5 Money Moves To Make So You Can Afford These 4 Life Milestones at the ‘Best’ Age

Fernanda Reyes / iStock.com

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

Have you ever wondered when the right time to get married, have kids, buy a house or retire is? If you’re like most people, the answer is probably yes. And while the “right” time to hit these milestones may be different for everyone, Pew Research Center has attempted to quantify this question by asking 3,600 U.S. adults what they believe the “best” age to achieve these key milestones is.

Here are some of the survey results as well as some money moves you to make them happen.

The ‘Best’ Age Depends on the Milestone (and the Person)

It should come as no surprise that everyone’s answer is different. And some people simply don’t want all of these things.

However, here are the “best” ages to achieve the following four milestones based on the Pew survey.

Getting Married

Almost half of U.S. adults (49%) said there’s no best age to get married. Here’s what the other respondents said:

• 1% said under 20
• 9% said 20 to 24
• 23% said 25 to 29
• 11% said 30 to 34
• 2% said 35 or older.

The best age to get married, based on the average survey response, is 26.5 years old.

Having a First Child

Approximately 40% of respondents didn’t think there’s a best age to start a family. But for others, these are the best ages to have a first child:

• 1% said under 20 
• 7% said 20 to 24 
• 28% said 25 to 29 
• 17% said 30 to 34 
• 3% said 35 or older.

According to the survey, the average American thinks the best age to have a child is 27.3.

Buying a House

Half of respondents (50%) said there’s no best age to buy a house. Here’s what everyone else said:

• 1% said under 20 
• 5% said 20 to 24 
• 16% said 25 to 29 
• 18% said 30 to 34 
• 6% said 35 to 39 
• 2% said 40 or older.

On average, respondents think the best age to purchase a home is 28.8 years old.

Retiring

About a third (34%) of U.S. adults said there’s no “best” retirement age. Here’s what other respondents think:

• 1% said under 50 
• 4% said 50 to 54 
• 7% said 55 to 59 
• 19% said 60 to 64 
• 26% said 65 to 69 
• 6% said 70 or older.

According to survey respondents, the average “best” age to retire is 61.8 years old.

Money Moves To Make Today

Your best age for hitting some or all of these major milestones is uniquely your own. But whatever that might be, here are some money moves to make these goals happen.

Save, Save, Save

Start saving early. Whether you want to retire at a certain age, get married or buy a house, the sooner you start saving, the better.

But don’t just put your money anywhere. Use a high-yield savings account or money market account. These can come with annual percentage yields (APYs) as high as 5.08% in some cases, per the Federal Deposit Insurance Corporation. The higher the APY, the more your savings can compound and grow.

Invest

Any money you don’t need right away can be put into investments. Before you get started, ask yourself the following questions.

• Do you understand what you’re investing in?
• What’s the risk vs. return?
• What are the fees?
• Are you prepared to go it alone, or would working with an investment professional help?

There are plenty of ways to invest. You can get started with index funds, mutual funds, bonds, individual stocks or fixed annuities. Or you could dive into other options, like crypto or real estate.

Weigh the risks and don’t be afraid to ask for help.

Pay Off Debt

Debt is a killer on your savings. The average credit card interest rate is 24.23%, per LendingTree. The average rate on a 30-year fixed-rate mortgage is 6.62%, per Freddie Mac.

Getting rid of that debt — and fast — can free up a lot of cash.

Prioritize Retirement

If you want to retire one day — and who doesn’t? — you’ll want to prioritize that now.

“When it comes to retiring, start planning today! Small steps can make a big difference over time, similar to the snowball method of paying off debt,” said Charissa Bright, a real estate professional and the founder of Bright Buys Houses.

Here are a few ways to get started.

• Contribute to a 401(k) if you’ve got one.
• Get employer-matching contributions for extra dollars in your account.
• Open up an IRA and max that out every year.
• Save and invest anything extra.

Make a Plan

Part of achieving those milestones is having a clear plan in mind. “For big things like homeownership, I prefer to focus less on the timeline and more on preparation,” Bright said. “I ALWAYS know my numbers and I built an emergency fund early on.”

If you’re willing to spend a little bit of money, you can work with a professional — like a retirement planner or advisor. But you can also go it alone if you feel comfortable. Start by asking yourself what you’re trying to do and why.

“When was the last time you took a day to just think about what you are doing everything for?” said Kevin Quinn, president and founding attorney of Legacy Counsellors and the My Family My Wealth program. “It would be beneficial to take a day or even a couple hours to just think about if the things you are doing are beneficial to your family and to consider if there is a better way to do it.”

Share This Article: