Retirement planning is the process of determining financial goals and creating a plan to achieve those goals for retirement. This includes setting savings and investment goals, estimating retirement expenses, and identifying sources of retirement income.

The primary objective of retirement planning is to ensure that an individual has enough financial resources to maintain a comfortable lifestyle throughout retirement. Retirement planning involves creating a budget, determining appropriate asset allocation, and making investment decisions to achieve long-term growth.

It also involves considering factors such as inflation, taxes, and Social Security benefits. Retirement planning is essential because it provides individuals with a roadmap to achieve their financial goals and maintain financial security during their golden years. With a well-structured retirement plan, individuals can enjoy retirement without worrying about financial stress, maintain their independence, and enjoy a comfortable lifestyle.

It is important to start planning for retirement early to maximize savings and minimize risk.