From 20s to 60s: Important Financial Questions Women Must Ask

As a financial advisor, I’ve seen firsthand the significant impact of smart financial decisions. In this article, we address the essential financial questions every woman should ask at different life stages, from your vibrant 20s to your insightful 60s.

Financial Questions Women Should Ask in Their 20s

Your 20s are a time of exploration and adventure. It is also a great time to set the foundation for your financial future. Here’s what to ask yourself:

• How do I start building credit?
• Should I go with a 401(k) or a Roth IRA?
• How do I create a well-balanced budget?
• How much should I save for my emergency fund?

While retirement may seem like a lifetime away, it’s never too soon to start saving. It’s also wise to prepare for unforeseen financial needs, such as car repairs, medical expenses, or sudden job loss. That’s where your emergency fund comes into play, a good amount being three to six months of living expenses.

Financial Questions Women Should Ask in Their 30s

For many women, their 30s are a decade of career growth, starting a family, and buying their first home. If you have similar aspirations, you should be asking yourself:

• How much should I be saving for retirement now?
• Is it time for life insurance or a will?
• How can I intelligently manage my debt?

You should also educate yourself on financial management best practices. There are plenty of great financial books that can provide practical tips based on your unique goals and financial challenges.

Financial Questions Women Should Ask in Their 40s

Your 40s can be a power decade. You’ll likely be more established in your career, and if you have children, they will be more independent. That means you might have a little more free time than you did in your 30s.

But don’t get too relaxed. Instead, stay on top of your financial game by asking:

• Am I on track for retirement?
• How should I be investing my money?
• What about college savings for my kids?

If you feel like you are behind, don’t worry. There is still plenty of time to get back on track. But you need to get on top of things so you can enjoy your 50s and 60s.

Financial Questions Women Should Ask in Their 50s

Your 50s are a time to fine-tune your financial plans. If you started planning for retirement early, you should have a sound foundation. If not, you’ll have to hustle a bit more to catch up. Here’s what you need to ask yourself:

• What’s my plan for healthcare costs?
• Should I adjust my investment risk?
• When will I retire, and what will it look like?

Your 50s are all about timing. For example, this isn’t the time to take risks with investments—the last thing you want to do is take a step backward when you’re so close to the finish line.

You should also start visualizing your retirement. While it may still be several years away, picturing your life after work can help you stay motivated and focused. Get creative and specific; think about where you want to live out your golden years, what your ultimate goals are, and how you’ll keep busy when you’re no longer spending so much of your time at work.

Financial Questions Women Should Ask in Their 60s

The majority of women retire between 62 and 63 years of age. If you plan on doing the same, you’ll need to be asking questions like:

• Do I have a sustainable withdrawal strategy for retirement?
• How do I manage my retirement income and taxes?
• What’s my plan for potential long-term care needs?
• When should I take Social Security?

Have Questions? Connect With Infiniti Wealth Management

The United States Census Bureau reports that women are more likely than men to have little to no retirement savings. But the good news is, you don’t have to follow this risky trend.

At Infiniti Wealth Management, our team is dedicated to helping women like you get ready for the exciting journey ahead—retirement! Whether you have financial questions or need an experienced team to steer you toward your goals, we’re here and ready to support you at every step of life. Call our office at 845-278-8638 or send us a message to set up a complimentary consultation.