Terms in this set (6)
- step 1: determine your current financial situation. …
- step 2: develop your financial goals. …
- step 3: Identify Alternative Courses of Action. …
- step 4: evaluate your alternatives. …
- step 5: create and use your financial plan of action. …
- step 6: review and revise plan.
In respect to this, what are the 7 steps of financial planning?
The 7 Steps of Financial Planning
- The 7 Steps of Financial Planning.
- Step 1: Understanding the Circumstances.
- Step 2: Identifying and Selecting Goals.
- Step 3: Analyzing the Client’s Situation.
- Step 4: Develop the Plan.
- Step 5: Presenting the Recommendations.
- Step 6: Implementing the Recommendation(s)
- Step 6: Monitor the Plan.
People also ask, what is the 4 rule in retirement? The 4% rule
The metric, created in the 1990s by financial advisor William Bengen, says retirees can withdraw 4% of their total portfolio in the first year of retirement. That dollar amount stays the same each year and rises only with annual inflation.
Additionally, what are the four basic steps in retirement planning?
Follow these steps to plan your retirement.
- Determine your expenses. Your expenses, and not your income, will determine how much you need to save for your retirement. …
- Eliminate all kinds of debt. …
- Save money through an RRSP. …
- Retirement housing planning.