AGE GROUP

GOALS

STEPS TO MEET THE GOALS

20 TO 34

Independence,

Establishment

and

Childbearing

Phases

Establish credit.

Buy a home.

Set up the Emergency or Rainy Day fund.

Buy adequate insurance.

Use savings to start investing programs.

Begin retirement planning.

Start education savings funds.

Have your first will drawn up.

Make all credit payments on time.

Save, save, save for the down payment.

More savings. Decrease unnecessary expenses.

Study and then buy--Health, Disability, Homeowners, Auto and Umbrella Liability.

Start to learn about Investing.

Establish 401K, IRA, SEP or Keogh.

Invest in long-term growth funds.

See your attorney.

35 to 44

Childrearing

Phase

Re-evaluate insurance programs.

Continue with earlier goals but increase the funding.

Increase retirement funding.

Revise your will at least every 5 years.

Start saving funds for what you will spend in the future--cars, boats, house repairs, etc.

Develop the plan--NO MORE CREDIT BUYING!

Begin planning your estate.

Use an expert after you have really studied insurance programs.

Decrease any credit spending. Use proceeds to purchase more investments.

Hopefully via your employer.

Continued savings to reduce any purchases via debt.

Start to eliminate all credit balances.

Check with your attorney  but use an estate expert.

45 to 54

Childrearing

and

Childlaunching

Phase

Serious retirement planning.

Re-evaluate risk-reward ratio of your investment portfolio.

Watch your income tax expenses. May need to shelter. These are the big years for earning!

Pay off the residence.

Increase retirement funding as other expenditures decrease.

Portfolio mix should be tending toward the conservative.

See a qualified tax-advisor.

Debt-free by 53!

55 to 64

Empty Nest

Phase

Revise retirement goals and investments.

Consolidate and simplify investments.

Revise will and estate plan every 3 years.

Set up trusts for children.

Double check Social Security benefits.

More time spent on evaluation.  Change portfolio mix.

Watch for opportunities but start to reduce complexity.

If assets warrant the trusts, see lawyer.

65 and OVER

Retirement

and

Single Partner

Phase

Restructure investments for monthly income.

Reduce Life insurance?

Wrap up Estate Plan.

Provide for long term necessary care.

Consider Charitable Remainder Trust.

Income important but remember inflation is still a factor.

Whole life may not be necessary.

Insurance? Nursing home care?

Call Florida Baptist Financial Services at

              1-800-780-0325

YOU CAN AND SHOULD,  
ADD SOME OF YOUR OWN GOALS!