Life is full of milestones - buying a home, starting a family, planning for retirement, and saving for education. Each requires thoughtful financial preparation. Here’s your go-to guide to make 2026 the year you prepare for what matters most.
Buying a Home
- Check and improve your credit score A strong credit score can reduce your interest rate significantly. For example, increasing your FICO score from 620 to 760 on a $400K 30-year mortgage could save over $74,000 in interest[1]. Conventional loans typically require a minimum score of 620, while FHA loans may accept scores as low as 500–580[2].
- Save for down payment and closing costs Traditional guidelines for a conventional loan down payment is at least 20% of the home price; however, that can vary based on factors such as the loan type and terms[3]. Remember to budget for closing costs plus ongoing expenses like taxes, insurance, and maintenance.
- Get pre-approved for a mortgage A pre-approval letter not only clarifies your budget, it also strengthens your offer in a competitive market[3].
Starting a Family
- Review your health insurance Make sure your plan covers prenatal care, childbirth, and pediatric visits. Look into Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs) to lower out-of-pocket costs[4].
- Budget for childcare and related expenses Daycare and baby essentials like diapers, formula, and car seats can add up quickly. Planning ahead gives you peace of mind[5].
- Bolster your emergency fund Experts recommend saving 6–12 months’ worth of expenses, especially when a new family member is involved[4].
Retirement Planning
- Maximize your retirement contributions In 2026, you can contribute up to $24,500 to a 401(k) or 403(b), with an $8,000 catch-up if you're 50 or older, and a super-catch-up to $11,250 for ages 60–63. IRAs now allow $7,500, plus a $1,100 catch-up if you're 50+[6][7].
- Review and diversify your portfolio Ensure your investments align with your risk tolerance and timeline. Consider automatic rebalancing and diversified asset allocation for long-term growth[6].
- Estimate future expenses Use projected retirement costs and lifestyle goals to set realistic savings targets. Even incremental contribution increases can compound significantly over time[7].
Education Planning
- Open a 529 savings plan These tax-advantaged accounts can be used at any eligible institution, including vocational programs and even up to $10,000 for student loans[9].
- Automate monthly contributions Over 38% of accounts already use automated deposits, making regular contributions easier and ensuring disciplined growth[8].
- Research scholarships and grants early Even if scholarships reduce the need for a 529 withdrawal, you can avoid penalties on the earnings portion and still redirect leftover funds to other qualified expenses or family members[10].
Big moments deserve big preparation. Our team is here to help you navigate every step with confidence. Contact Gateway to start planning for your future.
References
- AmeriSave, ‘What Credit Score Is Needed to Buy a House in 2026…’ [amerisave.com]
- Mortgage Info.com, ‘What Credit Score Do You Need to Buy a House in 2026?’ [mortgage-info.com]
- NCHFA, ‘Buying a Home in 2026? Here’s What to Do First’ [new.nchfa.com]
- Jason’s Fin Tips, ‘Preparing to Start a Family – A Financial Planning Guide’ [jasonfintips.com]
- Let’s Make a Plan, ‘Financial and Budget Considerations for Starting A Family’ [letsmakeaplan.org]
- OutSmart Magazine, ‘2026 Retirement Contribution Limits Offer Key Saving Opportunities’ [outsmartmagazine.com]
- Fidelity, ‘How much you can contribute to retirement accounts in 2026’ [fidelity.com]
- The College Investor, ‘529 Plan And College Savings Statistics [Updated 2025]’ [thecollegeinvestor.com]
- IRS, ‘529 Plans: Questions and answers’ [irs.gov]
- SavingForCollege.com, ‘The Truth About Scholarships and 529 Plans’ [savingforcollege.com]
