Retirement planning is saving money early to live on during your retirement. As soon as you have an income, you should start saving. It is never too late to start planning. It does not matter how old you are or the stage in your career, you should be planning for your retirement.
Plan for your retirement by determining your retirement goals; estimate how much income you will need each year during retirement and how much you will need to save to reach that goal; determine the age you want to retire, the lifestyle you wish to lead and where you would like to live (your home or a retirement community). Also, consider medical expenses in your latter years and social security benefits (if applicable).
After your goals have been determined, establish an emergency fund, prepare a monthly budget and meet with a financial professional regarding your risk tolerance for investments and your investment options.