Life stages refer to the various phases of life through which an individual goes through during his/her lifetime. Some of the life stages from financial planning aspect are as below.
- College going student (18 to 22 years)
- Single (22 to 28 years)
- Married (28 to 31 years)
- Married with newly born kids (31 to 35 years)
- Married with growing up kids (35 to 45 years)
- Married with grown up kids (45 to 60 years)
- Retirement (60 years & above)
In many cases along with the responsibility of the ones own family, there would be responsibility of ageing parents and young siblings.
Do you think that financial needs would be the same across all the above life stages ? Of course not, financial need changes with every life stage.