The financial planning phases are similar to Seasons, marked by major differences in individuals’ lives. As our lives change, so, too, do our Goals and the ways we work to achieve them. For many people, the Seasons change along with the ways in which they view themselves, their investments, and their goals.
Spring begins for most investors when they begin working and earning. It is a critical time to build a solid foundation for lifelong planning. After all, trees need strong roots to grow.
Summer is the prime earning Season for investors. This high-earning time is an opportunity to make the most of your income as you bear and store the fruit you’ll need to live comfortably throughout the Fall and Winter seasons.
Those who planned and prepared for Fall in spring and Summer will now have sturdy trunks and roots, ready to live comfortably throughout their Fall and Winter Seasons. But just as trees begin to lose their Summer leaves, Fall is also a spend-down period for many individuals as the assets they accumulated over the previous seasons support them. Planning, however, is still necessary as Winter’s first frost nears.
Continuing to live comfortably — even if the Winter is harsh — is what investors planned for throughout earlier Seasons. Following their financial plans remains important for those in this stage. It’s necessary to continue adjusting financial plans as necessary throughout late retirement as needs change. Active estate planning also allows investors to leave gifts to their beneficiaries so they can begin their own financial planning journeys come Springtime, set deeper roots or reach Goals more quickly in Summer, or bolster their own stores for Fall and Winter retirement comfort.
When you understand where you are now and where you’re poised to go, you can simplify the planning process and prepare for changes — even the unexpected, as storms will happen during every season.
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