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:
- Identify gaps in your financial plan
- Prioritize actions by age and life stage
- Track progress toward goals
- Prepare for major life events
- Ensure nothing falls through the cracks
Sources
- Social Security Administration. “Benefits and Eligibility Information.” ssa.gov/benefits
- Centers for Medicare & Medicaid Services. “Medicare Program Information.” medicare.gov
This checklist is the cornerstone of the financial planning by age hub. See how planning changes across your lifetime with financial planning by decade, and explore the broader personal finance hub for a complete overview.
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy