Financial Planning for Every Stage of Life: Establishing Your Career and Personal Life

As you move through life, your financial priorities will change. Your goals when you are starting your career will be dramatically different from those as you near retirement. This article will focus on financial priorities for those establishing their career and making important personal decisions, such as getting married.

1. Negotiate your salary

As you become more established in your career, you will have more leverage in negotiating your salary. This step is especially important if you switch jobs. Do not settle for anything less than your experience is worth.

2. Keep a close eye on your retirement funds

If you switch jobs, make sure to bring your retirement savings with you. You can roll your funds into the new employer’s 401(k) or into an IRA. You should also begin working with a financial planner to best plan for retirement and other important life decisions — such as buying a house or getting married.

3. Update your beneficiaries 

This is an incredibly important step after marriage. At the same time, you should update your healthcare proxy and power of attorney to reflect this change in your life.

4. Update your budget

Before marriage or moving in with a significant other, you must decide how you are going to merge your finances. There are a number of approaches you can take when you make this step — you could split the bills, you could create a joint account, or you could consider a variety of other options. For more information, read our post, So You’re Thinking of Merging Your Finances…

5. Update your insurance

After marriage, many choose to invest in life insurance to guarantee income in the event of an unexpected tragedy. You could consider group term insurance through your employer, or for extra coverage, individual term insurance. You should also consider whether you need separate health insurance plans or if it makes sense for you to be on one. Finally, make sure your disability insurance provides enough coverage and add your spouse to your auto insurance plan.

source: www.forbes.com

Insurance product guarantees are subject to the financial strength and claims-paying ability of the issuing company, and may be subject to restrictions, limitations or early withdrawal fees. Annuities are not FDIC insured.