Retirement Planning refers to the allocation of finances for retirement. This normally means the setting aside of money.

This normally means the setting aside of money or other assets to obtain a steady income at retirement. The goal of retirement planning is to achieve financial independence, so that the need to be gainfully employed is optional rather than a necessity.

The process of retirement planning aims to:

(1) assess readiness-to-retire given a desired retirement age and lifestyle, i.e. do you have sufficient money to retire; and

(2) to identify actions to improve readiness-to-retire.