Best financial resolutions for your 20s, 30s, 40s, 50s, 60s and beyond

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According to Fidelity’s 2022 Financial Resolutions Study, nearly 7 in 10 Americans are considering making New Year’s resolutions that have something to do with money. This puts financial improvement at the top of physical health as America’s most popular winter self-promise.

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The most common financial resolutions are to save money, reduce debt, and cut expenses – all noble wishes, indeed – but different age groups might deliver on their promises better depending on their respective stages of life. the life.

Here is a look at the resolutions suggested by experts over the decades.

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1920s: deciding to save and invest for the future

Julie Ramhold, consumer analyst at, advises young adults to promise to put money aside for retirement, even though it may seem like a long way off.

“It might seem too early to do it, but given the economy as it is and the issues plaguing young professionals, it’s best to start putting money aside now, even if you don’t work for a place that contributes to a 401k, “Ramhold said.” Open your own account if you have to, and even if you can only set aside a little, start doing it now – this little bit will accumulate over time. ”

While not specifically for retirement, time is any investor’s most powerful weapon and you’ll never have more than your 20s. If you don’t do a little now, you will need to do a lot in the future.

“Start investing to a certain extent,” said Omer Reiner, licensed real estate agent and president of FL Cash Home Buyers. “The easiest way to do that is to open an investment brokerage house and buy index funds that track the entire stock market. You have an advantage as a young person because your money has plenty of time to grow.

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30 years old: decide to free yourself from your debts

If you saved money in your twenties – or even if you didn’t – the best resolution you can make in your thirties is to enter your fifties debt-free. Between growing kids, aging parents, and ever-higher bills, quarantine can get expensive. The last thing you need is a bunch of IOUs hanging over your head – with interest.

“If you have lingering debt, whether it’s student loans, mortgage payments, a car, or even a large amount of credit card debt, it’s best to try to pay them back as quickly as possible, ”Ramhold said. “This will allow you to save more once you take care of it, as well as spending money on more of the things you want to do like family vacations, international travel, investments or whatever in between. both. ”

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1940s: decide to start estate planning

While your 40s are the most rewarding years for the most part, it can also be a decade of intense financial pressure. Whether you have elderly parents above you, children below you, or both, unresolved issues are bad news for all generations involved. It’s time to start preparing for the inevitable.

“You may be looking after parents and aging children now,” said Renee Fry, CEO of estate planning firm Gentreo. “That means you have to line up all your ducks and make sure your parents have up-to-date documents as well. The three essential estate planning documents are wills, health care powers of attorney, and powers of attorney for financial assets. “


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50 years old: decide to increase your pension contributions

When you turn 50, the window on your time to save for retirement quickly begins to close, but so does the opportunity. This is the age at which the IRS allows you to start making catch-up contributions to 401 (k) plans, IRAs, and other retirement accounts. Since your investments won’t have as much time to accumulate, it’s important to put as much as possible into tax-privileged accounts while you can.

“Even if you only work part-time, it’s a good idea to increase your pension contributions during your 50s so you have more cash on hand when you retire,” Ramhold said. “Make sure you contribute as much as you can afford, but don’t push it too hard – you’ll want to leave enough funds so you can do things you love without saving all of your money for later.”

1960s: Determined to cut spending

Both to save money for retirement and to practice a frugal life when you finally retire, 60 is the right age to start cutting back on your budget.

“A lot of people will be preparing to retire in their 60s if they can, so it’s best to check your spending during this time,” Ramhold said. “Eliminate anything that is superfluous, especially services you don’t use often, but also check your plans for things like internet and cellphones – you may be able to downgrade to a cheaper plan without losing a lot. “

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… And beyond: decide to pass it on

By the time you reach your golden years, you will have a valuable asset to pass on to your posterity, even if you are on a fixed income: financial knowledge. It is a heritage worth receiving.

“If you’re 60 or older, teach,” said Greg Wilson, chartered financial analyst, co-owner of, a site about living well on a budget. “You know so much. Find a way to share your knowledge and experiences. It will be as healthy for you to do this as it is for your audience.

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About the Author

Andrew Lisa has been writing professionally since 2001. Award winning writer Andrew was once one of the youngest nationally distributed columnists for the nation’s largest newspaper union, the Gannett News Service. He worked as the business editor for amNewYork, the most circulated newspaper in Manhattan, and as the editor for, a financial publication at the heart of the Wall Street investor community in New York.

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