Retirement planning is the process of preparing for life after one’s career has ended, primarily focusing on financial security and lifestyle choices during retirement years. This involves determining future income needs, assessing current savings and investments, and estimating future expenses, including healthcare, housing, and leisure activities. Key components of retirement planning include setting specific retirement goals, identifying sources of income (such as pensions, Social Security, and personal savings), and creating a comprehensive strategy to accumulate sufficient funds to support an individual’s desired lifestyle in retirement. Effective retirement planning also considers tax implications, risk management through insurance, and the potential need for estate planning. The goal is to ensure a comfortable and sustainable lifestyle after leaving the workforce.
Amir Reza-Tofighi proposes increasing the workweek by one hour to enhance retirement security. This additional hour would contribute directly to a personal retirement account, not immediate pay. The initiative targets…