How to build wealth at any age 

September 15, 2021

No matter your age, there are important financial decisions to make. This guide to key money moves for each decade can help you lay a solid foundation toward long-term financial security. 

 

How to build wealth in your 20s

Lay the financial groundwork.
 

Establish your financial independence

 

Set a course for your financial future

 

What insurance you need in your 20s

  • Making sure you’re covered by insurance is an important part of your financial foundation.
  • The first step is to learn about the different types, from health insurance to disability insurance.

 

Boost your financial well-being

  • Start your journey toward financial health by setting goals, tracking your spending and assessing the assets you already have.
  • Here’s a 30-day checklist to start building these habits.


 

How to build wealth in your 30s

Plan for a bright financial future.
 

Set your personal financial goals

  • Do you have dreams you’d like to accomplish? It’s time to form a financial plan.
  • You may want to buy a house, start a family or business, or pay down debt.
  • A budget can help you keep track of all your financial goals.

 

Continue to save for retirement

 

Protect yourself and loved ones


 

How to build wealth in your 40s

Ways to grow your money.
 

Explore your options when you’re earning more

  • Your 40s are your prime earning years, and that comes with financial options, from paying down debt to charitable giving to bolstering your emergency savings.
  • Life events happen—supporting children or parents, divorce, marrying again—so check in with your financial plan as your life evolves.

 

Expand your retirement savings

 

Protect your #1 financial asset: you


 

How to build wealth in your 50s

Get serious about retirement planning.
 

Make the most of your empty nester lifestyle

  • Are your children out of the home? Encourage their financial independence.
  • Meanwhile, cut down on your own expenses, reconsider taking on debt, and save when you can.

 

Envision your retirement needs

 

Consider your long-term care needs

  • Your premiums will be at their lowest now, so consider purchasing long-term care insurance to help with future medical or personal needs.

 

Picture the legacy you want to leave


 

How to build wealth in your 60s

Make key financial decisions.
 

Prepare to make the leap to retirement

 

Apply for Medicare

  • After you turn 65, you can apply for Medicare. You’ll have the option to buy supplemental coverage, as well as coverage for prescription drugs.

 

Re-evaluate your insurance portfolio

 

Talk with family about estate planning

  • Your estate plan spells out the legacy you’ll leave loved ones, so get them involved in the conversation.
  • Discuss topics like who should be beneficiaries for certain assets or who will take on a family business.

 

Next steps to consider:

 

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Does your investment strategy line up with your age?

You change and mature as you get older; so should your investment strategy. Here are tips for investing at any age.

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Are you on track for retirement?

Saving for retirement is a lifelong process. Here’s a checklist for what you should be doing at every age.

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Your 4-step guide to financial planning

No matter what life stage you’re in, it’s always a good idea to assess and work toward your goals.

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