Retirement Planning

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Definition of 'Retirement Planning'

Retirement planning is the process of identifying your financial needs and creating a plan to achieve your desired lifestyle and financial security after retirement. Retirement planning typically involves setting financial goals, estimating expenses, and creating a savings and investment plan to achieve those goals.

The goal of retirement planning is to ensure that you will have the financial resources needed to support your lifestyle and meet your expenses when you are no longer working. This may include factors such as healthcare costs, housing expenses, travel, and other expenses that may change in retirement.

Retirement planning typically involves a combination of strategies, such as contributing to retirement accounts like 401(k)s, IRAs, or pension plans, as well as investing in other assets such as stocks, bonds, or real estate. The goal is to build a diversified portfolio of investments that can generate income and growth to support your retirement goals.

Retirement planning is important because it can help you prepare for a financially secure and comfortable retirement. By starting early and regularly assessing your goals and progress, you can create a retirement plan that is tailored to your specific needs and situation.

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