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:
“He who comes into Assemblies only to gratifie his Curiosity, and not to make a Figure, enjoys the Pleasures of Retirement in a[n] ...exquisite Degree.”
—Richard Steele (1672–1729)
“In preparing for battle I have always found that plans are useless, but planning is indispensable.”
—Dwight D. Eisenhower (1890–1969)