Essential Components of Financial Planning Goals and Objectives Set your financial goals and objectives. The goals and objectives you set should be realistic. Goals and Objectives should be prioritized, and should be as specific as possible. They are supposed to be specific, measurable, reasonable and plannable. It is essential to set both long-term & short-term goals. Saving Planning Start a saving plan. Use the additional money to invest in a way that provides greater financial growth. Retirement Planning Retirement planning needs to be considered. Retirement planning must be prepared with funding strategies. Retirement preparation lets you set a goal for when you want to retire during retirement and your income and lifestyle goals. Your consultant will be able to determine whether your current savings are on track and provide guidance on strategies to help achieve those objectives. Steps to retirement income planning The first step in retirement plannin...