# Life milestones need financial moves > From turning 13 to inheriting money, here's what to do financially after each major life event. - Title: Life milestones need financial moves · Kiplinger | Shortify - Summary: From turning 13 to inheriting money, here's what to do financially after each major life event. Major life milestones trigger specific financial tasks. Plan… - Keywords: financial planning, life milestones, wealth management, tax strategy, retirement planning, budgeting, estate planning, college savings, insurance, credit management, Life, milestones - Source: Kiplinger — https://kiplinger.com/investing/wealth-management/financial-to-dos-for-lifes-biggest-milestones - Published: 2026-09-20T14:00:00+00:00 - Read time: 3 min - Topics: financial planning, life milestones, wealth management, tax strategy, retirement planning, budgeting, estate planning, college savings, insurance, credit management ## Celebrate first, plan after Major life events deserve celebration, but they also trigger financial changes you need to address. Don't leave the party early, just handle the money stuff afterward. ## Child turns 13: tax credits end Your Child and Dependent Care Credit expires when your child turns 13. You'll need to adjust tax withholdings and stop using pretax dependent care funds, preparing for higher out-of-pocket costs. ## Age 13: open a real bank account At 13, your child becomes eligible for teen-specific bank accounts and can start earning independent income. A brokerage account teaches them that money in a bank earns interest, unlike a piggy bank. ## Age 18: transfer custodial accounts When your child turns 18, you can transfer full control of custodial accounts to them. They can now sign financial contracts, open bank accounts, and apply for credit cards independently. ## Age 18: teach credit card reality Before your 18-year-old applies for a credit card, explain that interest rates run 18 to 22 percent and that building good credit history makes life easier. Paying off the balance each month matters. ## First job: build an emergency fund Create a budget that includes an emergency fund for flat tires, urgent care visits, reduced hours, or layoffs. Long-term savings matter, but keep money readily accessible for immediate needs. ## First job: manage student debt Continue building your credit history and make student loan repayment a priority. These two moves set the foundation for your financial future. ## Getting married: have money talks Discuss your financial standing, attitudes toward debt, and sign a prenup. Update your budget for two incomes and decide on joint or separate accounts. > It's very important to sign a prenup. ## Marriage: organize finances together Create a system where passwords and account information are safely stored but accessible to both of you. Either spouse should be able to handle the other's financial responsibilities if needed. ## Having a baby: plan for costs Open a 529 college savings plan, add your child to health insurance, and consider life and disability insurance. Update your will or create one if you don't have it yet. ## Buying a house: budget for repairs Set aside money for maintenance and repairs so an expensive surprise doesn't go on a credit card. When the HVAC fails, there's no landlord to call. ## Turning 50: retirement reality check Evaluate whether you have enough saved for retirement. If not, figure out what you need to do to catch up. There's still plenty of time to make adjustments. ## Turning 65: Medicare and long-term care Medicare eligibility reduces your health insurance burden. Talk to your financial adviser about where to invest the money you're no longer spending on premiums and shift focus to long-term care planning. ## Turning 75: required minimum distributions Required minimum distributions from tax-deferred retirement accounts generally begin at 73, but the starting age rises to 75 for people born in 1960 or later. These withdrawals count as taxable income. ## Age 75-80: prioritize community Loneliness and isolation damage health and well-being. Try new hobbies, get outside, and make time for friends. Your longevity depends on having people you enjoy spending time with. > What keeps people excited about life is having friends and something to look forward to. ## Becoming a grandparent: 529 plans A 529 plan is often a great place to help pay for a grandchild's education. Money grows tax-free and withdrawals are tax-free for qualified education expenses. Consider fairness across all grandchildren. ## Inheriting money: slow down Resist making major decisions immediately after receiving an inheritance. Work with a CPA and financial adviser to understand what you inherited, since different assets have different tax rules. ## Key takeaway Major life milestones trigger specific financial tasks. Plan for them after the celebration ends, not before.