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

• Your 20s are about establishing a foundation as you gain financial independence.
• Set a budget that balances your needs, wants and wishes.
• Create a plan to pay off debt and stick to it.
• Begin building your credit.
• Start an emergency fund of up to three months of living expenses.

Set a course for your financial future

• It’s never too early to start saving for retirement or get started investing.
• Joining an employer-sponsored retirement plan now can reap rewards down the line.
• If a career change includes a change of employer, don’t forget to roll over your 401(k) or IRA.

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

• Try saving 10-15% of your pre-tax income through an employer 401(k) or an additional retirement account.
• A Health Savings Account could save you money and benefits into retirement.

Protect yourself and loved ones

• To protect you and your loved ones, consider long-term disability or life insurance.
• A financial professional can help you select the best policy to meet your needs.

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

• Take advantage of your higher income to max out retirement contributions and broaden your investment portfolio.
• Try to keep those contributions up while establishing a college savings plan for your children.

Protect your #1 financial asset: you

• If you haven’t by now, consider buying life insurance.
• Especially if you have children, now is also the time to create an estate plan, including a will, healthcare directive and more.

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

• It’s time to get practical about retirement.
• Envision what you’ll need in retirement and take advantage of 401(k) and IRA catch-up contributions.
• Make sure your asset allocation and investment risk align with your financial plan.

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

• Your estate plan is the main way to leave the legacy you want, so make sure it’s up to date.
• Does a trust make sense for your situation?
• What about a plan for charitable giving?

How to build wealth in your 60s

Make key financial decisions.
 

Prepare to make the leap to retirement

• There are several key milestones before you retire.
• Are you considering continuing to work after retirement?
• Plan your income—including when you’ll take Social Security.
• Try a practice run living off your projected income.

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

• Depending on your needs, you may consider reducing or ending life and disability policies in favor of long-term and medical insurance.

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.