Adjust Your Plans for Every Stage of Life
Smart Giving and Planning at Any Age
As your life situation changes, your plans for the future should also adjust. Review the list below to find helpful planning tips at every age.
In Your 40s: Think Long Term
- Create a will.
- Take advantage of employer-matched 401(k) retirement plans.
- Meet with a financial planning professional to begin mapping your retirement strategy.
In Your 50s: Take Stock
- Step up your retirement savings, and participate in a catch-up plan if necessary.
- Look at your current spending and see how you’ll be able to adjust once you’re in full retirement.
- Consider shifting to a more conservative investment strategy.
In Your 60s: Set the Stage
- Meet with a financial planner to make sure you meet your desired retirement date.
- Continue to pay down outstanding debts to rid yourself of monthly payments.
- Develop a budget to live within after you retire from full-time employment.
- Update your will and estate planning documents to reflect your current wishes.
In Your 70s: Look Ahead
- Live within your budget so you don’t outlive your assets.
- Explore volunteer options at your favorite charitable organizations.
- Meet with a financial planning professional or an attorney to discuss estate gifts that offer tax advantages to you and your heirs.
In Your 80s, 90s and Beyond: Enjoy the Moment
- Inform close family members and loved ones of your final wishes and location of vital papers.
- Create a health care power of attorney, which allows you to designate another person to make medical decisions if you are incapacitated, and a living will, which covers end-of-life situations.
- Take pride in reaching these age milestones and enjoy your family and friends.
If charitable giving fits into your retirement and estate plans, we are happy to help you find a gift that works well for you and your family. Please contact Dana Padden Thomas at 415-800-5278 or Dana.Thomas@tpl.org.