What is retirement income planning? It is the process of determining how much money you’ll need in retirement, and where your cash flow will come from each month. Use these resources to learn more.
1
What does your retirement look like?
Think about how you will spend your time in retirement and learn what to look out for when planning. Use these resources to help you get started.
2
How much money do you need in retirement?
Start building your plan by determining where you’ll spend your money in retirement.
3
What are your sources of inncome and investment strategy?
Determine what your sources of income for retirement will be, including Social Security. It’s also time to take a new look at your investments.
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours.
An increasing number of individuals are choosing to put off this point of total retirement, by selecting to exist in the emerging state of pre-tirement. Some people who have retired from a position with a pre-nominal title, particularly military officers, are often listed with a post-nominal indicating retirement, e.g., "Admiral John Smith (ret)" (or rtd or retd).
Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire when bodily conditions no longer allow the person to work any longer (by illness or accident) or as a result of legislation concerning their position. In most countries, the idea of retirement is of recent origin, being introduced during the late 19th and early 20th centuries. Previously, low life expectancy and the absence of pension arrangements meant that most workers continued to work until death. Germany was the first country to introduce retirement benefits in 1889.
Nowadays, most developed countries have systems to provide pensions on retirement in old age, funded by employers or the state. In many poorer countries there is no support for the old beyond that provided through the family. Today, retirement with a pension is considered a right of the worker in many societies; hard ideological, social, cultural and political battles have been fought over whether this is a right. In many western countries, this is a right embodied in national constitutions.
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