What is the importance of retirement planning
Retirement planning means planning today for your upcoming future life. Retirement planning is the procedure of determining your retirement income goals and the actions and decisions which are necessary to achieve those goals. Retirement planning consists of identifying sources of income, sizing up expenses, implementing a savings program, managing assets and risk. Retirement income goals will be achieves if the future cash flows are estimated to gauge. Retirement planning is a lifelong process. You can start anytime but it is advisable if you include it in your financial planning from the very beginning. It is a best way to ensure a safe, secure and fun retirement. Retirement planning does not only take assets and income into account but also future expenses, liabilities and life expectancy.