What to Know and How To Prepare
While finances may not immediately come to mind when it comes to health, it’s an important piece of the puzzle in terms of overall wellness.
Like physical and mental health, the state of your finances majorly impacts your life. Whether in a stable condition or the alternative, financial health affects quality of life and the future.
“Financial wellness to me is having a plan and working with a financial advisor to execute the plan,” Ryan Paape CFP, MBA; Wealth Advisor, Thrivent Financial in Appleton says. “This plan should help bring confidence and clarity to your financial situation.
Everyone is unique but having a framework in place is extremely important. This plan is never static but changes as your life stages change. As I think about wellness this plan should help to reduce stress and give you a sense of calm as you are working toward achieving your financial goals.”
“To me, financial wellness means feeling confident and in control of your financial life—not just having enough, but knowing how your money supports your goals,” Christopher Hoffman, CFP®, Knuth Financial Life Planning in Appleton adds. “It’s about having clarity around your income, expenses, savings, and investments so you can make decisions proactively rather than reactively. True financial wellness isn’t about wealth; it’s about stability, confidence, and flexibility.”
“When people ask me what I do, I tell them I help people build plans that work, not just on paper, but in real life,” Cindi Ritcey Fox, Registered Representative, Financial Advisor, Founding Partner Financial Wellness Partners, LLC in Neenah explains. “I believe everyone deserves a plan, and that plan should keep working no matter what life brings—the ups, the downs, and all the unexpected turns in between. When I think of financial wellness, I don’t picture spreadsheets or numbers—I picture peace of mind.
“To me, financial wellness means having a plan that gives you confidence, no matter what turns life takes. It’s about knowing that if something unexpected happens, you and your family will be okay. Everyone deserves that kind of security—everyone deserves a plan that truly works for them. It’s not just about having wealth—it’s about feeling secure, understanding your financial picture, and knowing you’re on track to meet your goals. True financial wellness means your finances support your life, not the other way around.”
Our local financial experts agree that measuring financial health depends on personal goals, and customization of financial plans is imperative to make those happen.
Below, they answer pertinent questions to help guide us to financial wellness.
Should we be meeting financial benchmarks at certain ages?
Cindi Ritcey Fox, Registered Representative, Financial Advisor, Founding Partner Financial Wellness Partners, LLC: For me, financial wellness isn’t about numbers, it’s about peace of mind. It’s knowing that if something happens, you and your family will be OK. It’s about having the confidence to move forward, even when things feel uncertain. That sense of calm, that security is something everyone deserves, and it’s what I strive to give every client I work with. I don’t believe financial health should be a race or a comparison. It’s more about progress than perfection.
That said, there are moments in life when checking in on your financial well-being really matters: I’ve learned that financial wellness looks different for everyone. In your 30s, it might mean building a safety net and starting to invest in your future self. In your 40s, life gets busy—you’re often balancing career growth, family, and maybe caring for aging parents—so your plan must flex with you. By your 50s, it’s about fine tuning, protecting what you’ve built, and thinking about the kind of legacy you want to leave behind. Everyone’s story is unique, and so are their milestones. The key is having a plan that keeps working for you as life changes.
Ryan Paape CFP, MBA; Wealth Advisor, Thrivent Financial: There are some general considerations to achieve financial health and overall wellness that you can control:
- Spend less than you make. Critical for building wealth.
- Pay yourself first. I like the 50/20/20/10 rule. 50% for needs, 20% for wants, 20% for savings and 10% for giving and generosity.
- Have a debt management plan. Pay off the highest rate debt first.
- Invest early. Let the power of compounding work.
- Derailer risk. Have a plan for unexpected life events such as premature death, disability or extended period of care.
- Benchmark savings goal: 1X salary saved by age 30, 3X salary saved by age 40 and 6X salary saved by age 50, 8X salary saved by age 60.
Christopher Hoffman, CFP®, Knuth Financial Life Planning: While everyone’s situation is different, there are some helpful guideposts for someone planning to retire around age 65 and maintain a relatively similar lifestyle in retirement. By age 30, aim to be saving 10–15% of your income toward retirement and get comfortable investing through your workplace plan or IRA. Usually this means trying to have 1x your salary in savings by age 30. By 40, have roughly two to three times your annual income saved, with a consistent contribution plan in place each year. By 50, target five to six times your annual income saved, and start adjusting your plan for your desired retirement lifestyle and timeline. These are broad benchmarks, but they offer a good reference point for maintaining your current standard of living in retirement. Earlier/later retirement dates, pensions, part-time retirement work, and changes in lifestyle or expenses can all move the needle on how much savings an individual should try and have at each benchmark age.
What tips should people be considering for retirement?
Christopher Hoffman, CFP®, Knuth Financial Life Planning: Start early, automate what you can, and revisit your plan regularly. One of the biggest mistakes I see is waiting until your 50s to get serious about retirement. Even modest, consistent savings in your 30s can grow significantly over time thanks to compounding. It’s also important to focus on tax diversification—having a mix of pre-tax, Roth, and taxable accounts gives you flexibility and control over your tax situation later in life.
Cindi Ritcey Fox, Registered Representative, Financial Advisor, Founding Partner Financial Wellness Partners, LLC: When it comes to retirement, I always remind people that it’s not the finish line—it’s a new chapter. The earlier you start preparing, the more freedom you’ll have later to truly enjoy it. A strong retirement plan isn’t just about saving; it’s about creating options. It’s about building a life you can step into with confidence and joy. But here’s the truth: it’s never about perfection. It’s about progress. The key is simply having a plan—one that evolves with your life, your goals, and your heart. When it comes to retirement, my biggest advice is don’t wait to start thinking about it. Life has a way of getting busy—kids, careers, responsibilities—and retirement feels far away. But the truth is, the earlier you start planning, the more flexibility you’ll have later. Think of retirement not as an end, but as a transition — a new chapter that should be lived with purpose and joy.
- Start small but stay consistent.
- Build a mix of savings and protection strategies so your plan can weather any storm.
- Revisit it often—your life evolves, and so should your plan.
Ryan Paape CFP, MBA; Wealth Advisor, Thrivent Financial: There are so many things that should be considered financially when it comes to retirement. Cash flow, Social Security claiming decisions, investment allocation and risk profile, tax efficiency, etc. What is forgotten from what I have seen is making sure you have a plan for how you will be spending your time. Is it hobbies, volunteering, family, traveling? That transition can be easy for some and very difficult for others. Making sure you plan for financial security is important but also making sure you have a plan that is fulfilling and meaningful for how you spend your time is equally important.
Why is it so important to consider financial wellness as a part of someone’s healthy life?
Ryan Paape CFP, MBA; Wealth Advisor, Thrivent Financial: I noticed the people who are most successful with their mental and physical health have a disciplined and formal approach. This is something that is intentional, in writing, and executed on a daily basis. The same needs to be done for financial wellness. If a written document is in place that you can follow regarding your finances this should lessen your stress and lead to a more fulfilling life and give you confidence as you meet your goals and achieve success through the various life stages.
Cindi Ritcey Fox, Registered Representative, Financial Advisor, Founding Partner Financial Wellness Partners, LLC: We talk so much about physical and mental health and rightly so, but financial health is just as essential. Money touches every part of our lives. I’ve seen how financial stress can weigh people down, and I’ve also seen the relief that comes when they finally feel in control. When someone feels financially secure, their whole posture changes. There’s peace, confidence, even hope. We talk about mental and physical health, but financial health is deeply tied to both. I’ve seen how money worries can weigh on people. It affects sleep, relationships, even confidence. When someone feels financially secure, you can see the relief on their face. Financial wellness gives people freedom — freedom to say yes to opportunities, to give generously, to live without constant worry. It’s one of the greatest gifts you can give yourself and your family.
Christopher Hoffman, CFP®, Knuth Financial Life Planning: Money touches nearly every part of life. Financial stress can easily affect relationships, job performance, and even physical health. Just like exercising or eating well, having a plan for your finances builds peace of mind and helps you feel more in control. Financial wellness creates freedom—the ability to focus on what matters most instead of constantly worrying about money.
What might surprise people about financial wellness?
Christopher Hoffman, CFP®, Knuth Financial Life Planning: What surprises many people is how simple financial wellness can be when you focus on systems instead of perfection. You don’t need to time the market or chase the next big investment trend. The key is consistency—automating good habits like saving and reviewing your plan over time. A steady, disciplined approach beats a “perfect” plan that’s never followed through.
Cindi Ritcey Fox, Registered Representative, Financial Advisor, Founding Partner Financial Wellness Partners, LLC: What surprises a lot of people is that financial planning isn’t just for the wealthy, it’s for everyone! You don’t need a lot of money to have a meaningful plan; you just need the desire to take care of yourself and the people you love. The best plans aren’t built around dollar signs, they’re built around values, dreams, and the real-life stories that make us who we are. In fact, it’s often the people who think they “don’t have enough” to plan who benefit the most. When you have a plan that’s built around your values, not just your finances, it can adapt to whatever comes your way.
Ryan Paape CFP, MBA; Wealth Advisor, Thrivent Financial: One piece of advice around financial wellness is find a financial advisor you can trust and create a formal plan and stick to that plan through good and bad times. The statistics around financial wellness and preparedness are not good:
- AARP surveys have found that one in five adults over age 50 have no savings
- Only 20-30% of Americans have a formal written financial plan
- About 25% of Americans have no emergency fund and almost half of the The US population could not afford an emergency expense over $500. This speaks to the importance of having a plan in place and taking steps to improve overall financial wellness.