By Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, [email protected] to medical standards of care (e.g., having a mammogram starting at age 40, a colonoscopy starting at age 50, and regular blood pressure and bone density tests), certain age-based milestones can tell people the key financial planning action steps that they need to take at different ages.The following financial activities often take place at various decades of a person’s life:20s and 30s– Early retirement savings, debt repayment (e.g., student loans), and household formation40s and 50s– Increased earnings, continued wealth accumulation, and launching of adult children60s– Peak earning years (if still employed), preparation for retirement, and retirement70s and Above– Life transitions (e.g., long-term care, widowhood, and death) and wealth distributionEspecially during later life, there are many age-related financial milestones. Examples include eligibility for catch-up contributions to tax-deferred retirement savings plans at age 50, eligibility for early (reduced) Social Security benefits at age 62, eligibility for Medicare at age 65, and required minimum distributions (RMDs) from tax-deferred retirement savings plans at age 70 ½. Like medical milestones, which are generally determined by research findings (e.g., clinical trial results), financial milestones are also grounded in facts, typically tax laws, legislation, and knowledge of the impact of compound interest.Although actual timing will vary from person to person (e.g., I completed a Ph.D. program in my 40s), below are some suggested financial milestones to achieve during each decade of adult life. Milestones achieved at an earlier age (e.g., a good credit score and an adequate emergency fund) should continue during subsequent years.Photospin/Ruslan KudrinAge 30Financial independence from parents (e.g., independent living arrangements and no “subsidies” to pay household expenses such as insurance premiums and cell phone bills)Student loan debt completely repaid or close to repayment (e.g., standard 10-year repayment plan)A year’s worth of salary (1x) saved for retirementA good credit history established with a credit score in the low- to mid-700s or higherRegular saving/investing and at least three to six months of income set aside for emergenciesEducational credentials earned or near completion (e.g., certifications and graduate/professional degrees)Have current estate planning documents and life insurance to protect dependents or co-signers, if applicablePhotospin/Ruslan KudrinAge 40Three times annual salary (3x) saved for retirement; saving at least 15% of gross incomeCollege savings established for children, if applicableIncreased investing expertise and diversification of investment portfolio assetsIncreased human capital (i.e., job skills and knowledge) to remain employable and earn promotions/raisesAge 50Photospin/MonkeyBusiness ImagesSix times annual salary (6x) saved for retirement; making catch-up retirement savings plan contributionsIncreased knowledge about the specifics of Social Security, Medicare, and employer retirement benefitsIncreased knowledge of aging parents’ finances and communication about caregiving-related issuesUse of financial advisers, as needed, as net worth increases and finances become more complexAge 60Eight times annual salary (8x) saved for retirementPhotospin/Scott Griessel/CreatistaPaid off mortgage, home equity loan, and credit card debt prior to retirementCatch-up retirement strategies used, if needed (e.g., downsizing, moving, working longer, and selling assets)Learning new skills and/or making other preparations to transition to a “second act” job or volunteer role To learn more about age-based financial planning milestones from age 0-10 through 90-100, read “Money Milestones for Each Decade” (Reuters).
Robredo: True leaders perform well despite having ‘uninspiring’ boss PLAY LIST 02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games El Nido residents told to vacate beach homes Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ Hotel says PH coach apologized for ‘kikiam for breakfast’ claim View comments Sports Related Videospowered by AdSparcRead Next Photo by Tristan Tamayo/INQUIRER.netIt may just be an exhibition game, but Aby Maraño kept her beast mode on.“I’m still on beast mode because I want to set that standard that wherever I’m playing, I’ll always play like that,” Maraño said in Filipino after La Salle surrendered a tough five-set defeat to Ateneo on Sunday in the Battle of the Rivals.ADVERTISEMENT Enjoying the game key to winning, says Valdez Trump strips away truth with hunky topless photo tweet “We played lax. We controlled the first two sets, but in the third and fourth, we didn’t had our first ball. I keep on saying that if we get that first ball, we can set our plays well, and we can quickly kill the ball. But if we don’t, that’s when the game goes long and a rally happens and the ball dies on our court,” she said.Defeated, Maraño said she treasured the rare opportunity to team up anew with past La Salle standouts.“It’s like deja vu,” she said. “It reminded us of the moments which we went through in the UAAP, that when we score, we celebrate. The way we play, our intensity when we score, those feelings gave us flashbacks. Those memories really made me happy,”“Even though we lost, I’m just really happy. My mindset is to play and enjoy and experience this feeling again playing at MOA Arena.”ADVERTISEMENT LATEST STORIES MOST READ Don’t miss out on the latest news and information. Church, environmentalists ask DENR to revoke ECC of Quezon province coal plant FEU Auditorium’s 70th year celebrated with FEU Theater Guild’s ‘The Dreamweavers’ READ: Battle of the Rivals: Valdez, Ateneo best La Salle in 5 setsMaraño showed no letup and shared that even in a game that has no bearing, she still wants to play at her best.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSWin or don’t eat: the Philippines’ poverty-driven, world-beating pool stars“I didn’t really show the swag because the game isn’t that intense, but I want to perform and do all the right thing,” she said.Maraño was in her usual relentless self but she admitted the team let its guard down after grabbing a 2-0 lead. Lacson: SEA Games fund put in foundation like ‘Napoles case’ National Coffee Research Development and Extension Center brews the 2nd National Coffee Education Congress
Tottenham wanted Chelsea signing Pulisic – Redknappby Ansser Sadiq10 months agoSend to a friendShare the loveFormer Tottenham boss Harry Redknapp says that his old club wanted to sign Christian Pulisic.Spurs have not completed an incoming transfer in the summer or in this window.And Redknapp believes they were priced out of a move for the American winger, who moved to Chelsea for £58 million.Pulisic will be back at Dortmund until the end of the season, where he has scored a goal and provided 2 assists in the league this term.Former Tottenham boss Redknapp told talkSPORT: “I’ve got a feeling, I don’t think they will.”I heard they were interested in the boy who went to Chelsea [Pulisic]. He was on their radar but was too expensive.”I think they will stick with what they’ve got.” About the authorAnsser SadiqShare the loveHave your say
About the authorPaul VegasShare the loveHave your say West Ham boss Pellegrini surprised by Everton strugglesby Paul Vegas7 days agoSend to a friendShare the loveWest Ham United manager Manuel Pellegrini admits he’s surprised by Everton’s early season struggles.The Blues currently find themselves in the relegation zone after eight matches of the campaign despite being handed what looked to be a relatively favourable early fixture list.Pellegrini said, “[Surprised by their position?] Maybe, yes. They have very good players and a team that is very strong every year.”I suppose I expected them to not be in that position in the table.”Because we won that game last season, it is in that moment we played in the way we wanted to. We want the same result again this time as well.”It is difficult to analyse their situation. Last season we beat them there when we were in a position that they are now.”Games are always different though, I am sure we will find an Everton with high pace and looking to get better results than their last games.”
Categories: Frederick News State Rep. Ben Frederick of Owosso announced his monthly in-district office hours for Monday, Oct. 23 at the following times and locations:8 to 9:30 a.m. at Durand City Hall, 215 W. Clinton St., in Durand; and5 to 6:30 p.m. at the Marion Township Hall, 10925 S. Merrill Road, in Brant.“Meeting with residents of Saginaw and Shiawassee counties on a regular basis is extremely important to me, “Frederick said. “I encourage residents to come with any concerns they have, or just drop by and introduce themselves.”No appointment is necessary. Anyone unable to meet during the scheduled times may contact Rep. Frederick’s office at (517) 373-0841 or email at [email protected] 13Oct Rep. Frederick hosts October office hours