Retirement planning is a form of financial planning, often done with the support of a qualified adviser, that allows people to prepare effectively for their golden years. By taking appropriate action and making viable plans in the present, you’ll be able to ensure the security of your future.

The basics are simple. First, you figure out how much income you’re likely to need when you retire. Then, you figure out how much income you’re currently expected to receive when you retire. Finally, you assess your options for bridging the gap (if it exists) and create a plan of action.

Your retirement plan won’t be 100% accurate, and you’ll need some contingencies and cushions for the risk factors outside your control. Some factors are personal (unexpected healthcare costs, age at death, etc.), and some are social (inflation, politics, market issues, etc.).

There are hundreds of pension plans available. Research (or the help of a qualified financial planner) will be required to determine which one best suits your retirement needs. Compare a range of products from a range of providers, keeping your eye on contribution amounts.

It is usually best to plan for retirement as early as possible, as this gives you more time to consider your needs, objectives and appropriate investment vehicles.