Financial Planning Checklist: By Age and Life Stage

· Updated

Track your financial progress with this comprehensive checklist organized by age and life stage.

Universal Checklist (Any Age)

Financial Foundation

Item Status
Budget created and followed ☐
Net worth tracked ☐
Financial goals written ☐
Checking account ☐
High-yield savings account ☐

Essential Protection

Item Status
Health insurance ☐
Auto insurance (if driving) ☐
Renters/homeowners insurance ☐

Credit & Debt Management

Item Status
Know your credit score ☐
Annual credit report reviewed ☐
No high-interest credit card debt ☐
Autopay set for all bills ☐

In Your 20s

Priority Checklist

Item Priority Status
$1,000+ emergency fund HIGH ☐
401(k) up to employer match HIGH ☐
Pay off credit card debt HIGH ☐
Roth IRA opened MEDIUM ☐
Credit score 670+ MEDIUM ☐
Student loans on repayment plan MEDIUM ☐

Retirement Savings Target

Age Target (× Annual Salary)
25 0.25×
30 1×

20s Action Items

Action Why
Start 401(k) at any percentage Time is your biggest asset
Open Roth IRA Tax-free growth decades away
Build credit Needed for housing, loans
Live below your means Avoid lifestyle creep
Learn to cook Save hundreds monthly

In Your 30s

Priority Checklist

Item Priority Status
3-6 month emergency fund HIGH ☐
401(k) contribution 10-15%+ HIGH ☐
No high-interest debt HIGH ☐
Retirement savings = 1-2× salary HIGH ☐
Term life insurance (if dependents) HIGH ☐
Disability insurance MEDIUM ☐
Will/basic estate plan MEDIUM ☐
529 for kids (if applicable) MEDIUM ☐

Retirement Savings Target

Age Target (× Annual Salary)
30 1×
35 2×
40 3×

30s Action Items

Action Why
Max 401(k) if possible $23,500/year limit
Buy adequate life insurance 10-12× income if dependents
Create will Protect family
Review investments Age-appropriate allocation
Consider home purchase If it makes sense

30s Insurance Review

Coverage Need
Life (term) 10-12× income
Disability 60-70% income replacement
Umbrella If assets to protect

In Your 40s

Priority Checklist

Item Priority Status
Retirement savings = 3-4× salary HIGH ☐
On track for retirement HIGH ☐
College savings on track MEDIUM ☐
Mortgage payoff plan MEDIUM ☐
Estate plan updated MEDIUM ☐
Insurance coverage reviewed MEDIUM ☐
Catch-up contributions if behind HIGH ☐

Retirement Savings Target

Age Target (× Annual Salary)
40 3×
45 4×
50 6×

40s Action Items

Action Why
Calculate retirement needs Know your number
Max retirement accounts Catch-up if behind
Update beneficiaries Life has changed
Pay down mortgage Retire debt-free
Review asset allocation Match to timeline

Catch-Up Contributions (50+)

Account Regular Limit Catch-Up Total
401(k) $23,500 $7,500 $31,000
IRA $7,000 $1,000 $8,000
HSA $4,300 $1,000 $5,300

In Your 50s

Priority Checklist

Item Priority Status
Retirement savings = 6-8× salary HIGH ☐
Max catch-up contributions HIGH ☐
Social Security strategy planned HIGH ☐
Healthcare plan for early retirement MEDIUM ☐
Estate plan updated MEDIUM ☐
Long-term care considered MEDIUM ☐
Debt-free goal MEDIUM ☐

Retirement Savings Target

Age Target (× Annual Salary)
50 6×
55 7×
60 8-10×

50s Action Items

Action Why
Maximize catch-up contributions Last chance to boost savings
Model Social Security timing Delayed = higher benefits
Plan healthcare bridge Medicare starts at 65
Reduce portfolio risk Shift toward bonds
Pay off mortgage Fixed income needs

Pre-Retirement Planning

Item Review
Retirement income sources SS, pensions, savings
Monthly budget in retirement What will you spend?
Healthcare costs $300-$600/month Medicare + supplement
Tax strategy Roth conversions, withdrawal order

In Your 60s+

Priority Checklist

Item Priority Status
Retirement withdrawal strategy HIGH ☐
Social Security timing decided HIGH ☐
Medicare enrolled HIGH ☐
Required Minimum Distributions planned HIGH ☐
Estate plan finalized HIGH ☐
Healthcare directive HIGH ☐
Power of attorney in place HIGH ☐
Long-term care plan MEDIUM ☐

Key Dates

Age Action
62 Earliest Social Security (reduced)
65 Medicare eligibility
67 Full Social Security (for many)
70 Maximum Social Security benefit
73 RMDs begin (for most)

60s+ Action Items

Action Why
Optimize Social Security Up to 32% more by waiting to 70
Review IRA to Roth conversions Tax bracket management
Plan RMD strategy Avoid excess taxes
Update estate documents Every 3-5 years
Consider downsizing Reduce costs/maintenance

Life Event Checklists

Getting Married

Item Status
Discuss finances openly ☐
Combine or separate accounts (decide) ☐
Update beneficiaries ☐
Review insurance needs ☐
Create joint budget ☐
Update estate plan ☐

Having a Baby

Item Status
Review health insurance ☐
Update life insurance ☐
Create/update will ☐
Designate guardians ☐
Start 529 plan ☐
Review budget for childcare ☐
Add baby to insurance ☐

Buying a Home

Item Status
20% down payment (or understand CMHC/PMI) ☐
Emergency fund intact after purchase ☐
Closing costs saved (2-5%) ☐
Homeowners insurance ☐
Home maintenance fund started ☐
Property tax planned for ☐

Job Loss

Item Status
File for unemployment ☐
Review severance options ☐
Roll over 401(k) ☐
COBRA or new health insurance ☐
Cut discretionary spending ☐
Use emergency fund (not credit cards) ☐

Inheritance

Item Status
Pay off high-interest debt ☐
Max retirement contributions ☐
Keep emergency fund full ☐
Wait before big purchases ☐
Consult tax professional ☐
Update own estate plan ☐

Retirement Savings Benchmarks

By Multiple of Income

Age Conservative Aggressive
30 1× salary 1× salary
35 2× 2×
40 3× 4×
45 4× 5×
50 6× 7×
55 7× 8×
60 8× 10×
67 10× 12×

Monthly Savings to Reach $1M by 65

Starting Age Monthly (8% return)
25 $286
30 $436
35 $671
40 $1,051
45 $1,698
50 $2,890

Bottom Line

Age Focus
20s Build foundation, start investing early
30s Accelerate savings, protect family
40s Catch up if behind, optimize
50s Maximize contributions, plan transition
60s+ Draw down strategically, legacy

Use this checklist to:

  1. Identify gaps in your financial plan
  2. Prioritize actions by age and life stage
  3. Track progress toward goals
  4. Prepare for major life events
  5. Ensure nothing falls through the cracks
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