Retirement represents that stage in your life when you are no more actively involved in a professional capacity. This means that while your expenses will continue and perhaps rise, your income will reduce drastically. Estimating your financial needs during retirement therefore becomes critical so that you can accordingly plan your finances and savings
. In the absence of a retirement plan, one may not be left with sufficient financial resources to provide a comfortable living for the 20-30 years of life when there shall be no or very low income.