Create financial milestone timelines

Ages 30–35: Establish Financial Foundation

1. Emergency Fund: Save 3–6 months of living expenses.
2. Debt Management: Focus on paying off high-interest debts (e.g., credit cards, personal loans).
3. Retirement Savings Start: Contribute at least 15% of income to retirement accounts (e.g., 401(k), IRA).
4. Insurance Review: Secure health, life, and disability insurance.

Ages 35–45: Build Wealth and Secure Future

1. Increase Retirement Contributions: Aim for 20% of income as earnings grow.
2. Investment Strategy: Diversify into stocks, bonds, and real estate as appropriate for risk tolerance.
3. College Savings: If applicable, start or grow a 529 plan for children.
4. Career Growth: Seek promotions or additional certifications to increase income.

Ages 45–55: Maximize Savings and Reduce Debt

1. Debt Elimination: Pay off mortgage and other major loans if possible.
2. Catch-Up Contributions: Utilize higher limits for retirement accounts (e.g., for those aged 50+).
3. Investment Review: Shift towards a more conservative portfolio as retirement nears.
4. Estate Planning: Ensure a will, power of attorney, and healthcare directives are in place.

Ages 55–60: Prepare for Retirement

1. Finalize Retirement Budget: Assess expected expenses and income sources (e.g., Social Security, pensions).
2. Healthcare Planning: Secure long-term care insurance if needed.
3. Downsize: Consider reducing expenses by downsizing home or lifestyle.
4. Test Retirement Plan: Live on the projected retirement budget for one year.

Retirement (Age 60+): Achieve Financial Independence

1. Withdraw Strategically: Follow a withdrawal strategy, such as the 4% rule, to ensure funds last.
2. Monitor Investments: Continue to manage the portfolio to align with retirement needs.
3. Maintain Emergency Fund: Retain at least 1–2 years’ worth of living expenses in liquid assets.