Table of ContentsIntroductionRetirement PlanResearch on the TopicConclusionWhen you are young, it is really very difficult to think about retirement planning. Young people are busy starting careers, starting families, or settling in new places. So it's understandable that they are reluctant to discuss retirement planning this early in life. Yet life goes by so quickly. Every year you waste putting off retirement planning means adding another year, depriving you of the opportunity to retire early and enjoy the golden years. So, this article helps you, as a young person, start that conversation about your future. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an Original EssayIntroductionOne of your goals in life should be to retire with financial freedom and security through a financially comfortable and stress-free lifestyle. Retirement planning is the crucial task in achieving this goal because it determines how you will live once you are old and no longer want to or can work. Different factors affect retirement planning, such as the age at which you want to retire, how much you will need to cover your living expenses, and what the source of money will then be. Generally speaking, retirement planning involves planning your finances for the period of your life after you stop working. A standard diet cannot suit everyone, because each person has their own situation. Here is a list of information needed for retirement planning: The different investment options available to us. Rates of return on investments. Your annual income and your retirement income. Age and length of service to retire. There are many retirement plans that will be available throughout your tenure, such as individual plans, employer-sponsored plans for the self-employed, and plans for small business owners. Each plan has its advantages and disadvantages, so it is very important that you take the time to understand what your company offers you or to discuss your investment with your bank or a financial planner. Retirement PlanBecause each person is unique, no two people have the same needs. Therefore, it is very important for you to design your own retirement planning guide. Your plan should include these crucial and fundamental elements: Lifestyle. Do you know what you want to do after you retire? Are you going to start a new career? Are you going to work from home? Are you going to travel? You can even postpone your retirement for as long as possible. Think about the lifestyle you would like to pursue after retirement. Budget . Have you budgeted for your golden years? Is this based on your current standard? What is the minimum you will need to maintain to be comfortable during your golden years? Health and medical issues. Are you healthy? Do you expect chronic medical problems as you age? Do you have a contingency plan if you need to retire early? Will you have or be able to obtain medical insurance? Income. What will be the main source of your income? Do you have a pension? Do you have an employer-sponsored retirement plan? If so, when will you be eligible? Will you be entitled to social security benefits? Do you have any personal savings, investments or fundsemergency? Will you be freed from all consumer debts? What about your mortgage or loans? Legal. Do you have your legal status under control? How do you make sure your wishes will be respected if something happens to you? Otherwise, you will need to create your legal documents, such as a will, trust, power of attorney, living will, medical directive, general or specific power of attorney, executor or guardian (as required). Family matters. Do you have your beneficiaries up to date on all your documents? Do you plan to support your family members after you leave? Should you invest in life insurance? Again, it is extremely difficult for young people to think about planning for retirement at such an early age. But most retirees say that failing to save and invest early is the most regretted, common and costly mistake they've made when planning for retirement.Research on the topicTo reap the benefits later in life, you have to start investing early in retirement planning because it is the best solution. the most important aspect of a normal life cycle which is linked to family income. The individual with good retirement planning has more wealth than the one who does not. But most people still don't give importance to retirement planning. Generally, young employees find themselves too young to plan for retirement and therefore have no enthusiasm or positivity towards it. It is therefore necessary to assess the perception of young people/individuals towards retirement planning. When analyzing the responses of 1,144 respondents to the questionnaire, the majority of respondents from different age groups want to retire within the next 20 years and beyond. 638 respondents were unsure about their retirement. Among them, 33 did not even know it. 132 respondents considered themselves too young to plan for retirement while 319 did not have sufficient funds and needed advice. The majority have Internet/advertising or invested in me as a source of information for retirement advice. The majority only invested 10-20% of their income towards retirement goals. But after so much variation in age, occupation and income, the majority of respondents were positive about retirement planning. Researchers have studied the dimensions of financial literacy among young people. working population in urban India. While today, individuals are responsible for managing their own finances and securing their financial future, the increasing range of financial products creates more complexities for individuals and, therefore, individuals fail to invest wisely. It is therefore high time to expose young people to the financial concept to improve financial decision-making. develop the skills of young people. As in the document, the emphasis is on youth; the study is also carried out in much the same way. The main dimensions of the study collected are gender, age, education level, marital status, family income, financial decision-making process and budgeting of expenses. To examine the level of literacy, various dashboards are established and the results define another reality since only 24% of those surveyed achieve a higher financial literacy score, but those who do not achieve a good score have an attitude very positive towards financial education because they have a very low level of consumption and a lot to save but.