The Life Cycle and Financial PlanningIn the journey of life, we tend to go through various stages. The stage we find ourselves in will have an impact on how we plan our finances. Within each stage, various events occur and we face different challenges and opportunities. Our financial needs and goals also vary as determined by our situations and what is required of us. But we all have certain common objectives such as- the need for financial security and protection against risk,
- the need to provide for comfortable standards of living and financially independent retirement, and
- the desire to accumulate and protect our wealth.
Here are some typical goals and financial planning issues relating to: | Ages 20-29 : Starting out
| Ages 30-39 : Building Financial Security
| Ages 40-60: Preparing for Retirement
| Ages 60+: Living in Retirement
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