Bangalore: The prime goal of retirement planning is the financial independence of old age. Whether you are 22, or a parent of two, it is always worth considering the thought of ensuring that there are enough funds to maintain a preferred standard of living during the golden years of retirement. It’s obvious that the planning process to ensure the dream will be different for every individual, and will also depend entirely upon one’s circumstances. So here are basic footsteps brought down by Arthur Pinkasovitch of Investopedia, which you must take for a perfect retirement life.

1. Time Horizon

The prime and initial groundwork of planning a retirement strategy is the difference between current age and expected retirement age. The higher the difference of time horizon, the higher will be the level of risk that one’s portfolio can withstand. Inflation is a major concern when this time horizon is long. So start early. Though it is always suggested that start early in your planning towards retirement but younger individuals tend to delay and start to think about it in their mid-40s.