From the moment we enter this life till the day we exit it, we progress through several different financial life cycle stages. I love the bird’s eye view of this week’s infographic illustration of these financial life cycle stages.
Upon looking at this life cycle, we will be able to determine where we stand, determine how much money we need during that time and looking forward, how much we’ll need to retire. We can take a look and determine if our goals need to be adjusted based on how much time we have and our expectations for our future.
We can’t stress the importance of evaluating your retirement savings, plans and time remaining often and thoroughly. Assuming you’re saving more than you need to each year, you shouldn’t have any problems. But if you’re saving too little, you need to recognize it before it’s too late, and begin to take measures immediately to do something about it. Father Time keeps moving, and the last thing I want to do is be old and too tired to work, to only look at underfunded retirement accounts. I’d hate to then have to make the decision to ask family to help out or have to work several more years when some of my skills have perished.
Financial Life Cycle
I’m in my 30’s now, so the information that most resonates with me is Step 5 on years 30-39. Retirement no longer seems like a far off pipe dream. My dad is retirement age, and I know in the blink of an eye I will be too. If the prospect doesn’t seem real to you at the moment, read through this financial life cycle infographic and determine where you are at and where you want to be in a few decades. Take measures to get there!
READERS: What about you? Are you on par for the stage you are in, in the infographic below? Do you think that you will be able to retire comfortably at your current pace?
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