Retirement planning is the process of preparing for life after employment by setting financial goals, managing savings and investments, and creating a strategy to ensure sufficient income during retirement. This involves estimating future expenses, considering sources of retirement income such as pensions, social security, and personal savings, and determining how much money needs to be saved. Effective retirement planning takes into account factors like life expectancy, inflation, and desired lifestyle, ensuring individuals can maintain their standard of living without relying solely on employment income after they stop working. It also includes decisions about when to retire and how to withdraw funds from retirement accounts while minimizing taxes and maximizing financial security.
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…