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Your Financial Life Stages
During your lifetime, your financial needs will evolve with changes in your income levels, spending patterns, family concerns, and
retirement plans. Most of us pass through three primary financial life stages as we age. Planning ahead for each stage can help ensure
you're ready for the changes that will occur as you enter the work force, marry, buy a home, have children, advance in your career,
and retire.
Stage One: Entering the Work Force, Marriage, Buying a Home, Having Children
Stage Two: Changing Jobs, Investing for the Future, Planning for College
Stage Three: Retirement, Your Legacy
Stage One – Entering the Work Force, Marriage, Buying a Home, Children
Entering the work force is usually the first step toward financial independence. It's also the best time to develop sound financial habits by preparing a budget, establishing a saving pattern, setting financial goals, and following a wise borrowing
strategy. Our online Education Center is full of helpful information about choosing the financial services that might be right for you, as well as tips on budgeting, financial fitness, and credit. Check out the
Advice Center and learn about Money Management today!
Wedding bells in your future? If you're not sure how much you can – or should – spend on your wedding, check out our Upcoming Expense Assistant.
It can help you calculate how much you need to save per month to arrange the perfect wedding! In addition to planning for the actual event, remember to discuss your individual money habits. You may be surprised by how widely your spending and saving habits
vary, but you can help prepare for the financial issues you'll encounter as a couple by developing a plan for the future.
- Create a combined budget, identify, and prioritize your financial goals.
- Pay off individual debts as quickly as possible.
- Review your insurance options and add your spouse to your policies where appropriate.
- Update your financial accounts by opening new joint accounts or adding a joint owner to your existing accounts. Don't forget to make all the necessary address changes, too.
- Visit www.socialsecurity.gov
for information on changing your name with the Social Security Administration and getting a new SS card.
Ready to start talking about your finances and financial goals as a couple? Try our Couples and Money Coach.
Home, sweet home. A home is usually the largest purchase you'll ever make. That's why you'll want to investigate all your options, from the ideal neighborhood to the ideal mortgage.
- Attend one of our free First-Time Home Buyers seminars.
- Use our Home Buying Coach to gain insight into the home buying process, practice interviewing lenders, and more!
- Visit Ent.com/Mortgage for a free pre-qualification, so you know how much home you can afford as you’re shopping for your new home.
- Already found your home – and just looking for the perfect mortgage? Use our online Mortgage Advisor to help you determine which mortgage product is right for you.
Having a baby. As you prepare to welcome a new member of the family, take time to start planning for the many financial changes ahead. Learn more about:
Stage Two – Changing Jobs, Investing for the Future, Planning for College
This is often the time when your income is rising along with your expenses. Plus, the financial decisions you make in this stage can have the greatest impact on your lifestyle.
If you're considering changing jobs, not only will you need to think about new responsibilities, new co-workers, and a new environment, but also how to invest your distribution from your former employer's retirement plan. You'll want to investigate
whether your new employer's plan will accept transfers, as well as what your other options will be. Take a look at your current financial picture with our online Money Management Assistant.
Invest today for a secure future. You can help protect your future by taking full advantage of your employer's retirement plan, investing wisely, ensuring you have adequate life insurance to provide for your family, and preparing an
estate plan. An Ent Investment Services Representative can help guide you in achieving your financial goals. Our online Retirement Planning
Assistant can help you see if you are on track to meet your retirement goals.
College is just around the corner. Start early to save for your children's higher education. Time can be your ally when you establish
a regular savings program and take advantage of programs like Section 529 Plans and Coverdell Educational IRAs. Check out:
Stage Three – Retirement, Your Legacy
The Golden Years. The freedom to live the retirement lifestyle of your choice and more time to spend with your friends and family can make your golden years truly enjoyable.
- Be sure you have adequate medical insurance.
- Continue to manage your investments wisely.
- Be sure your estate plan is up-to-date.
- Use our online Retirement Planning Assistant to see if you are on track to meet your retirement goals.
- Visit the Retirement Planning section of our Education Center for articles and other tools to help you plan for a successful retirement.
Your Legacy. Do you need a trust? While a will is an important part of any estate plan, a will may not be enough to ensure the passing of your assets to the right people at the right time, without the burdens of taxes and probate court.
That's why trust services can give you complete peace of mind about the management, protection, and distribution of your assets. Learn about Members Trust Company, a full-service, state-chartered trust company that's
here for all your estate planning needs. And use our Estate Planning Assistant to see if your estate plan will protect your family and finances in the event of your
passing, disability, or prolonged illness.
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