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A Roadmap for Financial Planning at Every Phase of Life

A checklist of key wealth considerations at every age.


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Some things in life can be planned for, and some are unexpected. No matter what your circumstances or life stage, it’s important that you’re equipped to successfully navigate wealth planning details.

Whether for yourself or your loved ones, the following checklists can help you identify key considerations for financial planning at every age.

The ages of 65 and older are the prime time of life. Individuals are often in periods of retirement or pursuing second careers or other areas of interest. A significant financial concern during this period is maintaining quality of life. A careful assessment of your overall financial picture can help you have a clear understanding of your assets and peace of mind for a healthy financial future.


  • Reassess your complete financial situation
  • Consider changing lifestyle and healthcare expenses during retirement
  • Establish appropriate withdrawal amounts, factoring in inflation
  • Continue to monitor and reallocate investments to maintain diversification
  • Review insurance coverages and adjust as necessary



  • Evaluate the pros and cons of eliminating debt
  • Assess the capital impact of your long-term living arrangements
  • Identify trusted advisors to help manage assets such as farms, businesses or art in cases of incapacity or death



  • Implement or refine wealth transfer plans to establish a family legacy
  • Review and update estate planning documents to reflect your intentions
  • Share wealth transfer plans with family and other beneficiaries
  • Consider the emotional and financial benefits of establishing a funeral plan
  • Prepare younger generations for potential inheritances
  • Support grandchildren, if appropriate



  • Develop or implement lifetime gifting, wealth transfer and philanthropic strategies
  • Consider involving younger generations in philanthropic activities
  • Consider active volunteerism


The ages of 55-64 are often peak productivity years. Reviewing and assessing your financial roadmap during this time can help you understand what’s possible as you consider retirement or explore opportunities for your second act. Considering your overall financial picture during this period can help lay the foundation for a healthy financial future.


  • Plan where you will retire; consider state tax policies
  • Get a customized retirement projection factoring in inflation and emphasizing future estimated expenses
  • Develop a retirement income plan to replace your paycheck when you retire
  • Maximize catch-up contributions into retirement plans
  • Identify favorable deferral and distribution elections within various retirement plans
  • Examine sources and stability of cash flow and adjust allocations appropriately
  • Review asset allocations to stay ahead of inflation and taxes
  • Diversify single stock exposure or other highly concentrated holdings
  • Conduct ongoing portfolio monitoring and dynamic rebalancing based on your changing risk profile
  • Revisit and update all insurance coverages (e.g., life, medical care and long-term care insurance)



  • Decide what amount of debt is appropriate for you and investigate available financing alternatives
  • Evaluate the pros and cons of eliminating debt before retirement
  • Seek advantageous ownership structures and strategies for your illiquid investments (e.g., wealth transfer, premium financing, family business services, real estate and agricultural services)



  • Revisit and update all estate planning documents (e.g. wills, trusts, directives to physicians, healthcare and property powers of attorney), factoring in any changes to your family situation
  • Consider establishing irrevocable life insurance trust and generation-skipping trust
  • Discuss retirement plans with family and children



  • Share the family mission, values and history and the importance of charitable giving
  • Engage the next generation in family philanthropic activities, charitable giving strategies and volunteerism
  • Consider creating a lifetime gifting strategy for family and/or charities and the most efficient vehicles to fund them


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This information is not intended to be and should not be treated as legal, investment, accounting or tax advice and is for informational purposes only. Readers, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, accounting or tax advice from their own counsel. All information discussed herein is current only as of the date appearing in this material and is subject to change at any time without notice.

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