Retirement planning, in a financial context, refers to the allocation of finances for retirement. This normally means the setting aside of or other to obtain a steady at retirement. The goal of retirement planning is to achieve financial independence, so that the need to be gainfully employed is optional rather than a necessity.
The process of retirement planning aims to:
- Assess readiness-to-retire given a desired retirement age and lifestyle, i.e. whether one has enough money to retire; and
- Identify actions to improve readiness-to-retire.
- Acquire financial planning knowledge
- Encourage saving practices
Read more about Retirement Planning: Obtaining A Financial Plan, Modeling and Limitations, The Monte Carlo Method, Other Models
Famous quotes containing the words retirement and/or planning:
“Douglas. Now remains a sweet reversion—
We may boldly spend, upon the hope
Of what is to come in.
A comfort of retirement lives in this.
Hotspur. A rendezvous, a home to fly unto.”
—William Shakespeare (1564–1616)
“Sensuality takes planning and work.”
—Mason Cooley (b. 1927)