2Pitfalls in Retirement PlanningStarting too late.Putting away too little.Investing too conservatively (especially when you are younger).(I) Overview of Retirement Planning [LG1,2]
3Retirement PlanningAt what age do you want to retire?Things that you want to do in retirement.Any special retirement goals such as buying a retirement home, taking an around-the-world trip, etc.1. Set Your Goals:
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42. Estimate Your Needs:Determine household expenditures in retirement e.g. 70% of current amount.Estimate income e.g. Social Security, pensionConsider the effects of inflation.Determine what is the difference between income and needs.