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What are the essential components of retirement planning?

Retirement planning involves several key components:

Financial Assessment: Evaluate your current financial situation, including savings, investments, and debts.
Retirement Goals: Define your retirement lifestyle and financial goals, such as travel, healthcare, and living arrangements.
Budgeting: Create a budget that outlines your anticipated retirement expenses and income sources.
Investment Strategy: Develop an investment strategy that aligns with your risk tolerance and long-term financial objectives.
Superannuation and Pension Planning: Explore options for your retirement income, including superannuation, pensions, and other savings vehicles.
Tax Planning: Understand the tax implications of your retirement income and investment choices.
Estate Planning: Consider how you want to distribute your assets and plan for potential healthcare needs.