Retirement planning is the process of preparing for life after you stop working. It involves thinking about how much money you will need in retirement, how to save for retirement, and how to manage your money during retirement.
The first step in retirement planning is to set a retirement goal, which is usually the amount of money you will need to maintain your current lifestyle in retirement. Then you need to assess your current financial situation and figure out how much you need to save each month to reach your retirement goal.
Once you reach retirement age, you will need to manage your money to make it last throughout your retirement. This may involve withdrawing money from retirement accounts, managing your expenses, and considering other sources of retirement income, like Social Security or pensions.
Retirement planning is important because it allows you to prepare for a financially secure retirement and enjoy the benefits of your hard work throughout your life.
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