What factors are considered in retirement planning?

The tool assists in financial planning for retirement by calculating how much you need to withdraw and save for a comfortable retirement based on your start year, birth year, and planned retirement age. It helps in creating a substantial nest egg from which you can draw steadily over time. With this tool, you can easily determine how much to save per month to achieve your retirement goals.

The consequences of not saving enough for retirement can be severe. You may not have enough money to cover your living expenses, healthcare costs, and other needs in your retirement years. This could lead to a lower quality of life, financial stress, and dependence on others for support. It's important to plan and save adequately for retirement to ensure a comfortable and secure future.

Planning for retirement at an early age has several advantages. Firstly, it allows for a longer period of accumulation, which can result in a larger retirement fund. Secondly, it provides more time to recover from any potential financial setbacks. Thirdly, it encourages good financial habits, such as regular saving and prudent investing. Lastly, early planning can lead to a more comfortable and stress-free retirement.