Retirement planning is the process of determining financial goals and strategies to prepare for retirement, ensuring that an individual can maintain their desired lifestyle after they stop working. This includes assessing current finances, estimating future expenses, evaluating income sources (such as pensions, savings, investments, and Social Security), and creating a savings plan to accumulate the necessary funds. Retirement planning often involves analyzing various factors, including life expectancy, healthcare costs, inflation, and lifestyle choices. The aim is to make informed decisions about saving, investing, and spending to achieve a secure and fulfilling retirement.
Amir Reza-Tofighi, the new leader of the Confederation of Small and Medium-Sized Enterprises, proposes adding an extra work hour weekly, dedicated to retirement savings. The extra hour is invested in…