As young adults transition into independence, financial planning focuses on building a strong foundation for the future. This stage involves setting financial goals, such as saving for emergencies, paying off debts, and establishing long-term savings and investment strategies.
Middle adulthood brings increased financial responsibilities, including mortgage payments, family expenses, and retirement planning. Financial planning during this stage involves managing competing priorities, optimising investments, and ensuring financial stability for oneself and one’s family.
In this stage, individuals approach retirement and shift their focus to ensuring they have enough resources to maintain their desired lifestyle. Financial planning includes assessing retirement savings, considering social security benefits, and planning for healthcare expenses.
As individuals move into elderhood, they may think about their financial legacy. This involves estate planning, making arrangements for passing on assets, and considering charitable contributions or gifting strategies.
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