This study proposes a new methodological approach to develop a comprehensive accounting framework that is used in understanding, developing, and evaluating a comprehensive human capital-income security plan. The suggested approach adopts the preventive social risk management strategy to improve a comprehensive plan that helps an individual to manage lifetime income and consumption during education, employment and retirement coping the changing financial needs and surplus from stage to stage The proposed plan integrates income linked student loans to finance education expenses during young ages and personal saving accounts scheme to finance retirement benefits during old ages. A multiple decrement model is developed for the suggested plan. The model is tested using death and disability rates from the Government employees Social Insurance Fund (GSIF) in Egypt.