Retirement planning is the strategic process of setting financial goals for one's post-working years and implementing a plan to achieve them. As a critical component of personal finance, it involves assessing current financial standing, estimating future expenses, determining a target retirement age, and creating a disciplined savings and investment strategy to accumulate sufficient assets. This process requires making informed decisions about asset allocation, risk tolerance, and the utilization of tax-advantaged accounts like 401(k)s and IRAs to build a nest egg capable of generating a sustainable income stream that can support an individual's lifestyle throughout their retirement, while accounting for factors like inflation, healthcare costs, and longevity.