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

Plans for
career,future
income

Select
relationships

Marriage

Establish
lifestyle

Become
Parent

Expand career
goals

Put down
roots

Optimize
experiences

Personal
independence

Establish
emergency
fund

Establish
retirement
goals

Budget for
Retirement
lifestyle

Reevaluate
estate plans
and adjust
as needed

Analyze
estate plans
as children
leave home

Protect personal
and family
properly

Handle
Increased
child-rearing
costs

Protect
wage-earners
with life
insurance

Set long-term
goals

Monitor progress
toward financial
independence

Insure income
with disability
and health
insurance

Reassess
personal
priorities and
values

Maximize
life,disability
insurance
to protect
growing income, estate

Review
insurance
to meet
anticipated
needs

Plan for financing
children’s
education

Revise wills and
other legal papers

Make a will

Adjust life
insurance to
cover estate
taxes, if
needed

More concern
with “quality
of life”

Prepare for
retirement
expand leisure,
community
interests

Manage stress
of changing
relationships
and aging
process

Retirement

Manage stress of
time demands

Re-evaluate and
Increase coverages

Develop
Investment
philosophy

Start financial
recordkeeping
system

Establish
Relationships
with financial
advisors

Develop
budget

Financial
independence

Maximize
investments

Consider investments
that minimize
taxes