What is Retirement Planning?
Retirement Planning is the process of insuring that there are sufficient financial resources to provide a desired lifestyle in the retirement years.
- Retirement planning is a key element in the financial planning process.
- Retirement planning is a long-term process that involves a strategy of systematically accumulating funds for retirement.
- Retirement planning captures the very essence of financial planning. It is forward-looking, has an impact on current and future standards of living, and, if successful, can be very rewarding.
Thus the retirement planning runs through out the life cycle of an investor, starting with the commencement of working life, when the retirement plan is put in place, running through the working life, when the plan is implemented to build up a retirement nest and managing the resources during the retirement.
It is a life long process of planning , building and managing fund corpus.