Game of Life: Financial Planning At Every Age
Read the full article at: Money Chat with Diane
If you've ever played the Game of Life board game, it becomes clear that compressed into the colorful path are various stages of life. Each stage holds its own financial challenges. Here are a few segments of an adult's life and the financial decisions associated with each.
For Richer and Poorer
Marriage is a big deal emotionally, but it's also a contract that ties two individuals' financial assets together. It's important to work through a collective budget and set financial goals and guidelines on how payments will be made.
Prepare for the Golden Ages
Retirement is a golden opportunity but only if properly prepared for. In your 40s and 50s you should honestly assess your readiness for retirement, define your goals and create a clear strategy by working with a knowledgeable financial planner to help you get there.
Early retirement is an important time to ensure your estate plan is up-to-date as well as understand how to convert pensions and retirement savings into income. The latter retirement years usually mean a set of different goals, like making savings last and considering options to deal with disabilities or assisted living.
Throughout the different stages of life your financial goals will shift as major life events occur. When changes occur, review your financial plan with a trusted financial advisor to ensure your assets and investment vehicles are still working for your plan. For more tips and information, check out this month's Money Chat with Diane.
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