What is the goal of retirement planning?

The primary goal of retirement planning is to ensure clients have enough funds to maintain their desired lifestyle during retirement. This encompasses a comprehensive assessment of individuals' current financial situations, future income needs, and retirement goals.

By focusing on lifestyle, retirement planning seeks to help clients envision how they want to live once they stop working and to develop a strategy that translates these aspirations into financial requirements. This includes analyzing expected retirement expenses, potential sources of income (such as Social Security and pensions), and investments to determine an estimated amount that should be saved and invested prior to retirement.

While minimizing taxes during retirement, allocating funds for philanthropy, and maximizing workplace benefits are all important considerations in the retirement planning process, they serve as part of the broader aim of ensuring sufficient funds to support a client's chosen lifestyle. Therefore, the essence of retirement planning is ultimately about achieving financial security and comfort during retirement years.