Planning your financial future: A guide to wealth planning during uncertain times

What is a financial plan, and why do I need one?

A financial plan is a comprehensive, written strategy that aligns your resources with your financial goals. It’s the blueprint that guides every major financial decision—whether you're saving for retirement, purchasing a home or building an emergency fund.

Slawny says, “There are two pieces to a financial plan: the calculation—you plug the information into the calculator, and the plans says, ‘yes, you can retire at 65,’ but a true plan looks beyond that. It not only evaluates that moment in time or snapshot, but it also looks forward five or 10 years to see how your plan is going to affect your future and other goals.”

A common situation she sees when reviewing retirement plans—especially for clients who’ve done well financially—is this:

The plan shows you’re in great shape. You can retire. You do have more than enough money. When your plan shows you’ll likely have a surplus, that’s a moment to pause and ask:

• What does that mean to you?
• Is that what you want—to have money left over?
• Or are there other goals, dreams or values you’d like to align with those resources?

That’s where the deeper planning really begins—thinking beyond “Can I retire?” and into “What kind of life do I want to live with what I’ve built?”

Key components of a solid financial plan

The term financial plan can mean different things to different people, but it is important to make sure all your bases are covered. Having a solid plan can make a significant difference in helping you achieve your goals. A well-structured financial plan includes the following elements:

1. Clear financial goals: Know what you're aiming for—early retirement, home ownership or funding a child's education.
2. Cash flow and budgeting strategies: Track your income, manage your expenses and create room for saving and investing.
3. Net worth and asset inventory: Understand your current financial position, including debt and investment assets.
4. Risk tolerance vs. risk capacity: Recognize the difference between your emotional ability to handle volatility and your financial ability to absorb losses.
5. Emergency fund: Have at least three to six months of living expenses set aside in easily accessible cash.
6. Tax efficiency and estate planning: Optimize how your wealth is taxed and passed on.
7. Retirement planning: Build long-term income streams and plan for sequence-of-return risk.

How often should I update my financial plan?

Your financial plan isn’t a one-and-done document. It should evolve with you and reflect changes in your goals, income and the broader economic landscape.

You should update your financial plan:

• Annually, as a routine check-up.
• After major life events—marriage, divorce, career changes, inheritance.
• During periods of significant market volatility.
• When your financial goals shift meaningfully.

“For those people who are in the accumulating phase, adding money to your retirement accounts at work or saving for a downpayment for a home, you can check in every two to three years. Once you’re within five years from retirement, annually is best,” Slawny states.

A qualified financial advisor can help you make these adjustments objectively, especially when emotions are running high. Their guidance can be especially valuable for complex areas like retirement planning, tax strategy or managing concentrated stock positions.

Budgeting strategies for financial resilience

One of the most empowering tools during uncertain times is a strong budget. Whether you're trying to grow savings or trim unnecessary spending, budgeting strategies are the foundation of solid personal finance.

Ask yourself:

• Are my expenses aligned with my financial goals?
• Am I saving enough to cover emergencies or unexpected job loss?
• What discretionary spending can I temporarily cut to increase financial flexibility?

A thoughtful budget makes it easier to stick with your plan—even when markets are down.

Should you ever sell during a down market?

Conventional wisdom advises staying the course during market dips. That’s often-good advice—especially for younger investors with long-time horizons. But it’s not one-size-fits-all.

Slawny’s reply to that question is this: “If you need the money for instance to pay your rent, you should sell in the down market. However, if it’s a choice to go on vacation or sell in the down market, perhaps you don’t go on vacation.”

That’s why having a plan in place before having to make decisions is important, so that you can pay your rent and still go on vacation.

Building a portfolio for stability and growth

During uncertainty, investors may want to embrace a bucket strategy—allocating funds into short-term (cash), medium-term (bonds) and long-term (stocks) “buckets” based on when the money will be needed.

Younger investors should stay invested in growth assets like equities, since time is their biggest advantage. But older investors should consider a more conservative allocation to avoid drawing from a declining stock portfolio during retirement.

Key takeaways

A strong financial plan brings clarity and confidence—two things that are especially valuable during turbulent times. It’s your roadmap, built on realistic goals, tailored strategies and the flexibility to adapt as life unfolds.

Whether you’re rethinking your wealth planning, tweaking your retirement strategy or simply trying to stay disciplined, the key is this: Stay grounded in your plan, not the panic of the moment.

Your financial future isn’t defined by today’s headlines. It’s defined by the choices you make consistently, thoughtfully and with purpose.

Ready to take the next step in your financial journey? Contact Associated Bank to schedule your financial review and plan today.