What is Retirement Planning ?
Retirement planning determines retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, sizing up expenses, implementing a savings program, and managing assets and risk. Future cash flows are estimated to gauge whether the retirement income goal will be achieved. Some retirement plans change depending on whether you’re in, say, the United States or Canada, which has its unique system of workplace-sponsored plans.
Why do you need retirement planning?
You may have several dreams for your post-retirement life. With a little retirement planning in advance, you can fulfil your postretirement goals while maintaining the same lifestyle.With rising inflation, the cost of all products and services is increasing. With a sound retirement plan, you can ensure that your retirement funds are protected against inflation as well. It can also help you be ready for any unforeseen financial emergencies
What is the ideal income I need during retirement ?
Every retirement is unique. This is why, the money you need for your retirement depends on various factors like:
- Your retirement age
- Your health and lifestyle
- Any loans or liabilities
- The retirement goals you may have
- Any commitments you may have to fulfil
Description
Retirement planning is a process that takes into consideration your future financial goals & income. Plan your retirement with Recipe calculator by following a simple step by step guide.
Url:https://recipe.finology.in/retire ment-planning
