Financial checklist for every stage of life

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by Michael Cocco, CFP®, AXA Advisors

New Grad, Entering the Workforce

o Make a budget.

o Track your expenses.

o Pay down your debt.

o Start saving for retirement.

o Designate beneficiaries on your financial accounts.

o Consider disability income insurance.

o Speak to an attorney about drafting a Power of Attorney and Living Will

 

Advancing In Your Career

o When you switch jobs, be sure to negotiate.

o Also, consider taking your retirement money with you.

o Seek the advice of a financial planner with an eye on retirement.

 

Getting Married

o Create (or update) your will, and update your beneficiaries, power of attorney, and health care proxy.

o Look into getting life insurance and re-evaluate other insurance policies.

v Buying A Home

o Buy a house that won’t put too much stress on your assets.

o If you’re married and haven’t bought life insurance yet, look into it now, and update your disability income insurance.

 

Having Children

o Review your estate plan.

o Start saving for their college education.

o Relay financial lessons to your children.

 

Established In Your Career

o Max out your retirement contributions.

o Be proactive in your tax planning.

o If you find yourself taking care of your parents, consider their needs in the context of all your financial priorities.

o Consider your own long-term care plans.

o Begin planning your retirement income.

o If need be, catch up on retirement contributions.

 

Retirement

o Know your budget and downside if needed.

o Review your investment strategy and ways to protect your downside.

o Are you truly diversified? Seek alternatives to only having stocks and bonds.

o Look at how to fund potential long-term care costs.

 

Survivor

o Don’t make any immediate changes without advice of your team of professionals.

o Review your estate plan.

o Consider downsizing, and consider moving to a full retirement community.


Michael Cocco is a certified financial planner with AXA Advisors in Nutley. He may be reached at  moc.s1532241239rosiv1532241239da-ax1532241239a@occ1532241239oc.le1532241239ahcim1532241239 or (973) 667-8650.

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Please be advised that this document is not intended as legal or tax advice. Accordingly, any tax information provided in this document is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed and you should seek advice based on your particular circumstances from an independent tax advisor. AXA Advisors, LLC and AXA Network, LLC do not provide tax advice or legal advice.