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Retirement Plan
Retirement planning is the process of determining retirement income goals, and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, sizing up expenses, implementing a savings program, and managing assets and risk. Future cash flows are estimated to gauge whether the retirement income goal will be achieved. Some retirement plans change depending on whether you’re in, say, the United States, or Canada, which has its own system of workplace-sponsored plans
Retirement planning is ideally a lifelong process. You can start at any time, but it works best if you factor it into your financial planning from the beginning. That’s the best way to ensure a safe, secure—and fun—retirement. The fun part is why it makes sense to pay attention to the serious and perhaps boring part: planning how you’ll get there.
KEY TAKEAWAYS
- Retirement planning refers to financial strategies of the saving, the investment, and ultimately the distribution of money meant to sustain oneself during retirement.
- Many popular investment vehicles, such as individual retirement accounts (IRAs) and 401(k)s, allow retirement savers to grow their money with certain tax advantages.
- Retirement planning takes into account not only assets and income but also future expenses, liabilities, and life expectancy.
- It is never too early—or too late (although earlier is better)—to start retirement planning.
