Retirement planning is the process of determining financial goals and preparing for a comfortable retirement. It involves assessing current financial resources, estimating future income needs, and establishing a strategy to accumulate sufficient funds to support one’s desired lifestyle after leaving the workforce. This planning typically includes contributions to retirement accounts, investments in stocks, bonds, or real estate, and considering social security benefits or pensions. Key components of retirement planning also encompass budgeting for healthcare costs, inflation, and potential changes in living expenses. The ultimate objective is to ensure financial security and independence during retirement years.
A recalibration of pension points will occur in 2025, affecting retirement futures based on changes in the average income. Pension points are calculated from contributions by employees and employers, with…