IndexIntroductionPension 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 locations, so it's understandable that they may not be willing to discuss retirement planning so early in life. However, life goes by so quickly. Every wasted year putting off retirement planning means adding a year by depriving yourself of early retirement and enjoying your golden years. Therefore, this document helps you, as a young person, start this conversation about your future. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Introduction One 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 for this goal, as it decides how you will live once you are old and no longer want or can work. There are various factors that influence retirement planning, such as at what age you want to retire, how much amount you will need to meet your living expenses and what your source of money will be then. In general, retirement planning means planning your finances for the period of your life after you stop working. A standard plan may not be right for everyone because each person has their own unique situations. Here is a list of information needed for retirement planning: Various investment options available to us. Rates of return on investments. Annual income and pension income. Age and length of service before retirement. There are many retirement plans that will be available throughout your employment, such as individual plans, employer-sponsored plans for self-employed workers, and plans for small business owners. Each plan has its pros and cons, so it is very important that you take time to understand what your company offers you or to discuss your investment with your bank or a financial planner. Retirement Plan Because every 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 must include these crucial and basic elements: Lifestyle. Do you know what you want to do after retirement? Will you start a new career? Will you work from home? Will you travel? You can also postpone retirement for as long as possible. Think about what lifestyle you would like to pursue after retirement. Budget. Did you have a budget planned for your golden years? Is it based on your current standard? What is the minimum you will have to pay to feel comfortable in your golden years? Health and medical problems. Are you in good health? Do you expect chronic medical problems as you get older? Do you have a contingency plan if you need to retire early? Will you have or be able to get medical insurance? Income. What will be the primary source of your income? Do you have a pension? Do you have an employer-sponsored retirement plan? If so, when will you become eligible? Will you be entitled to Social Security benefits? Do you have personal savings, investments or emergency funds? Debts. Will you be free from all consumer debt? What about your mortgage or loans? Legal. Do you have your legal status under control? How can you make sure your wishes are respected if something happens to you? If not, you will need to create your own legal documents, such as a will, trust, power of attorney, living will,medical directive, general or specific power of attorney, executor or guardian (as needed). Family matters. Do you have your beneficiaries updated on all your documents? Do you plan to provide for your family members after your absence? Is it necessary to invest in life insurance? Even in this case it is extremely difficult for young people to think about a pension at such an early age. But most retirees say that not saving and investing early is the most regretted, common and costly mistake made in retirement planning. Research on the topic To obtain benefits in old age you need to start investing early in retirement planning because it is the most important aspect of a normal life cycle which is linked to family income. The individual with adequate retirement planning owns more wealth than those who do not. But most individuals still do not attach importance to retirement planning. Generally employed youth found themselves too young for retirement planning and therefore do not have any enthusiasm and positivity towards it. Therefore, the need arises to evaluate the perception of young people/individuals towards retirement planning. Analyzing the responses of 1144 respondents through the questionnaire, most of the respondents of different age groups want to retire in the next 20 years and more. There were 638 respondents who were unsure about their pension. Of which 33 were not even aware. 132 respondents consider themselves too young to plan for retirement, while 319 do not have sufficient funds and the rest need assistance. Most have internet/advertising or have engaged as an information source for retirement advice. The majority invest only 10-20% of their income towards retirement goals. However, despite so many variations in terms of age, occupation, income, the majority of respondents are positive about retirement planning. Researchers studied the dimensions of financial literacy among the young working population in urban India. When nowadays individuals are self-responsible for managing their finances and securing their financial future, the increase in the range of financial products creates more complexities for individuals and thus the individual fails to invest wisely, so it is time to expose youth to financial concept to improve financial decision making skills of youth. As in the document, the focus is on young people; the study is also done more or less the same way. The main dimensions of the study collected are gender, age, education level, marital status, family income, financial decision making and expense budget. To examine the level of literacy various scores are established and the result defines some other reality as only 24% of the respondents achieve a higher financial literacy score but those who do not achieve a good score have a very positive attitude towards the financial education as they have very low level of consumption and a lot to save but not aware of the right way to invest wisely. financial literacy among Young India is lacking due to absence of inputs required for financial literacy in the general education process. This can easily be corrected by focusing on the basics at university and school levels or through other educational programs. According to research, individuals have limited knowledge of financial markets, of.