Life Stages of Financial Planning

Grandpa Family Kisses

Financial planning is about having a vision for your entire life, as well as having a cushion for when things don’t go according to plan. At Family Legacy, we develop client relationships for the long-term, helping to make decisions and offer guidance with your goals and vision in mind. We help our clients, and often their families as well, navigate through the normal stages of the road of life – as well as the places where the road may fork, or lead to a different route altogether.

Life Stage 1: The Early Years

Stage 1 includes those who have recently graduated, are starting a new job, and are learning how to be an “adult.” These clients may be living paycheck-to-paycheck, hand-to-mouth, and thus should focus on creating prudent financial habits, establishing an emergency fund, and, when possible, starting to build long-term assets for their retirement.

Life Stage 2: Accumulation Phase

In Stage 2, people start to focus on growing their careers, starting their families, and ramping up earnings in order to solidify their plan for financial independence. This is the time to save and grow your liquidity in taxable and tax-deferred accounts. Accumulate assets for larger financial goals, like your family’s future, college funds and house purchases, and also start saving for retirement.

Life Stage 3: Peak Earnings

Stage 3 begins as you hit the last phase of your career. This time includes maximizing income and thus also maximizing savings toward retirement. Catch up on all contributions available and work to lower expenses as your nest empties.

Life Stage 4: Active Retirement

In Stage 4, you’ve reached the finish line, and now it’s time for the fun. With your health still strong, use this time to play with grandchildren, travel, and remain physically and mentally active. Set your estate documents in order and use funds somewhat conservatively, depending on your asset base, as there may still be a long road ahead.

Life Stage 5: Passive Retirement

In passive retirement, your pace of life slows down. Extracurricular spending likely slows as well, but your health care costs will increase. We want to help you have plans already in place for your long-term care.

Life Stage 6: Eldercare

Stage 6 is the end of your long road. Plan for activating long-term care options and moving into assisted living or hiring an in-home nurse. This time may include hospice, and you must have end-of-life preparations in place – for your sake, and your family’s. We work with your family and keep your wishes in the front of their minds.

Other Life Events, Expected or Not

Of course, at any of life’s stages, unexpected events, bumps in the road and crashes can and will occur. Many of our clients’ life paths are forever changed by divorce, death of a spouse, or serious illness. We understand that no matter how well you plan, sometimes life goes a different way. So we work with you to help make wise choices during difficult times. When times are good we advise our clients to shore up resources when possible, and to form safety nets of support for when life’s challenges happen. For divorcées and widows, we have a long history of helping our clients to rebuild and recover. We want to be by your side every step of the way as you set out on a new life course.

The financial advisors at Family Legacy are here to help you plan for your legacy. Even if you’re entering a life stage without having prepped earlier, we can work with you to save, invest and strategize for the future you want to have. Because when good planning is paired with prudent living, you can focus on the things that truly matter.

Let’s plan together throughout all the stages of your life. Contact Family Legacy today.

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Family Legacy takes a holistic approach to financial management, advising clients on various aspects of wealth, business and estate planning.


Invest for What Matters

"Sound planning and prudent living allow for a freedom of expression and a profound depth of relationship with family and friends. We seek to help all of our clients live in a space of abundance. In a word, most people eventually come to the understanding that financial independence provides them with freedom."

-- Christopher A. Brown, CPA, PFS, CFP®



Our advisors and accountants are ready to talk with you about your plans and goals. How can we help you create, preserve and pass on your legacy?

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