The mere mention of the word 'retirement' brings a certain relief to those working hard daily in their 8-hour shifts. Retirement could mean relaxing at home with a newspaper in hand on a weekday morning. For some, it signifies the afternoon nap. For others, retirement can be going on a road trip with friends and family, soaking up the sun and peace around. Yes, those golden years are most awaited by hard-working professionals like you who spend 8-10 hours every day at work.
In one word, retirement is an end to the daily struggle for salaried persons. If you take a pension plan, you will be financially independent and free in this beautiful phase of life even if there is no incoming salary. Thus, every individual who dreams of enjoying financial independence and a blissful retired life will agree on why retirement planning is crucial. More importantly for people in private jobs, a proper plan for retirement would help you determine retirement income goals, and then design an achievable path to enjoy the benefits.
Retirement planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risk.
