Money Milestones: Financial Goals to Consider in Every Decade

There is no single right timeline for money, but certain priorities tend to matter more at different stages of life. Use these milestones as a checklist rather than a scorecard.

In your 20s

• Build a starter emergency fund, then grow it toward three months of expenses.
• Learn to budget and track spending.
• Establish credit and pay every bill on time.
• Start retirement savings, at least enough to earn any employer match. Time is your biggest advantage now.
• Pay down high-interest debt.

In your 30s

• Increase your retirement savings rate as income rises.
• Get term life and disability insurance if others depend on your income.
• Save for major goals such as a home or children's education.
• Avoid lifestyle creep by saving part of every raise.

In your 40s

• Review whether your retirement savings are on track and adjust contributions.
• Prepare a will and name beneficiaries on all accounts.
• Balance helping children with your own retirement security. You can borrow for college, but not for retirement.

In your 50s

• Take advantage of catch-up contributions to retirement accounts once eligible.
• Work toward paying off your mortgage and other debts before retirement.
• Estimate retirement income and expenses, including healthcare.

In your 60s and beyond

• Plan when to claim Social Security, since claiming age affects your monthly benefit.
• Shift investments to match your timeline and comfort with risk.
• Understand Medicare enrollment periods.
• Create a sustainable withdrawal plan.

Behind on a milestone? You are not alone. The best time to start is today, and small steps add up.

Next: Lifestyle Creep: How to Earn More Without Spending It All