Retirement Planning Investing
What Is Retirement Planning?
Its decideing on your retirement income goals and the actions and decisions needed to achieve your goals. Retirement planning looks at reviewing your sources of income, estimating expenses, implementing a savings program and managing your investment assets. Your future income cash flows are estimated to find out if your retirement income goal will be achieved.
Simply put, retirement planning is the planning you do to be prepared for life after your work income ends, not just financially but in all aspects of your life. The non-financial determinats include your lifestyle choices as how to spend your time in retirement, where to live, when to completely quit working, and other factors. A complete approach to retirement planning considers all of these areas.
The importance one puts on retirement planning changes throughout the different stages of your life. Early in your working life, successful retirement planning is about saving and investing enough money for retirement. During the middle of your working career, it might also include setting specific income or asset targets and taking the steps to achieve them. In the few years leading up to retirement, financial assets are more or less determined, and so the importance changes to non-financial and the aspects of your lifestyle.
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