Financial Planning Definition: The Complete 2026 Guide
Warren Team
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Key terms
- Estate PlanningThe process of arranging how your assets will be distributed after death and making healthcare decisions if you become incapacitated. Includes wills, trusts, and powers of attorney.
- Financial IndependenceThe state of having enough income from investments, savings, or passive sources to cover living expenses without needing to work for money. Often defined as having 25 times your annual expenses saved, based on the 4% withdrawal rule.
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