A financial plan is a long-term commitment. Regularly reviewing your progress might help you make sure you actively plan your financial future rather than just responding to life’s unforeseen turns.
Start Planning For Your Financial Success
Fundamentally, life-cycle financial planning functions as an individual compass. It assists you in negotiating the complex financial needs that are associated with the many phases of life.
Life-cycle planning helps you understand your current financial situation and where you want to be in the future. It certainly helps you make sure you have the financial resources you need for each stage of your life.
Think of your financial life as a journey with five key stages. Take a look at them.
- Teenage Years- From age 13 to 17
- Growing Adults – Age 18 to 25
- Family fundamentals – Age 26 to 45
- Pre-retirement – Age 45 to 64
- Retirement – Age 65 and older
Dive Deeper Into Your Financial Life Stages
Let’s break down the five pivotal stages. Continue reading.
Teenage Years – From Age 13 To 17
It all starts with your teenage years, which are synonymous with discovery. Alongside schoolwork, many teens take part-time jobs that offer an introduction to managing a budget and personal finances.
Therefore, this early stage helps teens learn the difference between what they need and what they want.
Growing Adults – Age 18 To 25
In their early adult years, people often start their independent lives. Young adults strive for fiscal autonomy. This is an inflection point.
Undoubtedly, in this stage, young individuals now make financial and career choices for the coming years ahead of them.
Family Fundamentals – Age 26 To 45
During the family fundamentals years, life is usually full of energy and is typically influenced by the family’s goals and commitments.
As you get older, your financial decisions become more important, and you have a better chance of accumulating wealth. You certainly think more about diversifying your investments. You also start to consider the importance of having insurance.
Pre-Retirement – Age 45 To 64
As you approach your mid-40s, you’re getting closer to retirement. This is a good time to review your financial plan. With your kids mostly grown up, you have more money to save for retirement. Now is the time to focus on building a strong retirement plan.
Retirement – Age 65 And Older
Finally, you hit retirement. The years of careful preparation begin to pay dividends. In order to have a pleasant and stress-free retirement, it’s time to manage your money.
Take Control of Your Financial Destiny With KMR Financial
Are you worried about your future financial retirement plans? Are you looking for expert guidance? Then, contact KMR Financial. Our experienced team can certainly provide personalized advice and help you make informed decisions to achieve your financial goals.
Contact us at 226.973.8423 for more information.
