Planning Ahead at Every Age
By Corrina Judd, Esq.
Vice President and Estate Planner
Most of us know it’s prudent to plan for our long-term financial wellbeing, but it can be challenging to think ahead when we’re not sure where to start. Preparing for your future doesn’t need to be overwhelming. The experts at The National Bank of Indianapolis are here to help. Based on your age and stages of life, there are certain tips to consider. Taking the right steps at the right time can set you and your family up for success.
20s & 30s
In our twenties and thirties, many of us are beginning our careers and starting families. This is the time to start saving for goals like retirement and children’s college educations, no matter how far off those may seem. Taking advantage of 401(k) matching programs at work and utilizing 529 college savings accounts early will pay dividends long-term, even if it’s only feasible to save a little at first.
Our 20s and 30s are also the time to prepare an estate plan. Don’t be fooled into thinking that only people with young children or who have more net worth than you need estate planning documents. Everyone needs a basic estate plan at minimum to ensure our affairs are managed as we intend when we pass away or become incapacitated. For those who do have young children, preparing an estate plan when they’re little is especially crucial. Documenting your wishes in an estate plan helps ensure that if the unexpected happens, your children will be cared for by the guardians you’ve designated and any inheritance the children receive will be protected.
40s & 50s
In our forties and fifties, planning for retirement should take center stage. If you haven’t already, it’s prudent to meet with a financial advisor like Debbie Baker at The National Bank of Indianapolis to ensure your savings goals are on track. This is also a good time to review life insurance to be sure coverages are sufficient to meet your family’s needs in the event you pass away unexpectedly. Beneficiary designations on assets like life insurance and retirement accounts should be reviewed regularly to make sure they are properly coordinated with your estate plan. It’s a good rule of thumb to revisit your estate plan every five years to assess whether any updates are necessary.
60s & Beyond
In our sixties, seventies, and beyond, strategic use of retirement savings is key. The professionals in Diamond Capital Management can partner with you to help ensure that you have an investment strategy for living well in retirement. It’s also especially critical at this time in life to ensure that estate planning documents, including powers of attorney and healthcare directives, are updated.
Make sure your will or trust reflects your current wishes and the legacy you hope to leave behind. The Trusts and Estates Group at The National Bank of Indianapolis would be glad to work with you to ensure your estate or trust is administered with the highest levels of expertise and care.
At The National Bank of Indianapolis, we are always happy to serve you. We can be a helpful resource as you plan for the future. Contact us today to get started.