Retirement Planning
Retirement planning is the process of setting financial goals and taking steps to ensure a secure and comfortable life after leaving the workforce. It involves estimating future expenses, calculating income sources such as Social Security, pensions, savings, and investments, and creating a strategy to bridge any gaps. Key components include contributing to retirement accounts like 401(k)s or IRAs, managing risk through diversification, and adjusting plans as circumstances change. Starting early allows for the power of compound interest to grow savings over time, but it's never too late to begin. Effective retirement planning provides peace of mind and helps maintain one's desired lifestyle in later years.
