How will my financial goals change over my lifetime?
Change is the one constant in life, and this includes your finances. You should expect your financial goals to vary as you go through different stages of life. What's right for you when you start working may change if you start a family. What's best at the peak of your career will likely change dramatically when you decide to retire or even slow down a bit.
To help you, your children, and even your grandchildren in their future planning, here is a chart to identify some of these life stages and goals. Remember, everyone is different and, as such it is important to have a financial plan that suits your needs along the way.
To help you, your children, and even your grandchildren in their future planning, here is a chart to identify some of these life stages and goals. Remember, everyone is different and, as such it is important to have a financial plan that suits your needs along the way.
| Stages of life |
Financial priorities |
| Post-secondary and early career years: You may be going to college or university, starting a career, and maybe finding a life partner. Spending is often greater than income. |
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| Family and career-building years: You may start changing jobs to enhance your career. Your income usually rises during these years. You may also start a family and find you need to save for their education. |
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| The kid's post-secondary and marriage years: If you have children, you may help pay for their education and their weddings. The pre-retirement years: Your expenses may start to go down, and savings can really start to build. Children may have left home by this stage. |
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| Early retirement years: You may work less, and your health may still be good enough to support an active lifestyle, perhaps with travel, volunteer work, or some part-time work. Later retirement years: You may become less mobile and need to take care of health problems. |
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Remember: Your goals will change as you do
As the years go by, one thing is certain: as your life changes, so will your financial goals. As changes occur, you should review your financial plan to make sure that it is still working for you and helping you reach your goals.
If you would like to review your financial plan based on the stages of your life, please feel free to contact our office for a free consultation.
The Witchell Team
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