Which of the following is a component of a comprehensive financial plan?

A comprehensive financial plan typically includes various critical components that work together to ensure an individual's or family's financial well-being. The inclusion of investment management, tax optimization, and retirement planning highlights the multifaceted nature of such a plan.

Investment management involves allocating assets effectively, balancing risk and return to meet financial goals over time. This component is crucial, as it directly impacts the growth of an individual's investments and overall net worth.

Tax optimization refers to strategies implemented to minimize tax liabilities legally. This aspect of planning is vital in preserving wealth and maximizing the effectiveness of investments since taxes can significantly erode returns.

Retirement planning focuses on preparing financially for the period of life when an individual may no longer be earning a regular income. This component ensures that there are sufficient resources available to maintain one’s lifestyle after retiring.

Inclusion of all these components in a financial plan shows a holistic approach to managing financial health, addressing both short-term and long-term needs, and ensuring that every aspect of personal finance is optimized. Together, they form an integral part of comprehensive financial planning, reflecting the interconnectedness of different financial goals and strategies.