Retirement planning is crucial because it allows individuals to build financial security for their later years. By planning ahead, individuals can ensure they have enough savings and income to cover their expenses and maintain their desired standard of living after they stop working.

It's never too early to start planning for retirement. The earlier you begin saving and investing, the more time your money has to grow through compounding interest. However, it's also never too late to start planning, and even small contributions can make a significant difference over time.

Estimating retirement expenses involves considering factors such as housing, healthcare, food, transportation, and leisure activities. It's also important to account for potential inflation and unforeseen expenses. Many financial institutions offer online calculators to help individuals estimate their retirement expenses.

It's important to regularly review and adjust your retirement strategy as your circumstances change. This can include major life events, changes in income or expenses, shifts in market conditions, or updates to tax laws. A financial advisor can help you stay on track and make necessary adjustments to your plan over time.