Your financial goals will likely change as you go through different stages of life. Use this chart to identify some common life stages and goals.
| Post-secondary and early career yearsYou may be getting training, going to college or university, starting a career, or maybe finding a life partner. Spending is often greater than income. |
- Paying for post-secondary education
- Buying consumer items (car, home furnishings)
- Building up savings
- Paying off debt
- Building a good credit history
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| Family and career-building yearsYou may change jobs to enhance your career. Your income usually rises during these years. You may also start a family, and want to save for your children’s education. |
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| The pre-retirement yearsYour expenses may start to go down, and savings can really start to build. If you have kids, you may help pay for some of their costs, like education or a first home. |
- Paying off mortgage and all other debt
- Reducing taxes during peak earning years
- Growing retirement savings
- Sending your kids to college or university
- Starting a new business
- Planning your retirement lifestyle
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| Early retirement yearsYou may want to work less and pursue interests like travel, volunteer work or part-time work. |
- Starting a new business
- Turning your retirement savings and pension into income
- Managing taxes
- Managing your savings so they’ll last
- Making changes to your will
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| Later retirement yearsYou may become less mobile, and may need to take care of health problems. |
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Rodney and Rose recently retired and decided to review their financial plan. Read
their story to learn more about reviewing your goals as
life changes.