Retirement planning starts with a clear understanding of your needs. This involves evaluating your current financial situation and defining your retirement goals.

Begin by considering your desired lifestyle. Will you spend more time with family, travel frequently, maintain your current lifestyle, or start a new venture or hobby? Each choice will influence your financial needs.

Assess your existing assets, including savings, pensions, and other income sources such as dividends, business proceeds and rental income. Factor in any debts or financial obligations that might impact your retirement income. Additionally, anticipate future expenses, such as healthcare costs and plan for any dependents or legacy goals. This comprehensive assessment will guide you in creating a financial strategy that supports the retirement you envision.