Retiring soon? Most people view retirement as a time for a leisurely lifestyle, with walks by the beach or in the park. However, the reality is not always so rosy. Retirement does not occur just like that. It can only occur with proper financial planning. Retirement and financial planning have to go together.

Various studies have shown that 95% of the population will not have enough funds in their accounts to qualify as what is considered financially independent by the time they reach age 65. A good proportion of these 95% will still be broke when they are supposed to be able to enjoy their life, and will have to find various means to sustain their daily livelihood. It is a sad situation, but it is a fact.

There are various tools available (and many of them are available online) that aim to help you determine your retirement needs., We have reviewed some of these, which we feel may be useful to the average folk. Here is something to think about - simply calculating how much you need for retirement will not do anything for you - if you do not implement the financial plan.

Planning should start as young as possible. This will allow your money and funds to grow through your investments - you should have an investment portfolio that will grow large enough to fund your needs.

What if you do not start young? The results can be quite damaging. Starting late will have the time factor work against you. Why do we say that? The reason is that the compounding effect of time can make a huge difference to the size of your portfolio. Warren Buffet, said to have started very young in investing, will likely be a very good testimony to this fact.

In fact, the compounding effect of time has been described as the eighth wonder of the world! The results and impact on the size of your portfolio can be very dramatic! So do start planning as early as possible. Get your personal financial plan in place. If you have been procrastinating, start now - now is always better than later, and later is better than never.

Carpe diem (seize the day!). Just do it.