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Before looking at some proven ways to give you the best chance of meeting your financial goals, let’s break down some of the most common financial considerations for people in their 40s, 50s and 60s. While your long-term financial goals, such as a secure retirement, may stay the same, you are likely to have different short- and mid-term goals at each life stage.
Many people at this age are entering their peak earning years. While retirement may still seem a fair bit away, you may be wondering if you are saving enough.
Here are some common goals at this life stage:
In your pre-retirement years, thoughts often turn more to preserving rather than building wealth. You might also be considering early retirement.
Here are some common pre-retirement goals:
Retirement is up there with leaving home, getting married and starting a family as one of life’s major stages. It’s a huge change. You will suddenly have a lot more time, but also potentially less income.
Financial priorities and goals at this age include:
Consider using the SMART method of goal-setting at each stage of life. Using this method, your goals should be:
Regularly reviewing your goals is another essential part of reaching them. Your financial goals, or plan, isn’t a document intended to be left gathering dust in a drawer; it should be a “living document” designed to evolve as your life changes.
The best advise starts with a conversation with a qualified advisor. They can provide a set of fresh eyes and an educated second opinion to help you clarify any tweaks to your plan, or identify alternative strategies that could help you achieve your goals on time.
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