Planning Your Life Stages

Your financial goals will change as you go through different stages in your life.  A well thought out financial plan will guide you through each stage. Our goal is to provide education and guidance through this process.

Starting Your Career

  • Cash flow and expenses analysis. What is coming in and what’s going out. 

  • Establish a savings account for short-term needs and emergencies.  

  • Understand all of your company benefits.

  • Debt management and pay down plan.

  • Plan out the next three years of financial needs.

  • Save in your company retirement plan or set up an IRA. 

  • Establish a non-retirement investment savings plan.

  • Life insurance to cover debt.  Disability insurance to cover income.

  • Execute a power of attorney and health proxy.


Mid-Career / Family Life:

  • Continue to save and increase contributions to company retirement plan.   

  • Emergency savings account – 3-6 months of expenses.

  • Develop a retirement projection to make sure on track with savings.

  • College/Education savings plan.

  • Additional savings to investments.

  • Life insurance to cover mortgage, capital to replace income to support family, and education/college costs.

  • Increase disability coverage as income increases.

  • Company benefits to take advantage of pre-tax savings account and supplemental benefits.  

  • Implement a comprehensive estate plan.


Getting Close to Retirement / Late Career

  • Review and update retirement projection to make sure you are on track.

  • Review current debts – develop a plan to pay down.

  • Review current risk of investment portfolio.

  • Plan for long-term care needs.

  • Health insurance plan – signing up for Medicare and exploring supplemental plans.

  • Strategy for social security payments.

  • Review current beneficiary designations for retirement accounts and life insurance plan.

  • Review estate plan – updates for changes in family.


Last Steps to Retirement

  • Calculate your estimated retirement income sources – identify income gap.

  • List of your anticipated expense.

  • Review debt.

  • Have 1 -2 years of savings in a money market/bank (can be in your IRA/retirement account).

  • Sign up for Medicare and finalize supplemental plan.

  • Project tax

  • Finalize social security payment plan.

  • Distribution income plan – best way to take income from your savings.

  • Capital expenses: updates to home, car.

  • Estate plan updates.


This communication strictly intended for individuals residing in the states of CA, CT, DC, FL, IL, IN, MA, MD, ME, NC, NH, NJ, NY, RI, SC, TX, VA, VT, WA. No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services. Investments are not FDIC- or NCUA-insured, are not guaranteed by a bank/financial institution, and are subject to risks, including possible loss of the principal invested. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRASIPC, a Registered Investment Advisor.

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Wealth Planning Resources

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