Review these financial opportunities and deadlines before 2026 arrives.
As we count our many blessings and share time with our loved ones, we can express our thanks through giving to others. Donate to your favorite charity before the end of the year. In general, to be tax deductible, the gift must be made to a qualifying organization and made during the 2025 calendar year.
Cash and assets may be gifted to children, relatives or even friends, to take advantage of the annual gift tax exclusion. Any individual may gift up to $19,000 this year to as many individuals as he or she desires – and a couple may jointly gift up to $38,000. Whether gifting singly or jointly, there is a lot of leeway before reaching the current $13.99 million lifetime exemption ($27.98 million for couples).
Grandparents, aunts, uncles and parents too, can fund 529 college saving plans this way, but keep in mind that December 31st is the 529 funding deadline for 2025.
Most employers offer a 401(k) or 403(b) plan, and contributions can be made until December 31st to boost annual contributions.
Did you inherit an IRA? For anyone inheriting an IRA, the rules vary based on whether the beneficiary is a spouse, a minor, and whether the decedent had started taking distributions. Check with your financial professional on the rules for each situation. In some cases, a distribution may need to be taken by December 31st.
Business owners’ retirement plans. Those who are self-employed can save for the future by using a self-directed retirement plan, such as a Simplified Employee Pension (SEP) plan or a one-person 401(k), the so-called Solo (k).
Contributions to SEPs and Solo (k) s are tax-deductible. December 31st is the deadline to set one up, however, contributions can be made as late as April 15th of next year (or mid-October with a federal extension).
In approaching the end of 2025, there are many rules, deadlines and contribution limits to consider. In thinking about your year-end financial planning, talk to a trusted financial professional to determine what is best for your unique situation.