Core Insights - Retirement planning requires a long-term strategy that includes saving, investing, and estimating monthly expenses during retirement [1] Group 1: Understanding Income Streams - Assessing current and projected income streams is crucial, with the primary income source typically being employment. Retirement income will differ, and it is advisable to plan without relying on Social Security [4][5] - Withdrawals from retirement accounts will be necessary upon leaving the workforce, and additional income can be generated through dividend stocks and high-yield savings accounts [5] Group 2: Managing Debt - It is important to have a strategy for handling debt before and during retirement, as many individuals face various debts such as mortgages, auto loans, and credit card debt [6][8] - Addressing high-interest debt, particularly credit card debt with APRs exceeding 30%, is essential for wealth building. Side hustles may provide additional income to help pay off such debts [9] - While some may choose not to pay off their mortgage before retirement, it is generally more beneficial to eliminate debt, allowing for a lower withdrawal rate to support retirement lifestyle [10]