For most people, the idea of financial planning is daunting. However, it doesn’t have to be, especially if you have a reliable financial planner as a partner. One of the first things they’ll ask is your current stage in life, whether you’re a student, new to the workforce, or recently married. Your answer will help determine how to set priorities, track progress, and plan accordingly for a secure future.

How to Arrange Financial Planning at Varying Life Stages

1. On Your Own

If you’re a recent graduate or just beginning to be financially independent, know that a financial planner will help you navigate through the tricky landscape of your income, expenses, assets, and liabilities. At this point, your only responsibility is yourself, so it’s the right time to develop good money habits, such as saving and living within your means.

2. Tying the Knot

Married couples have to learn how to manage two budgets while saving for the future and growing their assets responsibly. It’s the time where you begin to decide if you and your partner will have separate or joint accounts, learn how to handle household expenses, and when to purchase your first home—all while balancing savings and investments for your future family.

3. New Arrival

Having children changes the dynamics of your family. With kids in the picture, your financial goals shift towards providing a stable future for them. These include saving up for college education and getting insurance coverage as protection against the unforeseen. Your financial planner knows these processes well, so they’ll help in managing your finances—including savings, spending, and taxation.   

4. Pre-Retirement

When your children are nearing their age of independence, it’s time to think about your retirement.  It’s at this life stage where you may be earning the most money of your career, accumulating wealth and decreasing expenses.  You may be able to pay off debts, grow your retirement funds, and allot for healthcare.  Your financial planner can also help with tax planning.  Any tax planning services would be provided in  conjunction with a licensed tax professional. 

5. Retirement

During your twilight years, you want a comfortable life with no worries or financial woes. Wealth preservation is essential, along with a comprehensive medical insurance plan. Estate planning is a must, especially if you’re leaving a sizeable legacy for your children and grandchildren. It’s also the right time to review your retirement accounts with your financial planner to ensure your plan is on track.

Once you’ve identified the life stage you’re at now, it pays to work with a trusted financial planner from Family Financial Partners. Headquartered in Lexington, KY, their team of financial advisors and investment planners has helped numerous clients work towards a secure life of retirement since 2005. Call (859) 219-1006 for an initial consultation or go online to learn how they can help you today.