Retirement Planning: Retirement planning refers to the process of determining how much money you will need in order to retire and creating a plan to achieve that goal. The goal of retirement planning is to ensure that you will have enough money to live comfortably after you retire.

A generic view of retirement planning typically involves several steps, including:

• Setting retirement goals: This involves determining how much money you will need to maintain your desired lifestyle in retirement.
• Evaluating your current financial situation: This includes assessing your current savings, investments, and sources of income, as well as your current expenses and debt.
  
  
• Developing a retirement savings strategy: This involves determining how much money you need to save each year and where to invest those savings in order to achieve your retirement goals.
  
  
• Maximizing retirement savings: This may include taking advantage of retirement accounts, or pensions, as well as investing in other types of savings and investment vehicles.
  
  
• Planning for healthcare and other expenses: This involves considering the potential costs of healthcare and other expenses in retirement, and developing a plan to cover those costs.
  
  
• Reviewing and adjusting the retirement plan: This includes regularly reviewing your retirement plan to ensure that you are on track to meet your goals, and making adjustments as necessary.

Overall, retirement planning is an important process for anyone who wants to ensure a comfortable and secure retirement.

An example for retirement at 60 years, let us take two scenarios at different ages with the same retirement goal of saving 500,000,00.

Scenario 1: Income per month is 10,000 at the age of 24 with no savings currently and retirement is at 60 with a goal of retiring with 500,000,00 without inflation.

Determine the length of time until retirement: In this scenario, you have 36 years until retirement. This means you have a longer time horizon to save and invest for retirement.

Determine your desired retirement lifestyle: Think about what type of lifestyle you want to have in retirement. Will you need a lot of money to travel or pursue expensive hobbies? Or do you plan to live a simpler life? This will help you determine how much money you need to save.

Calculate how much you need to save each month: To reach your goal of 500,000,00 in 36 years, you would need to save around 8,625 / - per month. This may seem like a lot, but starting early and investing wisely can help you reach your goal.

Consider investing in equity-based mutual funds: Since you have a long time horizon until retirement, you can consider investing in equity-based mutual funds, which have the potential to provide higher returns over the long term. However, it's important to remember that investing in mutual funds does involve risks and you should do your research and consult with a financial advisor before making any investment decisions.

Scenario 2: Income per month is 10,000 at the age of 40 with no savings currently and retirement at 60 with a goal of retiring with 500,000,00 without inflation. 

Determine the length of time until retirement: In this scenario, you have 20 years until retirement. This means you have a shorter time horizon to save and invest for retirement.

Determine your desired retirement lifestyle: Think about what type of lifestyle you want to have in retirement. Will you need a lot of money to travel or pursue expensive hobbies? Or do you plan to live a simpler life? This will help you determine how much money you need to save.

Calculate how much you need to save each month: To reach your goal of 500,000,00 in 20 years, you would need to save around 41,666 /- per month. This is a larger amount than in the previous scenario, but it's still possible if you start saving and investing consistently.

Consider investing in debt-based mutual funds: Since you have a shorter time horizon until retirement, you may want to consider investing in debt-based mutual funds, which have lower risk but also lower returns. However, it's important to do your research and consult with a financial advisor before making any investment decisions.

Overall, setting retirement goals requires careful consideration of your financial situation and goals. By determining your desired retirement lifestyle, calculating how much you need to save, and investing wisely, you can work towards achieving your retirement goals in different scenarios.