Retirement Planning: Gaps and Future Directions

Comprehensive financial planning for an individual should aim at more than one objective.Even though everyone aims at a more comfortable and sophisticated lifestyle, planning for different goals and stages in life requires altogether different sets of plans.One of the important stages of life that requires such careful planning is retirement.Planning for retirement is a challenging aspect of personal financial planning because of too much uncertainty surrounding the macroeconomic scenario in the world.While considering retirement planning, it is closely related to saving, Investment, Taxation, and Estate Planning.Another important aspect of retirement planning is an individual's health.With increasing life expectancy, changing economic conditions, and evolving pension structures, the complexity of planning for retirement has increased (Lusardi & Mitchell, 2014).One must set aside a fixed amount of money regularly for physical health issues. RESEARCH OBJECTIVES:1. To summarize existing literature on retirement planning 2. To identify research gaps in the field of retirement planning. RESEARCH METHODOLOGY:Literature was sourced from Google Scholar, Microsoft Academics, and other academic platforms, with selected dissertations included for a comprehensive review.A systematic search was performed using the query "Retirement Planning", "Retirement Financial Planning", "Financial Preparation for Retirement", "Financial Planning for Retirement", and "Retirement Preparation" to identify relevant studies.Only peerreviewed national and international journal articles were considered, focusing on financial planning models, behavioural aspects, and gender-specific challenges.Irrelevant works were excluded to maintain research quality.This methodology ensures a well-rounded analysis of existing studies and highlights key research gaps.THEMATIC DISCUSSION: Concept of Retirement Planning Shultz k & Henkens (2014)The aim of this overview is to provide a brief introduction to the topic of retirement, noting five key issues and directions for future research that are addressed collectively in the compilation of papers that follow: the changing nature of retirement; the need for an interdisciplinary perspective on retirement; the need to look at both individual and organizational perspectives; international variations in contexts and processes; and the need for a broad methodology.The findings of the research