‘I don’t need a financial strategy’ and other lies we tell ourselves

Each stage of life affects your financial picture

True love
Marriage is often the first stage in life requiring a financial strategy, Starcher said. “As soon as a family starts to take shape, even without kids, the needs begin to surface,” he said.

Life insurance protects either spouse financially from the loss of the other. Dual-income couples sometimes forget that losing one income can significantly change their standard of living. Losing one income also can impact the long-term savings potential of a two-income household.

Diapers, daycare & the family dog
Although no two families are alike, if you decide to have children, some things naturally follow – like the need to protect and provide for them. Life insurance is extremely important at this stage of life.

Growing family, exploding grocery bill
At this stage in life it’s easy to neglect investing, as the demands on income increase dramatically. “Here again, it’s helpful to have an investment professional help you figure out how to prepare for the future within your current budget constraints,” Starcher said.

Grown and gone
When your children are on their own financially, it can free up a lot of resources for you to prepare for retirement. These may be your most productive income-generating years, so it’s an ideal time to get ready for retirement. See the sidebar article to learn more about determining your “R-Score” to see how financially prepared you are for retirement.

Pre-retired to finally retired
“This is a critical time in your financial life,” Starcher said. “Missteps in the years leading up to and shortly after retirement can have a significant impact on your ability to draw sufficient income from your investments.” Fortunately, today there are more emerging products and strategies for this important time. And, Starcher said, there are investment professionals available at Nationwide who can help during any of these life stages.