Personal
independence
Life
Stage
Protection
This chart represents the most common stages of a working lifetime.
Accumulation
Estate
Planning
Establish
emergency
fund
Insure
income with
disability
and
health
insurance
Protect
wage-earners
with life
insurance
Re-evaluate and
Increase coverages
Maximize life,
disability insurance
to protect growing
income, estate
Review
insurance
to meet
anticipated
needs
Adjust life
insurance to
cover estate
taxes, if
needed
Protect
personal
and
family
properly
Develop
budget
Start financial
recordkeeping
system
Establish
Relationships
with financial
advisors
Make a will
Revise wills and
other legal papers
Analyze
estate plans
as children
leave home
Reevaluate
estate plans
and adjust
as needed
Develop
Investment
philosophy
Set
long-term
goals
(housing, etc.
Handle
Increased
child-rearing
costs
Plan for financing
children’s
education
Consider investments
that minimize
taxes
Establish
retirement
goals
Monitor
progress
toward
financial
independence
Maximize
investments
Budget for
Retirement
lifestyle
Financial
independence
Plans for
career,
future
income
Select
relationships
Marriage
Establish
lifestyle
Become
Parent
Expand career goals
Put down roots
Retirement
Manage stress of
time demands
Reassess personal
priorities and values
More concern
with “quality
of life”
Manage
stress of
changing
relationships
and aging
process
Adjust to
empty nest
Prepare for
retirement,
expand
leisure,
community
interests
Personal Life Cycle
