"People don't plan to fail, they just fail to plan"

Although it is never too late to do some planning all to often we have people coming to us for help only to discover that they really should have started earlier. 'Well it seemed we never really had any money, what with hockey and dance lessons, paying off the mortgage and braces for the kids etc. ...

Were these valid reasons for not saving more for retirement?
Probably.

Were they valid reasons for not actually preparing and implementing a financial plan?
Not likely.

The process of planning your finances involves many related areas.

Short-term goals would include lifestyle needs and budgeting, income tax and debt management. Long-term goals would focus on children's education, planning for retirement and the most effective method of transferring ones estate to their heirs. The risk management planning area addresses premature death and survivor income needs, living benefits in the event of a critical illness and long-term care. Finally all of these areas need to be tied together through a properly prepared will and power of attorney.

We all have to deal with the usual costs of raising a family. However, this should encourage us to plan our finances effectively not prevent us from formalizing a plan to help us cope with these tasks. "You just might find that there are some things you can do today even while you pay the dentist, the bank and fork over those hockey and dance registration fees."