IndexAbstractIntroductionWhat is needed for retirement planning?What are the most common retirement plans available?How to write your own retirement planning guide?How to avoid common and costly retirement planning mistakes?Literature reviewsMethodology researchConclusionAbstractWhen you are young, it is very challenging to think about retirement planning. Young people are busy starting careers, starting families or settling in new locations, so it's understandable that they may not be willing to discuss retirement planning so early in life. However, life goes by so quickly. Every wasted year putting off retirement planning means adding a year by depriving yourself of early retirement and enjoying your golden years. Therefore, this document helps you, as a young person, start this conversation about your future. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Introduction One of your goals in life should be to retire with financial freedom and security through a financially comfortable and stress-free lifestyle. Retirement planning is the crucial task for this goal, as it decides how you will live once you are old and no longer want or can work. There are various factors that influence retirement planning, such as at what age you want to retire, how much amount you will need to meet your living expenses and what your source of money will be then. In general, retirement planning is planning your finances for the period of your life after you stop working. A standard plan may not be right for everyone because each person has their own unique situations. What is needed for retirement planning? Here is a list of information needed for retirement planning: Various investment options available to us. Rates of return on investments. Your annual income plan and retirement income. Age and length of service at retirement. What are the most common retirement plans available? There are many retirement plans that will be available during your employment tenure such as individual plans, employer-sponsored plans for self-employed workers, and small business owners plans. Each plan has its pros and cons, so it is very important that you take time to understand what your company offers you or to discuss your investment with your bank or a financial planner. How to write your retirement planning guide ?Because every person is unique, no two people have the same needs. Therefore, it is very important for you to design your own retirement planning guide. Your plan must include these crucial and basic elements. Do you know what you want to do after retirement? Will you start a new career? Will you work from home? Will you travel? You can also postpone retirement for as long as possible. Think about what lifestyle you would like to pursue after retirement. Have you planned a budget for your golden years? Is it based on your current standard? What is the minimum you will have to pay to feel comfortable in your golden years? Are you in good health? Do you expect chronic medical problems as you get older? Do you have a contingency plan if you need to retire early? Will you have or be able to get medical insurance? What will be the main source of your income? Do you have a pension? Do you have an employer-sponsored retirement plan? If so, when will you become eligible? Will you be entitled to Social Security benefits? You have personal savings, investments or fundsemergency? Will you be free from all consumer debt? What about your mortgage or loans? Do you have your legal situation under control? How can you make sure your wishes are respected if something happens to you? Otherwise, you will need to create your own legal documents, such as a will, trust, power of attorney, living will, medical directive, general or specific power of attorney, executor, or guardian (as needed). Do you have your beneficiaries updated on all your documents? Do you plan to provide for your family members after your absence? Do you need to invest in life insurance? How to avoid common and costly mistakes in retirement planning? Again, it is extremely difficult for young people to think about retirement planning at such an early age. However, most retirees say not saving and investing early is the most regretted, common and costly mistake they make in retirement planning. To help you avoid other common and costly mistakes, we've put together a list of dos and don'ts. Things to do: Start planning your retirement from your first job. Contribute as much as possible to the savings. Invest in tax-free plans. Diversify and allocate your funds wisely. Build your timeline for receiving benefits at retirement age. What to do Saving is not urgent. Ignore the impact of taxation. Investing in a project. You can get benefits when required without planning. Literature Reviews Shailesh Thakur, Dr. S. C Jain, Dr. Rameshwar Soni In their research paper examined the individual's perception towards retirement planning. To get benefits in old age, you need to start investing in retirement planning early because it is the most important aspect of a normal life cycle related to family income. The individual with adequate retirement planning owns more wealth than those who do not. But most individuals still do not attach importance to retirement planning. Generally employed youth found themselves too young for retirement planning and therefore do not have any enthusiasm and positivity towards it. Therefore, the need arises to evaluate the perception of young people/individuals towards retirement planning. Analyzing the responses of 1144 respondents through the questionnaire, most of the respondents of different age groups want to retire in the next 20 years and more. There were 638 respondents who were unsure about their pension. Of these, 33 were not even aware of it. 132 respondents consider themselves too young to plan for retirement, while 319 did not have sufficient funds and otherwise require assistance. Most have the internet/advertising or have invested myself as a source of information. information for retirement advice. The majority invest only 10-20% of their income towards retirement goals. However, despite so many variations in terms of age, occupation, income, the majority of respondents were positive towards retirement planning. Sobesh Kumar Aggarwal, Samir k Barua, Joshey Jacob, Jayanth R Varma studied the dimensions of financial literacy among young working population in urban India. When nowadays individuals are self-responsible for managing their finances and securing their financial future, the increase in the range of financial products creates more complexities for individuals and thus the individual fails to invest wisely, so it is time to expose youth to financial concept to improve financial decision making skillsof young people. As in the document, the focus is on young people; the study is also done more or less the same way. The main dimensions of the study collected are gender, age, education level, marital status, family income, financial decision making and expenditure forecasting. To examine the level of literacy various scores are established and the result defines some other reality as only 24% of the respondents achieve a higher financial literacy score but those who do not achieve a good score have a very positive attitude towards the financial education as they have very low level of consumption and a lot to save but not aware of the right way to invest wisely. financial literacy among Young India is lacking due to absence of required inputs for financial literacy in the general education process. This can easily be corrected by focusing on the basics at university and school levels or through other educational programs. Robert L. Clark, Madeleine B.d'Ambrosio, Am A.McDermed, Kshama sawant in their study had focused on the need to improve the standards of financial literacy among individuals. Research suggests that individuals have limited knowledge of financial markets, the level of risk and how much they need to save to reach their retirement goals. Due to lack of knowledge, workers start saving too much in their life. Therefore they have not achieved an optimal balance between current expenses while working and future expenses during retirement. Recognizing the financial knowledge gap, some employers have now begun providing financial education programs to their employees. This financial education provided can reduce the complexity of retirement saving. Information related to financial terms plays a crucial role in individual life. In the document to define the models of the economic life cycle to set pension objectives, various hypotheses are formulated and an attempt is made to find out whether financial education influences retirement savings or not, for which a seminar open to all was organised. The seminar was aimed at an audience of different Life Stages including newly hired employees. mid-career and early-retired workers. After conducting the workshop, they found that individuals solve their retirement problem with up-to-date information; if new information is received, retirement goals based on previous optimization will change. Respondents indicate that they would be likely to change their retirement goals and saving behaviors based on changing information. This shows that many people do not have adequate knowledge or understanding of financial planning. In order to implement retirement plans with optimal returns and an adequate level of financial resources, knowledge and understanding are necessary.H. Jude Boudreaux CFP is the founder of upperline financial planning and suggested the 5 main elements in his article for balancing life after retirement. The first step in his experience is to understand the flow of money coming from your family. The second is to make your choice clearer and the second is to limit your extra luxurious life. The fourth is saving for present and future goals and the last but not least is having a spontaneous plan. The article published on May 27, 2016 in human interest focuses on how we can convince young employees to save for retirement for which there is a simple alphabetical solution given. It is suggested that time is money and that