Financial Planning Life Stages

Financial planning is a robust, dynamic process which evolves over time.  Many younger clients are most interested in building their investment portfolio and handling the basic "blocking and tackling" elements of the planning process.  These can be items such as:

  • Executing estate planning documents
  • Determining appropriate savings rates for retirement, college and major expenses
  • Securing adequate life and disability insurance
  • Maximizing use of employee related benefits

As working years move towards a close, or when major job changes are contemplated, the questions a client asks may start to change.  Do I have enough money saved in order to retire, or reduce income at a new place of employment?  How should I handle health insurance if it is no longer provided through my employer?  Am I able to move from a high paying / low satisfaction job to a low paying / high satisfaction one?  Can I still find a way to put dollars away for retirement?

When full retirement is reached, the accumulation years are now behind.  The goal now shifts to management of assets in order to produce sufficient income for living expenses, travel, and more.  The nest egg that has been established over years is now being used to sustain the client through their retirement years.  We help clients in this stage of their life to set appropriate withdrawal rates and manage their portfolio so that it lasts for the entirety of their retirement.

Late in life, or when a person has reached a certain level of financial security, goals often shift to wealth transfer strategies.  How can I gift money to future generations?  What is the best way to transfer wealth at my passing?  What can I do to leave a legacy after I am gone?  Should I leave everything to the kids and grandkids, or should some of my money go to charity?  These are all questions that we help our clients address.

When you view it in its totality there really are "seasons" to ones financial life, and we are here to help you through all of them.

It is a privilege to serve in an advisory capacity with our clients and see them through these financial life stages.  Our collective experience and wisdom allows us to bring strategies to the forefront for their consideration and action.

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