In today’s video we discuss the difference between Retirement Planning and Financial Planning.
Generally, retirement planning is a subset of the more comprehensive financial planning. Whereas financial planning includes all aspects of one’s financial life (eg. saving for college, buying a home, changing jobs, starting a business, etc.), retirement planning is specific to the preparation one makes to provide income from investments at retirement.
Retirement planning looks at the amount saved each month and into what accounts. It looks at how that savings is invested and how those investments will change as one approaches and begins retirement, and much more.