Retirement planning is the process of determining income goals and the actions necessary to achieve those goals during retirement. It involves evaluating current finances, estimating future expenses, and identifying sources of retirement income such as pensions, savings, and social security. This planning typically includes setting aside savings in retirement accounts, such as IRAs or 401(k)s, and making investment decisions that align with one’s risk tolerance and time horizon. The ultimate goal of retirement planning is to ensure financial security and a comfortable lifestyle in one’s later years after leaving the workforce.
The government has significantly increased minimum and non-contributory pensions, providing enhanced financial security for retirees, the disabled, and dependent families. Contributory pensions cover retirement, disability, and widowhood, while non-contributory pensions…