Life Stages

Financial planning tips for your life

Different stages of life require different financial commitments. How do you know where you should be focusing your financial efforts?

Use our Life Stages information below to help better plan for your monetary commitments. If you still have questions, reach out to a Wealth Management professional at State Bank today!

Becoming Financially Independent

Transitioning to become financially independent is a large milestone in life and comes with many new decisions. While you may start earning a regular paycheck, you will want to consider getting a jump start on other financial objectives.

  • Find a job to be your primary source of income.
  • Start saving money to establish an emergency fund.
  • If your employer has one, enroll in an employer retirement plan like a 401(k); if this option isn’t available, open an IRA at State Bank.
  • Begin paying down student loans and other debts.
  • Enroll in your company’s health insurance plan, or find an individual health insurance plan if one isn’t available through your employer.

Newly Married & Young Family

As you consider marriage or starting a family, this requires a little more strategy in planning because your finances affect more than just yourself.

  • Determine with your significant other whether joint or separate accounts are the best option.
  • Increase savings and retirement contributions.
  • Schedule a free appointment with a State Bank Financial Planner to start planning the next five, 10 or 15 years of your financial life.
  • Look into investing part of your income.
  • Remain liquid by keeping your emergency fund (three to six months’ of living expenses) in an easily accessible savings account.
  • Look into life insurance to ensure your family is financially protected should an unfortunate event happen or you encounter loss of income.

Establishing Your Wealth

As your family grows, it’s a time to start or continue smart savings and investment habits.  If applicable, it’s also a time to ensure your children have the means in place for a good education.

  • Continue with your retirement contributions.
  • Keep your emergency fund stocked and accessible.
  • Keep an eye on your investments and diversify as needed.
  • Look into setting up an education savings account for your child’s college education.

Near Retirement

This is a time to make sure you are on pace for what you’ll need to live the way you want in retirement. It’s also a great time to put your wealth distribution wishes in place.

  • Meet with a State Bank Financial Planner to ensure you know what you’ll need for retirement.
  • Stay steady with retirement contributions.
  • Revisit your investments regularly to see if your asset allocation needs to change.
  • Meet with a trust expert at State Bank to begin planning your wealth distribution wishes.

Retirement & Estate Planning

To make sure you are on track for the retirement you have been working so hard for, here are some things to consider:

  • Make catch-up contributions for your retirement plans if your income allows it.
  • Set your retirement date.
  • Be sure you are aware of distribution rules and limits for your retirement accounts.
  • Look into long-term care insurance.
  • Apply for Social Security benefits.
  • Meet with a trust expert at State Bank to begin or continue planning your wealth distribution wishes.



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