Financial planning helps set a path to achieve financial goals and milestones, simplify your life, and allow you to make smart choices through informed decisions. As your career progresses and your wealth grows, financial planning often becomes less about individual decisions and more about making sure everything works together. Your investments, taxes, retirement strategy, estate plan, insurance, and long-term goals should all support your broader financial picture.
As you age, it is crucial to revisit your financial planning, investments, and estate plans, and track your progress throughout various money milestones across the decades of your personal wealth journey. Below, we break down what we believe are the top wealth planning priorities for legal professionals in each decade of life. For a complimentary review of your wealth plan, contact us for a trusted second opinion.
Key Takeaways:
- Financial planning considerations vary by life stage.
- In your 20s, planning often focuses on coordinating early-career income, student debt, cash flow, and workplace benefits.
- In your 30s, priorities may include evaluating partnership opportunities, changing compensation structures, and other career transitions.
- In your 40s, planning typically involves coordinating salary, bonuses, profit distributions, taxes, investments, and growing family responsibilities.
- In your 50s, attention often shifts to financial independence, retirement timing, and aligning investments with long-term goals.
- In your 60s, decisions may include transitioning from partnership or full-time practice, managing retirement resources, and coordinating tax-aware income.
- In your 70s and beyond, planning centers on estate considerations, charitable goals, family priorities, and the legacy you want to create.
- Major life events can affect financial planning at any age.
The goal for our clients throughout each money milestone is peace of mind.
At Beacon Pointe, our allWEALTH® approach brings investment management and financial planning together to help legal professionals evaluate their complete financial picture throughout all decades of life, and build a plan around their individual goals and priorities.
Ready for a second opinion on your financial plan? Learn how Beacon Pointe helps legal professionals coordinate their wealth and plan for what comes next.
If you could benefit from a conversation with our advisory team, we would be happy to provide a complimentary consultation.
Important Disclosure: Beacon Pointe Advisors, LLC (“Beacon Pointe”) is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a particular level of skill or training. Beacon Pointe does not provide legal or tax advice. This material is provided for general informational and educational purposes only and is not intended as individualized investment, tax, legal, accounting, insurance, healthcare, or employment advice. The considerations discussed may not apply to every individual and depend on personal circumstances, applicable law, and the terms of relevant employment, ownership, compensation, benefit, insurance, and estate-planning documents. You should consult the appropriate legal, tax, insurance, healthcare, and other professional advisers before taking action. Investing involves risk, including the possible loss of principal. Beacon Pointe is not responsible for errors or omissions in materials accessed through links to third-party websites and does not necessarily approve or endorse the information provided in those materials.