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If you don't have a financial plan, that question may be hard to answer. To pursue financial wellness, you need to define your goals and set a time frame for working toward them. The following steps can help you take control of your finances.

At some point in your life, you probably have heard about the importance of developing a budget. But, why is a budget so important? Perhaps you simply spend what you must and save whatever’s left over. Or, perhaps you spend all you have and borrow or charge anything else that you need.

Let's say that at the age of 25, you earned $35,000.

You can’t always envision what will happen in your “second act.”

Just as few weathercasters can accurately forecast a month’s worth of temperatures and storms, many retirees find their futures unfolding differently than they assumed. Your assumptions may be tested as well.

There is a good possibility that you or your spouse will eventually require some form of long-term care (LTC). According to the Centers for Medicare & Medicaid Services, at least 70% of people aged 65 or older will require some form of long-term care services and support during their lives.¹