Which of the following best describes retirement planning?

Retirement planning is a comprehensive process that involves setting specific income goals for retirement and determining the necessary steps to achieve those goals. This process includes assessing how much money you will need to live comfortably in retirement, considering factors like upcoming expenses, desired lifestyle, and the potential for inflation. By identifying income goals, individuals can create a roadmap that helps them save and invest wisely, ensuring that they have sufficient funds to support themselves when they stop working.

This option encapsulates the multifaceted nature of retirement planning, which goes beyond mere investment evaluations or daily budgeting. It emphasizes the importance of proactive measures and goal-oriented strategies in preparing financially for the future. In contrast, focusing only on current investments, solely on estate planning, or creating a budget for daily expenses does not encompass the broader objectives and strategic approaches necessary for effective retirement planning.