Money management priorities may ebb and flow throughout the years depending on your life stage. But regardless of your age or stage, Novation is here to help you make the most of your hard-earned dollars. Here is what that may look like:
In your 20s
- Build a solid credit history through the wise use of credit cards.
- Open an emergency savings fund of up to 6 months’ living expenses.
- Begin saving for retirement through your employer-sponsored retirement plan.
In your 30s
- Become a homeowner, which allows you to build equity for future borrowing needs.
- Make sure you have adequate insurance coverage, including life, home, auto, health and disability.
- Open college savings accounts if you have children.
In your 40s
- Seek financial planning guidance with a financial advisor at Novation Investment Services.
- Review your insurance coverage to make sure it is keeping pace with changing life circumstances.
- Establish a will and estate plan for the distribution of your property and assets.
In your 50s
- Aim at paying off your mortgage and other consumer debt before retirement.
- Maximize your savings for retirement by using catch-up provisions.
- Consider downsizing your lifestyle by selectively reducing spending.
In your 60s
- Switch a portion of your investments to lower-risk options that produce income.
- Check into affordable health care options and long-term care insurance.
- Research reverse mortgages for possibly tapping your home’s equity.
Look to Us
Planning ahead to accommodate life’s potential changes is key. At Novation our goal is to partner with 3Mers through life’s milestones – let us help you by providing appropriate financial products and services for every stage in your life.