There is a natural progression for most things in life where there is a beginning and an ending. Most phases or experiences usually have a distinct starting point and a final finish. This also occurs with aging as the early years are categorized as infant, toddler, preschooler and so on with each phase clearly defined.
But as we age, the categories start to get a bit muddled. Not each age group has the same experiences. They are unique to each of us. Some may marry and have children in their twenties while others will experience this in their thirties or forties. There is not a correct way to live your life. We all make choices that define who we are and what we value and alter the “experiences” into different age groups.
Everyone has their own path to follow and therefore, the experiences will be different.
With financial planning, the end goal of saving and securing a happy retirement is the key component for all. But how we establish this is different for each client. Your path must be taken into consideration when determining your needs for the future. And this is determined by where you are currently, regardless of your age. Every fifty year old is not the same. There are different issues that are paramount for each individual or family.
Communication is the key to developing a financial plan that meets your current and future needs. Working together in creating a unique personalized portfolio is the most important aspect to ensure that you are successful.
Retirement planning does not have a specific beginning or ending. There are no rules for when and how you begin to save or when you will begin your retirement. But establishing a plan that is suited for you will allow you to follow your path and enjoy those experiences that you value.
There is a natural curiosity to know how you are doing for someone in the same age group. Not necessarily to compare, but to assure yourself that you are on the right path. But each person is unique and so are their goals and situation. Determine what you require for retirement and set up a plan to achieve it.