Retirement planning is a journey, not a destination.
If even thinking about retirement planning makes you nervous or puts you to sleep, you are not alone. What does retirement planning even mean?
Retirement planning is a broad term that refers to learning about and choosing financial strategies that will enable you to be comfortable and secure in your retirement years. A good retirement plan, executed smartly, can provide you with enough money to cover all of your later-year living expenses.
Why should you plan for retirement?
Many Americans haven’t saved or invested enough money to retire in their 60s with the confidence that their funds will last. Countless retirees end up relying on Social Security to cover the majority of their living expenses only to find out the hard way that it isn't nearly enough. Social Security retirement income is only designed to replace about 40% of the average worker's salary. Those who most enjoy their retirement do so in part due to having a retirement plan.