Retirement planning is ideally a lifelong process. You can start at any time, but it works best if you factor it into your financial planning from the beginning. That’s the best way to ensure a safe, secure—and fun—retirement. The fun part is why it makes sense to pay attention to the serious and perhaps boring part: planning how you’ll get there.
- Retirement planning refers to financial strategies of the saving, the investment, and ultimately the distribution of money meant to sustain oneself during retirement.
- Many popular investment vehicles, such as individual retirement accounts (IRAs) and 401(k)s, allow retirement savers to grow their money with certain tax advantages.
- Retirement planning takes into account not only assets and income but also future expenses, liabilities, and life expectancy.
- It is never too early—or too late (although earlier is better)—to start retirement planning.