Updating Your Financial Goals as Life Changes
Life never stands still. From your first job through to retirement and everything in between, each stage of life brings new priorities, challenges, and financial decisions. As your life changes, your financial goals should change too.
Whether it’s a health scare, a career shift, buying a home, or entering aged care, it’s important to regularly check in on your financial plan. What worked five years ago might not suit your needs today.
In this blog, we walk through some of the major life stages and how your financial goals may need to shift along the way.
1. Starting Work & Joining the Workforce
Landing your first full-time job is an exciting milestone. You will be earning regular income, gaining independence, and starting to make financial decisions on your own.
What to Consider:
Superannuation: You might be automatically signed up to a default super fund but is it the right one for you? Reviewing your investment option early can make a big difference over time
Budgeting: Learning to manage your income, staying in a surplus, and avoid unnecessary debt builds good financial habits from the start
Insurance through super: Many super funds offer basic default insurance. It’s worth understanding what’s included and whether it's appropriate for your situation
Student debt: If you have HELP debt or personal loans, start working on a plan to manage them
Even though retirement may feel like a long time away, this is when your financial foundations are set.
2. Buying Your First Home
Purchasing a home is a big financial milestone and one of the biggest decisions you’ll make. It can be exciting, but also stressful, especially as you're navigating loans, saving for a deposit, managing inspections or building and then moving.
What to Think About:
Mortgage repayments: Make sure you understand your loan terms and whether you could still afford repayments if interest rates rise
Upfront and hidden costs: Things like stamp duty, legal fees, moving costs, and maintenance can catch people off guard
Protecting your income: If you’re relying on one or two incomes to cover the mortgage, consider what might happen if someone couldn’t work
Budgeting after the move: Your financial situation often changes post-purchase. It’s a good time to revisit your cash flow and future goals
Buying your first home often leads to changes in spending habits and savings goals and your financial plan should adapt accordingly.
3. Starting a Family
Having a child is another of life’s biggest and most rewarding changes. It also brings new responsibilities and financial pressures.
Consider:
Parental leave and income changes: Many families experience a drop in income. Planning ahead for this period can ease the pressure
New expenses: From nappies to childcare, doctor visits to car seats, costs can add up quickly
Personal insurance: It’s a good time to review what cover you have in place for yourself or your partner
Estate planning: This often gets overlooked, but setting up a will, guardianship, and power of attorney is important for new parents
As your family grows, your financial plan should grow with it, making room for the life you want to create.
4. Mid-Life: Juggling Family, Income and Wealth Building
After the early parenting years, many people enter a new phase of life often during their late 30s to late 40s where careers are more established, income is higher, but so are responsibilities. It’s a busy time, full of financial complexity.
What’s Happening Financially:
Higher income, higher expenses: You may be earning more than ever, but school fees, extracurricular activities, family holidays, mortgage repayments, and cost of living often rise too
Education costs: Private or public school fees, uniforms, laptops, and tutoring can have a big impact in cash flow
Insurance matters: This is a crucial time to make sure you have the right insurance in place as financial obligations grow
Investment planning: With retirement still a couple of decades away, many people start thinking seriously about long-term wealth. Do you invest outside of super? Do you consider shares, property, or managed funds?
Reviewing your super: Even though retirement feels far off, your superannuation investments should match your long-term goals. It’s worth checking performance, fees, and investment allocation
Potential inheritance: For some, this stage may also bring a financial windfall, such as an inheritance or property from a parent or grandparent. Knowing how to manage or invest it wisely is important
Supporting older parents: Some people in this life stage start providing emotional or financial support to ageing parents, adding another layer of planning
This is a good time to look at the bigger picture, balancing your current family needs with long-term wealth building and retirement planning. Seeking financial guidance during this stage can help you juggle competing goals more confidently to ensure you are moving forward and not stagnating financially.
5. Pre-Retirement (Ages 50–60)
This is the stage where many people begin thinking more seriously about retirement. You may have more disposable income than before, your kids may be becoming independent, and you're starting to picture the next phase of life and mapping out goals.
Important Questions:
Am I on track to retire when I want to?
How much super do I have, and will it be enough?
What sort of lifestyle do I want in retirement and how much income will I need each year?
Could downsizing or adjusting my spending help me prepare better?
Am I using available tax strategies?
Should I be making additional super contributions?
This is also a time when many people seek financial advice to run through different retirement scenarios, consider transition-to-retirement strategies, or review investments. Planning ahead can make this transition smoother and less stressful.
6. Retirement
Once you’ve retired or reduced work significantly your financial situation changes again. Instead of earning a regular employment income, you may now be drawing from your super or investments and relying on these to live off for the long-term.
Key Considerations:
What will your income be, and will it be enough?
How much can you safely draw each year from your retirement savings?
Are your investments set up for retirement?
What do you want your lifestyle to look like—travel, hobbies, family time, and how will that be funded?
A good financial plan in retirement doesn’t just protect your money, it supports your lifestyle and goals for the years ahead.
7. Aged Care and Later Life
As we age, planning for health care and aged care becomes more important. These decisions can affect not only your finances but also your independence and family dynamics.
Things to consider:
Understanding aged care costs: Whether it's in-home care or residential aged care, it’s important to know what services cost and how they’re funded
Centrelink and support payments: You may be eligible for government assistance, knowing the rules can help you plan better
Managing or passing on wealth: Many people want to leave something behind for loved ones. Planning for this early can make things simpler
Legal documents: Powers of attorney, wills, and advance care directives should be up to date and reflect your wishes
Having these conversations and plans in place before they’re urgently needed can take a lot of pressure off families.
FAQs: Updating Your Financial Goals
How often should I review my financial goals?
Ideally, once a year or after any major life event such as marriage, divorce, buying a home, having children, changing jobs, health issues, or retirement.
Do I need to speak with a financial adviser at every stage of life?
Not necessarily, but advice can be especially helpful during big transitions like starting a family, preparing for retirement, or entering aged care. A financial adviser can help you avoid costly mistakes and tailor a plan to your needs.
What if my goals keep changing?
That’s completely normal. Life evolves, and so should your financial plan. A good plan is flexible and built to adapt.
Can I enjoy life now and still plan for the future?
Absolutely. Financial planning is about finding the right balance between living well today and having a secure future.
Is it too late to start if I’m over 50?
Not at all. Many people start focusing seriously on retirement planning in their 50s. With the right steps, there’s still time to build security and confidence for the future.
Life isn’t predictable and that’s exactly why your financial goals should be flexible.
From your first job to your later years, your needs and priorities will shift. What matters is having a plan that grows with you, supports your goals, and helps you make informed decisions through each life stage.
Whether you’re just starting out or getting close to retirement, regular financial check-ins help ensure your plan still works for your life today, not just the one you imagined years ago.
Because when life changes, so should your financial goals.
About Us
After working as an advisor for a decade, Joel founded Unified Wealth.
Unified Wealth specialises in helping clients who are facing life’s big decisions.
Whether you’re contemplating your first property, growing your family or starting your investment journey we can help you focus on the simple steps to help you make your goals reality.
Our priority is making sure you have all the right information available to make the best possible decisions for you and those you love.
Our company values are:
Unity - We are most effective when we work together as a team
Trust - We are trustworthy and act in your best interests
Transparency - We are honest and communicate openly
Education - We are committed to lifelong education
At Unified Wealth our team is highly experienced and provides goal-based advice and solutions for a range of advice strategies.
Speak to our team today.