Retirement is a phrase that conjures up images of both hopes and terror in the minds of individuals. Dreams that one desires to realise after retiring, as well as concern about how one would manage finances in the absence of a source of income. When we think of retiring, we have varied feelings. While relatively few people are sufficiently prepared for their second innings, most of us start having nightmares about how we will manage our costs for the next 20-30 years, when our active income will have dropped drastically and even become zero. Typically, individuals don't start thinking about retiring until they're well into their forties. Furthermore, many of us have no idea how much sum will be necessary to support our life's most important aim. Retirement planning refers to the process of defining retirement income objectives and the activities required to accomplish those goals. Assessing income sources, evaluating short-term and long-term costs, managing assets and risk, and creating a savings programme are all critical factors to consider while planning for the future. In order to calculate retirement income, it is necessary to anticipate future cash flows. Although retirement planning is a continuous affair, it works much better when you start to plan for it early on. Retirement planning is an important component of financial planning. The necessity for retirement planning grows as average lifespan rises. Having a plan not only assures an additional source of income, but also aids in coping with medical problems, achieving life goals, and being economically independent.