Financial Tips for the Decades

There might not be a roadmap to success, but there is guidance to a successful financial future! The best way to ensure you’re in a good place with your finances in the future is to implement a plan today. Whether you’re just entering the workforce or beginning to think about your long-term goals, here’s some guidance on what you can do during each decade.

Your 20s are the time to build the foundation of a healthy financial future. This decade may be the first time you’re given full financial independence, so start off on the right foot! During this time, you should be getting into the habit of contributing to an emergency fund, understanding the credit system and building positive credit, and contributing to your retirement account. No matter how small your contributions are, it’s best to build these steps into your financial fundamentals so future-you is taken care of. While it may seem like you have time later to start savings and retirement accounts, time is in your best interest…literally! The more you save and the longer you keep it there, the more return you’ll get through compound interest.

Your 30s are a great time to tackle debt, save toward large purchases like the down payment on a home, increase your retirement contributions, and purchase proper insurance. The invincibility that made your 20s fun wears off in your 30s, so make sure you’re taking care of yourself! Putting more towards the things that protect your future, like a better car, health, and life insurance plan, as well as retirement savings, will make sure your future is protected.

Your 40s are usually your peak earning years. This is the time to start building your wealth or your net worth. While you may think that just means earning more, there are other actions you can do to build on what you already have. Paying down what you owe on things like your mortgage, car payments, and loans is a great way to build equity and thus grow your wealth. Additionally, increasing your investment contributions can set you up for long-term wealth. Your 40s may also be a time you get the creeping sensation to make “midlife crisis” purchases. Stave off irresponsible or impulse spending on large purchases by treating yourself on a smaller scale throughout this decade. After all, they are your peak earning years!

Your 50s are a great time to start thinking long-term. What will your retirement look like for you? Will you stay in your home, or move somewhere warmer, for example? Do you have a plan in place for your assets if the worst happens? Take this decade to start making these life-long decisions for the wealth and assets you’ve spent decades accumulating.


Whatever stage of life you’re in, consult a financial advisor to make sure you’re setting yourself up for success!

The material provided on this website is intended for informational purposes only. Links to other web sites are provided for reference and do not constitute a referral or endorsement by Pioneer or its affiliates. Please note that such material is not updated regularly and that some of the information may not be current. It is recommended that you consult with a financial professional for assistance regarding the information contained herein.

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