Financial Planning Checklist For Every Stage of Your Life – Part 2

Your life changes drastically after you’re married. You buy a home, start having children, hit your career peak and before you know it, you’re at your retirement party. Here’s a short overview of what financial tasks you should take on when you reach specific milestones in your life from buying a home to retirement and passing of a spouse.

Buying A Home

1. Buy A House That You Can Afford

Buy a house that you can afford, don’t overextend your finances. Work with a trusted financial advisor to make sure that you can purchase a home that fits in with your income and debts comfortably.

2. Look Into Getting Life Insurance If You Are Married

If you’re married and haven’t got life insurance yet, look into it now. You’re taking on a big debt together, so it makes sense to get life insurance so that the mortgage can still be paid in case something happens to one of you.

Having Children

1. Review Your Estate Plan

If you haven’t drawn up a will at this stage in your life, now is a perfect time. Ensure not only that your assets are protected, but also that your children will go to the right guardian. You can also establish a trust if you have substantial wealth and want to delay delivery of your assets to your children after your death.

2. Begin Saving For Their Education

Open an account for your children and get in the habit of saving every month with automated transfers. If you aren’t in a good enough financial position, the priority should be your retirement fund. This is because they can take out student loans while there aren’t loan options for retirement and you may put them in a worse financial position by having to support you later in life.

3. Teach Your Children About Money

Giving your children good habits and attitudes about money is one of the most valuable things you can teach them. It will give them the tools to be able to set themselves up for the future and prosper.

Established In Your Career

1. Maximise Your Retirement Contributions

When you get established in your career, you’ll likely be earning the most you ever will in your life so that is the time to contribute as much as possible to your retirement fund.

2. Be Proactive in Your Tax Returns

It’s important, especially with a large portfolio, to meet with a licensed professional to discuss how to maximise your tax return and how your investments play a part in it.

3. Consider Your Aged Care Plans.

Think about what you can do to not be a burden on your family. Investigate the different options that are available. Talking to an estate planner can help to create a plan for your retirement and aged care options from a financial standpoint.

4. Start Planning Your Retirement Income

Most people have a solid plan for accumulating assets and retirement savings, but not many people plan how to spend it. Talk to a financial planner to discuss how best to turn your savings into income. They can help you look at important financial factors such as whether you might outlive your nest egg considering inflation and best- and worst-case scenarios when it comes to your investments, health expenses and more.

5. Catch Up On Retirement Contributions

Around 50 years old is a good time to start contributing higher amounts to your retirement fund if you’re behind on your retirement savings.


1. Know Your Budget

Know what your expenses and income will be before you retire. With a financial planner, review how to plan your retirement spending and avoid common money mistakes retirees make.

2. Review Your Investments

Review your investments and how risky each investment is. You don’t want to suffer a big loss before or during retirement so speak with an investment strategist for optimal ways to invest during retirement.

3. Downsize Your Lifestyle

A smaller home can help reduce costs across the board while smaller and fewer expenses will help to make your retirement account last longer.


1. Don’t Make Any Immediate Changes

When you lose your spouse, don’t have a knee jerk reaction and immediately start making changes. Talk to a financial advisor to make sure that your plan is still on track and how to adjust properly.

2. Review Your Estate Plan

Chances are that your current estate plan names your spouse as a beneficiary. Work with an estate planner to review and update your power of attorney for medical and financial decisions. You can also make sure that your assets pass on to your family members in a way that reflects your new situation.

3. Consider Moving To A Full Retirement Community

Retirement communities have an active social environment and plenty of activities. Many also accommodate everything from independent living to full-time care.

If you’d like to find out more about estate planning, wealth management and investment strategies, our team at Ethica Private Wealth Specialists may be able to help you achieve your financial goals with a 2 Hour Free Consultation.

This information has been provided as general advice. We have not considered your financial circumstances, needs or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication.