Staying financially sound through the decades

Feb 23, 2012

Different financial decisions must be made as consumers age.

No matter what stage of life a consumer is in, there are important financial steps he or she should take to ensure his or her assets and loved ones are protected against financial hardship in the future. Financial advisers from Weitzel Financial, HK Financial Services and U.S. Bank recently identified the important decisions consumers should be making in their 20s, 40s and 60s.

For consumers in their 20s, the advisers recommend focusing on saving money, repaying debt and starting to build a retirement plan. Employer-sponsored 401(k)s are not always available, thus consumers should be proactive in their financial planning.

The advisers suggest consumers in their 40s invest in financial products to make sure they have money for retirement and protect loved ones from unexpected bills, death or other expenses. This can be accomplished with life insurance, annuities and other products.

Consumers in their 60s should be reviewing their life insurance policies and possibly adjusting other products so they have access to funds during retirement. While consumers are planning for retirement, they can use the new Otar Retirement Calculator to help determine how much they need to save and what products will best suit their needs. Otar and Associates released the calculator using market history dating back to 1900, helping consumers make realistic predictions on their needs and output from products.

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