Planning for retirement is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. This includes evaluating sources of income, such as Social Security, pension plans, and savings, and estimating expenses in retirement. It also involves creating a retirement plan that outlines the steps to be taken to achieve financial independence and a secure retirement. This can include setting savings goals, creating a budget, investing in retirement accounts, and consulting with a financial advisor. Additionally, it may involve considering factors such as when to start collecting Social Security benefits and how to plan for potential long-term care expenses. Overall, planning for retirement is an ongoing process that requires regular review and adjustments to ensure that your financial goals are on track.
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