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LIFECYCLE NEEDS

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