The process of creating a plan to manage income and expenses, ensuring financial stability and goal achievement.

A collection of financial assets like stocks, bonds, and real estate, tailored to meet specific financial goals.

The strategy of preparing financially for retirement, including savings, investments, and understanding income sources.

The practice of identifying, assessing, and mitigating financial risks to protect investments and ensure stability.

An investment strategy that involves spreading assets across various financial instruments to reduce risk.

Government-provided income for retirees, based on earnings history, designed to supplement retirement income.

The effects of taxes on income and investments, crucial for effective retirement planning.

Various health insurance plans available to seniors, essential for managing medical expenses in retirement.

The process of arranging for the management and distribution of an individual's assets after death.

The practice of defining specific objectives to guide budgeting and investment strategies.

The difference between budgeted and actual financial performance, used to assess financial management.

Specialized savings accounts like IRAs and 401(k)s designed to provide income during retirement.

Simulated financial situations used to analyze potential investment outcomes and risks.

A strategic planning tool assessing Strengths, Weaknesses, Opportunities, and Threats related to investments.

The ability to understand and effectively use various financial skills, including budgeting and investing.

A detailed document that integrates financial goals, budgeting, and investment strategies for retirement.

Analysis of past investment returns, essential for making informed investment decisions.

A professional who provides guidance on financial planning, investments, and retirement strategies.

Software or applications designed to help individuals track income, expenses, and financial goals.

Laws and policies governing retirement accounts and benefits, crucial for effective financial planning.

Psychological factors that hinder investment decisions, such as fear or overconfidence.

A customized financial plan that reflects individual income, expenses, and retirement objectives.

The ability to support oneself financially without reliance on employment income.

An all-encompassing financial plan that includes all income sources and expenses for effective management.