ESTABLISHMENT PHASE
Life Planning
- Career exploration
- Marriage
- Children
- Establishment of budget
- Due to increased debt
- Savings for a house
- First house
- Establish emergency fund
Lifecycle
Establishment Phase
(Age 22-35)
Premature Death Planning
- Debt liquidation fund
- Mortgage insurance
- Spouse income requirements
- Children’s Insurance
- Will planning
GROWTH PHASE
Life Planning
- Bigger house
- Larger Family
- Increased debt
- Concentration on Career
- Growth or redirection
- Children’s education fund
- Emphasis on accumulation
of capital
Lifecycle
Growth Phase
(Age 35-50)
Premature Death Planning
- Premature Death Planning
- Debt liquidation fund
- Increased mortgage
insurance - Increased spousal income
needs - Child/home care fund
- Immediate money fund
(Estate settlement) - Will Planning
CONSOLIDATION PHASE
Life Planning
- Financing children’s education
- Assessing current investments
with a view towards retirement - Children leave home
- Possible purchase of smaller
house - Debt reduction
- Income splitting between
spouses - Shift in emphasis from job to
quality of life
Lifecycle
Growth Phase
(Age 50-65)
Premature Death Planning
- Financing children’s education
- Assessing current investments
with a view towards retirement - Children leave home
- Possible purchase of smaller
house - Debt reduction
- Income splitting between
spouses - Shift in emphasis from job to
quality of life
RETIREMENT PHASE
Life Planning
- Financing children’s education
- Assessing current investments
with a view towards retirement - Children leave home
- Possible purchase of smaller
house - Debt reduction
- Income splitting between
spouses - Shift in emphasis from job to
quality of life
Lifecycle
Growth Phase
(Age 65 – ?)
Premature Death Planning
- Financing children’s education
- Assessing current investments
with a view towards retirement - Children leave home
- Possible purchase of smaller
house - Debt reduction
- Income splitting between
spouses - Shift in emphasis from job to
quality of life
