Retirement planning is the process of preparing for your financial future to ensure you have enough resources to live comfortably after you stop working. It involves several key steps:
1.
Setting Financial Goals: Determining what kind of lifestyle you want in retirement and how much money you'll need to support it.
2.
Identifying Income Sources: Considering pensions, savings, investments, and any other sources of income.
3.
Estimating Future Expenses: Calculating how much you'll need for daily living, healthcare, travel, and other activities.
4.
Developing a Savings Plan: Creating a strategy to save and invest money over time to meet your retirement goals.
5. Managing Assets and Risks: Ensuring your investments are diversified and aligned with your risk tolerance
Starting early and regularly reviewing your plan can help you stay on track and adjust as needed
