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How to Make Financial Planning Work for You

You are the focus in the financial planning process. As such, your involvement in the process is critical to your success. Successful financial planning is a collaborative effort between you and your trusted advisor. The following are some of the important issues to consider when approaching financial planning.

  1. What are your goals? What do you want to achieve? Define and set quantifiable financial goals. Your trusted advisor will help you set specific targets of what you want to achieve and when you want to achieve these results.
  2. Do you understand the effect of each financial decision? Each financial decision you make can affect several other areas of your life. All your financial decisions are related. For example, an investment decision may have tax consequences that are harmful to your estate plans. A decision about your child's education may affect when and how you meet your retirement goals.
  3. Do you periodically review your financial situation? Financial planning is an ongoing, dynamic process. Your goals may change over time due to changes in lifestyle or circumstances. Review and revise your financial plan periodically to make sure it reflects and stays on track with your long-term goals.
  4. Are you waiting to begin your financial planning "later?" Don't delay. By developing good financial planning habits such as saving, investing and regularly reviewing your finances early in life, you will be better prepared to meet life changes and handle emergencies.
  5. Are you realistic in your expectations? Financial planning is a lifelong process and cannot change your situation overnight. Remember events beyond your control such as inflation, market volatility and interest rate fluctuations will affect your financial planning results.
  6. Take charge and stay involved. Your advisor will work with you and make sure you understand the financial planning process. Your questions and active involvement will be encouraged throughout the process.

While many people choose to handle their own financial planning, a professional advisor can provide additional expertise.

The information provided here is obtained from sources deemed to be reliable, however, neither KeyCorp nor any subsidiaries guarantee the timeliness, sequence, accuracy or completeness of such information. Any discussion of investment or other financial products is not to be construed as to constitute an offer to sell or solicitation to buy such investment / financial product. A decision to buy or sell any investment or other financial product referenced should not be based solely on the inclusion of the investment / financial product in these articles. The information provided here is general in nature and should not be construed as specific or comprehensive advice, but is provided for informational purposes only. You should discuss the specifics concerning your business, financial, legal or tax matters with an appropriate independent, professional consultant or advisor before making any financial decisions. KeyCorp and certain subsidiaries, on their own behalf or as agents for their clients, any of their officers or employees may have a beneficial interest or position in any of the investment products mentioned, which may be contrary to any opinion or strategy expressed in these articles. Past performance of markets or investment products mentioned in these commentaries should not be considered to be indicative of future results.

Contact Information

For more information about retirement planning, talk to a Key Retirement Specialist at 1-888-KEY-2020, or send us an email.