A financial plan can be as simple as projecting investments and savings at a rate of return for a specific number of years and then calculating if that total accumulated assets will cover your needs. This is fine in our early years when accumulations are less and retirements needs are many decades away but as retirement approaches the seriousness increases and thus the need for computers, written plans and getting serious. A full blown computer generated plan brings living expense, pensions, assets & liabilities, Social Security, pensions and personal goals that requiring financial resources, all brought together into one cohesive story. A Story that takes effort to generate but needs to be done very infrequent and provides a foundational understanding that then feeds into investment choices for your capital.
What is the Financial Planning Process