Gabe Fransen | February 21, 2025
As a financial advisor, February offers a chance to reflect on how we support clients across all decades of life. From those starting their financial journey to individuals in retirement, our practice provides guidance tailored to each client’s unique needs. Below, we outline our approach to financial planning for clients in their 20s, 30s, 40s, 50s, 60s, 70s, and beyond, focusing on education and strategies relevant to each stage.
In Your 20s: Starting with the Basics
Clients in their 20s are often managing early financial responsibilities—student loans, rent, or initial savings efforts. We focus on foundational education: understanding budgeting, exploring debt management options, and discussing the benefits of starting retirement savings. For example, we may introduce the concept of a Roth IRA, explaining its potential tax advantages over time. Our role is to provide information on investment options and encourage disciplined habits, tailored to their goals.
In Your 30s: Addressing Multiple Priorities
In their 30s, clients frequently balance career growth, family needs, or homeownership. They often seek clarity on managing current expenses alongside future planning. We review cash flow, discuss the importance of employer-sponsored retirement plans, and explore insurance options to address their circumstances. Strategies might include understanding contribution matches or evaluating loan terms, with an emphasis on informed decision-making for both short- and long-term objectives.
In Your 40s: Evaluating Progress
The 40s can involve supporting children’s education, caring for parents, or refining retirement timelines. Clients often want to assess their financial position. We provide tools to review savings, discuss diversification within investment portfolios, and consider factors like healthcare costs or market fluctuations. Conversations may include preparing for catch-up contributions available at age 50, helping clients align their approach with their evolving needs.
In Your 50s: Focusing on Retirement Readiness
By their 50s, clients are often thinking about retirement timelines and resource allocation. We explore options like maximizing retirement account contributions—including the additional amount permitted after age 50—and review investment allocations in light of their risk tolerance and time horizon. Our guidance centers on understanding the factors that influence retirement planning, empowering clients to make informed choices.
In Your 60s: Transitioning to Retirement
In their 60s, clients may be entering retirement or finalizing preparations, often asking how to manage savings effectively. We discuss strategies such as Social Security timing, withdrawal considerations, and portfolio adjustments, explaining the trade-offs involved. Additionally, we explore Roth conversions—converting traditional IRA funds to a Roth IRA—highlighting potential tax implications and benefits of tax-free withdrawals in the future. The focus is on educating clients about income options and factors affecting financial longevity.
In Your 70s and Beyond: Planning for Legacy
For clients in their 70s and older, attention often shifts to estate considerations and managing retirement accounts. They may ask about supporting family or charities while addressing tax rules. We explain Required Minimum Distributions (RMDs), which mandate withdrawals from certain retirement accounts starting at age 73, and their tax considerations. We also discuss Qualified Charitable Distributions (QCDs), a strategy allowing direct charitable donations from an IRA that may satisfy RMD requirements while potentially reducing taxable income. Additionally, we cover estate planning tools—such as wills, trusts, or gifting strategies—helping clients understand their options.
Guidance for Every Decade
At any age, our process begins with understanding your objectives and concerns. Financial planning adapts to shifting economic conditions, personal milestones, and individual priorities. We provide objective information and strategies to help you navigate your financial path. Every stage of life benefits from thoughtful planning, and we’re here to assist.
