Retirement Planning is one goal in which you can truly reap the benefits of compounding. Even if you start at the age of 30, you will have three decades to build up a solid corpus for your retirement. The earlier you start, the lesser you will need to put away over time. Factors like inflation, retirement age, life expectancy and currently saved up retirement assets must be considered while drafting a retirement plan. Although the plan can always be revised later, it is very sensible to set up a clear goal post instead of relying on some arbitrary number like 1 Crore or 5 Crores.