Before looking at some proven ways to give you the best chance of meeting your financial goals, let’s break down some of the most common financial considerations for people in their 40s, 50s and 60s. While your long-term financial goals, such as a secure retirement, may stay the same, you are likely to have different short- and mid-term goals at each life stage.

Mid-career 40s

Many people at this age are entering their peak earning years. While retirement may still seem a fair bit away, you may be wondering if you are saving enough.

Here are some common goals at this life stage:

• Paying down debt, including a mortgage
• Saving and/or paying for children’s education
• Saving and investing more for retirement
• Protecting your family through insurance and making a will
• Saving for short-term goals, such as family vacations, second properties or home renovations
• Preparing to possibly pay for aging parents’ care
• Potentially making a mid-career change, such as starting a business
• Maintaining an emergency savings fund for any unforeseen events, such as illness

Pre-retirement 50s

In your pre-retirement years, thoughts often turn more to preserving rather than building wealth. You might also be considering early retirement.

Here are some common pre-retirement goals:

• Paying down any remaining debt
• Catching up with retirement savings
• Developing a retirement plan, including having a clearer idea of what your ideal retirement looks like and how you will pay for it
• Possibly moving to part-time work or self-employment
• Covering any ongoing family expenses while still saving enough for retirement
• Potentially downsizing your home if your children have flown the nest
• Adjusting your investment strategy to focus more on protecting your wealth
• Estate planning

Early retirement 60s

Retirement is up there with leaving home, getting married and starting a family as one of life’s major stages. It’s a huge change. You will suddenly have a lot more time, but also potentially less income.

Financial priorities and goals at this age include:

• Becoming, or staying, debt-free
• Budgeting for retirement, including potentially lowering your spending to adjust to a lower income
• Downsizing your home, or making sure your mortgage is paid off
• Paying for travel
• Adjusting your investment portfolio
• Putting money aside for possible medical care
• Estate planning and your financial legacy

Setting SMART goals

Consider using the SMART method of goal-setting at each stage of life. Using this method, your goals should be:

• Specific: Specific goals give you a clear target to aim for, e.g. “Pay off $5,000 loan” instead of “Pay down debt”
• Measurable: A more specific goal like the above also enables you to measure your
• progress to ensure you stay on track
• Achievable: Use your knowledge of your own strengths and weaknesses to set achievable goals
• Realistic: Be realistic about what you can achieve. It’s good to aim high, but you are more likely to achieve realistic goals.
• Timely: Every goal should have a deadline attached to it so you can create a realistic plan for achieving it and track progress as the deadline approaches

Regularly reviewing your goals

Regularly reviewing your goals is another essential part of reaching them. Your financial goals, or plan, isn’t a document intended to be left gathering dust in a drawer; it should be a “living document” designed to evolve as your life changes.

The best advise starts with a conversation with a qualified advisor. They can provide a set of fresh eyes and an educated second opinion to help you clarify any tweaks to your plan, or identify alternative strategies that could help you achieve your goals on time.