Life Cycle Demands

 

Consider the various financial goals by age group

 

18 To 24 Years

• Establish financial identity
• Train for career
• Attain financial independence
• Make a spending plan
• Establish household
• Develop effective financial record keeping system
• Develop an effective financial planning system
• Purchase risk coverage

 

 

25 to 34 Years

• Provide for expanding household needs
• Expand career goals
• Manage increased need for credit
• Provide for training/education funds
• Provide for childbearing and rearing costs
• Purchase additional protection coverages
• Draw wills
• Maximize financial management skills of all members of the household

 

35 to 44 Years

• Upgrade career training
• Continue to build education fund
• Maximize head of household protection
• Provide greater income for expanding needs
• Establish and work towards retirement goals

 

45 to 54 Years

• Provide higher education/training
• Maximize investments
• Evaluate and update retirement plans
• Communicate with family members about estate plans
• Assess and explore and explore estate plan

 

55 to 64 Years

• Consolidate financial assets
• Provide for additional future security
• Re-evaluate method of intended property transfer
• Investigate part-time income or volunteer work for retirement
• Assess housing location and expense for retirement
• Meet responsibilities for aging parents or other dependents

 

65 Years & over

• Re-evaluate and adjust living conditions and spending as they relate to health and income
• Evaluate and adjust programs for increasing risks.
• Secure reliable assistance in managing personal and economic affairs.
• Finalize plan for sharing estate
• Finalize letter of last instructions