Michelle Singletary’s money milestones for every age Select a decade below for our personal finance columnist's take on some of the biggest financial considerations for that age group. Jump to adviceWarning: This graphic requires JavaScript. Please enable JavaScript for the best experience.
We have updated this project with additional content . For more by Michelle, read her latest columns .
Young or old, personal finance is complicated. The knowledge and discipline needed to run your financial life can be overwhelming. How do you know if you’re on track? How prepared are you to weather an unexpected job loss or costly repair? Can you spot a scam? It’s hard to know whom to trust when so many people are after your money.
As The Washington Post’s longtime personal finance columnist, I’ve received hundreds of your questions, and I’ve compiled the most frequent ones in this guide. There’s advice for every decade of your financial life, from 20-somethings just starting out to retirees enjoying the fruits of their smart planning to advice that applies at any decade. Each stage involves making decisions that can affect your short- and long-term goals. Identifying your money milestones can help you spend less, save more and build wealth at any age.
[Post Reports: How to be smart with your money at every age ]
Because some financial deliberations are ongoing, certain topics appear in multiple decades.
Do I really need all that money in an emergency fund? Banking Prosperity 40s
Is it time to get a credit card? Banking 20s
You’re finally making decent money. Here’s how much you should save. Banking Prosperity 30s
If you’re thinking about a wedding, here’s how to budget Banking Housing Relationships Student loans 20s 30s 40s
Social Security benefits max out at 70. What are you waiting for? Retirement 70s
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What you need to know about your retirement account when you hit 73. Retirement 70s
How to talk to your adult children about your finances Health care Relationships Retirement Wills 70s 80s 90s
No will? Get that done. Now! Relationships Wills 30s 40s 50s 60s 70s 80s 90s
Can I put my pet in my will? Pets Wills 20s 30s 40s 50s 60s 70s 80s 90s
When to meet with a financial planner Prosperity Retirement 30s 40s 50s 60s
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How will a divorce affect my finances? Relationships 30s 40s 50s 60s
Got kids? Here’s the best way to save for college. Student loans 30s
Should I get a 30-year mortgage or a 15-year loan? Banking Housing 30s 40s 50s
Watch out for scams Prosperity 20s 30s 40s 50s 60s 70s 80s 90s
Should I merge bank accounts with a spouse or partner? Relationships Wills 20s 30s
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What should you do if you can no longer live on your own? Housing Relationships Retirement 60s 70s 80s 90s
Should you put adult children on the deed to your home? Housing Relationships Wills 80s 90s
How do I budget for rising health-care costs? Health care 60s
Should you help grandchildren pay for college? Retirement Student loans 60s
Should I pay off my mortgage before I retire? Housing Retirement Wills 60s
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At 65, don’t forget to sign up for Medicare Parts B and D Health care Retirement 60s
I’ve never owned a home. Is it too late to buy? Housing 60s
How you should prepare for long-term care Health care Retirement 50s
You’re 59½ and can tap your retirement account without penalty. Should you? Prosperity Retirement 50s
How do you know when you are ready for a child? Banking Health care 20s 30s
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Am I being cheap if I want to be cremated? Funeral Prosperity Wills 50s 60s 70s 80s 90s
Should I prepay for my funeral? Funeral Wills 50s 60s 70s 80s 90s
I’m single, no kids: What if I need someone to care for me or my money? Health care Housing Wills 50s 60s 70s 80s 90s
Is a retirement community right for you? Health care Housing Retirement 80s 90s
What’s your financial legacy? Prosperity Relationships Wills 80s 90s
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Should I be readjusting my retirement plan? Retirement 60s
I’m still renting. Is that bad? Banking Housing Prosperity 30s 40s 50s
My credit is a mess. What can I do? Banking 20s 30s 40s 50s 60s
What percentage of my income should I spend on housing? Housing 30s
I’m still young. Do I need a will? Relationships Wills 20s 30s
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What to do if you’re having trouble making your student loan payments Student loans 20s
How much should you put in a retirement account? Prosperity Retirement 20s
What is FICA and why is it on my paycheck? Employment Health care Retirement 20s
Don’t give anyone money without consulting someone you trust Prosperity Retirement 50s 60s 70s 80s 90s
Why you might need a secured credit card Banking 20s
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Learn to manage a checking and savings account Banking 20s
I’m turning 26. What do I do about health care? Health care Relationships 20s
Do I still need term life insurance? Health care Relationships Wills 70s
You’ve hit 62. When should you take Social Security? Retirement 60s
You’re nearing full retirement age for Social Security. Now what? Retirement 60s
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I want to invest, and not just for retirement. Where do I put my money? Prosperity Retirement 30s 40s
What should you consider before moving in with a partner? Housing Relationships 20s 30s 40s
Do I really need life insurance? Relationships Wills 20s 30s 40s
Retirement is around the corner. How to play catch-up. Prosperity Retirement 50s
I’m in my mid-50s and don’t have much saved. Can I afford to retire? Employment Retirement 50s
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Is it too late to get long-term care insurance? Health care 70s
How do you decide what to leave your heirs? Relationships Wills 70s
I’ve been a saver all my life. How do I switch to spending? Prosperity Retirement 70s
Should I get a reverse mortgage? Housing 70s
Is graduate school worth it? Student loans 20s 30s 40s
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Are you ready to be a homeowner? Banking Housing 30s 40s 50s
Should you pay to freeze your eggs? Employment Health care Relationships 30s
When it’s smart to still be living at home Banking Housing Student loans 20s
Start investing for retirement. Your older self will thank you. Retirement 20s
How to make student loan debt more manageable Banking Student loans 20s 30s 40s
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When is the right time to talk to my parents about their financial plans for retirement? Relationships Retirement 40s
About this project Articles by Michelle Singletary . Illustrations by Jordan Kay.
Design and art direction by Cece Pascual . Development by Jake Crump , Frank Hulley-Jones and Semanur Karayaka.
Audio and video production by Charla Freeland .
Robbie Olivas DiMesio and Suzanne Goldenberg were the lead editors. Additional editing by Adrienne Dunn , Shay Quillen, Virginia Singarayar , Rivan Stinson and Jay Wang .
Additional support from Matthew Callahan , Hope Corrigan , Maite Fernández Simon , Kathleen Floyd, Michelle Jaconi, Jordan Melendrez, Angel Mendoza, Gwen Milder, Sarah Murray, Amy Nakamura, Alexandra Pannoni , Sarah Pineda, Kyley Schultz and Sophie Yarborough.