While finances may not be the most glamorous thing to talk about, they are one of the most important.

No matter your age, there are steps you can start taking to ensure your finances are where you want them to be.


  • Make a budget so you know what your income is and learn not to spend more than that.
  • Start paying off some of those loans and credit card bills you’ve accumulated so you don’t have to drag them along into your 30s. Reducing debt gives you the opportunity to use your extra funds to start a retirement plan.
  • It may seem like a ways off, but the sooner you start investing the more time you have for your investment to start showing a high return. If your employer offers a 401(k), 403(b) or similar retirement account and matches, do what is required to get it. It’s free money from your employer! If you can afford it, also begin contributing to a Roth IRA.
  • Designate beneficiaries on your financial accounts and make sure you have a living will so your loved ones know your wishes should something happen to you.

30s and 40s

  • Your retirement account should be a big priority as well as starting an account to save for your children’s college tuition. Save as much as you can in both your employer-sponsored retirement account as well as your own Roth IRA and traditional IRA.
  • You may want to set up a Health Savings Account (HSA), which will allow you to save on health expenses with pretax money, while also potentially using that money as an investment vehicle.
  • Take a look at your mortgage. Would refinancing save you money? Could you start making a higher payment each month to reduce the amount you pay toward interest?
  • Do you have life insurance so your children or spouse are taken care of should something happen to you? Disability insurance is a must-have as well. If your employer doesn’t offer it and you can afford it, this insurance will provide you an income stream should you become unable to work.

50s and 60s

  • Consider your long-term care plans. Look at your insurance coverage and make sure your healthcare plan is up to par. What would happen if you or your spouse needed to go to a nursing home or have in-home healthcare? Do you have sufficient long-term health care coverage?
  • Begin planning your retirement income. Talk with your financial planner about how best to turn your savings into income. Learn how the age at which you take Social Security will affect the amount you receive, about required retirement income distributions, how to pull money from different retirement accounts without getting hit with a big tax bill, etc.

70s and 80s 

  • Whether you are downsizing or changing your will, by now you’ve seen many changes in your life. Think about what type of house you want and if it has the amenities you may need, such as wheelchair access.

Whether you are 28 or 82, single or married, a parent or not, you should always make your finances a priority. Start evaluating your standings now and talk with a Starion banker so we can help get you set up for the future.