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The start of a new year is a time for reflection and renewal—a chance to reassess priorities and set fresh goals for the months ahead. While resolutions often center around health or career aspirations, it’s just as important to focus on your financial well-being. Setting financial goals tailored to your current stage of life can provide clarity, peace of mind, and a pathway to achieving what matters most to you and your family.

Below, we explore financial planning strategies for four key life stages: starting a family, planning for education, empty nesting, and retirement.

Starting a Family: Building a Strong Foundation

Welcoming a new family member is a joyous milestone, but it often brings financial challenges. From saving for a down payment on a home to budgeting for diapers and daycare, this stage requires thoughtful planning.

Start by creating a family budget that accounts for new expenses while maintaining an emergency fund of three to six months’ worth of living expenses. If you don’t already have life and disability insurance, now is the time to secure policies to protect your family’s financial future.

It’s also important to begin thinking long-term. Consider opening a 529 college savings plan to start building education funds early. The power of compounding can make a big difference over time, even with modest monthly contributions.

2025 Goals:

  • Create or update a household budget that reflects new family expenses.
  • Build or replenish an emergency fund to cover at least three months of expenses.
  • Set up life and disability insurance policies to protect your family’s future.
  • Open a 529 plan or begin setting aside funds for future education costs.

Planning for Education: Balancing Priorities

As children grow, so do the costs of their education. From elementary school to college tuition, this stage often requires juggling competing priorities—saving for your child’s future while continuing to build your own financial security.

Take advantage of tax-advantaged savings accounts like 529 plans and explore education tax credits or deductions available in your state. At the same time, don’t neglect your retirement savings. While it may be tempting to redirect funds toward education, remember that you can’t take out loans for retirement.

A financial advisor can help you strike the right balance between short-term education expenses and long-term retirement planning, ensuring that your goals remain aligned with your family’s needs.

2025 Goals:

  • Commit to contributing a specific amount to your child’s 529 plan each month.
  • Research tax credits or deductions to reduce education-related expenses.
  • Review your retirement savings strategy and ensure you’re staying on track.
  • Schedule a financial check-in to evaluate your family’s progress and priorities.

Empty Nesting: Preparing for the Next Chapter

The empty-nest stage often brings newfound financial flexibility. With children out of the house and education expenses tapering off, now is the time to refocus on your long-term goals.

Revisit your retirement savings strategy. Are you on track to reach your target? If not, consider ramping up contributions to your 401(k), IRA, or other retirement accounts. This is also an excellent time to reassess your investment portfolio to ensure it reflects your current risk tolerance and time horizon.

Additionally, think about your future lifestyle. Do you plan to downsize your home or relocate? If so, start planning for the associated costs and logistics. This stage is also an opportunity to review your estate plan, ensuring your will, trust, and beneficiary designations are up to date.

2025 Goals:

  • Maximize contributions to retirement accounts like your 401(k) or IRA.
  • Schedule a meeting with a financial advisor to reassess your portfolio and risk tolerance.
  • Begin outlining a plan for downsizing or relocating if it aligns with your goals.
  • Update your estate plan to reflect any recent life changes.

Retirement: Living Your Goals

Retirement is a time to enjoy the fruits of your labor, but it’s not without its financial considerations. Ensuring your money lasts throughout your retirement years requires careful management and adaptability.

Begin by establishing a withdrawal strategy that aligns with your expenses and anticipated lifespan. Be mindful of required minimum distributions (RMDs) from retirement accounts, as well as potential healthcare and long-term care costs.

You’ll also want to plan for the unexpected. Set aside funds for emergencies or unforeseen expenses, and regularly revisit your budget to ensure you’re staying within your means. This is a great stage to work closely with a financial advisor to navigate the complexities of tax efficiency, estate planning, and legacy goals.

2025 Goals:

  • Finalize a retirement withdrawal strategy that aligns with your goals.
  • Set aside a dedicated fund for healthcare or long-term care expenses.
  • Simplify your financial accounts and consolidate where appropriate.
  • Revisit your budget quarterly to ensure it supports your retirement lifestyle.

Final Thoughts: A Fresh Start for 2025

No matter where you are in life, the start of a new year is the perfect time to refocus and recalibrate. Take a moment to assess your current financial situation, define your goals, and create a plan that aligns with both your immediate needs and long-term dreams. And when you need guidance, don’t hesitate to reach out to experts who can help you craft a financial future that reflects what matters most to you.

At ProVise, our team is dedicated to helping you make your goals a reality—one step at a time. Reach out to get started.