As with your general life cycle, there are various stages to your financial and retirement planning that occur based on the decade of your current age.
As your life trajectory changes, so too will the goals you will have as well as the focus you should have. During your 20s for example, you will likely be focused on building financial independence and your basic foundation. Career consolidation, accumulation of wealth and debt reduction are often the focus for people in their 30s.
While every case is different, your career has typically begun during this time and you may have even purchased your first home. In your 40s, most people are focused on continued wealth accumulation as well as paying down on necessary debts such as that mortgage they previously took out. 50s can be one of the decades that has the most variability for the people currently in it due to the fact that some may be contemplating retirement, while others are making up for lost time because they had children later. In your 60s, you may be in a semi-retirement stage or choosing to continue working based on your health and your financial planning.
Your 70s and beyond, however, are the years of traditional retirement and your golden years and can look very different from one person to another based on the necessary steps you took in the past. Consulting with your retirement planner as well as an estate planning attorney in NJ are a few crucial things you can do to protect your future.