Financial Planning for Different Stages of Life: Marriage, Parenting, and Retirement

Couples plan every small detail of their wedding but often forget to talk about the financial aspects. We need to understand that things don’t remain the same and because money is something that people fight over, we should definitely establish short-term and long-term goals as a couple. Do you need to buy a house? Are there enough financing options available? How much should you spend and save for the future? If you two have joint insurance plans, whose plan should you be on? All these things come into play when you're getting married. You want to make sure you're setting it right from the start.

With a Growing Family, Your Goals and Priorities Change

With a growing family, your goals and priorities change rapidly and you need to plan for the future. According to recent reports, it's been estimated that the cost of a child is more than an investment of $1.45 million over 22 years. Now multiply that by 2and3. That's pretty scary, isn’t it? Being a parent brings on additional financial responsibilities. It's very important at this point to make sure you have a guardian designated for your children and also provide means in case something happens to you or your spouse. Also, you should have a will prepared. Rework your cash flow numbers, check what your budget looks like, and start saving for college in advance so you can focus on the next stage in life.

Financial Planning for Retirement is Equally Important

It may seem like it will never happen or it won't happen soon enough, eventually, you will retire. Your goal should be to plan for retirement now instead of at the time that you retire because at that point it's often too late. Once you retire, you'll be living off income that you're receiving, a pension if it's available, and maybe social security but you don't know if it will be there or not. You need to know what you would need when you retire and decide if you need to tweak the investments. Do I need to provide an income stream? Are the accounts titled appropriately? When should you start tapping into your 401 K and IRA accounts? These are some of the key decisions you need to make.

The key to financial freedom is to be prepared in advance! Let Chris Cooper help you in the process and ensure a secure, comfortable future for you!