It’s never too early or too late to start planning for retirement.#
- Retirement planning refers to financial strategies for saving, investing, and ultimately allocating money to support oneself during retirement.
- Many popular investment vehicles, such as individual retirement accounts and 401(k), allow retirees to multiply their money with certain tax benefits.
- Retirement planning takes into account not only assets and income, but also future expenses, liabilities and life expectancy.
- If you are under 50, you can deposit a maximum of $20,500 in 2022 for a total of $401,000.