You can start claiming Social Security benefits at 62. But you will not receive 100% of your benefits unless you wait until your Full Retirement Age. And if you wait longer, you can get even more.

Make a saving plan early and stick to it. Use our rules of thumb to check on progress between more comprehensive planning sessions. Revisit your plan often as things change, and adjust as you go.

When shopping for a mortgage, first consider how much money you can afford as a down payment. Your next decisions include choosing an adjustable-rate or a fixed-rate mortgage and the length of the loan term.

Spending money on others—especially close friends and family—tends to create happiness. Certain types of spending on ourselves—including paying for experiences and time-saving services—also foster happiness. Couples should aim for alignment on spending that provides value to each partner, without needing to have an opinion on the particulars of each other's purchases. Consider setting an annual budget for spending on items that make you happy, then check in on your progress every 3 to 6 months.

The future trajectory of asset prices will likely depend on the evolution of 3 major factors—the business cycle, liquidity and market technicals, and asset valuations. The slow progression through the US business cycle could continue, amid low rates and a solid consumer, but business conditions are mixed and earnings growth is under pressure. With global monetary policy turning more accommodative, incremental liquidity could continue to push asset prices higher despite lukewarm fundamentals, but it's possible that easy-money policy may be nearing the limitations of its effectiveness. Elevated valuations in a mature business cycle suggest that investors should expect below-average asset returns over the intermediate to long term, but there may be relative opportunities within certain asset categories.

Learning to balance all of your financial obligations with your short- and long-term goals is an important skill. Making these money mistakes may make it harder than it needs to be. Avoid some of these missteps to help set yourself up for financial success in the future.

Save at least 3 to 6 months' worth of necessary expenses by funding your emergency savings account regularly, as you would pay a bill. Consider saving in an account that pays some interest but preserves liquidity. To really be prepared for anything, be sure to keep health and disability insurance coverage.

Consider allocating no more than 50% of take-home pay to essential expenses. Try to save 15% of pretax income (including employer contributions) for retirement. Save for the unexpected by keeping 5% of take-home pay in short-term savings for unplanned expenses.