One thing you can say with complete certainty about life is that it’s completely unpredictable. You never know what’s coming or what’s around the next corner. This time next year, you could be in a totally different job, or possibly even out of one. You could wind up married or starting a family. You might be renting a one-bedroom apartment or pulling together a down payment for a house. Or let’s face facts — you could be dead.
The point is that you have no way of knowing what your situation might be down the road, so you have no way of knowing what sorts of financial options you’ll need. Thankfully, there are plenty of choices for any life stage, whether you’re out making deliveries on your paper route or shaking hands with soon-to-be former colleagues at your retirement party.
The infographic below maps out some typical life stage banking products. And since risk is always a factor to some degree, whether it’s the risk that your investment could lose money or the risk that it won’t keep pace with inflation, each product has a corresponding risk meter. Also bear in mind as you look over the list that these are simple guidelines, and not every product is “locked in” to a specific age range.
If you have any questions about the information below, please feel free to contact a Bank5 Connect representative at 1-855-552-2655.