The first step in retirement planning is identifying retirement income goals, defining future earning capacity, determining retirement age, determining retirement income/savings goals, identifying appropriate investment strategy and funding retirement goals. Retirement planning also involves identifying sources of retirement income, estimating future expenses, developing a retirement strategy, saving and investing for retirement, managing retirement assets and capital, and evaluating risk and investment return. Each of these topics represents five important areas to be considered during retirement planning. Of course, retirement planning should be based on one’s own individual circumstances. 
In addition to using a financial advisor, homeowners with retirement planning issues can also use a self-directed IRA to conduct their retirement planning. The self-directed IRA is a tool that allows a person to save for retirement and invest in tax-deferred and tax-free retirement plans. Many banks offer self-directed IRA accounts; some are even offering a full range of IRA services including retirement planning, investment advice, and investing in retirement plans. Some retirement planning services, such as those offered by Lucey Wealth Advisors, provide Internet access and personalized services to help individuals set up an IRA.