Financial Life Planning: Navigating Life Transitions

Diliberto, Roy; Anthony, Mitch
October 2003
Journal of Financial Planning;Oct2003, Vol. 16 Issue 10, p26
Academic Journal
This article focuses on financial life planning. Andrea and Tim are meticulous planners and disciplined savers. Now, as Tim is retired and Andrea is fast approaching her target of selling her business, their financial plan has been rendered useless because of one unexpected turn in the life of Andrea's widowed father. Some lifestyle and financial realities began to set in soon after visiting the first assisted-living facility. This fact, combined with the sobering adjustment of Tim's premature retirement left them adrift in a sea of confusion and financial backlash. Tim was doing sparse work for meager wages--netting out to an $1,800 a month reduction in household income. As we know, most people who seek the advice of a financial planner do so when they are experiencing some life transition. Two years ago, in an effort to create a checklist for planners to use in keeping in touch with the happenings in their client's lives, Mitch embarked on a study of the financial implications of life transitions. The financial planning profession does a good job of dealing with some transitions and a fair job with others--and neglects many other predictable circumstances.


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