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Six Major Life Events

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The five or six major life events are getting married, having children, getting a divorce, entering middle age, death of a parent and retirement. When you get married your finances must be merged, and there are many financial decisions that must be made. For instance, do you have joint accounts or separate accounts. You also might discover that at that point you need life insurance. Choosing a life insurance plan is a difficult but important task one must undertake. The other major life event is having children that is if you decide to have children. When you have children, you now must plan for their college future. Therefore, you need to decide what investments and savings you need to make to save for their college in the future. In addition, to the …show more content…
The fourth event is entering middle age, and at this point you already have a considerable savings, and of course numerous investments. It is at this point that you realize you life is almost over and you realize that you need to take less risks in your life. Therefore, you sell off any risky investments. You now must prepare for retirement. However, the chances are that your parents will die before you enter retirement and this brings us to our next to last event, the death of a parent. When this event occurs, you suddenly have to figure out what to do with their estate and if they have a large estate this can become quite complicated. You may discover that you need to hire a professional to help you with a large inheritance. Finally, the last event is retirement, and here you need to decide at what age do I retire? Do I have enough in savings, to retire comfortable, or should I work longer. While you are retired, you will preserve your capitol and only use the income generated from your investments to fund your living

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