Retirement planning is the process of determining retirement income goals, and the actions and decisions necessary to achieve those goals.

Retirement planning includes identifying sources of income, sizing up expenses, implementing a savings program, and managing assets and risk.

Steps in Planning Retirement

• Understand Your Time Horizon
• Determine Retirement Spending Needs
• Calculate After-Tax Rate of Investment Returns
• Assess Risk Tolerance vs. Investment Goals
• Stay on Top of Retirement Planning
• Know when to start retirement planning