There are those who think that they don't have to engage in retirement and estate planning until late in their lives.
But the fact is that the sooner you get started thinking about the future the better and there are a number of different reasons why young adults should put a plan in place.
When it comes to planning for your retirement getting started early can give you a huge advantage.
Even modest savings add up, and if your employer offers a matching 401k you would do well to take advantage of it and make a maximum contribution if possible.
If you are saving right out of college while others your age are splurging, you will find yourself on the golf course daily when you are in your fifties.
Meanwhile, those who "lived in the moment" back in the day will just be starting to take retirement seriously as they sit in Monday morning rush hour traffic.
Estate planning is important for younger people as well.
First there is the matter of income replacement.
Accidents can and do happen, and when you have a spouse and a child they are invariably going to be very dependent on your income.
This is why it is essential to make sure that you have sufficient life insurance coverage in place, and when you are deciding what is "sufficient" you have to consider the long-term needs of your family.
In addition to the financial side there are also health care concerns that are commonly addressed in the modern estate plan.
Advance health care directives which includes health care power of attorney and living wills allow you to state your medical preferences in writing should you become incapacitated and unable to do so.
The central issue is usually going to be whether or not you would like to be kept alive on life support when there is no hope for recovery.
This would be an agonizing decision for your loved ones to make on their own, so letting your wishes be known in this regard is the only responsible course of action.
And don't forget that singular arrangements need to be made for minor children.
You need to authorize someone to make their medical decisions if you are away.
In financial and estate planning, as in all aspects of life, starting early will chart the course to ultimate success.