What is the purpose of retirement planning, and when should one start?

The purpose of retirement planning is to ensure that individuals have sufficient financial resources to support their lifestyle and expenses after they retire from the workforce. Retirement planning helps individuals determine their retirement goals, estimate the amount of money needed to achieve those goals, and develop a strategy for saving and investing to accumulate the necessary funds. It also involves considering and planning for potential risks and uncertainties, such as inflation, market downturns, health care expenses, and longevity.

It is recommended to start retirement planning as early as possible, ideally in one's 20s or 30s. Starting early allows for more time to save and invest, and for the power of compound interest to work in one's favor. However, it is never too late to start retirement planning, and individuals of all ages and income levels can benefit from developing a retirement plan.