http://www.myinvestmentspub.com - Making a financial planning is not one time task. A constant review and reshuffling is required on your investment portfolios along changes with our age and needs. A young investor portfolio will have a different investment plan than an investor in their 60s. A periodic review and readjust of your portfolio will result in a successful investment plan. A smart financial planning is very much required at various life stages. We will see the asset allocations and financial planning at various life stages in this article:Why Financial Planning?Financial Planning helps you in creating a well-managed and balanced financial strategy at initial stage of your life-cycle so that when you reach higher, you are able to ride the complexities of your life.Although each person set specific financial goals throughout one’s life-cycle, the primary objective is always to plan ahead for each stage of life so that when changes do occur you are ready for it.Financial Planning creates discipline in not only in your savings but also in all aspects of your lifestyle. Financial Planning For Young Investors (Age ranges 20's - 30's) :Many youngsters at this age think that the investments or savings are not their cup of tea and it should be done at later stage. This is one of the greatest mistake that most of our young people do and loss the early savings advantages. This is the age that you should start think about savings and investments. Most of you at this age might have landed on your first job and start earning. Some of you probably might have just married. Slowly your expenses start climbing. Hence, you should start think about financial goals and budget allocations for the goals. The biggest advantage of being twenties or thirties is that time is on your side. Hence you can take risk in your investments. Your portfolio can have a max 80% equity funds and the remaining debt funds. Suggested Mutual funds for young investors at this age:Tips in financial Planning for Young Investors:Avoid loans on Credit card and Personal loansStart saving at early to leverage the power of compoundingInsure yourself through life and health Insurance. Younger the age, lesser the payment. Maintain Emergency fund which is equal to the sum for at least 6 months of your net salaryDefine short term and long term financial goals in advanceFinancial Planning For Matured Investors (Age ranges 30s - 50s): At this age, you are matured enough about your financial planning. You have seen a fair share of life. This age brings you a sense of stability as you are well aware of where you stand in life. You are in a good position in your professional life and you have defined financial goals with short term as well as long term. As you have comparatively lesser time to achieve your financial goals, your portfolio should be balanced with risk and returns. You may need to increase your investments at this stage as you have new financial goals like your Kid's higher education, your kids marriages, your retirements etc. Your portfolio can have a max 60% equity funds and the remaining debt funds. Suggested Mutual funds for matured investors at this age:Tips in financial Planning for Matured Investors:Start repaying your debts with that extra rupee you earn. Investing every rupee saved by reducing your mortgage, will maximize your accumulation.Increase your insurance cover if required. Take adequate health insurance to cover yourself and the family from that unexpected risk.Contribute maximum to your Retirement Products such as PF and Superannuation. Keep your investments in growth Assets which deliver maximum returns in long term. Re-evaluate your strategies, if required. Financial Planning For Senior Investors (Age ranges 50s - 60s+): This stage is also called Distribution stage. At this age, most of you are nearing to retire and your life is going to be more than just a list of goals that has to be ticked off. At this stage, your earnings are at peak and you are preparing to distribute your wealth among your family. At this stage, you should give more importance to safety to your portfolio. Your portfolio can have maximum 40% equity funds and the remaining in debt funds. You need to move all your risky investments into safer investments. Remember, living longer is also a risk, if not planned well. Thus, it’s necessary that post retirement; you choose the options very wisely. Suggested Mutual funds for Senior investors at this stage:Tips in financial Planning for Senior Investors:Try to pay off all your debts prior to your retirement. You would not like to service any debt post retirement. Check your asset allocation. Start the transition from high risk investments to low risk investments. Since post retirement you may not have a regular income, start evaluating your options. Systematic Transfer Plan (STP) is the best and proved approach to transfer your High risk Mutual funds into Low risk Mutual funds.Review your Long term investments which you started at initial stage. Your PF, Superannuation and other investments, especially drawn-up for retirement, should be ready to give you the benefits you have desired for.Review your Health Insurance product and include any add-on s to meet your lifestyle diseases at this stage. Conclusion:The financial situation of every individual might be different, but the basic financial planning strategy remains the same. Early investments, Right asset allocation, Regular review and re-balance are the basic financial mantras for any body's successful financial planning.