Retirement planning is the process of setting financial goals and creating a plan to achieve those goals in order to maintain a desired lifestyle during retirement.

Retirement planning is important because it ensures that you will have enough money to support yourself and your desired lifestyle once you retire. Without proper planning, you may risk outliving your savings or having to drastically reduce your standard of living.

Balancing lifestyle and financial security in retirement planning involves determining your desired retirement lifestyle and setting financial goals to achieve it. This may include saving enough money, investing wisely, and considering factors such as healthcare costs and inflation.

It is never too early to start retirement planning. The earlier you start, the more time you have to save and invest, allowing your money to grow over time. However, it is also important to regularly review and adjust your retirement plan as needed based on changes in your life, financial situation, and economic conditions.