By Joe Dowdall, CFP®, RICP®, CRPC®, CCFC, TPCP®
If you’re getting close to retirement, you’ve probably asked yourself whether a one-time financial plan is enough or whether you need someone to keep your financial plan up to date every year.
Most people who ask this question want the same thing: to enjoy retirement without lying awake wondering if the money can last. I hear it on a lot of calls, so here’s my honest answer, including when a one-time plan is the right choice.
What Is a One-Time Financial Plan?
A one-time financial plan provides a written set of recommendations based on your finances at a single point in time, after which you implement and manage the suggested strategy on your own.
While transactional plans suit some investors, my practice focuses exclusively on comprehensive financial planning and ongoing investment management. By partnering on a continuous, fee-only basis, we keep your strategy evolving dynamically alongside your life and goals.
When Is a One-Time Plan Enough?
A one-time plan can work well when you’re early in your career and the questions have clean answers, like how much to save or whether you’re getting your full 401(k) match.
It can also suit someone with simple finances who enjoys managing their own investments. If that describes you, look for a planner who charges hourly or by the project. During our first call, I can point you in that direction instead of signing you up for a service you don’t need.
Why Does a Retirement Plan Become Outdated?
Every financial plan relies on specific projections about tax law, markets, your health, your family, and evolving goals. Those projections start changing the day the plan is printed, with tax law usually moving the fastest.
Consider a hypothetical married couple who bought a one-time plan in 2024 when they were both 63. The plan recommended converting a portion of their traditional IRA to a Roth IRA annually until their required withdrawals begin. (A Roth conversion means paying tax on the money now so it can come out tax-free later.)
The next year, the One Big Beautiful Bill Act created a new deduction of up to $6,000 per person for people 65 and older, available only from 2025 through 2028, and it phases out once a couple’s income passes $150,000. A conversion that’s too large in 2026 could now shrink that deduction, and because Medicare sets premiums from your tax return two years earlier, the same conversion could raise their Medicare bill in 2028.
A plan written the year you retire also won’t account for required minimum distributions, the withdrawals the IRS makes you start at age 73 or 75, which may not begin for another decade. I walk through each stage of RMDs in my retirement tax planning guide.
What Does Ongoing Financial Planning Include?
A lot of my work is tax work, because tax opportunities come back every year and expire if nobody acts on them.
Every year, I review my clients’ tax returns line by line. The return shows me your current tax bracket and the exact dollar amount remaining until the next bracket, which tells us whether this is a good year for a Roth conversion. From there, we decide which accounts to withdraw from first and plan around the Medicare premium surcharges that apply at higher incomes.
On the investment side, I watch your portfolio and rebalance it when it deviates from your target mix. When it helps your tax bill, I also sell investments at a loss to offset gains elsewhere.
We meet for a full review twice a year, and in between you get a monthly video update from me and can call me whenever something in your life changes.
Still Deciding Between a One-Time Plan and Ongoing Guidance?
If you’re nearing retirement or already there, and you want someone reviewing your taxes and investments every year, that’s the work I do at Worth Asset Management. I keep my client list small on purpose so I can stay close to each family I work with.
Get started with a 15-minute introductory call. You can reach me at (469) 423-1989 or joe@worthassetmgmt.com.
Frequently Asked Questions About One-Time and Ongoing Financial Planning
What’s the difference between a one-time financial plan and ongoing financial planning?
A one-time financial plan is a document you pay for once, based on your finances on the day it’s written, and you carry it out yourself. Ongoing financial planning is a continuing relationship in which an advisor updates your plan as tax law and your life change, often while managing your investments. See a sample financial plan for an example.
Is a one-time financial plan enough for retirement?
For most retirees, no. Retirement income decisions depend on the current year’s tax rules, and those rules change often, especially once required withdrawals begin. A one-time plan can be enough if your finances are simple and you’re comfortable making yearly tax decisions yourself. Otherwise, ongoing retirement planning keeps your strategy current.
How often should a retirement plan be updated?
At least once a year, and any time your life changes in a big way, such as:
- Retiring or moving your retirement date
- Losing a spouse or going through a divorce
- Receiving a large inheritance
- A change in federal tax law
An annual review also keeps required minimum distributions from catching you off guard.
Do I need a financial advisor after I retire?
Yes, if your retirement income comes from more than one source. Decisions about Roth conversions, which accounts to draw from, and Medicare premiums come up every year, and each has a deadline. Joe Dowdall pairs investment management with an annual tax return review so those decisions get made with current numbers.
About Joe
Joe Dowdall is a fee-only CERTIFIED FINANCIAL PLANNER® professional in Dallas, TX. With over 20 years in the financial services industry, Joe is a fiduciary who creates tax-focused financial plans for people nearing or in retirement—to help them build and safeguard their wealth through all life stages.
The information provided is for educational and informational purposes only. Please consult with a qualified financial and tax professional for advice tailored to your specific financial situation.