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7 Major Life Events that Require Financial Planning


Life happens whether we want it to or not. You can try to make the most of it, but you won't get far without appropriate contingency plans in place. When you experience a significant life change like one of the following, you should check in with your financial planner to ensure you stay on track.

Key Life Events that Require Financial Planning


Planning for retirement really requires a financial plan. You need to consider how you are going to utilize various accounts throughout retirement. How are you going to handle health care costs, long-term care costs, life insurance, and estate planning? It’s important to think about your retirement as soon as possible so you can set goals and achieve the retirement you want.

Children and Grandchildren

First comes love, then comes marriage, but what follows next should be a college savings fund. As you add to your family, take the time to review the potential increase in costs and impacts on your financial plan. This will help ensure you have the right savings plan in place for your children or grandchildren, like a 529 or other college savings plan. 


If you haven’t already, it’s a good idea to create a trust for your children in the event a parent unexpectedly dies. If you think trusts are only for rich people, you’ll be surprised. A trust will make sure your estate is managed as you see fit, even when you’re not there to manage it. Plan for the unexpected. If someone in your life passes away unexpectedly, it’s important to have a plan in place to help carry out their wishes.


Planning to tie the knot soon? It’s essential to speak to your AAFMAA Wealth Management & Trust LLC (AWM&T) Relationship Manager today to create a combined financial future with your spouse and explore where you both envision yourselves in 10, 15, and 20 years. Financial troubles are a major contributor to divorce and separation. It’s important to start on the right track today so you can avoid calling a lawyer tomorrow.


If you’re preparing for a deployment, you’ll want a clear understanding of who manages your assets and what happens until you come home. We’re obligated to act in your best interests and can help you connect with an estate attorney to set up a trust for children, a spouse, or other next of kin in the event of a deployed serviceman’s death.

Job Loss

While it can be difficult to lose a government job, disruptions in employment or income happen to everyone. Do you have contingencies in your financial plan that will help compensate for lost income? A solid plan will help ensure that you can maintain sufficient liquidity between jobs to pay your bills. If you’re not quite there yet, we can help you put that plan together.


It's painful enough without monetary costs such as legal fees, alimony, and changes in income. Be sure you adjust your retirement plan after divorce to refine your goals, make sure you’re still on the right path, and help avoid unnecessary expenses in the future. 

Get Financial Planning Help from AAFMAA

As life happens you should adjust your financial plan in response. This is what we do; we can help. AWM&T Financial Planners - CERTIFIED FINANCIAL PLANNER ™ professionals - work closely with clients to develop personalized, comprehensive plans, covering life’s major milestones and unexpected hardships. 

Is your financial plan working for you? Connect with an AWM&T Financial Planner today to learn more about a how a financial plan can offer security and comfort for your military family.