| Whether you are 27 or 72, learn what to do with | | | | clause. |
| your money and when to do it. | | | | Though it's best to have both a will and a trust, a |
| In your 20s… | | | | trust eliminates the lengthy probate court process |
| Master your credit score. | | | | required to validate a will. A lawyer can draw up the |
| It determines the interest rates you'll get on loans | | | | document for you, but you can also create one |
| and credit cards, and a good one—above | | | | yourself with several software programs. You'll then |
| 720—will save you money throughout your life. | | | | need to hire an estate lawyer to review your work. |
| Visit to get your score, understand how it's | | | | Save for your retirement before the kids' college |
| calculated, and learn how to improve it. | | | | tuition. |
| Enroll in your company 401(k) plan. | | | | Don't shortchange yourself—the kids can get loans |
| Most companies match your contribution; by not | | | | for school but you can't get loans for retirement. Max |
| enrolling, you're virtually throwing away free money. | | | | out your 401(k) and, if you're eligible, a Roth IRA. To |
| The secret to investing is giving your money time to | | | | find out how much you need for a secure future, |
| grow. If you delay saving for 10 years, you'll be | | | | visit smartmoney.com/retirement. |
| hard-pressed to make up for lost time. If you're | | | | Once you're on the track to a comfortable |
| self-employed, park a Roth IRA or a SEP-IRA at a | | | | retirement, visit for tips on funding your children's |
| discount brokerage such as Muriel Siebert or a | | | | education. |
| low-cost fund company like Vanguard or Fidelity. | | | | In your 50s… |
| Pay off credit card debt. | | | | Start your bonding. |
| To calculate the shortest and most effective route | | | | Though stocks should still make up the bulk of your |
| to becoming debt-free, visit bankrate.com's Credit | | | | portfolio, shift about 20 percent of your retirement |
| Cards section. | | | | assets into bonds. |
| In your 30s… | | | | Speed up your mortgage payments. |
| Build an eight-month emergency cash fund. | | | | If you intend to stay in your home, pay more now |
| Set up a savings account into which money is | | | | so that you can head into retirement without large, |
| automatically transferred from your checking account | | | | looming monthly bills. In the Mortgages section at |
| each month. Once you have saved the minimum | | | | bankrate.com, you can calculate how much less time |
| required—often $500—move your savings into | | | | it will take you to own your house fully if you up |
| a higher-interest money market account. | | | | your payments; you'll also be able to see how much |
| Save for a down payment on a home. | | | | you'll eventually save on interest fees. |
| Don't go for a mortgage that doesn't require a down | | | | In your 60s and 70s… |
| payment—if you don't have the necessary 5 | | | | Consider opting for early Social Security benefits. |
| percent or so, you're not ready to own. Set up a | | | | …But only if your payout won't be taxed (if you're |
| housing savings account with an automatic transfer | | | | making less than $12,000 in 2005). If you earn more, |
| from your checking account. | | | | those early benefits will be reduced by $1 for every |
| In your 40s… | | | | $2 you make above that $12,000 threshold. Taking a |
| Draw up a revocable living trust with an incapacity | | | | reduced amount before you're 65—you're eligible |
| clause. | | | | at 62—makes more sense than waiting three |
| Though it's best to have both a will and a trust, a | | | | years for the full benefits. |
| trust eliminates the lengthy probate court process | | | | Begin your traditional IRA and 401(k) withdrawals |
| required to validate a will. A lawyer can draw up the | | | | when you turn 70. |
| document for you, but you can also create one | | | | You'll face a stiff penalty if you don't start taking out |
| yourself with several software programs. You'll then | | | | money at this time. Contact the brokerage, fund |
| need to hire an estate lawyer to review your work. | | | | company, or bank where you've invested for |
| In your 40s… | | | | assistance on how to calculate and collect your |
| Draw up a revocable living trust with an incapacity | | | | withdrawal amount. |