“Most people when they’re getting into the workforce or out of college don’t look at their overall financial picture. You’ve got to look long term and short term as well. The earlier you look at the short-term milestones, the easier it will be to secure your retirement in your future years, so getting situated in your 20s makes it easier to plan in your 40s, 50s and 60s”

Here’s a cheat sheet on what financial tasks you should take on. Keeping in mind that people hit different milestones at different times, for instance, some marry and become parents in their 20s and others in their 40s

Post-Secondary and Early Career Years

You may be getting training, attending a college or university, starting a career, or finding a life partner. Spending is often greater than income during this period.

Goals may include:

• Paying for post-secondary education

• Buying a car or home furnishings

• Building savings

• Paying off debt

• Building a good credit history

Family and Career Building Years

You may be changing jobs to enhance your career, starting a family, or saving for a child‘s education. Income typically rises during these years.

Goals may include:

• Buying a house and life insurance

• Reducing taxes

• Growing savings

• Preparing a will

• Starting a new business

The Pre-Retirement Years

Your expenses may start to go down, and savings can really start to build. If you have kids, you may help pay for their education and weddings. You may also help them buy their first home.

Goals may include:

• Paying off a mortgage and other debt

• Reducing taxes

• Growing retirement savings

• Sending kids to college or university

• Starting a new business

• Planning for retirement

Early Retirement Years

You may want to work less and your health may still be good enough to support an active lifestyle, perhaps with travel, volunteer work, or continued part-time work.

Goals may include:

• Starting a new business

• Turning retirement savings and pensions into income

• Managing taxes

• Managing savings to last

• Making changes to your will and estate

Later Retirement Years

You may become less mobile, and may need to take care of health problems.

Goals may include:

• Optimizing taxes

• Managing savings to last

• Estate planning

• Considering options for assisted living

With all these changes, you may find that you will need new advice or new products to meet your needs and goals.

Take these four steps to ensure that you get the right advice at the right time:

• Discuss your changing needs with your adviser, if you have one.

• Ask other people at your stage in life how they handled their finances.

• Find out if advice is available through your workplace.

• Find out what other kinds of advisers there are.

Remember: Your goals will change as you do and so will your financial goals. As changes occur in your life, you should review your financial plan to make sure that it is working for you, and helping you reach your goals. Be sure that you are getting the help you need from your adviser as you need it. If not, move on.

Article Inspiration:

• https://www.forbes.com/sites/laurashin/2014/04/30/your-financial-checklist-for-every-stage-of-life/#1b43a74f2b2f

• https://www.readersdigest.ca/home-garden/money/5-financial-stages-life/

• https://www.thinkbank.com/education/life-events/planning-for-your-financial-life-stages.php

• https://www.thebalance.com/planning-for-life-stages-4073493

• https://toughnickel.com/personal-finance/The-Life-Cycle-of-Financial-Planning

• https://www.afs401k.com/moneynav-blog/4-most-important-stages-of-your-money-life

• https://economictimes.indiatimes.com/tdmc/your-money/Life-stages-and-investments-Infographic/tomorrowmakersshow/49468479.cms?query=Invest

• https://life-money.teachable.com/

• https://www.wfan.in/