retirement-planning

Vocabulary Word

Definition

'Retirement planning' is the process of determining your lifestyle choices for your retirement years and making decisions now to ensure that you will be able to meet these goals then. Think of it as preparing for a long trip after your work life.

Examples in Different Contexts

In financial advising, 'retirement-planning' involves creating a comprehensive strategy for saving, investing, and managing finances to ensure a secure and comfortable retirement. A financial advisor might say, 'Effective retirement-planning should start early to take full advantage of compound interest and investment growth over time.'

Practice Scenarios

Business

Scenario:

We know that our employees look to us for financial security in their non-working years. We are considering enhancing the benefits of our retirement plan.

Response:

Improving the retirement plan is a great starting point. It will certainly elevate employee satisfaction and loyalty.

Finance

Scenario:

We've seen an uptick in the number of clients thinking about their financial future. Our advising services need to be robust and personalized to their needs.

Response:

I agree, intensive and personalized retirement planning must be a part of our financial advisory services.