Financial Planning Running out of money in retirement is brutal. The financial planning process guides clients to realistic and attainable goals and creates a road map to achieving those goals. Critically, the map identifies the hazards that, if not avoided, can reduce your lifestyle or make retirement unobtainable. Financial Planning:Formulate a realistic plan of actionDetermine what resources are needed and availableIdentify risks and contingenciesEnhance control of your financial destinyFacilitate better strategic decisionsProvide an ongoing process of planning, feedback, evaluation, and course correctionEmphasize measurable goals that provide guideposts for financial actionIncrease the likelihood that your goals will be achievedThe planning process generally follows these steps:Identifying financial goals and differentiating them between needs and wants. Common goals include a comfortable retirement, educating children, a second home and travelCollection of the relevant information, financial and otherwiseAnalysis of the data and the goals to determine feasible courses of actionSelection of the most appropriate strategiesSpecifying detailed implementation targets and action itemsMonitoring and measuring the implementationModifying actions and targets as needed over time You need to know how long your nest egg will last before you crack it open.