Comprehensive financial planning is meant to eliminate confusion by 

identifying how assets and goals complement each other during the 

different stages of life. However, large financial plans may leave a person 

overwhelmed, potentially leading to a greater risk that key parts of the 

plan will remain unimplemented. Although the accuracy and thoroughness 

of a financial plan is important, prioritizing a plan into manageable steps 

can be just as valuable. The stages detailed below offer some examples of 

how to navigate a comprehensive financial plan from setting a foundation 

to transferring assets to the next generation. 

 Financial  Foundation

(approx. age: 20–35)

a.  Earnings vs. Expenses

b.  Debt Management

c.  Employer Benefit Elections

i.   Low Deductible Plan vs. Health 

Savings Account

ii.   Group Life and Disability

d.  Initial Retirement Savings

e.  Basic Estate Documents

i.  Last Will and Testament

ii.   Advanced Medical Directive

iii.  Beneficiary Designations

Family Planning 

(approx. age: 35–50)

a.  Survivor Needs

i.  Debt Payoff

ii.  Income Replacement

b.  Education Planning

i.   Public vs. Private Elementary 

and High School

ii.  College Savings

 Retirement Ramp Up 

(approx. age: 50–60)

a.  Increased Retirement Savings

i.   Employer Sponsored Plans

ii.   Supplement  Retirement 

Savings

b.  Long Term Care Introduction

i.  Insurance Solutions

ii. Self–Insure

c.   Setting Retirement Spending 

Expectations

Retirement Red Zone 

(approx. age: 60–75)

a.   Transitioning Assets to Income 

Streams

b.   Social Security Considerations

c.  Pension Election Analysis

d.  Detailed Estate Planning

i.   Health Care Power of Attorney

ii.   Financial Power of Attorney

iii.   Revocable and Irrevocable 

Trusts

 Wealth  Transfer 

(approx. age: 75+)

a.  Annual Gifting

b.  Charitable Giving

c.  Life Settlements

1

2

3

4

5

1

2

3

4

5

EVOLUTION OF FINANCIAL PLANNING

Securities offered through Valmark Securities, Inc. Member FINRA/SIPC. 130 Springside Drive, Suite 300, Akron, Ohio 44333. (800) 

765-5201.  Advisory services offered through Valmark Advisers, Inc.,  

Capital Formation Group, Inc. is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

V.01.2020