Retirement planning is a part of both Financial Planning and Wealth management. It pertains to preparation for a smooth availability of funds for the entire remaining tenure of one’s life after his ceasure of active professional or business activity therefore generation of regular income. The corpus saved or invested during one’s earning life cycle needs to be deployed so as to maintain the same living standard as before. The calculations must include the effect of inflation, decrease of income from fixed income instruments, provide for major medical contingencies. And so on.
The need for retirement planning is more now than ever in the past because of nuclear families, rising cost of healthcare, longevity on account of better medical facilities and absence of social security schemes.