Life Stage Planner

Young And Single

You are a single energetic twenty-something and have just kick-started your career. With the newly acquired financial independence, most of you feel more inclined to shop, travel and enjoy life. However, it is important to note that this is also the best time to take higher risks as there are least financial responsibilities.

Your Insurance Needs

• Saving for future expenses – Whether for your home down payment or for your marriage, you need a savings plan to build a corpus for your future needs.
• Tax Planning – Now that you are earning, you wouldn’t want your hard earned money to just flow out of your hands. Tax planning is an important aspect of financial planning and you should draw the maximum tax benefits that investment products offer.
• Securing your parent’s health – Given their age, your parents would be vulnerable to ill health and therefore you need to plan for their medical needs as well.

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Just Married

Newly married, you are looking forward to building a whole new world with your life partner. Marriage brings additional responsibilities and thus additional expenses, which may burn a hole in your pocket unless you plan your finances wisely.

Your Needs

• Saving for future needs – This is the stage in life where you need to set aside a regular savings for your family’s future needs. This may be for immediate needs such as car or vacation or for buying your dream house.
• Life Cover – With marriage comes the responsibility of securing your partners life. A good life insurance plan can ensure that your partner is financially secure, no matter what.
• Secure your health – With time and age on your side, it would be ideal to provide a cushion for any health contingencies that you or your family may face in the future.

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Married With Children

As you step into parenthood, your dreams increase manifold – it’s not just about you anymore, but about your little ones too. Take that extra step to ensure that no matter what the circumstances maybe, you don’t have to compromise on your dreams for your bundles of joy.

Your Needs

• Child’s education & future expenses – Saving for your child’s education assumes utmost importance, at this stage. In the long-term, you may also want to set aside funds for his/her marriage expenses.
• Safeguard family from loan liabilities – If you have a home loan, you may want to secure your family against the stress of loan repayment, in the unfortunate event of your death.
• Retirement planning – You may now start feeling the importance of building a retirement corpus to enable you to continue the lifestyle you are used to leading even after retirement.

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Married With Grown Up Children

This is a stage when you have a well established career and draw a decent income. As your children are growing, so are your expenses. You may also have to spend on maintaining the house, for instance renovating the house, replacing old furniture, etc.

Your Needs

• Child’s higher education / marriage – Your main goal, at this stage, is to fund your child’s higher education. With your children’s marriages around the corner, you may want to rearrange your investment plan to fund these joyous events.
• Retirement planning – Retirement seems to be on the horizon, so planning for your golden years is a priority.
• Health contingencies –Old age brings with itself a wide range of health issues. You would surely like to be well equipped to face any eventuality

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Nearing Retirement

Your children are most probably independent and well settled by now. At this stage, your income is at its peak. You have substantial funds at your disposal to set aside for your retirement.

Your Needs

• Retirement planning – Your goal at this stage is to plan for your retirement. It is important to understand your true net worth and how you wish to spend your retired years. This is because even if you have not yet focused on retirement, investing wisely in the next 10-12 years can help significantly.
• Investments – At this age you might also have substantial savings which can be invested for stable growth. You should consider investing in tax efficient instruments.
• Regular income post retirement – You should focus on investing in those products that provide capital preservation and generate regular income to meet your post-retirement needs.