Households also go through changes that require financial plans to be modified. At each change, unique financial tasks and common life events are experienced. For many, financial plans will follow a predictable pattern. You purchase a home and start a family in your 20s or 30s, send children to college in your 40s or 50s, and retire and focus on estate planning issues when you reach your 60s. As You Age Through financial planning, individuals and families can maximize their wealth through those changes of life.
Young people save as they establish households and purchase durable goods.
In retirement, people begin to spend their accumulated assets as they enjoy their retirement years. Some people delay marriage and parenthood or skip life events completely. Divorce, remarriage, and blended families can also complicate household finances. Be Realistic Understanding and anticipating the stages of your life can help you develop realistic financial plans. Pacific community Credit Union can help you with understanding and developing your financial plan.