Retirement planning is the process of setting goals for retirement and determining the resources needed to achieve those goals. It involves assessing one’s financial needs, estimating expenses, and planning for income sources during retirement, such as savings, pensions, Social Security, and investments. This planning typically includes evaluating current financial status, projecting future income needs, and creating a strategy to accumulate the necessary funds. Effective retirement planning helps individuals ensure financial security, maintain their desired lifestyle, and manage risks associated with longevity, healthcare costs, and market fluctuations. The process may involve consulting financial advisors and using various financial tools to create a comprehensive plan tailored to specific circumstances and aspirations.
Financial Struggles Ahead As **Generation X** approaches retirement age, they confront a challenging financial landscape that contradicts their reputation for resilience and adaptability. Despite being celebrated for their independence, many…