How to Set Long-Term Financial Goals

Nearly two-thirds of Americans (64%) list financial stability among their dreams for their future.¹ From Gen Zers seeking a foothold in a new career to Gen Xers wondering if they’re prepared for retirement, people have wide-ranging long-term financial goals. 

Unlike short-term goals, such as saving for a vacation or holiday shopping, long-term financial goals prompt answers to big questions. Setting these goals requires you to consider your values, your sense of purpose and who matters most in your life. 

Examples of Long-Term Financial Goals

It’s never too early — or too late — to set long-term financial goals. Whether you’re preparing for retirement or for your child’s education, you can take steps now to protect your future. While these goals are highly personal, here are a few examples to get you thinking about what matters to you.

I Want to Buy My First Home in the Next Five to 10 Years

Buying a first home is a rite of passage for many people. While the median age for this milestone has trended upward, you may start to think about it in your 20s. This goal comes with several sub-goals. You need to save for a down payment. Your income will have to allow for mortgage payments, along with insurance, property taxes and maintenance. Finally, you will want to consider the long-term potential of the home and what that means for your net worth.

I Want to Retire in the Next 10 Years

Retirement shines on the horizon for everyone, some closer than others. Along with the excitement of more free time and flexibility, many people feel anxiety about how they will support themselves. There are a lot of different types of post-career income, and it can be confusing to understand how these all work and which is right for you. You don’t want to save too little, yet you don’t want to be over-cautious and miss out on life in the here and now.

I Want My Family to Be Comfortable After I’m Gone

Anyone with people they love in their life can probably relate to the desire to support them. Knowing that you may not always be there for them physically can be hard to stomach, but you can help in other ways. A person’s passing comes with certain expenses. In addition, their assets may be subject to taxes or probate fees. Regardless of your age, it can bring great comfort to know you’re protecting your loved ones in the event of your passing.

Whether you relate to one of these examples or you have completely different long-term financial goals, there are concrete steps you can take to set attainable ones.

Follow These 8 Steps to Plan Your Long-Term Financial Goals

Your process will look vastly different depending on your life stage. However, each of these steps help to improve clarity about your goals. If you are married or have a family, it is a good idea to include them as you move through these steps. Your long-term financial goals are not yours alone but affect those closest to you.

1. Get Clear About Your Values

To set personal financial goals means knowing yourself and your family. What is most important to you? Do you aim to settle down, raise children, stay at the same job and retire all in one location? Or are you still figuring out what you will do for a career and what your future family could look like? Do you want to have quick access to savings for spur-of-the-moment decisions like world travel? Or are you more comfortable with your money being locked away for a rainy day?

2. Understand Your Earning Potential

If you are choosing a first career or switching to a new one, research salary projections for your job and industry. Look at what you are earning now and how often you might expect to advance and earn more. If you run your own business, calculate your income for as far into the future as possible. By knowing how much you can realistically expect to earn over the coming years, you can better predict how much you need to save for the future or spend along the way.

3. Conduct a Financial Needs Analysis

To set and reach long-term financial goals, you first need to understand your starting point. A financial needs analysis (FNA) could help meet that need. An FNA provides ​​a detailed inventory of your current situation, including income, debt, savings and expenses. You may be surprised at some of your findings when you lay it all out in front of you. From there, you can see the path forward to greater financial health.

4. Make a Plan to Address Debt

A key to financial independence is managing debt. That doesn’t mean you have to be debt-free; after all, debt builds credit. However, debt has a way of growing out of control. Whether you have a lot or a little, ensure that you have the means to make regular, on-time payments. Also consider how much you are paying in interest and where you could reduce that excess expense. One method to tackle debt, particularly if you have multiple credit cards, is through debt stacking. This simple method allows you to see where you stand and make a plan to pay it off as efficiently as possible.

5. Consider Education and Childcare

Education accounts for a large percentage of many families’ expenses. Whether you’re planning for your own secondary education or advanced degree, or thinking ahead about your children’s education, estimate how much you will need to save. Also, research potential loans or scholarships, and consider how those will affect your budget. If you have young children, or children are still in your future, remember to budget for childcare prior to school age. In 2025, parents spend an average of 22% of their household income on childcare. 

6. Think About Retirement — Regardless of Your Age

It’s easy to think you’re too young to plan for retirement. However, decisions you make at any stage of life can ultimately affect your financial picture once you leave the workforce. For example, if you’re just starting your career, your employer might offer to match your 401(k) contributions. Failing to take them up on this offer means leaving money on the table. With ample time ahead of you, starting to save money now could really add up someday. On the other hand, if you are close to retirement, you will need a more tailored approach, depending on your existing savings and future plans. 

7. Prepare for the Unexpected

No one thinks they will have to plan financially for a divorce, catastrophic illness, natural disaster or the sudden loss of a loved one — until they do. Know that the best laid plans can shift. If you plan how you will spend every penny, an unexpected event could mean financial upheaval. Include in your goals a way to build a cushion that you can rely on when life takes an unfortunate turn so that you may turn things around again. 

8. Imagine Your Family’s Future

Whether you have a spouse, children, grandchildren or other important people in your life, you will want to make sure they are taken care of if you’re no longer around. Products and services like life insurance and estate preservation are designed to help you do just that. Think about who is in your life and how you would like to provide for them in the future.

Thinking about all of these factors may feel overwhelming, but planning could help to reduce stress, now and in the future. Take the time, wherever you are in your life or career, to check in with your current needs and future goals. Using the above steps to plan your long-term financial goals can make a huge difference down the line. Just knowing you have a plan may bring you a feeling of relief and accomplishment.

Why It Helps to Work with a Financial Professional

These steps to a long-term financial strategy are all things you can do on your own. However, you don’t have to.

It’s hard to be objective when you look at your own financial picture. An outside agent could shed light on missing elements of your financial strategy or help you better understand certain aspects. They can also make recommendations about products that might work best for you, such as life insurance. 

It is possible to set your long-term financial goals on your own (or as a family), but a qualified financial professional can elevate your preparation and potentially steer you away from costly errors in judgment. You simply don’t know what you don’t know, so why not enlist the support of a financial professional?

When you work with a WFG insurance professional, they utilize an array of products and services to help you work toward your goals. We have built relationships with some of the most well-known providers and carriers in the industry. When you contact a local independent WFG insurance professional for the first time, they will review your needs and goals to tailor a game plan to you and your family.

Ready to get started? Find a local WFG insurance professional in the U.S. or Canada by visiting our website. Our insurance professionals are standing by with the insight and tools to help you work toward accomplishing your long-term financial goals.

^{1 American Psychological Association, November 6, 2025.}

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