Planning for retirement is a long-term financial goal that requires careful thought and preparation. The earlier you start saving for retirement, the more time your money has to grow through the power of compounding.

Step one in planning for retirement is assessing how much money you will need to live comfortably. Consider your current expenses, desired lifestyle, and life expectancy when estimating your future needs.

Next, explore retirement savings accounts like 401(k)s, IRAs, and Roth IRAs. If your employer offers a 401(k) plan with a company match, take full advantage of it—this is essentially free money. For IRAs, you can contribute up to a certain limit each year, and Roth IRAs offer tax-free withdrawals in retirement.

Investing in a mix of assets like stocks, bonds, and mutual funds can help grow your retirement savings over time. As you get closer to retirement, consider shifting your portfolio toward more conservative investments to protect against market volatility.