Financial plans need to be changed during which of the following?

Financial plans must adapt throughout different stages in life because various life events and changes can significantly impact an individual's financial situation and needs. As people experience milestones such as starting a career, getting married, having children, or nearing retirement, their financial goals and priorities tend to evolve. For instance, a young professional may focus on goals like saving for a home or building an emergency fund, while a parent might prioritize education savings for their children. Therefore, it's essential to review and adjust financial plans to align with these changing circumstances, ensuring effective management of resources and risk, and to make informed decisions that support long-term financial health.

While economic downturns and inflationary periods can indeed call for adjustments to a financial plan, those situations are typically external factors that may necessitate changes rather than the more personal and intrinsic life changes that occur throughout a person's journey. Additionally, only making changes at retirement would overlook the importance of financial planning during earlier life stages.