Planning for retirement using Mutual Funds involves setting long-term financial goals, estimating the corpus required for retirement, and choosing appropriate Mutual Fund schemes. Generally, a mix of equity and debt Mutual Funds is recommended to balance growth potential and risk. As retirement is a long-term goal, investors can take advantage of compounding by investing consistently over time through Systematic Investment Plans (SIPs). It's important to review and adjust your investment strategy periodically based on changing life circumstances and market conditions.