Monitoring the plan (Planning Process).

A vital parts of the financial planning process is the regular monitoring and adjustment of the plan. Any plan is based on a variety of assumptions about the future. No plan can be completely accurate because there are too many variables and unknowns that will affect the actual results. The plan is a benchmark that the client can use to measure whether he or she is still on the right path. Regular monitoring and adjustment should help ensure that the client does not stray too far from the path and risk financial catastrophe.

Retirement Setting

Financial planning is a serious process in whatever financing needs and approaches. In fact, older individuals who are planning for their retirement years often face unique needs and considerations. Their income will no longer be dependent on their labors but will generally come from investments and government and private benefit programs. Their income needs are affected by changes in their lifestyles and health. Disability or incapacitation are feared threats to their independence and quality of life. Finally, they are faced with the desire to transfer their wealth to succeeding generations while minimizing the impact of income and estate taxes. Therefore, retirement goal setting is affected by a combination of financial and personal issues.

Implications of a proposed settlement.

"Lack of financial clarity can cause those going through a divorce to ignore - often to their regret - issues they may not fully understand," says Darlys S. Harmon-Vaught, Certified Divorce Financial Analyst, Financial Solutions for Divorce.

Divorce settlement once it has been signed is hard to change. With the help of certified divorce financial analyst (CDFA), diversing individuals or couples gain a clear insight into the ramifications of any financial decisions made during a divorce proceeding.

Reference:

Harmon-Vaught, Daryls S. (2008). Ask the Financial Experts, p. 59. Louisvile KY: Louisville Magazine.