What are the key steps in retirement planning?
The key steps include assessing your current financial situation, setting retirement goals, and creating a savings plan.
How much should I save for retirement?
A common guideline is to save at least 15% of your income, but it depends on your retirement goals and lifestyle.
What investment options should I consider?
Consider a mix of stocks, bonds, and retirement accounts like 401(k)s or IRAs to diversify your portfolio.
When should I start planning for retirement?
It's best to start as early as possible, ideally in your 20s or 30s, to take advantage of compound interest.
What are some common mistakes to avoid in retirement planning?
Common mistakes include underestimating expenses, not starting early, and failing to adjust your plan as needed.
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