As individuals and as partners, we are all different. Those who remain single or are divorced, who marry more than once or who marry late in life may move through these passages at different ages, or may not pass through some passages at all.
However, for most of us, and particularly those who have children, the passages are clearly defined, even if the age bracket indicated is not appropriate. The idea is to find the passage description that best fits you even if you are outside the typical age bracket.
The 6 Financial Passage
Starting out.
Age: 15 to 24.
Lifestyle issues that could include: First job, first income, first cheque account, First commitments - rent, payments on a car, car insurance, first credit cards, first superannuation, savings commence for first home purchase.
The trying times.
Age: 25 to 34.
Lifestyle issues that could include: Marriage, birth of children, first home purchase, home mortgage, major career demands, need for life insurance, disability insurance, home and contents insurance, preparation of a will, living on a single income, preparing for children's education.
Life begins at 40.
Age: 35 to 44.
Lifestyle issues that could include: Return to two incomes, new home or major renovations to accommodate growing family, travel plans, time for serious retirement planning.
The middle ages.
Age: 45 to 54.
Lifestyle issues that could include: Children left/leaving home, caring for aged parents, first discretionary income, time of likely inheritance, availability of long-service leave, mortgage paid off, superannuation and savings increase, plan new interests and activities to replace work need for preventive health programs.
Preparing for change.
Age: 55 to 64.
Lifestyle issues that could include: Active preparation for retirement, pursuit of new interests/career, move to smaller home, provide assistance for children/grandchildren, invest lump sum carefully, understand pension and retirement income requirements, prepare retirement income budgets.
Enjoying retirement.
Age: 65+.
Lifestyle issues that could include: Retirement, staying active, travel, new career/interests, monitor retirement investments and income programs, plan requirements for old age.
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