Retirement planning is the process of calculating daily living expenses, cover medical expenses with the manner of manage inflation & deal with future uncertainties for retirement income goals and plan for it for achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risk. Future cash flows are estimated to determine if the retirement income goal will be achieved.
Steps Of Retirement Planning
Decide your retirement age, Start saving early to retire peacefully, Determine your retirement corpus, calculate the future value of your current savings, Plan and create an ideal portfolio seeking help of a financial planner, Track and review your plan regularly.
4 mistakes that can hurt your retirement planning
1. Ignoring other goals, 2. Not planning for regular income
3. No post-retirement planning, 4. Retreating from all work.