Retirement planning is the process of determining retirement income goals and the actions necessary to achieve those goals. It involves assessing current financial situations, setting up savings and investment strategies, evaluating pension plans, and considering government benefits. The objective is to ensure that individuals can maintain their desired lifestyle and cover their expenses during retirement, taking into account factors like life expectancy, healthcare costs, inflation, and changes in income. Effective retirement planning typically encompasses creating a diversified portfolio, budgeting for future needs, and regularly reviewing and adjusting plans to stay on track with financial goals. It is essential for individuals to start planning early to maximize their savings and investment growth over time.
Paying off a mortgage can significantly reduce expenses and provide peace of mind for retirees. Investing in the stock market can be a sound strategy for seniors who do not…