Retirement planning involves determining retirement income goals and what's needed to achieve those goals.

Retirement planning includes identifying income sources, sizing up expenses, implementing a savings program, and managing assets and risk. Future cash flows are estimated to gauge whether the retirement income goal is possible.

You can start at any time, but it works best if you factor it into your financial planning as early as possible. That’s the best way to ensure a safe, secure—and fun—retirement. The fun part is why it makes sense to pay attention to the serious and perhaps boring part: planning how you’ll get there.

Regardless of where you are in life, there are several key steps that apply to almost everyone during their retirement planning. The following are some of the most common:

1. Come up with a plan. This includes deciding when you want to start saving, when you want to retire, and how much you'd like to save for your ultimate goal.

2. Decide how much you'll set aside each month. Using automatic deductions takes away the guesswork, keeps you on track, and takes away the temptation to stop or forget depositing money on your own.

3. Choose the right accounts for you. Take the chance to invest in a 401(k) or similar account if your employer offers that option. Remember, if the company offers an employer match and you don't sign up, you're just giving away free money. And don't forget to have an emergency fund, which can be easily liquidated if you need cash in a pinch.

4. Check on your investments from time to time and make periodic adjustments. It's always a good idea to make any changes whenever there's a change in your lifestyle and when you enter a different stage in your life.

Retirement planning allows you to sock away enough money to maintain the same lifestyle you currently have. After all, no one wants to work right up until the end. While you may work part-time or pick up the odd gig here or there, it probably won't be enough to sustain your current lifestyle. And Social Security benefits will only take you so far. That's why it's so important to have a viable plan that allows you to get the maximum amount of money when you retire.