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retirement
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We all dream of having a golden retirement; to be able to indulge in new hobbies and interests, see the wonders of the world, spend time with family and friends, take well-deserved pampering treats and the list goes on.

However, retirement dreams don't just happen overnight. Whether you want to retire in comfort or just maintain a simple lifestyle, you should start taking retirement planning seriously.

We somehow spend more time planning for vacation and social events than planning for retirement.

Even if you are years away from retirement, decisions you make now will have effects on your future financial security. If you start retirement planning early, you are providing yourself with more choices in life. Your money has more time to work for you and more time to grow to meet your retirement goal.

Your retirement plans should include your goals, your desired retirement age, amount of income you need during the retirement years and the level of risk on your investment portfolio and strategy to meet your goals.
What is retirement planning?
Retirement planning is basically planning ahead so that you are in a position to retire at the age you want and be living in comfort during your retirement years without having to compromise on the standard of living that you are accustomed to.
Why is retirement planning important?
With people retiring earlier and living longer, the amount of years you spend in retirement could be longer compared to your parents. The average life expectancy of man is 76 years and for women, 80 years. You could be living in retirement for 20 years or more without receiving a pay check.

Basically, with retirement planning, you want to create a stream of retirement income to see you through your retirement years when your pay check stops coming. Having a stream of retirement income for 20 years or more do require careful and serious planning and the earlier you start the less "catch up" you need to do.
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